The report discusses key developments in the technology sector, highlighting notable acquisitions, funding rounds, and financial performance updates for various companies. Salesforce.com acquired Jigsaw for $142 million, while Warner Bros. purchased Turbine for $160 million, and Diapers.com secured $20 million in funding. Additionally, various companies revised their revenue guidance and reported varying year-over-year performance in Q1 2010.

1. Web 2.0 Weekly
“Financing on pace for record month”
April 27, 2010
David Shore, CFA, MBA 416.860.6784
dshore@mackieresearch.com
Damian Wojcichowsky, CFA 416.860.7652
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.
www.mackieresearch.com
Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved www.mackieresearch.com

2. Key Developments (past week)
Deals (M&A, Finance)
Salesforce.com acquired crowd-sourced personal contact service, Jigsaw, for $142
mm.
Warner Bros. acquired gaming company, Turbine, for $160 mm.
Diapers.com, internet retailer, received $20 mm in funding (lifetime financing total = $59
mm).
Financial Results/Guidance
Points International Ltd. (TSX:PTS) revised 2010 revenue guidance. The company
expects 2010 revenue in the range of $85-$95 mm (following on a prior guidance
increase from $60-$70 mm to $75-$85 mm).
CDC Corp. (NasdaqGS:CHIN.A) announced preliminary Q1/10 application sales to
increase by approximately 14% to $8.2 mm from $7.2 mm in Q1/09. Total Non-GAAP
recurring revenue (which CDC defines as Non-GAAP maintenance plus SaaS revenue)
is expected to increase by ~13% to $27.4 mm in Q1/10 from $24.2 mm in Q1/09. First
quarter 2010 license revenue is expected to be $7.9 mm, and Total Contract Value for
new SaaS contracts secured in the quarter is expected to be about $300,000.
2 www.mackieresearch.com

3. Key Developments cont.
Financial Results cont.
Fiscal Period
Company (ended) Revenue (current/prior year) Y/Y % EPS (current/prior year) Y/Y %
Modern Times Group Mtg AB (OM:MTG B) Q1/10 (Mar. 2010) SEK 3,524mm (SEK 3,336mm) 5.6% SEK 4.60 (SEK 2.19) 110.0%
Multiplied Media Corporation (TSXV:MMC) F2009 (Dec. 2009) $288,537 ($69,768) 313.6% ($0.04) (loss $0.011) NM
The New York Times Company (NYSE:NYT) Q1/10 (Mar. 2010) $587.9mm ($607.1mm) -3.2% $0.08 (loss $0.52) NM
Frogster Interactive Pictures AG (XTRA:FRG) F2009 (Dec. 2009) €14.7mm NA €0.96 per share NA
Sohu.com Inc. (NasdaqGS:SOHU) Q1/10 (Mar. 2010) $129.5mm ($115.6mm) 12.0% $0.73 NA
Changyou.com Limited (NasdaqGS:CYOU) Q1/10 (Mar. 2010) $72.0mm ($61.6mm) 16.9% $0.80 per ADS ($0.72 per ADS) 11.1%
3 www.mackieresearch.com

4. Public Company Data
4 www.mackieresearch.com

5. Aggregate Public Data
Web 2.0 Public Companies Total Median Max Min
# Companies 99 - - -
Market Cap (US$ mm) 86,002.5 80.2 38,752.5 1.7
Revenue (US$ mm) 22,695.3 60.4 3,257.4 0.0
1 Year revenue growth 4.8% 1178.9% -91.4%
EBITDA as % of revenue - 11.4% 67.7% -91.9%
Net cash (US$ mm) 8,270.2 1.2 1,754.9 -732.7
TEV/Revenue - 2.0x 45.2x 0.1x
TEV/EBITDA - 9.6x 46.2x 0.1x
P/E - 14.8x 76.6x 0.0x
Relative to 52 week high -29.5% 5.6% -98.1%
Source: CapitalIQ
5 www.mackieresearch.com

6. 6
0
5
10
15
20
25
30
Gaming
27
Social Networking
16
Media
10
7
Diversified
6
Marketing
5
Mobile
Source: CapitalIQ
3
Infrastructure
3
SMS/Voice
3
Enterprise
3
Advertising
2
Internet Retail
2
Virtual World
By Sector
2
Dating
2
Music
1
Vertical Communities
1
Collaboration
1
Podcasting
1
Learning
1
Video
1
Search
1
Payment
1
Financial Services
Public Company Distribution
0
5
10
15
20
25
30
35
40
45
United States
Canada
China
South Korea
Japan
Taiwan
Germany
Australia
United Kingdom
Hong Kong
Poland
Russia
By Country
Finland
Sweden
Malaysia
India
Italy
Switzerland
Israel
www.mackieresearch.com

7. Valuation Dashboard – 1 Week
Market Cap EV/Revenue
Flat
Flat
4%
11%
Falling
31%
Falling
31% Rising
58%
Rising
65%
EV/EBITDA P/E
Flat Flat
2% 0%
Falling
Falling
27%
25%
Rising Rising
73% 73%
7 www.mackieresearch.com

8. 8
Source: CapitalIQ
Multiple (x)
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x
# companies
3/9/2009
3/16/2009
3/23/2009
3/30/2009
4/6/2009
4/13/2009
4/20/2009
4/27/2009
5/4/2009
5/11/2009
5/18/2009
5/25/2009
6/1/2009
6/8/2009
6/15/2009
6/22/2009
Median EV/Revenue
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
Median
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
Long-term average
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
recovering but
2/15/2010
below LT Average
Revenue multiples
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
373838393939404039424243444545444546484949485051545558585860636363626363676867697168646969697172747776797777787779818381
www.mackieresearch.com

9. 9
Source: CapitalIQ
Multiple (x)
# companies
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
3/9/2009
3/16/2009
3/23/2009
3/30/2009
4/6/2009
4/13/2009
4/20/2009
4/27/2009
5/4/2009
5/11/2009
5/18/2009
5/25/2009
6/1/2009
6/8/2009
Median EV/EBITDA
6/15/2009
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
Median
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
Long-term average
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
below LT average
remain depressed
2/8/2010
2/15/2010
EV/EBITDA multiples
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
2120 2022 22 2323 2222 2424 2323 2424 26 2626 2625 2526 2628 28 2930 3334 3639 3738 3738 39 3737 3740 4139 4041 41 4041 4245 4443 4949 4850 50 5049 4846
www.mackieresearch.com

10. 10
Source: CapitalIQ
Multiple (x)
# companies
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
3/9/2009
3/16/2009
3/23/2009
Median P/E
3/30/2009
4/6/2009
4/13/2009
4/20/2009
4/27/2009
5/4/2009
5/11/2009
5/18/2009
5/25/2009
6/1/2009
6/8/2009
6/15/2009
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
Median
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
Long-term average
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
below LT average
2/15/2010
P/E multiples also
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
1719 1919 18 1819 1919 2020 1918 1919 20 2021 2524 2525 2526 26 2729 3029 3031 3032 3435 36 3636 3637 3839 3737 37 3635 3632 3130 3333 3333 33 3333 3231
www.mackieresearch.com

11. 11
-
5.0
10.0
15.0
20.0
25.0
# Companies 2
Infrastructure
6
Diversified
3
SMS/Voice
7
Social Networking
2
Music
1
Vertical Communities
4
Mobile
5
Marketing
1
Learning
Gaming
21
1
Podcasting
1
Collaboration
EV/Revenue
1
Search
3
Advertising
1
Video
2
Internet Retail
3
Enterprise
2
Dating
9
Media
1
Financial Services
1
Virtual World
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Average Valuation – by Sector
# Companies
1
Search
2
Enterprise
5
Diversified
1
Mobile
6
Media
1
Collaboration
2
Internet Retail
5
Social Networking
EV/EBITDA
Gaming
13
1
Financial Services
3
Marketing
1
Dating
1
Advertising
www.mackieresearch.com

12. 12
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Ngi Group Inc.
Cyberplex Inc.
Jumbuck Entertainment Limited
RealNetworks Inc.
Source: CapitalIQ
Tree.Com, Inc.
GameOn Co Ltd.
Actoz Soft Co., Ltd.
Uniserve Communications Corp.
GigaMedia Ltd.
Glu Mobile, Inc.
Openwave Systems Inc.
Northgate Technologies Limited
DADA SpA
Points International Ltd.
Internet Group SA
IAC/InterActiveCorp.
AOL, Inc.
0.20.2 0.40.40.4 0.50.50.50.6 0.60.70.70.70.80.80.80.90.9
CDC Corp.
United Online, Inc.
CornerWorld Corporation
The New York Times Company
TheStreet.com, Inc.
Beyond Commerce, Inc.
OAO RBC Information Systems
AQ Interactive, Inc.
Hutchison Telecommunications Hong
EV/Revenue Ranking
HanbitSoft, Inc.
infoGROUP, Inc.
Gamania Digital Entertainment Co., Ltd.
Spark Networks, Inc.
YD Online Corp.
ValueClick, Inc.
NetDragon WebSoft, Inc.
1.0 1.0 1.0 1.0 1.2 1.2 1.2 1.3 1.3 1.3 1.4 1.4 1.5 1.6 1.6 1.7
Ynk Korea Inc.
Score Media Inc.
Shutterfly, Inc.
1.9 2.02.0
SNAP Interactive, Inc.
PNI Digital Media Inc.
Oriented Media Group Berhad
XING AG
Velti Plc
UOMO Media, Inc
Modern Times Group Mtg AB
NeuLion Incorporated
Webzen Inc.
GungHo Online Entertainment, Inc.
2.22.22.3 2.32.32.4 2.42.6 2.72.9
Sohu.com Inc.
SK Communications Co., Ltd.
Myriad Group AG
Open Text Corp.
NEOWIZ Games Corporation
Wizzard Software Corporation
3.0 3.13.23.2 3.4 3.5
iseemedia Inc.
Taleo Corp.
4.34.8
NeXplore has highest
Lingo Media Corporation
DigitalPost Interactive, Inc.
revenue multiple at 45.2x
WebMediaBrands Inc
5.0 5.1 5.5
Kingsoft Corporation Limited
Accelerize New Media, Inc.
Changyou.com Limited
5.7 5.86.4
Unilava Corporation
6.6
Mixi, Inc.
7.8
Frogster Interactive Pictures AG
9.1
Fluid Music Canada, Inc.
Gree, Inc.
10.3
TransGaming, Inc.
12.0
HUGHES Telematics, Inc.
12.0
Chinese Gamer International
13.4
15.4
GeoSentric Oyj
Paid Inc.
18.1
MOKO.mobi Limited
19.5
Tencent Holdings Ltd.
23.3
Bright Things plc
30.7
SpectrumDNA, Inc.
44.1
NeXplore Corporation
45.2
www.mackieresearch.com

13. 13
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Cyberplex Inc.
GameOn Co Ltd.
Source: CapitalIQ
AOL, Inc.
Actoz Soft Co., Ltd.
1.9 2.0 2.7 2.7
United Online, Inc.
Hutchison Telecommunications Hong Kong Holdings
Ltd.
ValueClick, Inc.
The New York Times Company
4.7 5.1 5.7 5.7
Sohu.com Inc.
Spark Networks, Inc.
DADA SpA
YD Online Corp.
infoGROUP, Inc.
EV/EBITDA Ranking
Gamania Digital Entertainment Co., Ltd.
6.7 6.9 6.9 7.0 7.6 7.8
CDC Corp.
XING AG
NetDragon WebSoft, Inc.
PNI Digital Media Inc.
8.0 8.4 8.4 8.9
Changyou.com Limited
Tree.Com, Inc.
Uniserve Communications Corp.
9.3 9.8 10.1
Velti Plc
11.1
Score Media Inc.
Open Text Corp.
NEOWIZ Games Corporation
GungHo Online Entertainment, Inc.
11.9 11.9 12.0 12.3
Kingsoft Corporation Limited
IAC/InterActiveCorp.
13.2 13.9
the group at 46.2x
HanbitSoft, Inc.
Shutterfly, Inc.
14.6 14.9
SK Communications leads
Openwave Systems Inc.
15.1
Ynk Korea Inc.
Modern Times Group Mtg AB
16.3 17.2
Gree, Inc.
17.5
Mixi, Inc.
21.7
Chinese Gamer International
24.7
Taleo Corp.
32.4
TheStreet.com, Inc.
35.1
Tencent Holdings Ltd.
SK Communications Co., Ltd.
45.5 46.2
www.mackieresearch.com
Excluding EV/EBITDA > 100x

14. 14
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
Shanda Interactive Entertainment Ltd.
Source: CapitalIQ
2.0
Giant Interactive Group, Inc.
2.1
Netease.com Inc.
2.6
Jumbuck Entertainment Limited
4.4
P/E Ranking
Cyberplex Inc.
5.7
GigaMedia Ltd.
6.6
YD Online Corp.
8.5
DADA SpA
United Online, Inc.
GameOn Co Ltd.
AOL, Inc.
Changyou.com Limited
10.6 11.0 11.7 12.1 12.4
ValueClick, Inc.
Sohu.com Inc.
Hutchison Telecommunications Hong Kong Holdings
14.3 14.8 15.4
Ltd.
Kingsoft Corporation Limited
The New York Times Company
CDC Corp.
18.5 18.9 20.6
Velti Plc
Gamania Digital Entertainment Co., Ltd.
HanbitSoft has the
22.6 24.5
highest P/E at 76.6x
NetDragon WebSoft, Inc.
25.7
Chinese Gamer International
32.0
Gree, Inc.
NEOWIZ Games Corporation
34.5 35.3
Open Text Corp.
40.9
Mixi, Inc.
Tencent Holdings Ltd.
57.7 58.9
GungHo Online Entertainment, Inc.
69.3
HanbitSoft, Inc.
76.6
www.mackieresearch.com

15. 15
Source: CapitalIQ
(US$m)
# companies
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
5/4/2009
5/11/2009
5/18/2009
5/25/2009
6/1/2009
6/8/2009
6/15/2009
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
Total Market Capitalization - $80 BN
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
94 95 95 94 95 95 95 95 95 95 95 95 95 95 95 95 95 95 94 95 95 95 95 95 95 95 95 95 96 96 98 98 98 98 98 98 98 98 98 98 98 98 99 99 99 99 99 99 99 99 99 99
www.mackieresearch.com

16. 16
-
# Companies
5,000.0
10,000.0
15,000.0
20,000.0
25,000.0
30,000.0
35,000.0
40,000.0
45,000.0
50,000.0
7
Diversified
Gaming
27
Media
10
Social Networking
16
1
Collaboration
6
Marketing
3
Enterprise
2
Internet Retail
1
Search
5
Mobile
Total Market Cap – by Sector
3
SMS/Voice
1
Financial Services
2
Music
1
Video
2
Dating
2
Virtual World
3
Advertising
over $17b in market cap
1
Vertical Communities
27 Gaming companies totaling
1
Payment
3
Infrastructure
1
Podcasting
1
Learning
www.mackieresearch.com

17. 17
0
1,000
2,000
3,000
4,000
5,000
6,000
BroadWebAsia Inc.
Mobile Data Corp.
UOMO Media, Inc
CornerWorld Corporation
Source: CapitalIQ
Uniserve Communications Corp.
Beyond Commerce, Inc.
En2Go International, Inc.
Kiwibox.Com, Inc.
DigitalPost Interactive, Inc.
Worlds.com Inc.
Kent International Holdings Inc.
Oriented Media Group Berhad
SpectrumDNA, Inc.
Real Value Estates, Inc.
Bright Things plc
Lingo Media Corporation
Sahara Media Holdings, Inc.
SNAP Interactive, Inc.
iseemedia Inc.
MOKO.mobi Limited
Jumbuck Entertainment Limited
IAS Energy, Inc.
VOIS, Inc.
Internet Group SA
Northgate Technologies Limited
Wizzard Software Corporation
NeXplore Corporation
Accelerize New Media, Inc.
LookSmart, Ltd.
Dolphin Digital Media, Inc.
Ynk Korea Inc.
Asknet AG
Market Cap Ranking
Socialwise, Inc.
Multiplied Media Corporation
WebMediaBrands Inc
Cyberplex Inc.
TransGaming, Inc.
Glu Mobile, Inc.
Unilava Corporation
DigitalTown, Inc.
GeoSentric Oyj
Quepasa Corp.
PNI Digital Media Inc.
Gravity Co., Ltd
Score Media Inc.
Frogster Interactive Pictures AG
Spark Networks, Inc.
Ngi Group Inc.
Moggle, Inc
NeuLion Incorporated
HanbitSoft, Inc.
YD Online Corp.
Paid Inc.
Points International Ltd.
DADA SpA
Fluid Music Canada, Inc.
Tree.Com, Inc.
AQ Interactive, Inc.
GameOn Co Ltd.
Actoz Soft Co., Ltd.
TheStreet.com, Inc.
Webzen Inc.
GigaMedia Ltd.
The9 Limited
XING AG
Myriad Group AG
Velti Plc
OAO RBC Information Systems
Openwave Systems Inc.
Gamania Digital Entertainment Co., Ltd.
NetDragon WebSoft, Inc.
dominates group
CDC Corp.
HUGHES Telematics, Inc.
GungHo Online Entertainment, Inc.
infoGROUP, Inc.
RealNetworks Inc.
Tencent’s $39 bn market cap
SK Communications Co., Ltd.
Shutterfly, Inc.
NEOWIZ Games Corporation
United Online, Inc.
ValueClick, Inc.
Kingsoft Corporation Limited
Hutchison Telecommunications Hong Kong Holdings
Chinese Gamer International
Mixi, Inc.
Taleo Corp.
The New York Times Company
Perfect World Co., Ltd.
Giant Interactive Group, Inc.
Changyou.com Limited
Sohu.com Inc.
Open Text Corp.
IAC/InterActiveCorp.
Gree, Inc.
AOL, Inc.
Shanda Interactive Entertainment Ltd.
Modern Times Group Mtg AB
Netease.com Inc.
Tencent Holdings Ltd.
www.mackieresearch.com

18. Price Performance – 1 week
• Positive momentum, with 66% of stocks
rising or flat over past week. Price Momentum
Falling
34%
Rising
53%
Flat
13%
18 www.mackieresearch.com

19. Average Price Performance – 1 Week, By Sector
30.0% 28.0%
25.0%
Dating shows
biggest gains
20.0% 16.6%
15.0% 13.2%12.8%
10.0% 7.7%
6.3%
4.9%
5.0% 3.6% 3.5% 3.4% 2.5% 2.4%
1.3% 0.9%
0.0%
-0.3% -0.8%
-5.0% -1.5% -1.8%
-4.3% -4.7%
-6.1%
-10.0%
-15.0% -12.3%
Internet Retail
Infrastructure
Networking
Collaboration
Virtual World
Financial
Payment
Communities
Advertising
Learning
Music
Dating
Search
Enterprise
Gaming
Podcasting
Marketing
Mobile
Diversified
Services
SMS/Voice
Media
Video
Social
Vertical
# companies
Source: CapitalIQ
19 www.mackieresearch.com

20. 20
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
BWBA
NXPC
SHHD
BYOC
SPXA
Source: CapitalIQ
TSXV:MMC
TSXV:LM
A047080
IASC.A
KOSE:A069
TSX:CX
PAYD
UNLA
LOV
DB:M0C
NYT
CM:DA
ACLZ
RBCI
OMEDIA
TSX:FMN
DGTW
777
3812
A023770
MKB
A095660
NCTY
2497
KNTH
IACI
FRG
VCLK
GA
KIWB
GEO1V
MYRN
CWRL
AIM:BGT
ETGI
RVLU
TSX:SCR
UOMO
WDDD
WSE:IGR
TSXV:TNG
ASX:JMB
Price Performance – 1 Week
O1BC
PWRD
CHIN.A
MBYL
TREE
OTEX
590057
TLEO
SEHK:215
SNDA
IUSA
A052770
GRVY
2121
XTRA:A5A
RNWK
3888
GIGM
SCLW
WZE
TSE:3632
OPWV
TSXV:PN
AOL
SFLY
UNTD
700
MTG B
SOHU
DPDM
WEBM
NTES
CYOU
GTSM:3083
TSX:NLN
VEL
QPSA
IEE
6180
TSCM
DGLP
A052790
LOOK
3765
A066270
3838
VOIS
TSX:PTS
HUTC
GLUU
TSXV:USS
STVI
www.mackieresearch.com

21. 21
0%
50%
100%
150%
200%
250%
300%
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
OAO RBC
Information IAS Energy, Inc.
Systems
AQ Interactive, Beyond
Source: CapitalIQ
Inc. Commerce, Inc.
AQ Interactive,
Quepasa Corp. Inc.
Uniserve
Communications DigitalTown, Inc.
Corp.
VOIS, Inc. Glu Mobile, Inc.
6 Month
1 Month
SK Uniserve
Communications Communications
Co., Ltd. Corp.
Oriented Media
VOIS, Inc.
Group Berhad
SNAP Internet Group
Interactive, Inc. SA
GungHo Online
Velti Plc Entertainment,
Inc.
HUGHES
Ngi Group Inc.
Telematics, Inc.
Price Performance (Top 10)
0%
1000%
2000%
3000%
4000%
5000%
6000%
7000%
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
OAO RBC OAO RBC
Information Information
Systems Systems
Quepasa Corp. DigitalTown,
Inc.
TransGaming, IAS Energy,
Inc. Inc.
Beyond
VOIS, Inc. Commerce,
Inc.
AQ Interactive, Unilava
Inc. Corporation
1 Year
3 Month
Uniserve SNAP
Communications Interactive,
Corp. Inc.
DigitalPost Ngi Group
Interactive, Inc. Inc.
Oriented
Fluid Music Media
Canada, Inc. Group
Berhad
AQ
CDC Corp. Interactive,
Inc.
Shutterfly,
Glu Mobile, Inc.
Inc.
www.mackieresearch.com

22. 22
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
-100.0%
-90.0%
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Webzen Inc.
DADA SpA
Northgate IAS Energy,
Source: CapitalIQ
Technologies Inc.
Limited
Lingo Media HanbitSoft, Inc.
Corporation
Lingo Media
Cyberplex Inc. Corporation
Multiplied
NeXplore Media
Corporation Corporation
1 Week
6 Month
CornerWorld SpectrumDNA,
Corporation Inc.
En2Go Beyond
International, Commerce,
Inc. Inc.
UOMO Media, Sahara Media
Inc Holdings, Inc.
BroadWebAsia NeXplore
Inc. Corporation
Sahara Media BroadWebAsia
Holdings, Inc. Inc.
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Price Performance (Bottom 10)
-120.0%
-100.0%
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
Northgate Lingo Media
Technologies Corporation
Limited
Wizzard Mobile Data
Software Corp.
Corporation
Multiplied
Media
Cyberplex Inc.
Corporation
UOMO Media,
Mobile Data
Inc
Corp.
UOMO Media, SpectrumDNA,
Inc Inc.
1 Year
1 Month
CornerWorld Sahara Media
Corporation Holdings, Inc.
En2Go NeXplore
International, Corporation
Inc.
Sahara Media BroadWebAsia
Holdings, Inc. Inc.
Beyond En2Go
Commerce, International,
Inc. Inc.
BroadWebAsia CornerWorld
Inc. Corporation
www.mackieresearch.com

23. Capital Market Activity (Financing, M&A)
23 www.mackieresearch.com

24. 24
(US$m)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Oct-04
Dec-04
Feb-05
Apr-05
Jun-05
Aug-05
Oct-05
Dec-05
Feb-06
Apr-06
Jun-06
Aug-06
Financing Momentum
Oct-06
Dec-06
Total (LTM)
Feb-07
Apr-07
Jun-07
Aug-07
Oct-07
Dec-07
Feb-08
Apr-08
Jun-08
Aug-08
Average Size (LTM)
Oct-08
Dec-08
Feb-09
Apr-09
Jun-09
transactions
by large DST
Aug-09
Sharp rise driven
Oct-09
Dec-09
Feb-10
Apr-10
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
(US$m)
www.mackieresearch.com

25. Financing activity – Current Month
Month Com pany Nam e Country Sector Angel/Seed Debt financing PIPE Series A Series B Series C Series D Grand Total
Apr-10 Digital Sky Technologies Russia Diversified 300.0 300.0
Groupon USA Social Commerce 135.0 135.0
Vidyo USA Video 25.0 25.0
LendingClub USA Financial Services 24.5 24.5
MokaFive USA Enterprise 21.0 21.0
Diapers.com USA Internet Retail 20.0 20.0
BlackArrow USA Advertising 20.0 20.0
Xobni USA Social Netw orks 16.2 16.2
Box.net USA Collaboration 15.0 15.0
Prosper.com USA Financial Services 14.6 14.6
Knew ton USA Online Learning 12.5 12.5
Brightcove USA Video 12.0 12.0
EdgeCast CDN USA Media 10.0 10.0
Tynt Canada Infrastructure 8.0 8.0
PubMatic USA Advertising 7.5 7.5
Overtone USA Analytics 7.0 7.0
Searchandise Com m erce USA Advertising 7.0 7.0
OpenSky USA Social Commerce 6.0 6.0
Stitcher USA Media 6.0 6.0
Cram ster USA Vertical Communities 6.0 6.0
quirky USA Social Netw orks 6.0 6.0
58.com China Classified 5.8 5.8
Netw orked Insights USA Analytics 5.0 5.0
Tum blr USA Social Netw orks 5.0 5.0
TellApart USA Analytics 4.8 4.8
Wildfire USA Advertising 4.0 4.0
Daily Grom m et USA Social Commerce 3.4 3.4
gdgt USA Vertical Communities 3.2 3.2
Tw eetPhoto USA Micromedia 2.6 2.6
Assistly USA Enterprise 2.2 2.2
Wibiya Israel Blog 2.0 2.0
Spredfast USA Analytics 1.6 1.6
FreshPlanet USA Gaming 1.5 1.5
Zoom Safer USA Mobile 1.0 1.0
NearVerse USA Location-based SNS 1.0 1.0
DIYSEO USA Search 1.0 1.0
Kontagent USA Analytics 1.0 1.0
Currensee USA Financial Services 0.8 0.8
MyLikes USA Advertising 0.6 0.6
Plyce France Location-based SNS 0.4 0.4
Apr-10 Total 4.0 20.0 300.0 29.1 47.8 298.7 26.6 726.1
25 www.mackieresearch.com

26. Financing activity – Current Month, By Sector
# Deals $ Raised
Micromedia
2%
Music
2%
Classified
2% Diversified
Diversified 26% Gaming
Infrastructure Gaming
2% 14%
2% 7% Social
Vertical Commerce
Communities 7%
9% Crowdsourced
Online Learning Content
2% 2%
Collaboration Media
7% Social
2% Commerce
12%
Analytics
Video
11%
9%
Internet Retail
2%
Financial
Enterprise
Services
5%
7%
Advertising
Social Networks
11%
7% Other
48%
26 www.mackieresearch.com

27. Financing Activity – last three months
800.0 20.0
$426 mm ex-DST, averaging 18.2
$15.2 mm per deal 18.0
700.0
16.0
600.0
14.0
12.5 12.5
500.0
12.0
10.2
(US$m)
(US$m)
400.0 8.9 9.1 10.0
8.2
8.0
300.0 6.4
5.8 5.5 5.5 5.4 6.0
4.6
200.0
4.0
100.0
2.0
0.0 0.0
Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10
*May-09 includes $200m FB investment
Dec-09 includes $180m Zynga investment
Total Average
Apr-10 includes $300m DST investment
27 www.mackieresearch.com

28. 28
(US$m)
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
# companies
1
Diversified
8
Gaming
6
Media
Video
11
Crowdsourced
5
Content
Social
4
Commerce
Advertising
17
8
Search
Social
10
Networks
Financial
8
Services
6
Mobile
3
Internet Retail
7
Analytics
2
Mobile Ad
2
Enterprise
3
Music
Vertical
7
Communities
Online
2
Learning
Mobile
1
Payment
1
Collaboration
4 Location-
based SNS
3
Virtual World
Advertising has most
deals in last 3 months
2
Microblog
3
Infrastructure
1
Widget
3
Travel
1
SMS/Voice
2
Blog
1
Classified
Online
1
Calendar
Capital Market Activity Ranking – by Sector, last three months
1
Micromedia
1
Online Dating
1
Aggregation
www.mackieresearch.com

29. Top 10 Deals (2010 YTD)
Financings Acquisitions
350.0 180
160
300.0 160
300.0
142
140
250.0
120
200.0 100
100
150.0 80
135.0 80
100.0 60
50
40 36.5
50.0 33
25.0 24.5 21.0 20.0 20.0 16.2 15.0 14.6 21 20 18
20
0.0
Technologies
LendingClub
Box.net
Groupon
BlackArrow
Vidyo
MokaFive
Xobni
Diapers.com
Prosper.com
Digital Sky
0
Turbine Jigsaw Ankeena Mochi Aardvark StudioNow Saf-T-Net C&C Red 5 Multicast
Networks Media Media Studios, Media
Inc.
DST involved in 2
largest deals YTD
29 www.mackieresearch.com

30. Upcoming events/earnings
Company Date Time Quarter Conf Call Details
AOL, Inc. (NYSE:AOL) 28-Apr-10 10:00 AM (EDT) Q1/10 http://ir.aol.com
CDC Corp. (NasdaqGS:CHIN.A) 28-Apr-10 9:00 AM (EDT) Q1/10
IAC/InterActiveCorp. (NasdaqGS:IACI) 28-Apr-10 11:00 a.m. EST Q1/10 http://www.iac.com/Investors
Openwave Systems Inc. (NasdaqGS:OPWV) 28-Apr-10 2:00 PM (PDT) Q3/10 877-941-1427
Shutterfly, Inc. (NasdaqGS:SFLY) 28-Apr-10 2:00 PM (PDT) Q1/10 970-315-0490
Taleo Corp. (NasdaqGM:TLEO) 28-Apr-10 5:00 PM (EDT) Q1/10 www.taleo.com
Open Text Corp. (NasdaqGS:OTEX) 29-Apr-10 5:00 PM (EDT) Q3/10 800-814-4860
Tree.Com, Inc. (NasdaqGM:TREE) 30-Apr-10 11:00 a.m. EST Q1/10 866-564-7440
TheStreet.com, Inc. (NasdaqGM:TSCM) 5-May-10 4:30 PM (EST) Q1/10 866-770-7129, p/w 13839355
United Online, Inc. (NasdaqGS:UNTD) 5-May-10 2:30 PM (PST) Q1/10 888-510-1783, 3384050
RealNetworks Inc. (NasdaqGS:RNWK) 6-May-10 5:00 PM (EST) Q1/10 800-857-5305
Source: CapitalIQ
30 www.mackieresearch.com

31. Public Company Listing Trading Current US$ Market
Company Name Ticker Exchange Currency HQ Price Cap (mm) Employees
Accelerize New Media, Inc. ACLZ OTCBB USD United States 1 17.0 NA
Actoz Soft Co., Ltd. A052790 KOSE KRW South Korea 14,600 115.1 NA
AOL, Inc. AOL NYSE USD United States 28 3,020.2 6,700
AQ Interactive, Inc. 3838 TSE JPY Japan 174,800 103.0 NA
Asknet AG XTRA:A5A XTRA EUR Germany 4 27.1 NA
Beyond Commerce, Inc. BYOC OTCBB USD United States 0 3.9 86
Bright Things plc AIM:BGT AIM GBP United Kingdom 0 6.7 9
BroadWebAsia Inc. BWBA OTCPK USD United States 0 1.7 46
CDC Corp. CHIN.A NasdaqGS USD Hong Kong 3 305.7 NA
Changyou.com Limited CYOU NasdaqGS USD China 35 1,789.9 1,308
Chinese Gamer International GTSM:3083 GTSM TWD Taiwan 378 1,015.8 NA
CornerWorld Corporation CWRL OTCBB USD United States 0 1.9 16
Cyberplex Inc. TSX:CX TSX CAD Canada 1 41.7 NA
DADA SpA CM:DA CM EUR Italy 5 97.6 NA
DigitalPost Interactive, Inc. DGLP OTCBB USD United States 0 5.2 NA
DigitalTown, Inc. DGTW OTCBB USD United States 2 48.0 3
Dolphin Digital Media, Inc. DPDM OTCBB USD United States 0 20.6 NA
En2Go International, Inc. ETGI OTCBB USD United States 0 4.8 NA
Fluid Music Canada, Inc. TSX:FMN TSX CAD United States 2 99.2 NA
Frogster Interactive Pictures AG FRG XTRA EUR Germany 20 70.5 NA
Gamania Digital Entertainment Co., Ltd. 6180 GTSM TWD Taiwan 51 248.8 NA
GameOn Co Ltd. 3812 TSE JPY Japan 99,900 104.7 NA
GeoSentric Oyj GEO1V HLSE EUR Finland 0 48.4 NA
Giant Interactive Group, Inc. GA NYSE USD China 8 1,778.3 NA
GigaMedia Ltd. GIGM NasdaqGS USD Taiwan 3 167.4 751
Glu Mobile, Inc. GLUU NasdaqGM USD United States 1 45.2 NA
Gravity Co., Ltd GRVY NasdaqGM USD South Korea 2 62.0 469
Gree, Inc. TSE:3632 TSE JPY Japan 5,760 2,823.1 NA
GungHo Online Entertainment, Inc. 3765 OSE JPY Japan 288,000 358.1 NA
HanbitSoft, Inc. A047080 KOSE KRW South Korea 4,255 83.4 NA
HUGHES Telematics, Inc. HUTC OTCBB USD United States 4 322.3 276
Hutchison Telecommunications Hong Kong Holdings Ltd.
SEHK:215 SEHK HKD Hong Kong 2 930.4 NA
IAC/InterActiveCorp. IACI NasdaqGS USD United States 24 2,741.4 3,200
IAS Energy, Inc. IASC.A OTCPK USD Canada 0 12.0 NA
infoGROUP, Inc. IUSA NasdaqGS USD United States 8 473.1 3,146
Internet Group SA WSE:IGR WSE PLN Poland 1 13.8 NA
31 www.mackieresearch.com

32. Public Company Listing cont. Trading Current US$ Market
Company Name Ticker Exchange Currency HQ Price Cap (mm) Employees
iseemedia Inc. IEE TSXV CAD Canada 0.13 8.9 79
Jumbuck Entertainment Limited ASX:JMB ASX AUD Australia 0.25 11.2 NA
Kent International Holdings Inc. KNTH OTCPK USD United States 1.80 6.4 NA
Kingsoft Corporation Limited 3888 SEHK HKD China 6.24 891.7 NA
Kiwibox.Com, Inc. KIWB OTCBB USD United States 0.01 4.9 NA
Lingo Media Corporation TSXV:LM TSXV CAD Canada 0.57 7.0 65
LookSmart, Ltd. LOOK NasdaqGM USD United States 1.20 20.6 NA
Mixi, Inc. 2121 TSE JPY Japan 620,000.00 1,038.8 NA
Mobile Data Corp. MBYL OTCBB USD United States 0.07 1.7 NA
Modern Times Group Mtg AB MTG B OM SEK Sweden 450.60 4,129.8 2
Moggle, Inc DB:M0C DB EUR United States 1.20 75.5 NA
MOKO.mobi Limited MKB ASX AUD Australia 0.10 10.4 NA
Multiplied Media Corporation TSXV:MMC TSXV CAD Canada 0.17 36.9 405
Myriad Group AG MYRN SWX CHF Switzerland 4.20 191.7 NA
NEOWIZ Games Corporation A095660 KOSE KRW South Korea 38,450.00 725.3 2,901
NetDragon WebSoft, Inc. 777 SEHK HKD China 4.26 290.1 NA
Netease.com Inc. NTES NasdaqGS USD China 37.40 4,844.1 224
NeuLion Incorporated TSX:NLN TSX CAD Canada 0.70 80.2 NA
NeXplore Corporation NXPC OTCPK USD United States 0.30 16.7 NA
Ngi Group Inc. 2497 TSE JPY Japan 53,700.00 72.1 160
Northgate Technologies Limited 590057 BSE INR India 18.80 14.7 2,523
OAO RBC Information Systems RBCI MICEX RUB Russia 44.40 205.5 3,700
Open Text Corp. OTEX NasdaqGS USD Canada 47.74 2,695.5 590
Openwave Systems Inc. OPWV NasdaqGS USD United States 2.80 234.6 NA
Oriented Media Group Berhad OMEDIA KLSE MYR Malaysia 0.16 6.5 20
Paid Inc. PAYD OTCBB USD United States 0.32 86.1 NA
Perfect World Co., Ltd. PWRD NasdaqGS USD China 35.00 1,743.9 NA
PNI Digital Media Inc. TSXV:PN TSXV CAD Canada 1.80 59.6 NA
Points International Ltd. TSX:PTS TSX CAD Canada 0.61 89.7 71
Quepasa Corp. QPSA OTCBB USD United States 4.49 58.2 NA
Real Value Estates, Inc. RVLU OTCBB USD Israel 1.03 6.6 1,754
RealNetworks Inc. RNWK NasdaqGS USD United States 4.52 610.8 NA
Sahara Media Holdings, Inc. SHHD OTCBB USD United States 0.25 7.8 220
Score Media Inc. TSX:SCR TSX CAD Canada 0.80 63.8 NA
Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 44.97 3,024.5 519
Shutterfly, Inc. SFLY NasdaqGS USD United States 24.89 666.7 NA
32 www.mackieresearch.com

33. Public Company Listing cont.
Trading Current US$ Market
Company Name Ticker Exchange Currency HQ Price Cap (mm) Employees
SK Communications Co., Ltd. A066270 KOSE KRW South Korea 16,500.00 618.3 NA
SNAP Interactive, Inc. STVI OTCBB USD United States 0.25 8.2 NA
Socialwise, Inc. SCLW OTCBB USD United States 0.60 29.1 3,997
Sohu.com Inc. SOHU NasdaqGS USD China 52.77 1,993.0 155
Spark Networks, Inc. LOV AMEX USD United States 3.48 71.6 NA
SpectrumDNA, Inc. SPXA OTCBB USD United States 0.10 6.5 916
Taleo Corp. TLEO NasdaqGM USD United States 27.41 1,087.0 7,515
Tencent Holdings Ltd. 700 SEHK HKD China 164.40 38,752.5 7,665
The New York Times Company NYT NYSE USD United States 11.28 1,641.8 NA
The9 Limited NCTY NasdaqGS USD China 6.78 173.0 NA
TheStreet.com, Inc. TSCM NasdaqGM USD United States 3.95 124.6 28
TransGaming, Inc. TSXV:TNG TSXV CAD Canada 0.75 42.0 700
Tree.Com, Inc. TREE NasdaqGM USD United States 9.22 101.5 39
Unilava Corporation UNLA OTCBB USD United States 0.47 47.0 NA
Uniserve Communications Corp. TSXV:USS TSXV CAD Canada 0.15 3.5 1,699
United Online, Inc. UNTD NasdaqGS USD United States 8.56 740.8 NA
UOMO Media, Inc UOMO OTCBB USD Canada 0.02 1.7 1,086
ValueClick, Inc. VCLK NasdaqGS USD United States 10.07 818.9 450
Velti Plc VEL AIM GBP United Kingdom 3.36 192.8 2
VOIS, Inc. VOIS OTCBB USD United States 0.01 13.0 NA
WebMediaBrands Inc WEBM NasdaqGS USD United States 1.06 39.7 NA
Webzen Inc. KOSE:A069080 KOSE KRW South Korea 12,050.00 127.7 NA
Wizzard Software Corporation WZE AMEX USD United States 0.25 16.5 NA
Worlds.com Inc. WDDD OTCBB USD United States 0.10 5.4 NA
XING AG O1BC XTRA EUR Germany 27.40 191.6 NA
YD Online Corp. A052770 KOSE KRW South Korea 6,380.00 85.6 NA
Ynk Korea Inc. A023770 KOSE KRW South Korea 3,195.00 22.8 -
33 www.mackieresearch.com

34. Disclaimer
RELEVANT DISCLOSURES APPLICABLE TO: NONE
1. None applicable.
ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report
hereby certifies that (i) the recommendations and opinions expressed in this research
report accurately reflect the analyst’s personal views and (ii) no part of the research
analyst’s compensation was or will be directly or indirectly related to the specific
conclusions or recommendations expressed in this research report.
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.
Information about Mackie Research Capital Corporation’s Rating System, the distribution of our research to clients and the percentage of recommendations which are in each of our rating categories
is available on our web site at www.mackieresearch.com.
The information contained in this report has been drawn from sources believed to be reliable but its accuracy or completeness is not guaranteed, nor in providing it does Mackie Research Capital
Corporation assume any responsibility or liability. Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned
herein. Contents of this report cannot be reproduced in whole or in part without the expressed permission of Mackie Research Capital Corporation. (U.S. Institutional Clients — Research Capital
U.S.A. Inc. (a wholly owned subsidiary of Mackie Research Capital Corporation) accepts responsibility for the contents of this report subject to the terms & limitations set out above. Firms or
institutions receiving this report should effect transactions in securities discussed in the report through Research Capital U.S.A. Inc., a Broker-Dealer Registered with the United States Securities and
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34 www.mackieresearch.com