- November saw an increase in financing activity for Web 2.0 companies, with 14 deals totaling $131.9 million, up from previous months. The average deal size was $9.4 million. - Of the 89 public Web 2.0 companies tracked, 16 saw positive 1-week stock returns while 30 saw negative returns. - The document analyzes valuation metrics for several Web 2.0 companies, finding average valuations of 5.1x trailing revenue and 11.1x trailing EBITDA across the sector.

1. SOFTWARE & SERVICES 17 NOVEMBER 2009
DAVID SHORE, CFA, MBA 416.860.6784
WEB 2.O WEEKLY david.shore@researchcapital.com
Damian Wojcichowsky, CFA (Associate), 416.860.7652
FINANCINGS PICK UP…IN LINE WITH TREND
CA P IT AL M AR K ET S AC T I VIT Y P IC K S U P S U DD E NL Y
November picks up: Total transaction value in the W eb 2.0 universe for November is $131.9 million. November has
shown improvement with number of financings up to 14 averaging $9.4 million each (vs. an average of $7.4 million
last week). In comparison, total capital raised in October was $171.3 million, averaging $6.3 million (27 deals);
September was $232.8 million, averaging $9.0 million (26 deals); and August was $221.6 million, averaging $7.6
million (29 deals).
Financing Activity Last Twelve Months
400.0 16.0
14.6
350.0 14.0
300.0 12.0
11.1
250.0 9.4 10.0
9.0
(US$m)
(US$m)
200.0 7.6 8.0
7.1
6.7 6.6
6.5 6.3
6.2
150.0 5.6 6.0
4.9
100.0 4.0
50.0 2.0
0.0 0.0
Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09
*May-09 includes $200m FB investment Total Average
Market pull-back: Sixteen companies in our universe had positive stock price performances over the past week (for
stocks with prices greater than $1) (Figure 6), while 30 companies showed negative 1-week returns.
1 Wee k P rice P erformance
Openw ave S y s tems Inc . 15.8%
G igaMedia L td. 14.1%
Y nk K orea Inc . 9.0%
Tenc ent Holdings L td. 6. 7%
A ctoz S oft Co., L td. 6.5%
NEOWIZ G ames Corporation 5. 9%
Changy ou. c om L imited 4. 1%
Modern Times G roup Mtg A B 3. 7%
G amania Digital Entertainment 3.2%
Chines e G amer International 3.0%
S K Communic ations Co., L td. 2.0%
IA C/InterA c tiveCorp. 1. 6%
S hutterfly, Inc . 1.4%
XING A G 1. 2%
TheS treet. com, Inc . 1. 2%
CDC Corp. 0. 8%
Fluid Mus ic Canada, Inc . 0. 0%
Eolith Co. L td. 0. 0%
V alueClic k Inc . -1.0%
PNI Digital Media Inc . -1. 1%
Neteas e.c om Inc . -1.2%
United Online Inc . -1.3%
S ohu.c om Inc . -1.6%
NetDragon WebS of t, Inc . -1. 9%
Open Tex t Corp. -2.0%
My riad G roup A G -2. 3%
S handa Interac tive -2.5%
S park Netw orks , Inc . -2.6%
Frogs ter Interactive Pic tures -3. 3%
Cy berplex Inc . -3. 6%
DA DA S pA -3. 6%
G iant Interac tive G roup, Inc . -3.7%
HanbitS of t, Inc . -3.8%
K ings of t Co. L td. -3.8%
W ebz en Inc . -4.2%
L ookS mart, L td. -4.3%
G ameOn Co L td. -5. 4%
Northgate Technologies L imited -5.5%
The9 L imited -6.0%
Tree.Com, Inc . -6. 2%
G ravity Co. , L td -7. 0%
Quepas a Corp. -7.1%
Perfec t World Co., L td. -7.6%
Y D Online Corp. -8.4%
Ngi G roup Inc . -9.8%
Mix i, Inc . -13. 2%
A Q Interac tive, Inc . -15.6%
G ree, Inc . -17.7%
-0.2 -0. 15 -0.1 -0.05 0 0. 05 0.1 0. 15 0. 2
This report has been created b y Anal ysts that are emplo yed b y Research Capital Corporation, a Canadian Investment Dealer.
For further disclosures, please see last page of this report.
w w w . r e s e a rc h c a p i t a l . c o m
T o ro n t o 4 1 6 . 8 6 0 . 7 6 0 0 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.265.7400 Regina 306.566.7550

2. Page 2
THE WEB 2.0 UNIVERSE
Eighty-nine public Web 2.0 companies: Our W eb 2.0 universe contains 89 companies, with a combined market cap of
approximately $72 billion (Figure 1). The median market cap for the group is $41 million, with average trailing revenue of
$163 million (median $56 million). The companies are also generally profitable with a median EBITDA margin of 11.6%.
On a valuation basis, the overall average is 5.1x trailing revenue (median 1.7x) and 11.1x trailing EBITDA (median 7.8x).
Twenty of the companies have more than 500 employees.
C omparable C ompany Analys is > Web 2.0
Trading C urrent US D Market US D L TM Total US D L TM Total E B ITDA TE V/L TM TE V/L TM
C ompany Name L TM as of Ticker E xc hange C urrency HQ P rice C ap ($m) R ev ($m) E B ITDA ($m) % R evenue E B ITDA E mployees
Accelerize New Media , Inc. 6/30/2009 AC LZ OT C B B US D United S ta tes 0. 73 20. 4 4. 4 (3.7) -83. 3% 5. 7x - 11
Actoz S oft C o. , Ltd. 6/30/2009 A052790 K OS E KR W S outh K orea 16,450 119. 5 108.7 25. 9 23. 8% 0. 8x 3. 4x NA
AQ Interactive, Inc. 6/30/2009 3838 TS E JPY J a pan 40,000 24. 3 66. 1 (2.0) -2.9% 0. 0x - NA
As s ociated Media Holdings Inc. 6/30/2007 AS MH OT C P K US D United S ta tes 0. 76 32. 9 0. 1 (2.3) NM - - 3
B igs tring C orp. 6/30/2009 BS GC OT C B B US D United S ta tes 0. 03 1.9 0. 1 (1.5) NM 47.2x - 4
B eta wave C orporation 6/30/2009 B W AV OT C B B US D United S ta tes 0. 04 1.0 9. 4 (12. 6) NM - - 51
B eyond C ommerce, Inc. 6/30/2009 B Y OC OT C B B US D United S ta tes 0. 06 3.0 11. 7 (12. 8) NM 0. 8x - 101
B right T hings plc 3/31/2009 AIM: B G T AIM GBP United K ingdom 0. 01 5.1 0. 0 (2.7) NM - - NA
B roa dW ebAs ia Inc. 9/30/2008 BWBA OT C P K US D United S ta tes 0. 07 5.9 0. 0 (4.6) NM - - 46
C DC C orp. 6/30/2009 C HIN. A Na s daqG S US D Hong K ong 2. 54 269. 2 361.6 25. 1 6.9% 0. 7x 10. 5x 2, 227
#R E F ! 9/30/2009 C Y OU Na s daqG S US D C hina 34. 50 1,897. 5 255.3 157.4 61. 7% 6. 2x 10. 1x 628
C hina G a teway C orporation 9/30/2008 CGWY OT C P K US D United S ta tes 0. 00 0.0 6. 7 (6.6) -98. 9% 0. 0x - 37
C hines e G amer Interna tiona l 9/30/2009 G T S M: 3083 GTS M TWD T aiwa n 458 1,186. 5 68. 3 39. 6 58. 0% 16.2x 27. 9x NA
C LIC K E R Inc. 5/31/2009 C LK Z OT C B B US D United S ta tes 0. 01 0.6 2. 5 (1.2) -45. 8% 0. 3x - 22
C ornerW orld C orpora tion 7/31/2009 CWR L OT C B B US D United S ta tes 0. 06 5.7 6. 8 NM NM 2. 4x - 16
C yberplex Inc. 6/30/2009 T S X :C X TS X C AD C anada 1 81. 1 89. 8 9.7 10. 8% 0. 7x 6. 3x NA
DADA S pA 6/30/2009 C M: DA CM E UR Italy 7. 09 168. 2 241.9 31. 8 13. 1% 0. 9x 6. 8x NA
DXN Holdings B hd 8/31/2009 DX N K LS E MY R Ma la ys ia 0. 62 40. 5 77. 3 (84. 0) NM 0. 7x - NA
Dibz International, Inc. NA DIB Z OT C P K US D United S ta tes 0. 00 0.0 NA NM NM - - NA
DigitalP os t Interactive, Inc. 6/30/2009 DG LP OT C B B US D United S ta tes 0. 06 4.6 1. 0 (1.4) NM 6. 6x - 7
DigitalT own, Inc. 8/31/2009 DG T W OT C B B US D United S ta tes 1. 20 32. 8 0. 0 (1.8) NM - - 3
Dolphin Digital Media , Inc. 6/30/2009 DP DM OT C B B US D United S ta tes 0. 33 17. 7 0. 6 (3.4) NM 32.1x - NA
E olith C o. Ltd. 12/31/2008 A041060 K OS E KR W S outh K orea 570 34. 6 15. 4 (3.6) -23. 6% 2. 4x - NA
E xtens ions , Inc. 6/30/2009 E XT I OT C P K US D United S ta tes 0. 30 13. 3 NM NM NM - - 2
F luid Mus ic C a nada , Inc. 6/30/2009 T S X :F MN TS X C AD United S ta tes 1. 80 86. 8 5. 3 (5.1) -95. 2% 15.4x - NA
F rogs ter Interactive P ictures AG 6/30/2009 FRG XT R A E UR G ermany 18. 05 67. 7 9. 6 (4.5) -47. 0% 6. 9x - NA
G ama nia Digita l E ntertainment C o., Ltd. 9/30/2009 6180 GTS M TWD T aiwa n 46. 50 217. 8 151.2 24. 9 16. 5% 1. 3x 7. 8x NA
G ameOn C o Ltd. 6/30/2009 3812 TS E JPY J a pan 68,300 73. 9 81. 9 20. 1 24. 5% - - NA
G eoS entric O yj 6/30/2009 G E O 1V HL S E E UR F inland 0. 06 78. 9 5. 4 (17. 4) NM 14.5x - 115
G iant Interactive G roup, Inc. 6/30/2009 GA NY S E US D C hina 7 1,587. 4 198.5 124.1 62. 5% - - 1, 570
G iga Media Ltd. 3/31/2009 G IG M Na s daqG S US D T aiwa n 4. 36 237. 7 183.6 NM NM 0. 9x - 751
G ravity C o., Ltd 6/30/2009 GR VY Na s daqG M US D S outh K orea 1. 46 40. 6 49. 1 16. 6 33. 9% - - 469
G ree, Inc. 9/30/2009 T S E : 3632 TS E JPY J a pan 4,450 2,227. 9 210.3 122.2 58. 1% 10.1x 17. 4x NA
G ungHo O nline E ntertainment, Inc. 6/30/2009 3765 OS E JPY J a pan 169,000 216. 5 119.5 26. 6 22. 2% 1. 5x 6. 9x NA
HanbitS oft, Inc. 6/30/2009 A047080 K OS E KR W S outh K orea 3,445 63. 2 60. 7 1.4 2.3% 0. 8x 35. 1x NA
IAC /InterActiveC orp. 9/30/2009 IAC I Na s daqG S US D United S ta tes 19. 93 2,630. 2 1, 359. 6 82. 4 6.1% 0. 7x 12. 0x 3, 200
IAS E nergy, Inc. 4/30/2009 IAS A. E OT C B B US D C anada 0. 12 8.5 0. 0 (0.6) NM - - NA
is eemedia Inc. 6/30/2009 IE E T S XV C AD C anada 0. 17 8.2 1. 7 (4.5) NM 4. 7x - NA
J umbuck E nterta inment Limited 6/30/2009 AS X :J MB AS X AUD Aus tralia 0. 33 14. 0 16. 7 7.2 42. 8% 0. 5x 1. 1x 79
K AB Dis tribution Inc. 6/30/2009 T S X :K AB TS X C AD C anada 0 0.6 67. 9 4.0 5.8% - - NA
K ings oft C o. Ltd. 6/30/2009 3888 S E HK HK D C hina 7 1,033. 9 139.1 61. 4 44. 2% 7. 4x 16. 7x 2, 463
Lingo Media C orporation 6/30/2009 T S X V :LM T S XV C AD C anada 0. 99 11. 3 1. 2 (1.9) NM 8. 7x - NA
LiveW orld Inc. 9/30/2009 LVW D OT C P K US D United S ta tes 0. 03 1.0 10. 4 0.4 4.1% - - NA
LookS mart, Ltd. 9/30/2009 L OO K Na s daqG M US D United S ta tes 1. 12 19. 2 54. 0 (4.5) -8.4% - - 90
Magnitude Information S ys tems Inc. 6/30/2009 MAG Y OT C B B US D United S ta tes 0. 02 8.6 0. 1 (2.5) NM - - 14
Mixi, Inc. 9/30/2009 2121 TS E JPY J a pan 642000. 00 1,106. 3 139.6 46. 2 33. 1% 7. 0x 21. 1x NA
Modern T imes G roup Mtg AB 9/30/2009 MT G B OM SEK S weden 335. 00 3,170. 3 2, 002. 6 282.9 14. 1% 1. 9x 13. 1x 2, 969
MO K O .mobi Limited 6/30/2009 MK B AS X AUD Aus tralia 0. 09 8.3 0. 7 (2.4) NM 10.6x - NA
Myriad G roup AG 6/30/2009 MY R N SWX C HF S witzerland 4. 68 200. 7 63. 0 3.4 5.4% 3. 1x - 405
NE O W IZ G ames C orpora tion 12/31/2008 A095660 K OS E KR W S outh K orea 41550. 00 734. 0 207.3 55. 7 26. 8% 3. 5x 13. 0x NA
NetDragon W ebS oft, Inc. 6/30/2009 777 S E HK HK D C hina 5 344. 4 89. 3 25. 7 28. 7% 2. 2x 7. 7x 3, 109
Neteas e. com Inc. 6/30/2009 NT E S Na s daqG S US D C hina 41. 48 5,368. 6 472.4 297.4 63. 0% - - 3, 109
NeuLion Incorporated 6/30/2009 T S X :NLN TS X C AD C anada 0. 72 77. 1 21. 5 (13. 0) -60. 3% 3. 1x - 237
NeXplore C orporation 6/30/2009 NX P C OT C P K US D United S ta tes 1 38. 5 1. 7 (13. 3) NM 25.0x - NA
Ngi G roup Inc. 6/30/2009 2497 TS E JPY J a pan 24000. 00 33. 2 93. 0 6.9 7.4% - - NA
Northgate T echnologies L imited 6/30/2009 590057 BSE INR India 29. 15 21. 2 82. 9 (41. 5) -50. 0% 0. 3x - NA
O pen T ext C orp. 9/30/2009 OT E X Na s daqG S US D C anada 38. 24 2,156. 0 814.5 211.1 25. 9% 2. 7x 10. 5x 3, 900
O penwave S ys tems Inc. 9/30/2009 OP W V Na s daqG S US D United S ta tes 2. 49 208. 0 190.5 6.2 3.3% 0. 5x 16. 6x 590
P erfect W orld C o. , Ltd. 6/30/2009 PWRD Na s daqG S US D C hina 45. 37 2,286. 3 255.6 142.2 55. 6% 0. 8x 1. 4x 2, 096
P NI Digital Media Inc. 6/30/2009 T S X V :P N T S XV C AD C anada 1. 74 54. 7 21. 0 2.3 11. 0% 2. 5x 22. 8x NA
Q uepa s a C orp. 6/30/2009 QP S A OT C B B US D United S ta tes 1 16. 6 0. 2 (10. 6) NM - - 74
O AO R B C Information S ys tems 12/31/2007 R BCI R TS US D R us s ia 1. 60 222. 0 157.4 20. 6 13. 1% 0. 0x 0. 4x NA
S handa Interactive E nterta inment Ltd. 6/30/2009 S NDA Na s daqG S US D C hina 49. 13 3,304. 2 629.0 296.7 47. 2% - - 3, 124
S hutterfly, Inc. 9/30/2009 S FLY Na s daqG S US D United S ta tes 15. 76 404. 6 223.1 27. 0 12. 1% 1. 3x 10. 8x 514
S K C ommunications C o., Ltd. 12/31/2008 A066270 K OS E KR W S outh K orea 7290. 00 255. 8 192.7 12. 5 6.5% 1. 3x 20. 4x NA
S NAP Interactive, Inc. 6/30/2009 S TVI OT C B B US D United S ta tes 0 2.2 3. 5 0.9 27. 0% 0. 2x 0. 6x 11
S NM G loba l Holdings 9/30/2008 S NMN OT C P K US D United S ta tes 0. 00 0.0 2. 0 (0.7) -34. 8% 1. 1x - 33
S ocial Media V entures Inc. 12/31/2008 S MV I OT C P K US D United S ta tes 0 0.0 0. 1 (0.1) -60. 6% 4. 5x - NA
S ocialwis e, Inc. 6/30/2009 S C LW OT C B B US D United S ta tes 0. 51 22. 6 0. 0 (5.6) NM - - NA
S ohu. com Inc. 9/30/2009 S O HU Na s daqG S US D C hina 56. 94 2,189. 7 501.0 218.4 43. 6% 3. 3x 7. 5x 3, 197
S park Networks , Inc. 9/30/2009 L OV AME X US D United S ta tes 3 53. 5 47. 5 10. 0 21. 0% 1. 0x 5. 0x 183
S pectrumDNA, Inc. 6/30/2009 S P XA OT C B B US D United S ta tes 0 7.3 0. 1 (2.5) NM - - 7
T encent Holdings Ltd. 6/30/2009 700 S E HK HK D C hina 148 34, 735.2 1, 391. 6 680.3 48. 9% 27.6x - 6, 421
T he P arent C ompany 8/2/2008 K IDS . Q OT C P K US D United S ta tes 0. 01 0.2 112.0 (13. 5) -12. 0% 0. 2x - 347
T he9 Limited 12/31/2008 NC T Y Na s daqG S US D C hina 7. 41 185. 9 250.6 85. 5 34. 1% - - 1, 626
T heS treet. com, Inc. 3/31/2009 TS CM Na s daqG M US D United S ta tes 2. 48 75. 9 67. 0 1.9 2.9% 0. 2x 5. 8x 310
T ree.C om, Inc. 9/30/2009 TR E E Na s daqG M US D United S ta tes 7. 30 79. 6 217.1 9.7 4.5% 0. 2x 5. 5x 700
Unis erve C ommunica tions C orp. 8/31/2009 T S X V :US S T S XV C AD C anada 0. 04 0.8 16. 1 0.1 0.9% 0. 3x 36. 4x NA
United O nline Inc. 9/30/2009 UNT D Na s daqG S US D United S ta tes 8. 22 695. 3 996.8 214.9 21. 6% 1. 0x 4. 4x 1, 469
UOMO Media, Inc 7/31/2009 UO MO OT C B B US D C anada 0 5.9 0. 8 (0.4) -54. 2% 8. 0x - NA
V alueC lick Inc. 9/30/2009 V C LK Na s daqG S US D United S ta tes 10 882. 4 545.7 130.8 24. 0% 1. 3x 5. 5x 1, 189
V OIS , Inc. 6/30/2009 V O IS OT C B B US D United S ta tes 0 5.5 0. 0 (1.0) NM - - 4
W ebzen Inc. 6/30/2009 W ZE N Na s daqG M US D S outh K orea 2. 96 35. 1 23. 2 2.3 9.9% - - 328
W izzard S oftwa re C orporation 6/30/2009 W ZE AME X US D United S ta tes 0. 49 24. 6 5. 3 (4.5) -84. 9% 4. 8x - 110
W orlds . com Inc. 6/30/2009 W DDD OT C B B US D United S ta tes 0. 10 5.2 0. 1 (0.7) NM - - 1
W ynds torm C orpora tion NA W Y ND OT C P K US D United S ta tes 0. 10 1.8 NA NM NM - - NA
XING AG 6/30/2009 O 1B C XT R A E UR G ermany 32. 70 252. 5 58. 9 17. 0 28. 8% 3. 4x 11. 8x 246
Y D O nline C orp. 12/31/2007 A052770 K OS E KR W S outh K orea 6520. 00 82. 0 57. 4 12. 4 21. 6% 1. 6x 7. 3x NA
Y nk K orea Inc. 12/31/2008 A023770 K OS E KR W S outh K orea 4380. 00 19. 6 11. 9 1.3 10. 5% - - NA
High 34, 735.2 2,002. 6 680. 3 63. 0% 47.2x 36. 4x 6, 421
Low 0.0 0. 0 -84.0 -98. 9% - - 1
Average 808.7 163.0 39.4 6.3% 5.1x 11.1x 945
Median 40. 5 55.7 1. 7 11. 6% 1. 6x 7. 8x 246
Figure 1. Web 2.0 Universe Summary
Source. Capital IQ

3. Page 3
C A P I T A L M A R K E T S A C T I V I T Y (M & A A N D F I N A N C I N G )
November picks up: Total transaction value in the W eb 2.0 universe for November is $131.9 million. November has shown
improvement with number of financings up to 14 averaging $9.4 million each (vs. an average of $7.4 million last week). In
comparison, total capital raised in October was $171.3 million, averaging $6.3 million (27 deals); September was $232.8
million, averaging $9.0 million (26 deals); and August was $221.6 million, averaging $7.6 million (29 deals).
Financing Activity Last Twelve Months
400.0 16.0
14.6
350.0 14.0
300.0 12.0
11.1
250.0 9.4 10.0
9.0
(US$m)
(US$m)
200.0 7.6 8.0
7.1
6.7 6.6
6.5 6.3
6.2
150.0 5.6 6.0
4.9
100.0 4.0
50.0 2.0
0.0 0.0
Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09
*May-09 includes $200m FB investment Total Average
Figure 2. Financings, Last Twelve Months
Source. Company reports

4. Page 4
eal round-up for November start: The large deal highlights for the month include:
• Playfish – the UK-based social gaming company – was acquired by Electronic Arts in a deal potentially valued up
to $400 million.
• Playfire – the social gaming company – raised $43 million in its first round of venture financing.
• Sezmi – maker of set top box tech – raised $25 million in a third round of VC funding.
• Motley Fool – the financial information site – raised $25 million in an unattributed financing.
• Phoenix New Media – the subsidiary of Phoenix Television, a popular Chinese news portal and media site – raised
$25 million from Intel Capital and Bertelsmann Asia Investment Fund.
All other deals in the month were in the amount of $10 million or less. For additional details on financings, see Figures 23
and 24 (at end of note).
Financing & M/A Summary - Last Three Months
200.0
180.0
160.0
140.0
120.0
Nov-09
(US$m)
100.0 Oct-09
Sep-09
80.0
60.0
40.0
20.0
0.0
Phoenix New Media
Motley Fool
DailyMotion
Millennial Media
Jive Software
Mzinga
InXpo
NextBio
Reality Mobile
HiveLive
Aviary
AppNexus
Mocapay
Fwix
Vantrix
Fizzback
Linkedex
Twitter
Yext
Box.net
Skype
PlayFish
Evernote
Ooyala
Jobvite
wooga
Eventbrite
YuMe
Booyah
Overtone
Playfire
Greystripe
DailyBooth
OnLive
NowPublic
Ecast Network
Livebookings
Alliance Health Networks
MashLogic
Tiny Pictures
DataSync
Dopplr
Unisfair
Fluther
Scoopler
VEVO
Mint
HubSpot
StatusNet
Aurora Feint
Sezmi
Technorati
Ensequence
Engine Yard
CubeTree
Vuclip
Vdopia
NeoEdge
Credit Karma
ViVu
Blekko
Godengo
Loomia
FourSquare
EduFire
Onehub
Hot Potato
IngBoo
Chango
Listia
Altruik
Scout Labs
Conduit Labs
Adfonic
Playdom
FeedRoom
Alice.com
Prosper.com
Spigit
ScanScout
Amie Street
TransGaming Inc.
PopCap Games
Riot Games
Sometrics
Imeem
Gamelab.com
Watercooler
Figure 3. Capital Market Activity, Last Three Months
Source. Company reports

5. Page 5
Social Networks the most active sector: Social Networks experienced the most financing activity among our W eb 2.0
sector categories in the past three months by number of transactions (9). Collaboration-related companies have been hot
recently, garnering the second highest number of deals (7). Advertising continues to be among the highest activity sectors
in the past quarter (7 deals) (Figure 4). The $2.0 billion acquisition of Skype skews the dollars transacted to the
SMS/Voice segment, while the $400 million acquisition of Playfish brings the Virtual W orlds segment to the second highest
total. Finally, the $170 million acquisition of Mint brings the Vertical Communities segment into third place.
Capital Market Activity by Sector - Last Three Months
200.0
180.0
160.0
140.0
120.0
(US$m)
100.0
80.0
60.0
40.0
20.0
2,025.0 417.1 178.3 100.9 93.3 87.0 57.0 51.4 45.5 44.9 37.5 30.0 25.6 18.6 17.2 16.2 13.0 10.0 9.9 6.4 6.0 4.0 3.6 2.2 1.5 1.3
0.0
Comment/Reputation
Social Commerce
Communities
Gaming
Documents
Microblog
Media
Collaboration
Enterprise
Mobile
Publishing
Online Learning
Music
Financial Services
SMS/Voice
Infrastructure
Search
Mobile Ad
Classified
Social Networks
Virtual World
Video
Advertising
Crowdsourced
Aggregation
Analytics
Vertical
Content
# companies
1 4 2 2 6 6 3 9 7 7 3 4 2 3 2 5 4 1 2 2 1 3 2 1 1 1
Figure 4. Capital Market Activity, by Sector, Last Three Months
Source. Company reports

6. Page 6
C A P I T A L M A R K E T S A C T I V I T Y (P R I C E P E R F O R M A N C E )
Web 2.0 index continues to outpace NASDAQ recovery: Our W eb 2.0 index (market-cap weighted) essentially mirrored
the performance of the NASDAQ composite index from mid-2008 until Q1/09. Since then, the index has diverged in a much
stronger recovery relative to the NASDAQ index (Figure 5).
Web 2.0 Index Price Performance
250
200
150
100
50
0
11/17/2008
12/1/2008
12/15/2008
12/29/2008
1/12/2009
1/26/2009
2/9/2009
2/23/2009
3/9/2009
3/23/2009
4/6/2009
4/20/2009
5/4/2009
5/18/2009
6/1/2009
6/15/2009
6/29/2009
7/13/2009
7/27/2009
8/10/2009
8/24/2009
9/7/2009
9/21/2009
10/5/2009
10/19/2009
11/2/2009
11/16/2009
Index: Web 2.0 (Market Cap) ^COMP - Share Pricing
Figure 5. Web 2.0 Price Performance
Source. Capital IQ

7. Page 7
Market pull-back: Sixteen companies in our universe had positive stock price performances over the past week (for
stocks with prices greater than $1) (Figure 6), while 30 companies showed negative 1-week returns.
1 Week P rice P erformance
Openw ave S y s tems Inc. 15.8%
G igaMedia Ltd. 14.1%
Y nk K orea Inc. 9.0%
Tencent Holdings Ltd. 6.7%
A ctoz S of t Co., Ltd. 6.5%
NEOWIZ Games Corporation 5.9%
Changy ou.com Limited 4.1%
Modern Times G roup Mtg A B 3.7%
G amania Digita l Entertainment 3.2%
Chines e Gamer International 3.0%
S K Communications Co., Ltd. 2.0%
IA C/InterA ctiveCorp. 1.6%
S hutterfly , Inc. 1.4%
XING A G 1.2%
TheS treet.com, Inc. 1.2%
CDC Corp. 0.8%
Fluid Mus ic Cana da, Inc. 0.0%
Eolith Co. Ltd. 0.0%
V alueClick Inc. -1.0%
PNI Digital Media Inc. -1.1%
Neteas e.com Inc. -1.2%
United Online Inc. -1.3%
S ohu.com Inc. -1.6%
NetDragon WebS of t, Inc. -1.9%
Open Tex t Corp. -2.0%
My riad Group A G -2.3%
S handa Interactive -2.5%
S park Netw orks , Inc. -2.6%
Frogs ter Interactive Pictures -3.3%
Cy berplex Inc. -3.6%
DA DA S pA -3.6%
Giant Interac tive G roup, Inc. -3.7%
HanbitS of t, Inc. -3.8%
K ings of t Co. Ltd. -3.8%
Webz en Inc. -4.2%
LookS mart, Ltd. -4.3%
G ameOn Co Ltd. -5.4%
Northgate Technologies Limited -5.5%
The9 Limited -6.0%
Tree.Com, Inc. -6.2%
G ravity Co., Ltd -7.0%
Quepas a Corp. -7.1%
Perfect World Co., Ltd. -7.6%
Y D Online Corp. -8.4%
Ngi G roup Inc. -9.8%
Mix i, Inc. -13.2%
A Q Interactive, Inc. -15.6%
G ree, Inc. -17.7%
-0.2 -0.15 -0.1 -0.05 0 0.05 0.1 0.15 0.2
Figure 6. 1-Week Price Performance
Source. Capital IQ

8. Page 8
P U B L I C C O M P A N Y I N D U S T R Y N E W S (P A R T N E R S H I P S , F I N A N C I A L R E S U L T S , N E W P R O D U C T S )
K ey Developments
C ompany Headline Notes
DigitalFX International, Inc . DigitalF X Interna tiona l, Inc. has a nnounced tha t it ha s filed a F orm 15 with the S ecurities a nd E xcha nge C ommis s ion to
(OTC B B : DG FX) Digita lF X Interna tional F iles F orm 15 volunta rily deregis ter its common s tock under the S ecurities E xcha nge Act of 1934, a s a mended. T he par va lue of the
common s tock is $0. 001 per s ha re.
Hunan TV & B roadc as t Intermediary S ha nda Intera ctive E nterta inment L td. a nd Huna n T V & B roa dca s t Intermedia ry C o. L td. ha ve partnered to launch a joint
C o., L td. (S ZS E : 000917); S handa venture. S ha nda will inves t $100 million in the new J V , for which L ong will be a ppointed chief opera ting officer (C E O ). No
Interac tive E ntertainment L td. S ha nda Interactive E ntertainment, Huna n T V to L a unch J oint V enture officia l la unch da te ha s been dis clos ed.
(Nas daqG S : S NDA)
Quepas a C orp. (OTC B B : QP S A) Quepa s a C orp. a nnounced the forma tion of a cros s -functiona l tea m dedica ted to e-ma il ma nagement a nd delivera bility. As
pa rt of this initiative, the company hired T ony P a tti a s Director of Delivera bilty. T ony is a recognized lea der in the field of e-
ma il delivera bility. W ith a record of s ucces s s pa nning over a deca de, T ony ha s developed focus ed, cus tomized deliverability
Quepas a C orp. Appoints T ony P a tti a s Director of Delivera bilty s olutions for s uch bra nds a s T ra velocity.com a nd T rue.com, helping them a chieve unprecedented delivery-to-inbox ra tes . As
a n expert in e-ma il ma rketing, IS P rela tions , a nd the la tes t in indus try trends a nd s ta ndards , T ony's delivera bility s tewa rds hip
ens ures tha t Quepas a's vita l ma rketing inves tment pa ys -ins tea d of being los t in s pa m filters .
Open Text C orp. (Nas daqG S : OTE X) Open T ext C orp. announced tha t it ha s developed enterpris e fa x functiona lity s ea mles s ly integra ted with Micros oft E xcha nge
S erver 2010. T his ens ures that enterpris es ca n migra te to E xcha nge S erver 2010, pres erve their inves tments in network-
ba s ed fa x ca pa bility and unified mes s a ging s ys tems and provides the ability to a cces s faxing from mobile devices . Open
T ext is a Micros oft G old C ertified P a rtner a nd 2009 IS V L ine of B us ines s P artner of the Y ea r fina lis t. F a xing continues to be
a critica l requirement for many bus ines s es tha t need s igna tures , dra wings , a nd other pa per-bas ed content. In indus tries a nd
bus ines s es s uch a s ba nking, hea lthca re, mortga ge compa nies , and patent offices , fa xes a re recognized a s importa nt lega l
documents a nd vita l to bus ines s opera tion. W ith O pen T ext F a x S erver, R ightF ax E dition a nd E xcha nge S erver 2010, faxing
becomes an integra l pa rt of the overall enterpris e infra s tructure, providing a s trong return on inves tment a nd reducing or
elimina ting the need for phys ical fa x ma chines .
Micros oft E xcha nge S erver 2010 is now a va ila ble for bus ines s es worldwide a nd will help orga niza tions reduce cos ts ,
protect communica tions a nd improve us er productivity. Open T ext F a x S erver is well-proven in the ma rketpla ce a nd
it gives cus tomers a fa x s olution tha t s ea mles s ly connects with E xcha nge S erver 2010 Unified Mes s a ging. W orking
Open T ext C orp. Develops E nterpris e F a x F unctiona lity S ea mles s ly Integra ted with Micros oft E xcha nge S erver 2010
clos ely with Micros oft, the compa ny developed the E xcha nge C onnector for E xchange S erver 2010, which routes
fa xes into a nd out of the E xcha nge S erver 2010 s ys tem us ing O pen T ext F a x S erver, R ightF a x E dition, a s olution
offered a s part of the Open T ext E C M S uite. W hen a fa x comes into a n enterpris e, E xcha nge S erver 2010 Unified
Mes s a ging forwa rds it to the O pen T ext F a x S erver, which proces s es the document s o it ca n be tra ns mitted to a nd
viewed within Micros oft O ffice Outlook a s a na tive fa x mes s a ge. It then routes the fa x through E xcha nge S erver to
the recipient's Outlook inbox. T he origina l fa x a ppea rs a s a n e-mail a tta chment tha t a us er ca n s elect a nd view. Us ers
ca n a ls o s end e-ma il mes s a ges and a tta chments to the F ax S erver from their Outlook inbox for fa xing to recipients
outs ide the enterpris e. A s ignifica nt adva nta ge of Open T ext F a x S erver, is tha t fa xes a re digita lly protected, helping to
prevent los s or a uthorized viewing of documents . L ogging a nd a uditing fea tures provide the a bility to review a nd tra ck
a ll fa xes from s ender to recipient.
VOIS , Inc . (OTC B B : VOIS ) V OIS Inc. a nnounced plans to introduce its Apple iP hone a pplica tion during the firs t quarter of 2010. T he new a pp is to be
des igned to ena ble members of V OIS to ea s ily pos t projects , bid on projects , a nd s ocia lize the s a me wa y they currently do
V OIS Inc. P la ns to Introduce Apple iP hone App During the F irs t Qua rter of 2010 on the V OIS web pla tform, but cus tomized to iP hone s pecifica tions . In a dva nce of the iP hone a pp V O IS is offering a V OIS
webclip. T his will open up 3 buttons .
Figure 7a. Key Developments
Source. Capital IQ

9. Page 9
K ey Developments
C ompany Headline Notes
IAC /InterAc tiveC orp. (Nas daqG S : IAC I) IAC /InterA ctiveC orp. a nnounced tha t J oey Levin, currently IA C 's S enior V ice P res ident, Mergers & Acquis itions and
F inance, ha s been na med C hief E xecutive Officer of Minds pa rk Intera ctive Network. S ha na F is her, currently S V P , Mergers
IA C /InterActivecorp. Announces E xecutive C hanges & A cquis itions a nd S tra tegy of IA C will a s s ume J oey's M& A res pons ibilities in a ddition to her own. C urrent V ice P res ident of
IAC F ina ncial P la nning & Ana lys is Ma rk S chneider will a s s ume J oey's fina nce res pons ibilities , reporting to E V P a nd C F O
T om McInerney.
R evyver, L L C ; S pec trumDNA, Inc . S pectrumDNA , Inc. (OT C B B : S P XA ) s igned a letter of intent to a cquire R evyver on November 10, 2008. T he fina ncia l terms
(OTC B B : S P XA) S pectrumDNA, Inc. (O T C B B : S P XA) ca ncelled the a cquis ition of R evyver. of the trans a ction were not dis clos ed. A fter the tra ns a ction R evyver will opera te a s s ubs idia ry of S pectrumDNA , Inc.
S ocialwis e, Inc . (OTC B B : S C L W ) On November 9, 2009, S ocia lwis e, Inc. has entered into a n a mendment of the 12% S enior Note between the compa ny a nd
G emini Ma s ter F und, L td. da ted Ma rch 31, 2009. T he a mendment cha nged the prior requirement under the Note for
ma nda tory ea rly repa yment to the following: T he compa ny will ma ke a ca s h pa yment of $250, 000 to the Holder on or before
November 20, 2009 (in a ddition to the $25, 000 pa id by the compa ny on or a bout November 3, 2009) a nd a n a dditional ca s h
Socialwise, Inc. Enters Amendment of the 12% Senior Note pa yment to the Holder of $100,000 on or before December 15, 2009. If the compa ny s ucces s fully ma kes both of the
previous two pa yments , then the compa ny, in its s ole dis cretion, ma y extend the ma turity da te until F ebrua ry 28, 2010 in
cons idera tion for 75, 000 s ha res of common s tock, provided tha t there is no brea ch or default or event of defa ult under this
Note.
DigitalFX International, Inc . DigitalF X Interna tiona l, Inc’s common s tock ha s been deleted from O T C B ulletin B oa rd effective November 11, 2009 on
(OTC B B : DG FX)
DigitalFX International Deleted From OTCBB a ccount of its filing form 15. T he compa ny ha s been a dded other NB B .
C yberplex Inc . (TS X: C X) Cyberplex Inc. Announces Unaudited Consolidated Financial Results for the Third Quarter and C yberplex Inc. a nnounced una udited cons olida ted fina ncia l res ults for the third quarter a nd nine months ended S eptember
30, 2009. F or the qua rter, the compa ny reported revenue of $28.2 million was a n increa s e of 156% over the $11. 0 million
genera ted during the s a me period a yea r a go. T his growth res ulted from the performa nce of the W eb A dvertis ing divis ion
a nd by focus ing on k ey bus ines s vertica ls a nd through interna tiona l ma rket expa ns ion. C omprehens ive income was
$919,996 or $0. 01 per ba s ic a nd diluted s ha re compa red to comprehens ive income of $633,167 or $0. 01 per ba s ic a nd
diluted s ha re a year ago. Income before a mortiza tion of capita l a s s ets a nd inta ngible a s s ets wa s $1, 067,274 compa red to
$752,513 a yea r a go. Income from opera tions wa s $954, 984 compa red to $645, 003 a yea r a go. Net income wa s $712, 371
compa red to $633, 167 a yea r a go.
Nine Months Ended September 30, 2009
C yberplex Inc . (TS X: C X) Cyberplex Inc. Reports Unaudited Consolidated Financial Results for the Third Quarter and C yberplex Inc. reported una udited cons olidated fina ncia l res ults for the third qua rter a nd nine months ended S eptember 30,
2009. F or the qua rter, the compa ny reported income before taxes of $1. 0 million aga ins t $0.6 million for s a me period a yea r
a go. E a rnings before a mortization, interes t, ta xes a nd foreign excha nge was $2. 7 million or 4 cents per s ha re.
F or nine months , the compa ny reported income before ta xes of $6.2 million a ga ins t $0. 9 million for s a me period a yea r a go.
Nine Months Ended September 30, 2009
NeuL ion Incorporated (TS X: NL N) NeuLion Incorporated Reports Unaudited Condensed Consolidated Earnings for the Third NeuL ion Incorporated reported unaudited condens ed cons olida ted ea rnings for the third qua rter a nd nine months ended
S eptember 30, 2009. F or the qua rter, the compa ny reported opera ting los s of $5, 408, 414, net los s a nd comprehens ive los s
of $7, 463, 951 or $0. 07 per bas ic a nd diluted s ha re on revenue of $6, 061, 302 a gains t opera ting los s of $1, 352, 218, net los s
a nd comprehens ive los s of $1, 377, 667 or $0. 03 per bas ic a nd diluted s ha re on revenue of $2,699, 041 for the s a me period a
year ago. C as h provided by opera ting a ctivities wa s $1,937, 748 a gains t $49, 431 for the s ame period a yea r a go. P roperty,
pla nt and equipment expenditures were $362,108 a ga ins t $182, 918 for the s a me period a year ago.
F or the nine months , the compa ny reported opera ting los s of $15,513, 615, net los s a nd comprehens ive los s of $18,185, 960
or $0.16 per ba s ic a nd diluted s ha re on revenue of $19,097,767 a ga ins t opera ting los s of $3,411, 255, net los s a nd
comprehens ive los s of $4, 413, 792 or $0.10 per ba s ic and diluted s hare on revenue of $7,635,789 for the s ame period a yea r
a go. C a s h provided us ed in opera ting a ctivities wa s $7,186, 903 a ga ins t $148,559 for the s a me period a yea r a go. P roperty, p
Quarter and Nine Months Ended September 30, 2009
Tencent Holdings L td. (S E HK : 700) T encent Holdings L td., B oa rd Meeting, Nov 11, 2009 Agenda : T o a pprove the una udited third qua rter res ults a nd
Tencent Holdings Ltd., Board Meeting, Nov 11, 2009 a nnouncement of the compa ny a nd its s ubs idiaries for the three a nd nine months ending 30 S eptember 2009 a nd
cons idering the pa yment of a dividend, if a ny.
is eemedia Inc . (TS XV: IE E ) is eemedia Inc. a nnounced tha t it ha s begun deployment of a n S MS -ba s ed pus h-ma il s ervice with T ata Indicom a nd T a ta
Docomo, the C DMA and G S M offering res pectively of T a ta T eles ervices L td. T he commercia l la unch is expected to be
iseemedia Inc. Provides SMS-Based Push-Mail Service to Tata Indicom and Tata Docomo completed by November 2009. T he cons umer ema il will join enterpris e ema il as a s ta nda rd s ervice on mobile devices in the
coming years . T T S L is pos itioning this s ervice to ca pture a s izea ble s ha re of the ra pidly growing us er s egment us ing On-T he-
G o ema il s ervices , us ing the is eemedia s olution.
Tencent Holdings L td. (S E HK : 700) Tencent Holdings Ltd. Reports Unaudited Consolidated Earnings Results for the Third Quarter T encent Holdings L td. reported una udited cons olida ted earnings res ults for the third qua rter ended S eptember 30, 2009. F or
the qua rter, the company reported tota l revenues were R MB 3, 368.9 million (US D 493. 3 million), a n increa s e of 17. 0% over
the s econd qua rter of 2009 or a n increas e of 66. 4% to R MB 2, 024. 5 million for the third qua rter of 2008. O perating profit wa s
R MB 1, 680. 3 million (US D 246. 1 million), an increas e of 20. 1% qua rter on qua rter or an increas e of 107. 3% yea r on yea r
compa red to R MB 810.5 million for the s a me qua rter a yea r a go. P rofit a ttributable to equity holders of the compa ny wa s
R MB 1, 419. 9 million (US D 207. 9 million), an increas e of 19. 1% qua rter on qua rter or an increas e of 92. 6% year on yea r or
R MB 0. 767 per diluted s ha re compa red to profit a ttributa ble to equity holders of the compa ny of R MB 737. 1 million or R MB
0. 400 per diluted s ha re for the s a me qua rter a yea r a go. P rofit before income ta x wa s R MB 1,683 million compa red to R MB
802.4 million for the s a me qua rter a yea r a go. C a pita l expenditure was R MB 269. 1 million for the third qua rter of 2009 a s
compa red with R MB 191.3 million for the previous qua rter.
Ended September 30, 2009
Openwave S ys tems Inc . Openwa ve S ys tems Inc. a nnounced the Openwa ve(R ) Mobile Internet R ea dyS et, a low-cos t, prepa cka ged pla tform tha t
(Nas daqG S : OP WV) provides opera tors with a centra l point from which to offer new, revenue genera ting, mobile internet s ervices . Openwa ve will
demons tra te its R ea dyS et s olution, a s well a s its la tes t mobile internet, mes s aging a nd loca tion s oftwa re a pplica tions a nd
infras tructure a t A frica C om C ongres s & E xhibition loca ted in C a pe T own, S outh Africa on November 11-12, 2009.
Openwa ve's R ea dyS et provides a complete mobile internet s olution cons is ting of tra ffic ma nagement tools including content
Openwave Introduces Mobile Internet Readyset Solution for Operators in Emerging Markets a da pta tion and a cceleration, ba ndwidth optimis ation, and s ervice promotion and billing, in a s ingle pa cka ge. W ith very low-
cos t hardwa re a nd s ta ndard pre-configured deployment options , R ea dyS et is idea l for s ma ller operators a nd newer ma rkets
which require a quick return on inves tment for minima l ca pita l outla y. Additiona lly, R ea dyS et is s ca la ble a nd will expand to
meet s ubs criber growth a nd dema nds both in terms of increa s ed numbers a nd increa s ed us er expecta tion.
Tencent Holdings L td. (S E HK : 700) Tencent Holdings Ltd., Q3 2009 Earnings Call, Nov-11-2009 T encent Holdings L td., Q3 2009 E a rnings C a ll, Nov-11-2009
S hutterfly, Inc . (Nas daqG S : S FL Y) Shutterfly, Inc. - Conference Presentation Call S hutterfly, Inc. - C onference P res enta tion C a lls
Tencent Holdings L td. (S E HK : 700) Tencent Holdings Ltd. Reports Unaudited Consolidated Earnings Results for the Nine Months T encent Holdings L td. reported una udited cons olida ted earnings res ults for the nine months ended S eptember 30, 2009. F or
the nine months , the compa ny reported profit of R MB 3, 688. 56 million a nd profit attributa ble to equity holders of the
compa ny was R MB 3, 647. 70 million or R MB 1.980 per s ha re on revenues of R MB 8,751. 69 million compa red to profit of
R MB 1, 939. 50 million a nd profit attributa ble to equity holders of the compa ny wa s R MB 1, 915.480 million or R MB 1.040 per
s ha re on revenues of R MB 5,057,163 million for the s a me period a yea r a go. P rofit before income ta x wa s R MB 4,254. 91
million compa red to R MB 2, 168. 06 million for the s a me period a yea r a go. Opera ting profit wa s R MB 4, 243.83 million
compa red to R MB 2, 313. 12 million for the s a me period a yea r a go. Net ca s h flows genera ted from opera ting a ctivities wa s
R MB 5, 741. 80 million compared to R MB 2, 087.18 million for the s a me period a yea r a go.
Ended September 30, 2009
C yberplex Inc . (TS X: C X) Cyberplex Inc., Q3 2009 Earnings Call, Nov-12-2009 C yberplex Inc. , Q3 2009 E a rnings C a ll, Nov-12-2009
G olden E agle B roadc as ting; S handa S ha nda Intera ctive E nterta inment L td. a nd G olden E agle B roa dcas ting (G B S ) a nnounced s trategic coopera tion in S hangha i
Interac tive E ntertainment L td. on November 12, 2009. Under the a greement, S ha nda a nd G B S will s et up a joint venture with a n inves tment of C N Y 600
(Nas daqG S : S NDA) Shanda Interactive Entertainment Ltd. and Golden Eagle Broadcasting to Set Up Joint Venture million. T he venture will be enga ged in film a nd T V pla yer ma king, dis tribution, a nd other rela ted s ervices . T he coopera tion
with G B S ena bles S ha nda to ma ke inroa ds into the film s ector, a pa rt from bus ines s es like online ga mes , litera ture, a s well
a s mus ic.
DigitalP os t Interactive, Inc . DigitalP os t Intera ctive Inc. announced the s igning of a contra ct with T he P icture P eople Inc. T his pa rtners hip will expa nd
(OTC B B : DG L P ); The P icture P eople, DigitalP os t's dis tribution cha nnel a long with providing potential revenue growth. P icture P eople plans to enha nce its online
Inc . pres ence by a dapting a nd re-bra nding Digita lP os t's fa mily webs ite pla tform for their cus tomer ba s e. T his new platform
DigitalPost Interactive Signs Agreement with the Picture People, Inc provides a s tunning vis ual dis pla y a nd eas y-to-us e a dminis tra tion fea tures tha t will ena ble T he P icture P eople to enter new
ma rkets with Digita lP os t's a ward winning photo/video-s haring technology.
Figure 7b. Key Developments – continued
Source. Capital IQ

10. Page 10
K ey Developments
C ompany Headline Notes
MOK O.mobi L imited (AS X: MK B ) MO K O. mobi L imited has s ecured a contra ct with V eriz on W ireles s . MOK O.mobi on V eriz on will be s upported with an
integra ted billing model tha t will include monthly s ubs cription and premium MMS (picture a nd video content upload from the
MOKO.mobi Limited Secures Contract with Verizon Wireless mobile device). T echnica l a nd product integration is s cheduled to begin immedia tely a nd a la unch is expected in the firs t
qua rter 2010.
B etawave C orporation (OTC B B : B WAV) Betawave Corporation and Silicon Valley Bank Enter Waiver and Third Amendment to Loan O n November 9, 2009, B eta wa ve C orporation a nd S ilicon V a lley B ank entered into a waiver a nd third amendment to loa n
a nd s ecurity a greement. Under the terms of the wa iver a nd a mendment, S V B a greed: to wa ive a n event of defa ult exis ting
a s a res ult of the compa ny's viola tion of a minimum ta ngible net worth covena nt under the exis ting loan a nd s ecurity
a greement, da ted a s of Ma rch 28, 2009, between the compa ny a nd S V B a nd tha t s uch minimum ta ngible net worth
covena nt would not a pply from October 1, 2009 to November 23, 2009. In a ddition, the wa iver a nd a mendment amended the
loan a greement to, a mong other things : a dd a covena nt to the loa n a greement that requires the compa ny to ma intain a t
leas t $1. 5 million in unres tricted ca s h on depos it in the compa ny's unres tricted opera ting, s weep a nd other a ccounts with
S V B a nd its affilia tes a nd reduce the borrowing ba s e a va ila ble under the loan a greement from $4 million to the les s er of the
s um of 80% of eligible a ccounts a nd, a t S V B 's dis cretion, 60% of extended eligible a ccounts a nd $1.5 million. In connection
with the waiver a nd a mendment, the compa ny a nd S V B a ls o entered into a n a cknowledgement a nd rea ffirma tion of loan a nd s ecurity a
corporation tha t reincorporated into Delawa re a s of S eptember 21, 2009, a cknowledged a nd rea ffirmed its obliga tions
under the loan a greement.
and Security Agreement
IB 3 Networks , Inc . (OTC B B : IB NW ) IB 3 Networks , Inc., Annua l G enera l Meeting, Nov 13, 2009, a t 09: 00 US E a s tern T ime. Loca tion: offices of C a rlile P a tchen &
Murphy L L P , 366 E as t B roa d S treet, C olumbus , OH 43215, United S ta tes . A genda : T o elect a board of two directors to
IB3 Networks, Inc., Annual General Meeting, Nov 13, 2009 s erve until the next Annual Meeting of S tockholders or until their s ucces s ors ha ve been duly elected a nd qua lified; a nd; to
cons ider - S uch other procedura l ma tters a s may properly come before the Annua l Meeting or a ny adjournment or
pos tponement thereof.
Ac c elerize New Media, Inc . Accelerize New Media, Inc. Announces Earnings Results for the Third Quarter and Nine A ccelerize New Media , Inc. a nnounced ea rnings res ults for the third quarter a nd nine months ended S eptember 30, 2009.
(OTC B B : AC L Z) F or the quarter, the compa ny's revenues decreas ed by $295,394, or 27. 4% to $783, 946 compared to $1,079,340 for the
compa ra ble period in 2008. T he compa ny's net los s decrea s ed $2,131,902 or 87. 4% to $306, 091, or $0. 01 per s ha re,
compa red to $2, 437, 993, or $0.09 per s ha re for the three month period ended S eptember 30, 2008. T he compa ny's net
cas h us ed in opera ting a ctivities a mounted to $161, 734, a decreas e of $327, 445 or 66. 9% from $489, 209 for the
compa ra ble period in 2008.
Months Ended September 30, 2009
F luid Mus ic C anada, Inc . (TS X: F MN) Fluid Music Canada, Inc. Reports Unaudited Consolidated Earnings Results for the Third F luid Mus ic C a na da , Inc. reported una udited cons olida ted ea rnings res ults for the third qua rter a nd nine months ended
S eptember 30, 2009. F or the quarter, the compa ny reported net income a nd comprehens ive income of $184,276 on tota l
revenue of $1, 507, 545 compared to net los s a nd comprehens ive los s of $2, 908, 798 or $0. 06 per ba s ic a nd diluted s ha re on
total revenue of $1, 269, 945 a yea r ago. T he compa ny reported income from opera tions of $130,963, income before
provis ion for income taxes of $184, 276 compa red to los s from opera tions of $2,909,062, los s before provis ion for income
ta xes of $2, 908, 798 a yea r a go. Net ca s h provided by operating activities was $318, 772, a nd purcha s e of fixed a s s ets wa s
$365,287 a gains t net ca s h us ed in opera ting a ctivities of $2, 527, 049, a nd purcha s e of fixed as s ets of $94, 126 a year a go.
Quarter and Nine Months Ended September 30, 2009
P erfec t World C o., L td. P erfect W orld C o. , L td., Annua l G enera l Meeting, Nov 14, 2009, a t 15: 00 C C T - C hina C oa s t, US S R Zone 7. L oca tion: Unit
(Nas daqG S : P W R D) 1701, 17/F , O vers ea s T rus t B a nk, 160 G louces ter R oad, W an C ha i, Hong K ong. Agenda : T o amend S ection 3.1 (a ) of the
a mended a nd res tated S ha re Incentive P lan of the compa ny; to a mend S ection 5. 2 (a) (ii) and (iii) of the a mended a nd
res ta ted S ha re Incentive P la n of the compa ny; to ra tify the a ppointment of Mr. Ha n Zha ng a nd Mr. Daniel Dong Y ang as a n
independent director of the company;to ra tify the a ppointment of the Independent Auditor P ricewa terhous eC oopers for the
Perfect World Co., Ltd., Annual General Meeting, Nov 14, 2009 fis cal yea r 2008;to ra tify the a ppointment of the Independent Auditor P ricewa terhous eC oopers for the fis ca l year 2009; to
a mend Article 1 of the a mended and res ta ted Memora ndum a nd A rticles of A s s ocia tion of the company;to a mend Article
111 of the a mended and res tated Memora ndum and Articles of A s s ocia tion of the compa ny; to include fina ncia l s ta tements
of fis ca l yea r 2008 in the compa ny's 2008 annua l report; and to authoriz e ea ch of the directors to ta ke a ny a nd every a ction
tha t might be neces s a ry to effect the foregoing res olutions 1to 9 a s s uch director, in his a bs olute dis cretion, thinks fit.
P erfec t World C o., L td. Perfect World Co., Ltd. Ratifies Appointment of Directors; Approves Amendment of Article of P erfect W orld C o. , L td. a nnounced tha t a t its a nnua l general meeting held on November 14, 2009, the compa ny a pproved
(Nas daqG S : P W R D) ra tifica tion of the a ppointment of Mr. Ha n Zha ng a nd Da niel Dong Y a ng a s independent directors of the compa ny.
Association
P erfec t World C o., L td. Perfect World Co., Ltd. Reports Consolidated Unaudited Earnings Results for the Third P erfect W orld C o. , L td. reported cons olida ted una udited ea rnings res ults for the third qua rter ended S eptember 30, 2009.
(Nas daqG S : P W R D) F or the quarter, tota l revenues were R MB 589, 994, 239 a ga ins t R MB 381, 802, 248 a yea r a go. Operating profit wa s R MB
297,665,297 a ga ins t R MB 200, 004, 263 a year a go. P rofit before ta x wa s R MB 300,066,077 a ga ins t R MB 207, 573, 759 a
yea r ago. Net income wa s R MB 289,013,119 a ga ins t R MB 198, 803, 747 a year a go. Net income a ttributable to the
compa ny's s ha reholders wa s R MB 288, 321, 111 or R MB 1. 10 per bas ic and diluted s hare a ga ins t R MB 198, 803, 747 or R MB
0. 67 per ba s ic a nd diluted s hare a yea r ago. Net ea rnings per ADS diluted were R MB 5. 50 a ga ins t R MB 3. 34 a yea r ago.
Quarter Ended September 30, 2009 ; Provides Earnings Guidance for the Fourth Quarter of Net cas h provided by opera ting a ctivities wa s R MB 326,332,320 a ga ins t R MB 265, 481, 664 a year a go. C a pital expenditure
on purcha s e of property, equipment, a nd s oftware was R MB 59, 754, 724 a gains t R MB 62, 749, 284 a year a go. Non-G AAP
opera ting profit wa s R MB 317, 891, 325 a gains t R MB 213, 364, 826 a yea r a go. Non-G AAP net income attributable to the
compa ny's s ha reholders wa s R MB 308, 547, 139 a gains t R MB 212, 164, 310 a yea r a go. Non-G AAP net ea rnings per ADS Diluted wa s R
2009
Figure 7c. Key Developments – continued
Source. Capital IQ

11. Page 11
VALUATION
Online Gaming companies lead market-cap charts: Fourteen companies in our W eb 2.0 universe top US$1 billion in
market capitalization (Figure 8). Fifty-eight of the 89 companies have market caps under US$100 million, with 39 under
US$25 million. Online gaming companies dominate the top of the list, led by Tencent Holdings (SEHK:700) with a market
cap of approximately US$34.8 billion.
Market C ap (US D m)
Tenc ent Holdings Ltd. 34735.2
Neteas e.c om Inc . 5368.6
S handa Interac tive Entertainment Ltd. 3304.2
Modern Times G roup Mtg A B 3170.3
IA C/InterA c tiveCorp. 2630.2
Perfec t World Co., Ltd. 2286.3
Gree, Inc . 2227.9
S ohu.c om Inc . 2189.7
Open Tex t Corp. 2156.0
Changy ou.c om Limited 1897.5
Giant Interactive Group, Inc . 1587.4
Chines e G amer International 1186.5
Mix i, Inc . 1106.3
K ings oft Co. Ltd. 1033.9
V alueClic k Inc . 882.4
NEOWIZ G ames Corporation 734.0
United Online Inc . 695.3
S hutterfly , Inc . 404.6
NetDragon WebS of t, Inc . 344.4
CDC Corp. 269.2
S K Communic ations Co., Ltd. 255.8
XING A G 252.5
G igaMedia Ltd. 237.7
OA O R B C Information S y s tems 222.0
Gamania Digital Entertainment Co., Ltd. 217.8
G ungHo Online Entertainment, Inc . 216.5
Openw ave S y s tems Inc . 208.0
My riad G roup A G 200.7
The9 Limited 185.9
DA DA S pA 168.2
A c toz S oft Co., Ltd. 119.5
Fluid Mus ic Canada, Inc . 86.8
Y D Online Corp. 82.0
Cy berplex Inc . 81.1
Tree.Com, Inc . 79.6
G eoS entric Oy j 78.9
NeuLion Inc orporated 77.1
TheS treet.c om, Inc . 75.9
G ameOn Co Ltd. 73.9
Frogs ter Interac tive Pic tures A G 67.7
HanbitS of t, Inc . 63.2
PNI Digital Media Inc . 54.7
S park Netw orks , Inc . 53.5
Gravity Co., Ltd 40.6
DXN Holdings B hd 40.5
NeXplore Corporation 38.5
Webz en Inc . 35.1
Eolith Co. Ltd. 34.6
Ngi Group Inc . 33.2
A s s oc iated Media Holdings Inc . 32.9
DigitalTow n, Inc . 32.8
Wiz z ard S of tw are Corporation 24.6
A Q Interac tive, Inc . 24.3
S oc ialw is e, Inc . 22.6
Northgate Tec hnologies Limited 21.2
A c c eleriz e New Media, Inc . 20.4
Y nk K orea Inc . 19.6
LookS mart, Ltd. 19.2
Dolphin Digital Media, Inc . 17.7
Quepas a Corp. 16.6
Jumbuc k Entertainment Limited 14.0
Ex tens ions , Inc . 13.3
Lingo Media Corporation 11.3
Magnitude Inf ormation S y s tems Inc . 8.6
IA S Energy , Inc . 8.5
MOK O.mobi Limited 8.3
is eemedia Inc . 8.2
S pec trumDNA , Inc . 7.3
B roadW ebA s ia Inc . 5.9
UOMO Media, Inc 5.9
CornerWorld Corporation 5.7
V OIS , Inc . 5.5
Worlds .c om Inc . 5.2
B right Things plc 5.1
DigitalPos t Interac tive, Inc . 4.6
B ey ond Commerc e, Inc . 3.0
S NA P Interac tive, Inc . 2.2
B igs tring Corp. 1.9
Wy nds torm Corporation 1.8
B etaw ave Corporation 1.0
LiveW orld Inc . 1.0
Unis erve Communic ations Corp. 0.8
K A B Dis tribution Inc . 0.6
CLICK ER Inc . 0.6
The Parent Company 0.2
China G atew ay Corporation 0.0
Dibz International, Inc . 0.0
S NM G lobal Holdings 0.0
S oc ial Media V entures Inc . 0.0
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000
Figure 8. Market Cap Rankin
Source. Capital IQ

12. Page 12
TEV/Revenue (LTM) averages 5.1x: The overall average TEV/Revenue (LTM) multiple for our group is 5.1x (vs. 5.4x last
week) (Figure 9). W e continue to see four companies trading above 25x revenue – Bigstring Corp. (OTCBB:BSGC) at
47.2x, Dolphin Digital Media, Inc. (OTCBB:DPDM) at 32..1x, NexPlore Corporation (OTCPK:NXPC) at 27.6x, and Tencent
Holdings Ltd. (SEHK:700) at 25.0x. The median of 1.8x compares with 1.8x last week. Note that we exclude multiples
greater than 50x. Twenty-one companies have multiples under 1.5x.
T E V/L T M R evenue (x)
50. 0
47.2
45. 0
40. 0
35. 0
32.1
30. 0 27.6
25.0
25. 0
20. 0
16.2
15.4
14.5
15. 0
10.110.6
10. 0 8.7
8.0
A vera ge, 5.1 6.6 6.9 7.0 7.4
5.7 6.2
4.5 4.7 4.8
5. 0 3.3 3.4 3.5
2.5 2.7 3.1 3.1
1.5 1.6 1.6 1.9 2.2 2.4 2.4
0.8 0.8 0.9 0.9 1.0 1.0 1.1 1.3 1.3 1.3 1.3
0.0 0.0 0.0 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.5 0.5 0.7 0.7 0.7 0.7 0.8 0.8
0. 0
N E O WIZ G a mes C orpora tion
J umbuck E ntertainment Limited
G ama nia Digital E ntertainment
MO K O .mobi Limited
UO MO Media, Inc
C L IC K E R Inc.
P NI Digita l Media Inc.
C hines e G amer International
G ungH o O nline E nterta inment,
O AO R B C Information S y s tems
Northga te T echnologies Limited
DX N H oldings B hd
C hangy ou.c om Limited
T ree.C om, Inc.
C DC C orp.
B ey ond C ommerce, Inc.
S K C ommunic ations C o., L td.
DigitalP os t Interactive, Inc.
F luid Mus ic C ana da, Inc.
Dolphin Digital Media, Inc.
T he P arent C ompa ny
Modern T imes G roup Mtg AB
G eoS entric O y j
Unis erve C ommunications
S NM G lobal H oldings
NeuLion Incorporated
C ornerWorld C orporation
L ingo Media C orporation
NeXplore C orporation
S N AP Interactive, Inc.
T heS treet.com, Inc.
United O nline Inc.
O pen T ex t C orp.
F rogs ter Interactive P ictures
C hina G ateway C orporation
AQ Interactiv e, Inc.
C y berplex Inc.
IAC /InterActiv eC orp.
G iga Media L td.
S park Network s , Inc.
V alueC lick Inc.
Y D O nline C orp.
N etDragon WebS oft, Inc.
E olith C o. L td.
S ohu.com Inc.
XING AG
is eemedia Inc.
Mix i, Inc.
G ree, Inc.
T encent H oldings L td.
O penwav e S y s tems Inc.
P erfect World C o., L td.
HanbitS oft, Inc.
Y nk K orea Inc.
My riad G roup AG
S oc ial Media V entures Inc.
B igs tring C orp.
S hutterfly , Inc.
Acc eleriz e N ew Media, Inc.
K ings oft C o. L td.
DADA S pA
Wiz z ard S oftwa re C orporation
Actoz S oft C o., Ltd.
Figure 9. TEV/Revenue Ranking
Source. Capital IQ
TEV/Revenue (LTM) by country/exchange: W e have also calculated multiples based on where the companies are listed
or domiciled. Figure 10 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largest
number of companies (18), trading at an average multiple of 11.5x (vs. 12.4x last week). On a geographic basis, the
United States has the most companies (38), trading at an average of 6.6x revenue (vs. 7.3x last week) (Figure 11). Ten of
the companies are Canadian (average 7.9x revenue).
Average TEV/LTM Revenue - By Exchange Average TEV/LTM Revenue - By Country
16.0 14.5 16.0 14.5
14.0 14.0
12.0 12.4
11.5 12.0
10.0 10.0
8.7 7.9
(x)
8.0
(x)
8.0 6.6
6.0 6.4 6.2
5.7 5.5 5.1 6.0 6.1 5.5
4.0 4.1 5.1 4.7
3.1 2.9 1.9 3.8
1.8 1.7 1.5 0.9 0.7 4.0 3.1
2.0 0.3 0.2
2.0 1.9 1.7 0.9 0.7
0.0 0.0 0.7 0.3
OTCPK
OTCBB
GTSM
NasdaqGM
HLSE
SEHK
TSE
NasdaqGS
KOSE
OSE
CM
RTS
OM
0.0 0.0
TSX
XTRA
AMEX
KLSE
BSE
SWX
TSXV
ASX
Germany
Finland
China
United
Japan
Canada
Hong Kong
Malaysia
India
Russia
Italy
South
Korea
States
Taiwan
Australia
Switzerland
Sweden
# Companies 1 3 18 2 4 11 5 2 2 4 1 2 1 14 6 1 1 1 1 5 1
# Companies 1 10 38 3 2 2 6 10 1 1 8 1 1 1 1 1
Figures 10 & 11. TEV/Revenue Ranking (Exchange, Country)
Source. Capital IQ

13. Page 13
TEV/EBITDA (LTM) averages 11.6x: The average multiple for the 35 companies with positive EBITDA (and multiples
under 100x) is 11.6x LTM EBITDA (vs. 11.8x last week), led by HanbitSoft, Inc. (KOSE:A047080) 36.4x multiple (Figure
12). Thirteen companies have EBITDA multiples under 7x. The median multiple is 11.6x (vs. 9.6x last week).
T E V/L T M E B IT DA (x)
40. 0
36. 4
35. 1
35. 0
30. 0 27. 9
25. 0 22. 8
20. 4 21. 1
20. 0
16. 6 16. 7 17. 4
14. 9
15. 0 13.0 13.1
A verage, 11. 6 11.8 12.0
10. 1 10. 5 10. 5 10. 8
10. 0 7. 5 7. 7 7. 8
6. 8 6. 9 7. 3
5. 5 5. 5 5. 8 6. 3
4. 4 5. 0
5. 0 3. 4
1. 4
0. 4 0. 6 1. 1
0. 0
NE O WIZ G ames C orporation
J umbuck E ntertainment L imited
G ungH o O nline E ntertainment, Inc .
G amania Digital E ntertainment C o. , Ltd.
P NI Digital Media Inc .
C hines e G amer International
U nis erve C ommunications C orp.
O AO R B C Information S y s tems
C hangy ou. c om L imited
T ree. C om, Inc .
C DC C orp.
S K C ommunic ations C o. , Ltd.
Modern T imes G roup Mtg AB
S NAP Interac tive, Inc .
U nited O nline Inc .
T heS treet. c om, Inc .
O pen T ex t C orp.
S park Network s , Inc .
V alueC lic k Inc .
C yberplex Inc.
Y D O nline C orp.
S ohu. c om Inc .
NetDragon WebS oft, Inc.
IAC /InterAc tiveC orp.
G ree, Inc .
Mix i, Inc .
XING AG
P erfec t World C o. , L td.
Y nk K orea Inc.
O penwave S y s tems Inc.
H anbitS oft, Inc.
S hutterfly , Inc.
K ings oft C o. L td.
DADA S pA
Actoz S oft C o. , L td.
Figure 12. TEV/EBITDA Ranking
Source. Capital IQ
TEV/EBITDA (LTM) by country/exchange: Figure 13 shows the average TEV/EBITDA multiples by stock exchange. The
OTCBB has the largest number of companies (18), trading at an average multiple of 0.6x. On a geographic basis, the
United States has the most companies (38), trading at an average of 7.4x EBITDA (Figure 14). Ten of the companies are
Canadian (average 19.0x EBITDA).
Average TEV/LTM EBITDA - By Exchange Average TEV/LTM EBITDA - By Country
35.0 29.6 20.0
19.0
30.0 18.0
25.0 16.0 17.9
14.0
20.0 19.2 15.9 15.1
(x)
17.9 12.0
15.0 15.9 13.1
11.8
(x)
13.1 12.2 11.8 10.0 10.5
10.0 8.9 8.7
6.9 6.8 8.0 7.4
6.3
5.7 5.0
5.0 1.1 0.6 0.4 6.0 6.8
0.0 4.0
1.1
OTCBB
GTSM
NasdaqGM
TSE
KOSE
SEHK
NasdaqGS
OSE
RTS
OM
CM
XTRA
TSX
AMEX
TSXV
2.0
ASX
0.0 0.4
Germany
Canada
Japan
Hong
China
United
Russia
Italy
South
Korea
Kong
States
Taiwan
Australia
Sweden
# Companies 4 5 2 6 1 3 2 14 1 1 4 5 2 2 18 1
# Companies 10 3 8 6 1 2 1 10 38 1 2 1
Figures 13 & 14. TEV/EBITDA Ranking (Exchange, Country)
Source. Capital IQ

14. Page 14
P/E (LTM) averages 19.4x: The average multiple for the 33 companies with positive earnings (and multiples under 100x)
is 19.4x LTM EPS (vs. 18.6x last week), led by Tencent Holdings Ltd. (SEHK:700) with a 70.9x multiple (Figure 15).
Fourteen companies have P/E multiples under 10x. The median is 13.3x.
P /E L T M (x)
80.0
70.9
70.0 65.3
60.0 55.2
50.0 46.8 47.0
38.2
40.0 36.4 37.7
30.0 25.9
23.2
A verage, 19.4 20.0 20.6
20.0 16.9 17.0 17.7
12.8 13.3 14.0
11.2 11.3
8.7 9.4
10.0 5.9 7.3 7.4
3.8 4.0
1.9 2.1 2.3 3.0 3.2
0.0 0.0
0.0
NE O W IZ G ames C orporation
J umbuck E ntertainment Limited
G amania Digital E ntertainment C o., Ltd.
G ungH o O nline E ntertainment, Inc.
C hines e G amer International
DXN H oldings B hd
C hangy ou.com Limited
G iant Interactive G roup, Inc.
G ameO n C o Ltd.
Modern T imes G roup Mtg AB
G ravity C o., Ltd
T he9 Limited
S handa Interactive E ntertainment Ltd.
Neteas e.com Inc.
S NAP Interactive, Inc.
O pen T ex t C orp.
C y berplex Inc.
Y D O nline C orp.
G igaMedia Ltd.
IAC /InterActiveC orp.
S ohu.com Inc.
NetDragon W ebS oft, Inc.
S park Network s , Inc.
Worlds .com Inc.
G ree, Inc.
Mix i, Inc.
T encent H oldings Ltd.
XING AG
W ebz en Inc.
P erfect World C o., Ltd.
H anbitS oft, Inc.
LiveW orld Inc.
K ings oft C o. Ltd.
Actoz S oft C o., Ltd.
Figure 15. P/E Ranking
Source. Capital IQ
P/E (LTM) by country/exchange: Figure 16 shows the average P/E multiples by stock exchange. The OTCBB has the
largest number of companies (18), trading at an average multiple of 11.9x. On a geographic basis, the United States has
the most companies (38), trading at an average of 23.6x earnings (Figure 17). Ten of the companies are Canadian
(average 27.2x EPS).
Average P/E - By Country
Average P/E - By Exchange 40.0
36.8
70.0 65.3 35.0
60.0 30.0
50.0 25.0 27.2
46.8 25.9 23.6
40.0 35.2 33.4 23.0
(x)
20.0
(x)
29.8 17.0
30.0 25.9
18.8 15.0 14.4
20.0 17.7 17.0 12.5
11.9 11.6 10.0
7.3 5.9 5.9
10.0 4.0
4.0 5.0
0.0 1.9 0.0
OTCPK
OTCBB
GTSM
NasdaqGM
0.0
OSE
SEHK
TSE
KOSE
NasdaqGS
OM
XTRA
AMEX
TSX
KLSE
NYSE
ASX
Germany
Japan
Canada
United
China
Malaysia
South
Korea
States
Taiwan
Australia
Sweden
# Companies 11 1 3 5 2 2 6 2 1 18 14 4 1 2 1 5
# Companies 6 10 2 38 3 1 10 8 1 2
Figures 16 & 17. P/E Ranking (Exchange, Country)
Source. Capital IQ

15. Page 15
UPCOMING EVENTS
E arnings C alendar
C ompany Date Time Quarter C onf C all Details
Netease.com Inc. (NasdaqGS:NTES) 18-Nov-09 8:00 p.m. EST Q3/09 877-941-1427
The9 Limited (NasdaqGS:NCTY) 23-Nov-09 8:00 p.m. EST Q3/09 800-884-5695
Giant Interactive Group, Inc. (NYSE:GA) 25-Nov-09 8:00 p.m. EST Q3/09 866-510-0712
NetDragon WebSoft, Inc. (SEHK:777) 25-Nov-09 7:00 a.m. EST Q3/09 800-130-0399
Figure 18. Earnings Calendar
Source. Company reports

16. Page 16
C omparable C ompany Analys is > Web 2.0
P rice P erformanc e
C ompany Name C urrency Ticker E xchange US D Market C ap ($m) C urrent P ric e 1 Wk 1 Mth 3 Mth 6 Mth 1 Yr 52 Week
Accelerize N ew Media, Inc. US D A C LZ OTCB B 20. 4 0.73 4.3% 21.7% 28.1% 82.5% 82.5% -8. 8%
Actoz S oft C o., Ltd. KR W A 052790 K OS E 119.5 16, 450 6.5% 4.1% -22.2% -0.3% 85.2% -54.3%
AQ Interactive, Inc. JPY 3838 TS E 24. 3 40, 000 -15.6% -18.4% -21.3% -26.5% 20.1% -51.8%
As s ociated Media Holdings Inc. US D A S MH OTCP K 32. 9 0.76 8344.4% 5328.6% 5328.6% 50566.7% 25233. 3% 0.0%
B igs tring C orp. US D B S GC OTCB B 1.9 0.03 -3. 0% -17.9% 62.4% 39.1% 39.1% -43.9%
B etawave C orpora tion US D B W AV OTCB B 1.0 0.04 11.1% -31.4% -42.6% -61.1% -83.3% -87.9%
B eyond C ommerce, Inc. US D B YOC OTCB B 3.0 0.06 -14.3% -50.4% -66.7% -95.1% -94.3% -96.8%
B right T hings plc GBP A IM:B G T AIM 5.1 0.01 0.0% -14.5% -14.5% -24.7% -1.3% -52.4%
B roa dW ebAs ia Inc. US D BWBA OTCP K 5.9 0.07 133. 3% 133.3% -69.6% -76.5% -41.7% -97.6%
C DC C orp. US D C HIN.A Na s da qG S 269.2 2.54 0.8% 3.3% -3. 8% 81.4% 262.9% -35.2%
C hangyou.com Limited US D C YOU Na s da qG S 1,897. 5 34.50 4.1% 15.8% -6. 9% 17.3% NM -28.7%
C hina G a teway C orporation US D CGW Y OTCP K 0.0 0.00 -86.7% -86.7% -86.7% 0.0% -80.0% -93.3%
C hines e G amer International TWD G T S M:3083 GTS M 1,186. 5 457.50 3.0% -3.7% 16.3% 48.1% 511.6% -11.8%
C LIC K E R Inc. US D C LK Z OTCB B 0.6 0.01 7.7% -12.5% 27.3% 133.3% -90.0% -97.0%
C ornerW orld C orpora tion US D CWR L OTCB B 5.7 0.06 0.0% 0.0% 0.0% -33.3% -70.0% -87.2%
C yberplex Inc. C AD T S X:C X TS X 81. 1 1.35 -3. 6% 8.0% -17.7% -25.8% 285.7% -32.2%
DADA S pA E UR C M:DA CM 168.2 7.09 -3. 6% -6.8% 15.8% 16.3% 10.7% -13.5%
DXN Holdings B hd MY R DXN K LS E 40. 5 0.62 -1. 6% -5.3% 22.8% 59.0% 69.9% -10.1%
Dibz Internationa l, Inc. US D DIB Z OTCP K 0.0 0.00 20.0% NM 20.0% -88.0% -97.6% -97.6%
Digita lP os t Interactive, Inc. US D DG L P OTCB B 4.6 0.06 31.1% 0.0% 7.3% 293.3% 47.5% -40.4%
Digita lT own, Inc. US D DG T W OTCB B 32. 8 1.20 -20.0% -40.0% -7. 7% -40.0% -40.0% -65.7%
Dolphin Digital Media, Inc. US D DP DM OTCB B 17. 7 0.33 -17.5% -8.3% -13.2% -50.7% -56.0% -63.3%
E olith C o. Ltd. KR W A 041060 K OS E 34. 6 570.00 0.0% -17.4% -30.5% -40.6% 14.0% -50.9%
E xtens ions , Inc. US D E XT I OTCP K 13. 3 0.30 20.0% -14.3% 275. 0% 100.0% 471.4% -70.3%
F luid Mus ic C a nada, Inc. C AD T S X:F MN TS X 86. 8 1.80 0.0% 30.4% 50.0% 89.5% 500.0% -16.3%
F rogs ter Interactive P ictures AG E UR FR G XT R A 67. 7 18.05 -3. 3% 0.3% 25.2% 125.6% 336.0% -16.0%
G ama nia Digital E ntertainment C o., Ltd. TWD 6180 GTS M 217.8 46.50 3.2% -7.7% -17.0% 7.6% 272.0% -32.4%
G ameOn C o Ltd. JPY 3812 TS E 73. 9 68, 300 -5. 4% -24.1% -35.3% -25.8% -52.2% -55.1%
G eoS entric O yj E UR G E O 1V HL S E 78. 9 0.06 0.0% 20.0% 20.0% 20.0% 50.0% 0.0%
G iant Interactive G roup, Inc. US D GA NY S E 1,587. 4 7.01 -3. 7% -1.3% -9. 4% -13.3% 16.3% -26.7%
G iga Media Ltd. US D G IG M Na s da qG S 237.7 4.36 14.1% -10.5% -6. 2% -28.6% 15.0% -43.6%
G ravity C o., L td US D GR VY Na s da qG M 40. 6 1.46 -7. 0% -14.1% -31.5% 32.7% 108.6% -44.5%
G ree, Inc. JPY T S E :3632 TS E 2,227. 9 4, 450 -17.7% -7.7% 11.7% 65.7% NM -22.1%
G ungHo Online E nterta inment, Inc. JPY 3765 OS E 216.5 169, 000 -17.7% -23.2% -26.5% -2.8% 69.3% -39.6%
H anbitS oft, Inc. KR W A 047080 K OS E 63. 2 3, 445 -3. 8% -15.9% -14.2% -38.5% 18.4% -48.1%
IAC /InterActiveC orp. US D IAC I Na s da qG S 2,630. 2 19.93 1.6% 4.8% 7.4% 28.1% 33.5% -6. 3%
IAS E nergy, Inc. US D IAS A .E OTCB B 8.5 0.12 9.2% 20.1% -19.9% -54.7% 140.2% -57.1%
is eemedia Inc. C AD IE E T S XV 8.2 0.17 -10.5% 13.3% 240. 0% 78.9% 183.3% -37.0%
J umbuck E ntertainment L imited AU D A S X:J MB AS X 14. 0 0.33 -2. 9% -13.2% -12.0% -21.4% -21.4% -34.0%
K A B Dis tribution Inc. C AD T S X:K AB TS X 0.6 0.01 -50.0% -99.2% -99.2% -98.6% -99.4% -99.4%
K ings oft C o. Ltd. HK D 3888 S E HK 1,033. 9 7.33 -3. 8% -2.5% -10.2% 44.6% 266.5% -22.6%
L ingo Media C orpora tion C AD T S XV :L M T S XV 11. 3 0.99 1.0% 0.0% -1. 0% -13.9% -16.1% -32.2%
L iveW orld Inc. US D LV W D OTCP K 1.0 0.03 0.0% -22.0% -46.7% -54.3% -54.3% -87.2%
L ookS mart, Ltd. US D L OO K Na s da qG M 19. 2 1.12 -4. 3% -10.4% -9. 0% -20.0% -5.5% -38.1%
Magnitude Information S ys tems Inc. US D MA G Y OTCB B 8.6 0.02 111. 1% 58.3% 192. 3% 58.3% 58.3% -36.7%
Mixi, Inc. JPY 2121 TS E 1,106. 3 642,000.00 -13.2% 0.0% 5.4% 46.6% 8.6% -18.8%
Modern T imes G roup Mtg AB SEK MT G B OM 3,170. 3 335.00 3.7% 4.2% 14.3% 39.0% 157.7% -1. 5%
MO K O.mobi Limited AU D MK B AS X 8.3 0.09 4.7% 12.5% 28.6% 28.6% 125.0% -14.3%
Myria d G roup A G C HF MY R N SWX 200.7 4.68 -2. 3% 2.4% 8.8% -21.2% -19.3% -34.2%
N E OW IZ G a mes C orporation KR W A 095660 K OS E 734.0 41,550.00 5.9% 12.1% 33.2% 30.0% 556.9% -7. 5%
N etDragon W ebS oft, Inc. HK D 777 S E HK 344.4 5.05 -1. 9% 2.0% -16.8% -8.2% 107.8% -29.4%
N eteas e.com Inc. US D NT E S Na s da qG S 5,368. 6 41.48 -1. 2% 7.8% 0.2% 43.0% 160.9% -14.5%
N euL ion Incorporated C AD T S X:NL N TS X 77. 1 0.72 5.9% -16.3% -37.9% -7.7% 132.3% -44.6%
N eXplore C orporation US D N XP C OTCP K 38. 5 0.69 -8. 0% 15.0% -1. 4% -1.4% -44.8% -52.4%
N gi G roup Inc. JPY 2497 TS E 33. 2 24,000.00 -9. 8% -11.1% -24.5% -20.4% -59.1% -68.0%
N orthga te T echnologies Limited INR 590057 BS E 21. 2 29.15 -5. 5% -19.7% -16.4% -32.9% -44.8% -60.9%
O pen T ext C orp. US D OTE X Na s da qG S 2,156. 0 38.24 -2. 0% -5.0% -1. 7% 21.6% 47.5% -7. 7%
O penwa ve S ys tems Inc. US D OP W V Na s da qG S 208.0 2.49 15.8% -3.1% -16.2% 39.9% 398.0% -20.4%
P erfect W orld C o., L td. US D PWR D Na s da qG S 2,286. 3 45.37 -7. 6% 7.5% 14.7% 127.3% 188.4% -10.1%
P N I Digital Media Inc. C AD T S XV :P N T S XV 54. 7 1.74 -1. 1% 1.8% 4.8% -3.3% 50.0% -19.1%
Q uepas a C orp. US D QP S A OTCB B 16. 6 1.30 -7. 1% -5.8% -7. 1% 26.2% -39.3% -44.7%
O AO R B C Information S ys tems US D R BCI RTS 222.0 1.60 0.0% 6.7% 52.4% 62.4% 6.7% -5. 9%
S handa Intera ctive E ntertainment Ltd. US D S NDA Na s da qG S 3,304. 2 49.13 -2. 5% 3.1% 3.8% -9.5% 115.9% -24.4%
S hutterfly, Inc. US D S FLY Na s da qG S 404.6 15.76 1.4% -1.5% 7.0% 11.5% 146.3% -13.1%
S K C ommunica tions C o., L td. KR W A 066270 K OS E 255.8 7,290.00 2.0% -12.9% -25.5% -29.2% 68.0% -43.3%
S N AP Intera ctive, Inc. US D S TVI OTCB B 2.2 0.20 -50.0% -42.9% -50.0% -62.3% -73.2% -81.5%
S N M G loba l Holdings US D S NMN OTCP K 0.0 0.00 -33.3% -47.4% -50.0% -69.7% -99.3% -99.5%
S ocia l Media V entures Inc. US D S MV I OTCP K 0.0 0.01 -20.8% -76.4% -94.8% -1.0% -99.3% -99.8%
S ocia lwis e, Inc. US D S C LW OTCB B 22. 6 0.51 -7. 3% -16.4% -22.7% -36.3% -71.7% -72.7%
S ohu.com Inc. US D S OHU Na s da qG S 2,189. 7 56.94 -1. 6% -12.0% -7. 1% 4.3% 51.8% -21.2%
S park Networks , Inc. US D L OV AME X 53. 5 2.60 -2. 6% 5.7% 20.1% 15.6% -14.5% -17.5%
S pectrumDNA , Inc. US D S P XA OTCB B 7.3 0.15 0.0% 7.1% -34.8% -65.9% -37.5% -66.7%
T encent Holdings Ltd. HK D 700 S E HK 34,735.2 148 6.7% 8.0% 29.2% 86.5% 270.5% -3. 1%
T he P arent C ompany US D K IDS .Q OTCP K 0.2 0.01 0.0% 0.0% -53.3% -44.0% -99.2% -99.3%
T he9 Limited US D NC T Y Na s da qG S 185.9 7.41 -6. 0% -6.6% -12.0% -20.0% -32.1% -55.5%
T heS treet.com, Inc. US D TS CM Na s da qG M 75. 9 2.48 1.2% -17.1% 6.4% 27.2% -18.7% -33.7%
T ree. C om, Inc. US D TREE Na s da qG M 79. 6 7.30 -6. 2% -5.6% -21.7% -42.9% 225.9% -44.1%
U nis erve C ommunica tions C orp. C AD T S XV :U S S T S XV 0.8 0.04 -30.0% -12.5% -22.2% -12.5% -80.6% -65.0%
U nited O nline Inc. US D U NT D Na s da qG S 695.3 8.22 -1. 3% -6.9% 11.8% 19.1% 47.6% -13.1%
U OMO Media , Inc US D U OMO OTCB B 5.9 0.07 -15.0% -40.9% -62.2% -91.4% -56.1% -93.6%
V a lueC lick Inc. US D V C LK Na s da qG S 882.4 10.30 -1. 0% -23.7% -0. 8% -1.1% 87.6% -26.1%
V O IS , Inc. US D V OIS OTCB B 5.5 0.01 -12.0% 32.0% 20.0% -26.7% -12.0% -71.3%
W ebzen Inc. US D W ZE N Na s da qG M 35. 1 2.96 -4. 2% 12.6% 13.0% -33.0% 294.7% -36.7%
W izzard S oftware C orpora tion US D W ZE AME X 24. 6 0.49 3.7% 10.8% -0. 5% -15.9% -26.1% -71.8%
W orlds .com Inc. US D W DDD OTCB B 5.2 0.10 0.0% 0.0% 11.1% -33.3% -28.6% -56.5%
W ynds torm C orporation US D W Y ND OTCP K 1.8 0.10 0.0% 0.0% 0.0% 11.1% -50.0% -80.4%
XING AG E UR O 1B C XT R A 252.5 32.70 1.2% -11.6% 20.0% 2.2% 26.8% -13.9%
Y D O nline C orp. KR W A 052770 K OS E 82. 0 6,520.00 -8. 4% -20.1% -25.5% -40.7% 20.7% -47.4%
Y nk K orea Inc. KR W A 023770 K OS E 19. 6 4,380.00 9.0% 13.5% -2. 7% -41.7% -26.9% -49.7%
H igh 8344.4% 5328.6% 5328.6% 50566.7% 25233. 3% 0.0%
L ow -86.7% -99.2% -99.2% -98.6% -99.4% -99.8%
Average 808.7 92.5% 54.9% 59.6% 572.2% 351.3% -44.3%
Median -1. 3% -4.3% -3. 8% -2.8% 18.4% -40.4%
Figure 19. Price Performance
Source. Capital IQ

17. Page 17
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 ec tor C ountry E xc hange Ticker C ap ($m) R evenue R evenue E B ITDA E B ITDA P /L TM E P S P /NTM E P S P /TangB V
Accelerize New Media, Inc. Direct Marketing U nited S ta tes OTCB B AC LZ 20.4 5.7x - - - - - -
Actoz S oft C o., Ltd. G aming S outh K orea K OS E A052790 119.5 0.8x - 3. 4x - 16.9x - 1.9x
AQ Intera ctive, Inc. G aming J apan TS E 3838 24.3 0.0x - - - - - 0.4x
As s ocia ted Media Holdings Inc. Mobile U nited S ta tes OTCP K AS MH 32.9 - - - - - - -
B igs tring C orp. Ins ta nt Mes s aging U nited S ta tes OTCB B BSGC 1.9 47.2x - - - - - -
B etawave C orpora tion Media U nited S ta tes OTCB B B W AV 1.0 - - - - - - 0.2x
B eyond C ommerce, Inc. S ocial Networking U nited S ta tes OTCB B B YOC 3.0 0.8x - - - - - -
B right T hings plc S ocial Networking U nited K ingdom AIM AIM:B G T 5.1 - - - - - - -
B roadW ebAs ia Inc. S ocial Networking U nited S ta tes OTCP K BWBA 5.9 - - - - - - -
C DC C orp. G aming H ong K ong N as da qG S C HIN.A 269.2 0.7x 0.8x 10.5x 7.4x - - -
C hangyou.com Limited G aming C hina N as da qG S C Y OU 1,897.5 6.2x 5.1x 10.1x 7.9x 12.8x 11.1x 9.9x
C hina G atewa y C orpora tion Mobile U nited S ta tes OTCP K CGW Y 0.0 0.0x - - - - - -
C hines e G amer Interna tional G aming T a iwa n GTS M G T S M:3083 1,186.5 16.2x 16.5x 27.9x 26.8x 36.4x 22.6x 17.4x
C L IC K E R Inc. Direct Marketing U nited S ta tes OTCB B C LK Z 0.6 0.3x - - - - - -
C ornerW orld C orporation C ontent U nited S ta tes OTCB B CW R L 5.7 2.4x - - - - - -
C yberplex Inc. A dvertis ing C ana da TS X T S X: C X 81.1 0.7x - 6. 3x - 7.3x - 3.2x
DA DA S pA S ocial Networking Italy CM C M:DA 168.2 0.9x 0.9x 6. 8x 6.2x - 19.3x -
DXN Holdings B hd S ocial Networking Mala ys ia K LS E DXN 40.5 0.7x - - - 5.9x - 0.8x
Dibz Interna tiona l, Inc. S NS Apps U nited S ta tes OTCP K DIB Z 0.0 - - - - - - -
DigitalP os t Interactive, Inc. C ontent U nited S ta tes OTCB B DG L P 4.6 6.6x - - - - - -
DigitalT own, Inc. S ocial Networking U nited S ta tes OTCB B DG T W 32.8 - - - - - - -
Dolphin Digital Media, Inc. S ocial Networking U nited S ta tes OTCB B DP DM 17.7 32.1x 1.2x - - - 1.3x -
E olith C o. L td. G aming S outh K orea K OS E A041060 34.6 2.4x - - - - - 3.1x
E xtens ions , Inc. C ontent U nited S ta tes OTCP K E XT I 13.3 - - - - - - -
F luid Mus ic C a nada, Inc. Media U nited S ta tes TS X T S X:F MN 86.8 15.4x 14.7x - - - - 8.2x
F rogs ter Interactive P ictures A G G aming G erma ny XT R A FR G 67.7 6.9x - - - - - 8.3x
G amania Digital E ntertainment C o., Ltd. G aming T a iwa n GTS M 6180 217.8 1.3x 1.6x 7. 8x - 23.2x - 2.8x
G ameO n C o Ltd. G aming J apan TS E 3812 73.9 - - - - 7.4x 7.7x 0.9x
G eoS entric Oyj Mobile F inland H LS E G E O1V 78.9 14.5x - - - - - 65.2x
G iant Interactive G roup, Inc. G aming C hina NY S E GA 1,587.4 - - - - 1.9x 14.6x 0.3x
G igaMedia Ltd. G aming T a iwa n N as da qG S G IG M 237.7 0.9x 0.9x - 4.2x 9.4x 8.8x 2.0x
G ravity C o., Ltd G aming S outh K orea N as da qG M GR VY 40.6 - - - - 0.0x - 0.0x
G ree, Inc. S ocial Networking J apan TS E T S E : 3632 2,227.9 10.1x 5.9x 17.4x 10.8x 37.7x 21.3x 17.9x
G ungH o O nline E nterta inment, Inc. Media J apan OS E 3765 216.5 1.5x - 6. 9x - 46.8x - 16.1x
Ha nbitS oft, Inc. G aming S outh K orea K OS E A047080 63.2 0.8x - 35.1x - 11.3x - 1.8x
IAC /InterActiveC orp. Media U nited S ta tes N as da qG S IAC I 2,630.2 0.7x 0.7x 12.0x 5.1x 11.2x 29.2x 1.3x
IAS E nergy, Inc. V ideo C ana da OTCB B IAS A.E 8.5 - - - - - - -
is eemedia Inc. C ontent C ana da T S XV IE E 8.2 4.7x - - - - - 16.3x
J umbuck E ntertainment Limited S ocial Networking Aus tra lia AS X AS X:J MB 14.0 0.5x 0.5x 1. 1x 1.2x 4.0x 2.9x 1.3x
K A B Dis tribution Inc. C ontent C ana da TS X T S X:K AB 0.6 - - - - - - 0.0x
K ings oft C o. Ltd. G aming C hina S E HK 3888 1,033.9 7.4x 6.0x 16.7x 11.6x 20.6x 15.5x 5.7x
Lingo Media C orpora tion L earning C ana da T S XV T S XV : LM 11.3 8.7x - - - - - 20.3x
LiveW orld Inc. S ocial Networking U nited S ta tes OTCP K LV W D 1.0 - - - - 65.3x - 0.4x
LookS ma rt, L td. Direct Marketing U nited S ta tes N as da qG M L OOK 19.2 - - - - - - 0.8x
Magnitude Information S ys tems Inc. S ocial Networking U nited S ta tes OTCB B MA G Y 8.6 - - - - - - -
Mixi, Inc. S ocial Networking J apan TS E 2121 1,106.3 7.0x 5.7x 21.1x 17.9x 55.2x 43.1x 7.1x
Modern T imes G roup Mtg AB Media S weden OM MT G B 3,170.3 1.9x 1.8x 13.1x 12.9x 17.0x 16.3x -
MOK O .mobi Limited S ocial Networking Aus tra lia AS X MK B 8.3 10.6x - - - - - 8.5x
Myriad G roup AG Mobile S witzerla nd SWX MY R N 200.7 3.1x - - - - - -
NE OW IZ G ames C orporation G aming S outh K orea K OS E A095660 734.0 3.5x 2.7x 13.0x 9.1x 38.2x 13.2x 19.3x
NetDra gon W ebS oft, Inc. G aming C hina S E HK 777 344.4 2.2x 1.5x 7. 7x 4.3x 14.0x 11.2x 1.8x
Netea s e.com Inc. G aming C hina N as da qG S NT E S 5,368.6 - - - - 3.0x 16.7x 0.9x
NeuLion Incorporated V ideo C ana da TS X T S X:NL N 77.1 3.1x - - - - - 5.5x
NeXplore C orporation C ontent U nited S ta tes OTCP K NXP C 38.5 25.0x - - - - - -
Ngi G roup Inc. Media J apan TS E 2497 33.2 - - - - - - 0.6x
Northgate T echnologies Limited Direct Marketing India BS E 590057 21.2 0.3x - - - - 1.2x -
O pen T ext C orp. C ollabora tion C ana da N as da qG S OT E X 2,156.0 2.7x 2.4x 10.5x 8.8x 47.0x 12.8x -
O penwave S ys tems Inc. Mobile U nited S ta tes N as da qG S OP W V 208.0 0.5x 0.5x 16.6x 5.2x - 35.1x 2.9x
P erfect W orld C o., Ltd. G aming C hina N as da qG S PWRD 2,286.3 0.8x 3.7x 1. 4x 7.0x 3.2x 14.3x 1.5x
P N I Digital Media Inc. Digita l Ima ging C ana da T S XV T S XV :P N 54.7 2.5x 2.1x 22.8x 6.8x - 13.9x 19.1x
Q uepa s a C orp. S ocial Networking U nited S ta tes OTCB B QP S A 16.6 - - - - - - -
O AO R B C Information S ys tems Media R us s ia R TS R BCI 222.0 0.0x 1.0x 0. 4x 5.7x - 6.5x -
S handa Interactive E nterta inment Ltd. G aming C hina N as da qG S S NDA 3,304.2 - - - - 2.3x 13.7x 0.9x
S hutterfly, Inc. Digita l Ima ging U nited S ta tes N as da qG S S FLY 404.6 1.3x 1.2x 10.8x 6.2x - 93.3x 2.4x
S K C ommunications C o., Ltd. S earch S outh K orea K OS E A066270 255.8 1.3x - 20.4x - - - -
S N AP Interactive, Inc. Dating U nited S ta tes OTCB B S TVI 2.2 0.2x - 0. 6x - 3.8x - 1.2x
S N M G lobal Holdings Media U nited S ta tes OTCP K S NMN 0.0 1.1x - - - - - -
S ocial Media V entures Inc. S ocial Networking U nited S ta tes OTCP K S MV I 0.0 4.5x - - - - - -
S ocialwis e, Inc. S ocial Networking U nited S ta tes OTCB B S CLW 22.6 - - - - - - -
S ohu.com Inc. G aming C hina N as da qG S S O HU 2,189.7 3.3x 2.8x 7. 5x 6.3x 13.3x 14.7x 4.0x
S park N etworks , Inc. S ocial Networking U nited S ta tes AME X L OV 53.5 1.0x - 5. 0x - 17.7x - 24.1x
S pectrumDN A, Inc. Media U nited S ta tes OTCB B S P XA 7.3 - - - - - - 72.8x
T encent Holdings Ltd. P orta l C hina S E HK 700 34,735.2 27.6x 18.0x - 33.9x 70.9x 44.6x 31.6x
T he P a rent C ompany Media U nited S ta tes OTCP K K IDS .Q 0.2 0.2x 0.2x - 12.8x - - -
T he9 L imited G aming C hina N as da qG S NC T Y 185.9 - - - - 2.1x - 0.1x
T heS treet.com, Inc. Media U nited S ta tes N as da qG M TS CM 75.9 0.2x 0.2x 5. 8x - - - 1.0x
T ree.C om, Inc. P orta l U nited S ta tes N as da qG M TREE 79.6 0.2x 0.2x 5. 5x 6.5x - 91.8x 1.2x
Unis erve C ommunications C orp. S ocial Networking C ana da T S XV T S XV :US S 0.8 0.3x - 36.4x - - - -
United Online Inc. Media U nited S ta tes N as da qG S U NT D 695.3 1.0x 1.0x 4. 4x 3.9x - 6.0x -
UO MO Media, Inc Media C ana da OTCB B UO MO 5.9 8.0x - - - - - -
V a lueC lick Inc. Media U nited S ta tes N as da qG S V CLK 882.4 1.3x 1.4x 5. 5x 5.4x - 16.8x 4.8x
V O IS , Inc. S ocial Networking U nited S ta tes OTCB B V OIS 5.5 - - - - - - 34.7x
W ebzen Inc. G aming S outh K orea N as da qG M W ZE N 35.1 - - - - 0.0x - 0.0x
W izzard S oftware C orporation P odca s ting U nited S ta tes AME X W ZE 24.6 4.8x - - - - - -
W orlds .com Inc. C ontent U nited S ta tes OTCB B W DDD 5.2 - - - - 20.0x - -
W ynds torm C orporation C ontent U nited S ta tes OTCP K W Y ND 1.8 - - - - - - -
XIN G AG S ocial Networking G erma ny XT R A O1B C 252.5 3.4x 2.6x 11.8x 8.3x 25.9x 17.6x 8.1x
Y D Online C orp. G aming S outh K orea K OS E A052770 82.0 1.6x 1.2x 7. 3x 4.3x 8.7x 6.2x 2.7x
Y nk K orea Inc. G aming S outh K orea K OS E A023770 19.6 1.6x - 14.9x - - - 1.0x
High 34,735.2 47.2x 18.0x 36.4x 33.9x 70.9x 93.3x 72.8x
Low 0.0 0.0x 0.2x 0. 4x 1.2x 0.0x 1.2x 0.0x
Average 808.7 5.1x 3.4x 11.6x 9.1x 19.4x 20.7x 8.8x
Median 40.5 1.6x 1.5x 10.1x 6.8x 13.1x 14.6x 2.7x
Figure 20. Valuation Comparison
Source. Capital IQ

18. Page 18
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 38 C hina 49, 633. 4 C hina 4,963. 3 C hina 4,152. 4 C hina 2, 070. 2 C hina 48. 8%
C a na da 10 U nited S ta tes 5, 811. 3 S weden 2,974. 2 United S tates 3,887. 3 S weden 304. 6 A us tralia 42. 8%
C hina 10 J a pan 3, 871. 5 J apan 645. 3 S weden 1,982. 6 United S tates 290. 0 T aiwan 37. 1%
S outh K orea 8 S weden 2, 974. 2 T aiwan 577. 9 C a na da 1,015. 0 C a na da 200. 0 J apan 24. 2%
J a pa n 6 C anada 2, 488. 2 Hong K ong 294. 6 S outh K orea 707. 3 J a pa n 186. 0 S weden 15. 4%
T a iwa n 3 T a iwa n 1, 733. 6 C anada 248. 8 J a pa n 634. 4 S outh K orea 121. 9 Mala ys ia 14. 4%
Aus tralia 2 S outh K orea 1, 527. 4 S outh K orea 190. 9 T a iwa n 385. 8 T a iwa n 59. 8 Italy 13. 1%
G erma ny 2 G ermany 317. 0 Ita ly 165. 4 Hong K ong 361. 6 Ita ly 31. 9 R us s ia 13. 1%
S witzerla nd 1 Hong K ong 294. 6 R us s ia 160. 9 Ita ly 242. 6 Hong K ong 25. 1 S outh K orea 12. 7%
Hong K ong 1 Ita ly 165. 4 G ermany 158. 5 R us s ia 156. 2 R us s ia 20. 4 Hong K ong 6. 9%
F inla nd 1 R us s ia 160. 9 U nited S ta tes 152. 9 India 82. 8 G erma ny 12. 5 S witzerla nd 1. 9%
Ita ly 1 S witzerla nd 92. 0 S witzerla nd 92. 0 Ma lays ia 77. 1 Ma lays ia 11. 1 C anada -8. 5%
United K ingdom 1 F inland 65. 9 F inland 65. 9 G erma ny 68. 7 Aus tralia 4. 5 G ermany -9. 1%
India 1 Malays ia 39. 8 Malays ia 39. 8 S witzerla nd 40. 0 S witzerla nd 0. 8 U nited S ta tes -21. 9%
S weden 1 India 31. 0 India 31. 0 Aus tralia 17. 8 Norwa y -1. 1 India -50. 0%
R us s ia 1 Aus tralia 22. 1 Aus tralia 11. 0 F inla nd 5. 5 United K ingdom -2. 7 Norway -50. 6%
Ma lays ia 1 U nited K ingdom 6. 0 U nited K ingdom 6. 0 Norwa y 2. 3 F inla nd -17. 5 U nited K ingdom NA
Norwa y 1 Norway 0. 1 Norway 0. 1 United K ingdom 0. 0 India -41. 4 F inland NA
G rand Total 89 G rand Total 69,234.6 G rand Total 777.9 G rand Total 13,819.5 G rand Total 3,276.1 G rand Total 5.1%
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 18 S E HK 31, 520. 4 S E HK 10,506. 8 OM 1,982. 6 Na s daqG S 1, 796. 0 NY S E 62. 5%
Na s daqG S 14 Nas da qG S 24, 385. 7 OM 2,974. 2 S E HK 540. 0 S E HK 767. 5 AS X 42. 8%
OT C P K 11 TS E 3, 569. 2 NY S E 1,750. 4 Na s daqG S 498. 6 OM 304. 6 S E HK 40. 6%
K OS E 6 OM 2, 974. 2 Nas da qG S 1,741. 8 CM 242. 6 TS E 160. 2 GTS M 37. 1%
TS E 5 NY S E 1, 750. 4 GTS M 715. 0 NY S E 198. 5 NY S E 124. 1 Nas da qG S 30. 4%
Na s daqG M 5 K OS E 1, 437. 0 TSE 713. 8 RTS 156. 2 K OS E 103. 2 TSE 24. 6%
TS X 4 GTS M 1, 430. 0 OS E 302. 3 OS E 116. 1 GTS M 59. 8 OS E 22. 2%
T S XV 4 XT R A 317. 0 K OS E 239. 5 K OS E 106. 0 CM 31. 9 OM 15. 4%
S E HK 3 OS E 302. 3 CM 165. 4 TS E 103. 7 OS E 25. 8 K LS E 14. 4%
AME X 2 Nas da qG M 279. 7 R TS 160. 9 GTS M 101. 1 RTS 20. 4 CM 13. 1%
AS X 2 TS X 243. 6 XT R A 158. 5 BSE 82. 8 Na s daqG M 15. 6 R TS 13. 1%
XT R A 2 OT C B B 230. 9 SWX 92. 0 Na s daqG M 82. 4 XT R A 12. 5 K OS E 9. 6%
GTS M 2 CM 165. 4 HLS E 65. 9 K LS E 77. 1 K LS E 11. 1 Nas da qG M 7. 7%
SWX 1 R TS 160. 9 TSX 60. 9 TS X 46. 4 AME X 6. 2 T S XV 5. 6%
HL S E 1 SWX 92. 0 Nas da qG M 55. 9 SWX 40. 0 AS X 4. 5 S WX 1. 9%
CM 1 T S XV 76. 6 K LS E 39. 8 XT R A 34. 3 SWX 0. 8 XT R A -9. 1%
BS E 1 AME X 68. 5 AME X 34. 2 AME X 27. 9 OT C NO -1. 1 A ME X -31. 8%
NY S E 1 HLS E 65. 9 BS E 31. 0 OT C P K 16. 5 AIM -2. 7 TSX -34. 7%
OS E 1 OT C P K 65. 8 T S XV 19. 1 T S XV 12. 0 TS X -4. 3 OTCB B -38. 8%
AIM 1 K LS E 39. 8 OT C B B 12. 8 AS X 8. 9 T S XV -4. 6 OTCP K -41. 5%
OM 1 BS E 31. 0 AS X 11. 0 HL S E 5. 5 HL S E -17. 5 BSE -50. 0%
RTS 1 AS X 22. 1 AIM 6. 0 OT C B B 2. 3 OT C P K -34. 1 O T C NO -50. 6%
K LS E 1 AIM 6. 0 OT C P K 6. 0 OT C NO 2. 3 BSE -41. 4 A IM NA
OT C NO 1 OT C NO 0. 1 OT C NO 0. 1 AIM 0. 0 OT C B B -62. 4 HLS E NA
G rand Total 89 G rand Total 69,234.6 G rand Total 777.9 G rand Total 13,819.5 G rand Total 3,276.1 G rand Total 5.1%
Figure 22. Comparison by Exchange
Source. Capital IQ

19. Page 19
F inanc ing - L as t Three Months (US $ m)
F in. Amount (Million) Type of financing
Month C ompany Name C ountry Angel/S eed Debt financing S eries A S eries B S eries C S eries D S eries E G rand Total
S ep-09 Twitter 100.0 100.0
E ns equence US A 20.0 20.0
L ivebookings UK 16. 0 16.0
Mzinga US A 10. 0 10.0
InXpo US A 9.0 9. 0
J obvite US A 8.3 8. 3
R iot Games US A 8.0 8. 0
NextB io US A 8. 0 8. 0
Imeem US A 6.0 6. 0
Vuclip US A 6.0 6. 0
Y uMe US A 5. 0 5. 0
B ooyah US A 5.0 5. 0
NeoE dge US A 4. 0 4. 0
Alliance Health Networks US A 3. 3 3. 3
Unis fair US A 3.1 3. 1
C onduit L abs US A 3.0 3. 0
Moc apay US A 3. 0 3. 0
F wix US A 2.8 2. 8
Vantrix C ana da 2. 6 2. 6
Mas hL ogic US A 2.5 2. 5
G reys tripe US A 2. 0 2. 0
L oomia US A 1. 5 1. 5
F ourS quare US A 1.4 1. 4
E duF ire US A 1.3 1. 3
F luther US A 0.6 0. 6
Trans G aming Inc. C ana da 0. 5 0. 5
OnL ive US A
S ep-09 Total 0.6 2.0 16.9 52.3 27.9 23.1 110.0 232.8
Oct-09 DailyMotion F rance 25. 3 25.3
P opC ap Games US A 22.5 22.5
E ngine Yard US A 19. 0 19.0
HubS pot US A 16. 0 16.0
J ive S oftware US A 12. 0 12.0
S pigit US A 10. 0 10.0
Ooyala US A 10. 0 10.0
S c anS cout US A 8.5 8. 5
B ox.net US A 7. 1 7. 1
R eality Mobile US A 6.5 6. 5
W atercooler US A 5.5 5. 5
Vdopia US A 4.7 4. 7
S ometric s US A 4.0 4. 0
Amie S treet US A 3.9 3. 9
ViVu US A 3.0 3. 0
F izzbac k UK 2.6 2. 6
Technorati US A 2.0 2. 0
Onehub US A 1.3 1. 3
DataS ync US A 1.2 1. 2
DailyB ooth US A 1.0 1. 0
Hot P otato US A 1.0 1. 0
L inkedex UK 1.0 1. 0
S tatus Net C a na da 0.9 0. 9
IngB oo US A 0.8 0. 8
C hango C a na da 0.7 0. 7
C redit K arma US A 0.5 0. 5
L is tia US A 0.4 0. 4
Oct-09 Total 4.5 40.9 56.5 67.4 2.0 171.3
Nov-09 P laydom US A 43.0 43.0
S ezmi US A 25. 0 25.0
Millennial Media US A 16. 0 16.0
E vernote US A 10. 0 10.0
C ubeTree US A 8.0 8. 0
Alic e.c om US A 6.0 6. 0
E ventbrite US A 6. 0 6. 0
AppNexus US A 5. 0 5. 0
Altruik US A 4.7 4. 7
B lekko US A 2.5 2. 5
C redit K arma US A 2.5 2. 5
P layfire UK 2.1 2. 1
Adfonic UK 0.6 0. 6
S c oopler US A 0.5 0. 5
Nov-09 Total 1.1 52.3 24.0 52.0 2.5 131.9
G rand Total 6.2 2.0 110.1 132.7 147.3 27.6 110.0 536.0
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 cription
Alice.com United S ta tes www. alice. com Alice. com, Inc. owns and operates an online reta il platform that offers hous ehold products . T he company wa s founded in 2008 and is bas ed
in Middleton, W is cons in.
Altruik United S ta tes www. altuik. com Altruik , Inc. provides s earch engine optimization s olutions for optimiz ing the W ebs ite content to ens ure vis ibility and page rank ing. T he
company was founded in 2006 and is bas ed in New Y ork, New Y ork.
AppNexus United S ta tes www. appnexus . com AppNexus , Inc. develops and manages online ad exchange in the United S tates and the United K ingdom. It provides on-dema nd production
infras tructure. It als o offers AppNexus cloud, an ecos ys tem in which enterpris es collaborate a nd s hare indus try-s pecific information without
the latency, bandwidth, and s ecurity is s ues of the public Internet. T he company was founded in 2007 and is bas ed in New Y ork, New Y ork.
B lekko United S ta tes www. blekko.com B lek ko, Inc. provides internet s earch s olutions . B lekk o, Inc. was founded in 2007 a nd is bas ed in United S tates .
C redit K arma United S ta tes www. creditkarma. com C redit K arma is the cons umer’s advoca te for demys tifying credit and has a ra nge of tools a nd information res ources to help them monitor
a nd manage the credit as pect of their financial hea lth. C redit K a rma’s goal is to help cons umers eas ily diges t the contents of their credit
report and unders tand what makes up their credit s core. C redit K arma works with a range of partners , including mortgage lenders , credit
card providers , bank s , and wireles s providers .
C ubeTree United S ta tes www. cubetree. com C ubeT ree, Inc. provides s ocial networking s oftware. It offers C ubeT ree AP I, a R E S T W eb s ervices AP I, which allows applications to query
a nd manipulate the res ources provided by the C ubeT ree W eb application. C ubeT ree provides its s oftware as s ervice. T he compa ny was
founded in 2008 and is bas ed in R edwood C ity, C alifornia.
E ventbrite United S ta tes www. eventbrite. com Mollyguard C orpora tion, doing bus ines s as E ventbrite, provides online regis tra tion s olutions to event organizers . It offers online event
management and ticketing s ervices . T he company a ls o engages in publis hing branded event pages ; promoting events online; and s elling
event tick ets through the pers onalized event regis tration W eb page. In addition, it offers an online events marketplace that enables
individuals , bus ines s es , and organiza tions of various s izes mana ge, promote, and s ell their events . T he compa ny s erves event organizers ,
a s well as various non-profits , univers ities , libra ries , and organiz ations . Mollyguard C orporation was founded in 2006 and is ba s ed in S an
F rancis co, C alifornia.
E vernote United S ta tes www. evernote. com E vernote C orporation offers handwriting recognition and digital ink s oftware and technologies for us ers , s ys tem integrators , va lue added
res ellers , and original equipment ma nufacturers in C alifornia. T he company’s products include riteP en, a handwriting recognition and
navigation s oftware for Micros oft W indows -bas ed pen-ena bled computers , which converts text for us e in various W indows applications ,
including W ord, E xcel, Outlook, and others ; and riteF orm, a s oftware developer tool for multi-pla tform ha ndwriting recognition on pen-
enabled devices , as well a s for the mobile enterpris e and s mall bus ines s markets . Its products als o compris e riteS hape, a protected s ha pe
a nd chart recognition technology that recognizes , improves , a nd aligns geometrica l s hapes or polylines created in freehand drawings ; and
riteS cript, a natural ha ndwriting recognition technology, which runs locally and s erver-s ide for proces s ing of digital ink notes tak en on pen-
enabled devices and recognition of online forms . T he company wa s formerly known as E vernote, LL C and changed its name to E vernote
C orpora tion in S eptember 2004, as a res ult of the merger between
P en& Internet, Inc. and E vernote, LLC . E vernote C orpora tion is ba s ed in Mountain V iew, C alifornia.
Millennial Media United S ta tes www. millennialmedia. com Millennial Media , Inc. operates as a mobile media networks company. Its products a nd s olutions include MB rand, a mobile advertis ing
network; Decktrade, a performance-bas ed mobile advertis ing network, which enables us ers to build, adjus t, a nalyze, and mana ge their
campaigns on cos t-per-click bas is ; Motion, a media mobile a dvertis ing; and Decktrade network that enables us ers to target by content,
geography, carrier, device capability, and hands et, for various mobile products or s ervices . T he company was founded in 2006 and is ba s ed
in B altimore, Maryland. It has offices in New Y ork, New Y ork; C hicago, Illinois ; a nd Los Angeles , C a lifornia .
Motley F ool United S ta tes www. fool. com T he Motley F ool, Inc. operates as a multimedia financial-s ervices company. T he compa ny provides financia l s olutions for various inves tors . It
reaches people each month through its W ebs ite, books , news paper column, televis ion appea rances , and s ubs cription news letter s ervices .
T he company’s s ervices include s ubs cription inves tment news letter that provides information on blue-chips , mutual funds , undis covered
s mall caps , and growth s tocks , as well as delivers s tock and fund recommendations ; and F ool.com that publis hes articles to offer news ,
a nalys is , and commentary through a range of dis tribution partners hips primarily with Y a hoo! , MS N, and AO L. Its s ervices als o compris e
C AP S , a Motley F ool community members ’ s tock-rating s ervice; a weekly news paper column; books in print on inves ting and pers onal-
finance; independent analys is and engaging commentary for bus ines s reporters , as well as radio a nd T V producers ; F ool UK , a financial
W ebs ite in the United S tates ; a nd cons umer finance advices that range from buying a home to dealing with taxes , and from managing credit-
card debt to s aving for retirement. Its products and s ervices further include credit cards ; online news letter as an inves tment guide; and reports on s ma
value s tock res earch, million dollar portfolio s ervice, different portfolios , and s tock advis ory. T he company als o provides information on bonds ,
broker comparis on, E T F s , index funds , mutual funds , and s tock ideas ; and s aving and s pending, credit and debt, home a nd real es tate, death and
T axes , a nd IR As . T he Motley F ool was founded in 1994 a nd is bas ed in Alexandria, V irginia.
P hoenix New Media C hina NA P hoenix New Media Ltd. operates Internet portals which provide news and entertainment content. P hoenix New Media Ltd. was founded in
2005 and is bas ed in C hina. P hoenix New Media Ltd. operates as a s ubs idiary of P hoenix S atellite T elevis ion Holdings Ltd.
P laydom United S ta tes www. playdom. com P laydom, Inc. offers s ocial games through the Internet. T he company delivers games on F acebook, MyS pace, hi5, T agged, and iP hone.
P laydom, Inc. was founded in 2008 and is bas ed in Mountain V iew, C alifornia.
P layF is h UK P layfis h Limited, a s ocial games company, develops and publis hes video games for s ocial networks . It creates games for people to play
together us ing s ocial networks , s uch as F acebook, MyS pace, B ebo, Y ahoo! , iP hone, and iP od touch. T he company als o offers a dvertis ing
opportunities , including in-game video ads and s pons ors hips packages . P layfis h Limited wa s founded in 2007 and is headquartered in
L ondon, the United K ingdom with additional offices in B eijing, C hina; S an F rancis co, C alifornia; and T roms o, Norway. As of November 9,
2009, P layfis h Limited operates as a s ubs idia ry of E A Interactive.
S coopler United S ta tes www. s coopler. com S coopler, Inc. , a real-time s earch engine, aggregates and organiz es content being s ha red on the internet as it happens . It offers s earch
options on entertainment, technology, s ports , world a nd bus ines s , s cience, gaming, politics , and lifes tyle topics . T he company wa s
incorporated in 2008 and is ba s ed in S an F rancis co, C a lifornia .
S ezmi United S ta tes www. s ezmi. com S ez mi C orporation markets and dis tributes digita l broadca s t and broadband s olutions to the cons umer s ector. T he company provides digita l
media receivers and home entertainment content s ervices . It offers equipment and s olutions to integrate cable network programming, on
demand movies , Internet bas ed videos , and live broa dcas ting s ervices . S ez mi C orporation wa s founded in 2003 as B uilding B , Inc. and
changed its name to S ezmi C orporation in May 2008. T he company is bas ed in B elmont, C alifornia with additiona l offices in S anta Monica,
C alifornia and F ort L auderda le, F lorida.
wooga G ermany www. wooga. net wooga G mbH develops and markets cas ua l games for s ocial networks . T he company wa s founded in 2009 and is bas ed in B erlin, G erma ny.
Figure 24a. Company Descriptions
Source. Company reports, Capital IQ, Crunchbase

21. Page 21
RELEVANT DISCLOSURES APPLICABLE TO: NONE
LIST OF DISCLOSURE TERMS:
1. None applicable.
ANALYST CERTIFICATION
Each analyst of Research Capital Corporation whose name appears in this report hereby certifies that (i) the
recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii)
no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or
recommendations expressed in this research report.
I n f o r ma t i o n a b o u t Re s e a r ch C a p i t a l C o r p o r a t i o n ’ s Ra t i n g S y s t e m, t h e d i s t r i b u t i o n o f o u r r e s e a r ch t o cl i e n t s a n d t h e p e r ce n t a g e o f r e c o m me n d a t i o n s wh i c h a r e i n e a c h
o f o u r r a t i n g c a t e g o r i e s i s a v a i l a b l e o n o u r we b si t e a t ww w. r e s e a r ch c a p i t a l . c o m.
T h e i n f o r ma t i o n c o n t a i n e d i n t h i s r e p o r t h a s b e e n d r a wn f r o m s o u r c e s b e l i e ve d t o b e r e l i a b l e b u t i t s a c cu r a c y o r co mp l e t e n e ss i s n o t g u a r a n t e e d , n o r i n p r o vi d i n g i t
d o e s R e s e a r c h Ca p i t a l C o r p o r a t i o n a s s u me a n y r e sp o n si b i l i t y o r l i a b i l i t y . R e s e a r ch C a p i t a l C o r p o r a t i o n , i t s d i r e ct o r s , o f f i c e r s a n d o t h e r e mp l o y e e s ma y , f r o m t i me t o
t i me , h a v e p o si t i o n s i n t h e s e cu r i t i e s me n t i o n e d h e r e i n . Co n t e n t s o f t h i s r e p o r t c a n n o t b e r e p r o d u c e d i n wh o l e o r i n p a r t wi t h o u t t h e e xp r e ss e d p e r mi s si o n o f R e se a r ch
C a p i t a l C o r p o r a t i o n . ( U . S . I n s t i t u t i o n a l Cl i e n t s — Re s e a r ch C a p i t a l U . S. A . I n c. ( a wh o l l y o wn e d s u b si d i a r y o f R e s e a r c h C a p i t a l Co r p o r a t i o n ) a cc e p t s r e s p o n si b i l i t y f o r
t h e c o n t e n t s o f t h i s r e p o r t s u b je c t t o t h e t e r ms & l i mi t a t i o n s s e t o u t a b o v e . F i r ms o r i n s t i t u t i o n s r e ce i vi n g t h i s r e p o r t s h o u l d e f f e ct t r a n s a ct i o n s i n s e c u r i t i e s d i sc u s se d
i n t h e r e p o r t t h r o u g h R e s e a r ch C a p i t a l U . S . A . I n c. , a B r o k e r - D e a l e r R e g i s t e r e d wi t h t h e U n i t e d S t a t e s S e cu r i t i e s a n d E xc h a n g e C o m mi s si o n ) .
Tor on to 4 16. 8 60. 76 00 M ontr eal 51 4. 39 9. 150 0 V anco u ver 60 4. 66 2. 180 0 C al gar y 40 3. 26 5. 740 0 R egi na 306. 566. 7550
www.researchcapital.com