The report discusses recent investments and performance metrics in the digital technology sector, highlighting Tencent's $300 million investment in Digital Sky Technologies and DST's $135 million investment in Groupon. It provides financial results for multiple companies, indicating varied revenue growth and profitability in 2009, along with detailed public company data including market capitalization and revenue. Additionally, the valuation metrics for web 2.0 public companies are presented, showcasing trends in market performance.

1. Web 2.0 Weekly
“DST cashes up and then spends more”
April 20, 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
Tencent (SEHK:700) invests $300mm in Digital Sky Technologies (investor in Facebook, Zynga etc.)
DST invests $135mm in Groupon at $1.2b valuation
Frogster Interactive Pictures AG (XTRA:FRG) reported revenue for 2009 rose 6x to Euro16.7mm with
net profit of Euro2.3mm
Webzen Inc. (KOSE: A069080) signed an agreement to acquire NHN Games Co., Ltd. for
approximately KRW 240b
The9 Limited (NasdaqGS:NCTY) reported consolidated earnings results for the fourth quarter and full
year ended December 31, 2009. For the quarter, the company reported loss from operations of RMB
220.2mm on revenue of RMB22.5mm
NetDragon WebSoft, Inc. (SEHK:777) announced unaudited consolidated earnings results for the fourth
quarter ended December 31, 2009. For the quarter, the company reported operating profit of RMB
1,584,000 on revenues of RMB 134,190,000.
2 www.mackieresearch.com

3. Public Company Data
3 www.mackieresearch.com

4. Aggregate Public Data
Web 2.0 Public Companies Total Median Max Min
# Companies 98 - - -
Market Cap (US$ mm) 81,864.6 76.0 37,060.2 1.7
Revenue (US$ mm) 90,908.6 22.7 67,563.7 0.0
1 Year revenue growth 4.3% 1178.9% -91.4%
EBITDA as % of revenue - 5.9% 62.7% -91.9%
Net cash (US$ mm) 9,008.8 1.5 1,754.9 -732.7
TEV/Revenue - 1.9x 46.6x 0.1x
TEV/EBITDA - 8.7x 43.5x 0.1x
P/E - 14.1x 92.7x 0.0x
Relative to 52 week high -32.1% -1.9% -98.1%
Source: CapitalIQ
4 www.mackieresearch.com

5. 5
0
5
10
15
20
25
30
Gaming
26
Social Networking
16
Media
10
6
Diversified
6
Marketing
5
Mobile
Source: CapitalIQ
4
Advertising
3
Infrastructure
3
SMS/Voice
3
Enterprise
2
Internet Retail
2
Virtual World
By Sector
2
Dating
2
Music
1
Vertical Communities
1
Collaboration
1
Podcasting
1
Search
1
Video
1
Learning
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
Poland
Malaysia
Russia
By Country
Finland
Sweden
Hong Kong
India
Italy
Switzerland
Israel
www.mackieresearch.com

6. Valuation Dashboard – 1 Week
Market Cap EV/Revenue
Flat
Flat
10% 4%
Rising
38%
Falling
43% Rising
53%
Falling
52%
EV/EBITDA P/E
Flat Flat
5% 0%
Falling
Falling 43%
41% Rising
Rising
54%
57%
6 www.mackieresearch.com

7. 7
Source: CapitalIQ
Multiple (x)
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x
# companies
3/2/2009
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
Median EV/Revenue
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
Median
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
Long-term average
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
recovering but
2/8/2010
below LT Average
Revenue multiples
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
373837393939404039414142434444444445474848484750535356585761636364616162666868697168646870716873717475777575747678788280
www.mackieresearch.com

8. 8
Source: CapitalIQ
Multiple (x)
# companies
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
3/2/2009
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
Median EV/EBITDA
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
Median
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
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
below LT average
remain depressed
2/1/2010
2/8/2010
EV/EBITDA multiples
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
2120 2022 22 2323 2222 2324 2322 2424 26 2626 2626 2526 2628 30 2830 3334 3640 3738 3638 39 3837 3740 4140 4041 41 4143 4243 4342 4848 4748 49 4947 4745
www.mackieresearch.com

9. 9
Source: CapitalIQ
Multiple (x)
# companies
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
3/2/2009
3/9/2009
3/16/2009
Median P/E
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
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
Median
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
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
below LT average
2/8/2010
P/E multiples also
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
1719 2019 18 1818 1919 1920 1918 1919 19 2021 2425 2525 2526 26 2629 3030 2932 3132 3235 36 3636 3637 3839 3737 37 3635 3632 3130 3332 3232 32 3232 3130
www.mackieresearch.com

10. 10
-
5.0
10.0
15.0
20.0
25.0
# Companies 2
Infrastructure
3
SMS/Voice
7
Social Networking
4
Diversified
2
Music
1
Learning
5
Marketing
4
Mobile
1
Vertical Communities
Gaming
20
1
Podcasting
1
Collaboration
EV/Revenue
1
Search
1
Video
4
Advertising
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
Average Valuation – by Sector
# Companies
1
Search
2
Enterprise
4
Diversified
1
Mobile
6
Media
1
Collaboration
2
Internet Retail
5
Social Networking
EV/EBITDA
1
Financial Services
Gaming
12
3
Marketing
1
Dating
1
Advertising
www.mackieresearch.com

11. 11
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
0.1
Perfect World Co., Ltd.
Ngi Group Inc.
Asknet AG
Cyberplex Inc.
Source: CapitalIQ
RealNetworks Inc.
Jumbuck Entertainment Limited
Betawave Corporation
Tree.Com, Inc.
Uniserve Communications Corp.
Actoz Soft Co., Ltd.
Glu Mobile, Inc.
GameOn Co Ltd.
Points International Ltd.
GigaMedia Ltd.
Openwave Systems Inc.
Northgate Technologies Limited
DADA SpA
Internet Group SA
IAC/InterActiveCorp.
TheStreet.com, Inc.
AOL, Inc.
0.20.20.20.40.40.40.4 0.40.40.50.50.50.50.6 0.70.70.80.80.80.90.9
CDC Corp.
United Online, Inc.
CornerWorld Corporation
AQ Interactive, Inc.
The New York Times Company
EV/Revenue Ranking
OAO RBC Information Systems
Beyond Commerce, Inc.
Gamania Digital Entertainment Co., Ltd.
infoGROUP, Inc.
HanbitSoft, Inc.
YD Online Corp.
ValueClick, Inc.
Spark Networks, Inc.
NetDragon WebSoft, Inc.
0.9 1.0 1.0 1.0 1.2 1.2 1.2 1.3 1.3 1.5 1.6 1.6 1.6 1.7
Ynk Korea Inc.
Shutterfly, Inc.
Score Media Inc.
SNAP Interactive, Inc.
PNI Digital Media Inc.
Velti Plc
Modern Times Group Mtg AB
NeuLion Incorporated
XING AG
Oriented Media Group Berhad
UOMO Media, Inc
1.8 1.9 1.9 2.1 2.12.22.22.3 2.32.32.4
GungHo Online Entertainment, Inc.
SK Communications Co., Ltd.
Sohu.com Inc.
Myriad Group AG
Webzen Inc.
Open Text Corp.
iseemedia Inc.
NEOWIZ Games Corporation
revenue multiple
2.6 2.73.0 3.23.23.23.33.3
Wizzard Software Corporation
Taleo Corp.
Spectrum has highest
DigitalPost Interactive, Inc.
4.1 4.5 4.7
WebMediaBrands Inc
Kingsoft Corporation Limited
Changyou.com Limited
5.4 5.45.5
Lingo Media Corporation
Accelerize New Media, Inc.
6.0 6.4
Mixi, Inc.
Frogster Interactive Pictures AG
7.8 8.4
Unilava Corporation
HUGHES Telematics, Inc.
Fluid Music Canada, Inc.
9.39.4 9.9
Gree, Inc.
Chinese Gamer International
12.4
15.4
GeoSentric Oyj
Paid Inc.
20.0
MOKO.mobi Limited
20.6
Tencent Holdings Ltd.
22.2
Bright Things plc
31.4
SpectrumDNA, Inc.
46.6
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
Perfect World Co., Ltd.
Jumbuck Entertainment Limited
0.1 0.9
Source: CapitalIQ
GameOn Co Ltd.
Actoz Soft Co., Ltd.
Cyberplex Inc.
AOL, Inc.
2.1 2.2 2.3 2.6
United Online, Inc.
4.5
ValueClick, Inc.
Sohu.com Inc.
5.7 6.2
YD Online Corp.
Gamania Digital Entertainment Co., Ltd.
DADA SpA
infoGROUP, Inc.
EV/EBITDA Ranking
Spark Networks, Inc.
The New York Times Company
CDC Corp. 6.9 7.1 7.2 7.5 7.5 7.8
Uniserve Communications Corp.
XING AG
PNI Digital Media Inc.
Changyou.com Limited
NetDragon WebSoft, Inc.
7.9 8.2 8.4 8.4 8.6 8.7
Tree.Com, Inc.
Velti Plc
9.7 10.3
GungHo Online Entertainment, Inc.
10.7
Open Text Corp.
NEOWIZ Games Corporation
11.8 12.1
Kingsoft Corporation Limited
Score Media Inc.
12.8 13.4
Shutterfly, Inc.
Tencent has
highest valuation
IAC/InterActiveCorp.
Openwave Systems Inc.
13.9 14.0 14.0
Ynk Korea Inc.
Modern Times Group Mtg AB
Gree, Inc.
16.5 16.6 16.8
Mixi, Inc.
21.3
Chinese Gamer International
22.9
TheStreet.com, Inc.
28.9
Taleo Corp.
31.6
SK Communications Co., Ltd.
39.6
Tencent Holdings Ltd.
43.5
www.mackieresearch.com
Excluding EV/EBITDA > 100x

13. 13
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
Source: CapitalIQ
Perfect World Co., Ltd.
1.8
Shanda Interactive Entertainment Ltd.
1.9
Giant Interactive Group, Inc.
2.1
Netease.com Inc.
2.5
P/E Ranking
Jumbuck Entertainment Limited
4.4
Cyberplex Inc.
6.3
GigaMedia Ltd.
6.4
YD Online Corp.
8.3
United Online, Inc.
DADA SpA
AOL, Inc.
Changyou.com Limited
GameOn Co Ltd.
10.5 11.2 11.5 11.6 11.9
Sohu.com Inc.
ValueClick, Inc.
14.0 14.3
Kingsoft Corporation Limited
18.2
CDC Corp.
Velti Plc
P/E
20.4 20.9
Gamania Digital Entertainment Co., Ltd.
22.4
NetDragon WebSoft, Inc.
26.1
Actoz has highest
Chinese Gamer International
29.8
Gree, Inc.
33.2
NEOWIZ Games Corporation
35.6
Open Text Corp.
40.4
Tencent Holdings Ltd.
Mixi, Inc.
56.4 56.6
GungHo Online Entertainment, Inc.
61.2
HanbitSoft, Inc.
88.1
Actoz Soft Co., Ltd.
92.7
www.mackieresearch.com

14. 14
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
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
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
Total Market Capitalization - $80B
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
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
94 94 94 94 93 94 94 94 94 94 94 94 94 94 94 94 94 94 94 93 94 94 94 94 94 94 94 94 94 95 95 97 97 97 97 97 97 97 97 97 97 97 97 98 98 98 98 98 98 98 98 98
www.mackieresearch.com

15. 15
-
# 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
6
Diversified
Gaming
26
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
2
Music
1
Financial Services
2
Dating
2
Virtual World
1
Video
4
Advertising
over $17b in market cap
1
Vertical Communities
26 Gaming companies totaling
1
Payment
3
Infrastructure
1
Podcasting
1
Learning
www.mackieresearch.com

16. 16
0
1,000
2,000
3,000
4,000
5,000
6,000
BroadWebAsia Inc.
UOMO Media, Inc
CornerWorld Corporation
Uniserve Communications Corp.
Source: CapitalIQ
Mobile Data Corp.
Betawave Corporation
Beyond Commerce, Inc.
DigitalPost Interactive, Inc.
En2Go International, Inc.
Kiwibox.Com, Inc.
Worlds.com Inc.
Kent International Holdings Inc.
SpectrumDNA, Inc.
Real Value Estates, Inc.
Oriented Media Group Berhad
Bright Things plc
Sahara Media Holdings, Inc.
SNAP Interactive, Inc.
Lingo Media Corporation
iseemedia Inc.
VOIS, Inc.
MOKO.mobi Limited
Jumbuck Entertainment Limited
IAS Energy, Inc.
Internet Group SA
Northgate Technologies Limited
Wizzard Software Corporation
Accelerize New Media, Inc.
LookSmart, Ltd.
Dolphin Digital Media, Inc.
Ynk Korea Inc.
Asknet AG
Market Cap Ranking
NeXplore Corporation
Socialwise, Inc.
Glu Mobile, Inc.
WebMediaBrands Inc
Multiplied Media Corporation
Unilava Corporation
Cyberplex Inc.
GeoSentric Oyj
DigitalTown, Inc.
Quepasa Corp.
PNI Digital Media Inc.
Gravity Co., Ltd
Score Media Inc.
Points International Ltd.
Frogster Interactive Pictures AG
Ngi Group Inc.
NeuLion Incorporated
Spark Networks, Inc.
Moggle, Inc
YD Online Corp.
AQ Interactive, Inc.
HanbitSoft, Inc.
Paid Inc.
Tree.Com, Inc.
Fluid Music Canada, Inc.
DADA SpA
Actoz Soft Co., Ltd.
GameOn Co Ltd.
TheStreet.com, Inc.
Webzen Inc.
GigaMedia Ltd.
The9 Limited
Velti Plc
Myriad Group AG
XING AG
OAO RBC Information Systems
Openwave Systems Inc.
Gamania Digital Entertainment Co.,
dominates group
HUGHES Telematics, Inc.
NetDragon WebSoft, Inc.
CDC Corp.
GungHo Online Entertainment, Inc.
infoGROUP, Inc.
Tencent’s $37b market cap
SK Communications Co., Ltd.
RealNetworks Inc.
Shutterfly, Inc.
United Online, Inc.
NEOWIZ Games Corporation
ValueClick, Inc.
Kingsoft Corporation Limited
Chinese Gamer International
Mixi, Inc.
Taleo Corp.
Changyou.com Limited
Perfect World Co., Ltd.
The New York Times Company
Giant Interactive Group, Inc.
Sohu.com Inc.
Open Text Corp.
Gree, Inc.
IAC/InterActiveCorp.
AOL, Inc.
Shanda Interactive Entertainment Ltd.
Modern Times Group Mtg AB
Netease.com Inc.
Tencent Holdings Ltd.
www.mackieresearch.com

17. Price Performance – 1 week
• Negative momentum with 61% of
stocks falling or flat over past week Price Momentum
Falling
48%
Rising
Flat 39%
13%
17 www.mackieresearch.com

18. Average Price Performance – 1 Week, By Sector
30.0%
25.0%
Media shows biggest
gains
20.0% 18.5%
15.0%
9.7%
10.0% 6.6%
5.0% 2.8% 2.4%
1.1% 0.3% 0.1% 0.0%
0.0%
-0.4% -0.6%
-5.0% -2.1% -2.4% -2.5% -3.3%
-3.5% -3.7%
-5.4%
-10.0% -7.2%
-11.2%-11.9%
-15.0% -12.9%
Internet Retail
Infrastructure
Collaboration
Networking
Virtual World
Financial
Payment
Communities
Learning
Advertising
Music
Search
Mobile
Diversified
Gaming
Enterprise
Marketing
Podcasting
Dating
Services
Media
SMS/Voice
Video
Social
Vertical
# companies
Source: CapitalIQ
18 www.mackieresearch.com

19. 19
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
BWBA
OMEDIA
STVI
IEE
Source: CapitalIQ
TSXV:USS
SHHD
WDDD
UNLA
GLUU
SPXA
CHIN.A
RBCI
DGLP
UOMO
PAYD
CM:DA
SOHU
3888
2497
GIGM
777
PWRD
A052790
6180
GTSM:3083
SFLY
FRG
TSE:3632
590057
O1BC
WZE
AOL
SCLW
NCTY
700
GA
TSCM
NTES
MYRN
SNDA
VCLK
TSX:FMN
RNWK
2121
MKB
OTEX
TSXV:PN
Price Performance – 1 Week
KIWB
ASX:JMB
BWAV
GEO1V
ETGI
RVLU
CWRL
DB:M0C
TSX:CX
TSXV:LM
TSXV:MMC
VEL
VOIS
IUSA
KNTH
TREE
XTRA:A5A
LOV
CYOU
WSE:IGR
AIM:BGT
LOOK
HUTC
A095660
3838
A047080
WEBM
MTG B
IACI
A023770
NXPC
TLEO
MBYL
NYT
UNTD
TSX:PTS
TSX:NLN
TSX:SCR
ACLZ
QPSA
GRVY
KOSE:A069080
A066270
A052770
3812
DPDM
3765
OPWV
DGTW
IASC.A
BYOC
www.mackieresearch.com

20. 20
0%
20%
40%
60%
80%
100%
120%
140%
160%
0%
500%
1000%
1500%
2000%
2500%
3000%
OAO RBC IAS Energy,
Information Inc.
Systems
Beyond
AQ Interactive, Commerce,
Source: CapitalIQ
Inc. Inc.
DigitalTown,
Quepasa Corp. Inc.
Oriented Media GameOn
Group Berhad Co Ltd.
Dolphin
SNAP Digital
Interactive, Inc. Media, Inc.
6 Month
1 Month
Internet
VOIS, Inc.
Group SA
HanbitSoft,
Ngi Group Inc.
Inc.
Betawave Quepasa
Corporation Corp.
SK
Mobile Data
Communications
Corp.
Co., Ltd.
Openwave
Velti Plc Systems
Inc.
Price Performance (Top 10)
0%
1000%
2000%
3000%
4000%
5000%
6000%
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
OAO RBC OAO RBC
Information Information
Systems Systems
Quepasa IAS Energy,
Corp. Inc.
DigitalPost Beyond
Interactive, Commerce,
Inc. Inc.
Fluid Music
Canada, Unilava
Inc. Corporation
AQ
Interactive, SNAP
Interactive, Inc.
Inc.
1 Year
3 Month
VOIS, Inc. Ngi Group Inc.
Openwave
AQ Interactive,
Systems
Inc.
Inc.
TheStreet.com,
Velti Plc
Inc.
Tencent
Worlds.com
Holdings
Inc.
Ltd.
Paid Inc. Quepasa Corp.
www.mackieresearch.com

21. 21
-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%
SpectrumDNA,
DADA SpA Inc.
Source: CapitalIQ
Glu Mobile, Inc.
GigaMedia Ltd.
Wizzard Unilava
Software Corporation
Corporation
Cyberplex Inc. Worlds.com Inc.
Northgate Sahara Media
Technologies Holdings, Inc.
Limited
1 Week
6 Month
Uniserve
CornerWorld
Communications
Corporation
Corp.
En2Go
International, iseemedia Inc.
Inc.
UOMO Media, SNAP
Inc Interactive, Inc.
BroadWebAsia Oriented Media
Inc. Group Berhad
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%
Wizzard
Worlds.com Inc.
Software
Corporation
Cyberplex Inc.
GigaMedia Ltd.
Northgate
iseemedia Inc.
Technologies
Limited
UOMO Media,
Mobile Data
Inc
Corp.
UOMO Media, SpectrumDNA,
Inc Inc.
1 Year
1 Month
CornerWorld Sahara Media
Corporation Holdings, Inc.
En2Go Uniserve
International, Communications
Inc. Corp.
Sahara Media BroadWebAsia
Holdings, Inc. Inc.
Beyond
En2Go
Commerce,
International, Inc.
Inc.
BroadWebAsia CornerWorld
Inc. Corporation
www.mackieresearch.com

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

23. 23
(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

24. Financing activity – Current Month
Month Com pany Nam e Country Sector Angel/Seed 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
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
Searchandise Com m erce USA Advertising 7.0 7.0
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
TellApart USA Analytics 4.8 4.8
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
Spredfast USA Analytics 1.6 1.6
FreshPlanet USA Gaming 1.5 1.5
NearVerse USA Location-based SNS 1.0 1.0
Zoom Safer USA Mobile 1.0 1.0
Kontagent USA Analytics 1.0 1.0
DIYSEO USA Search 1.0 1.0
MyLikes USA Advertising 0.6 0.6
Plyce France Location-based SNS 0.4 0.4
Apr-10 Total 4.0 300.0 23.1 30.2 286.7 26.6 670.5
24 www.mackieresearch.com

25. Financing activity – Current Month, By Sector
# Deals $ Raised
Travel
3%
Mobile
3%
Search Social
Social
Diversified Commerce
3% Commerce
3% 18%
Location- 6%
based SNS
Media
6%
9%
Micromedia
3%
Financial
Gaming Services
6% Diversified
6%
38% Media
15%
Video
Analytics 6%
9%
Infrastructure
3% Advertising
12%
Vertical
Communities
6% Enterprise
Social 6%
Online Networks Other
Learning 6% 29%
3%
Collaboration
3%
25 www.mackieresearch.com

26. Financing Activity – last three months
800.0 25.0
$370mm excl DST,
average $13.2m 21.6
700.0
20.0
600.0
500.0
15.0
12.8 12.5
(US$m)
(US$m)
400.0
10.2
8.9 9.1 10.0
300.0 8.2
6.8
5.8 5.5 5.7 5.4
200.0 4.7
5.0
100.0
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
26 www.mackieresearch.com

27. 27
(US$m)
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
# companies
1
Diversified
6
Media
9
Video
Social
3
Commerce
Advertising
16
8
Search
7
Gaming
Social
9
Networks
Financial
7
Services
6
Mobile
2
Mobile Ad
Crowdsourced
4
Content
2
Enterprise
5
Analytics
Online
2
Learning
2
Internet Retail
Vertical
5
Communities
2
Music
Mobile
1
Payment
1
Collaboration
Location-
4
based SNS
Advertising has most
deals in last 3 months
3
Virtual World
2
Microblog
3
Infrastructure
1
Widget
3
Travel
1
SMS/Voice
Online
1
Calendar
1
Blog
1
Capital Market Activity Ranking – by Sector, last three months
Micromedia
1
Online Dating
1
Aggregation
www.mackieresearch.com

28. Top 10 Deals (2010 YTD)
Financings Acquisitions
350.0 120
300.0
300.0 100
100
250.0
80
80
200.0
60
150.0 135.0 50
100.0 40 36.5
33
50.0 21 20
25.0 20 18
24.5 21.0 20.0 16.2 15.0 14.6 12.5
8
0.0 3
Technologies
LendingClub
Knewton
Box.net
Groupon
BlackArrow
Vidyo
MokaFive
Xobni
Prosper.com
Digital Sky
0
Ankeena Mochi Aardvark StudioNow Saf-T-Net C&C Red 5 Multicast AdMarvel NuConomy
Networks Media Media Studios, Media
Inc.
DST involved in 2
largest deals YTD
28 www.mackieresearch.com

29. Upcoming events/earnings
Company Date Time Quarter Conf Call Details
Modern Times Group Mtg AB (OM:MTG B) 20-Apr-10 3:00 PM (CET) Q1/10 N/A
Changyou.com Limited (NasdaqGS:CYOU) 26-Apr-10 7:00 AM (EDT) Q1/10 852-3002-1672
Sohu.com Inc. (NasdaqGS:SOHU) 26-Apr-10 8:30 AM (EDT) Q1/10 1-877-941-6009
Shutterfly, Inc. (NasdaqGS:SFLY) 28-Apr-10 2:00 PM (PDT) Q1/10 970-315-0490
Openw ave Systems Inc. (NasdaqGS:OPWV) 28-Apr-10 2:00 PM (PDT) Q3/10 877-941-1427
IAC/InterActiveCorp. (NasdaqGS:IACI) 28-Apr-10 11:00 a.m. EST Q1/10 http://w w w .iac.com/Investors
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
Source: CapitalIQ
29 www.mackieresearch.com

30. Public Company Listing Trading Current US$ Market
Com pany Nam e Ticker Exchange Currency HQ Price Cap (m m ) Em ployees
A ccelerize New M edia, Inc. ACLZ OTCBB USD United States 0.59 18.0 NA
A cto z So ft Co ., Ltd. A052790 KOSE KRW So uth Ko rea 13,200 104.1 NA
A OL, Inc. AOL NYSE USD United States 27.09 2,886.0 6,700
A Q Interactive, Inc. 3838 TSE JP Y Japan 150,000 88.4 NA
A sknet AG XTRA :A 5A XTRA EUR Germany 3.90 26.5 NA
B etawave Co rporatio n BWA V OTCPK USD United States 0 2.6 NA
B eyo nd Co mmerce, Inc. BYOC OTCBB USD United States 0.08 4.5 86
B right Things plc AIM :B GT A IM GB P United Kingdo m 0 6.8 9
B roadWebA sia Inc. BWB A OTCPK USD United States 0.02 1.7 46
CDC Co rp. CHIN.A NasdaqGS USD Ho ng Ko ng 3 303.5 NA
Changyo u.co m Limited CYOU NasdaqGS USD China 32.50 1,675.9 1,308
Chinese Gamer Internatio nal GTSM :3083 GTSM TWD Taiwan 352 945.9 NA
Co rnerWorld Co rpo ratio n CWRL OTCBB USD United States 0.02 1.9 16
Cyberplex Inc. TSX:CX TSX CA D Canada 1 46.4 NA
DA DA SpA CM :DA CM EUR Italy 4.77 103.4 NA
DigitalPo st Interactive, Inc. DGLP OTCBB USD United States 0 4.5 NA
DigitalTown, Inc. DGTW OTCBB USD United States 1.80 49.3 3
Do lphin Digital M edia, Inc. DP DM OTCBB USD United States 0 21 .3 NA
En2Go International, Inc. ETGI OTCBB USD United States 0.20 4.8 NA
Fluid M usic Canada, Inc. TSX:FM N TSX CA D United States 2 102.3 NA
Fro gster Interactive P ictures A G FRG XTRA EUR Germany 20.48 70.7 NA
Gamania Digital Entertainment Co ., Ltd. 6180 GTSM TWD Taiwan 47 228.3 NA
GameOn Co Ltd. 381 2 TSE JP Y Japan 102,000.00 106.9 NA
Geo Sentric Oyj GEO1 V HLSE EUR Finland 0 48.4 NA
Giant Interactive Gro up, Inc. GA NYSE USD China 7.85 1,780.5 NA
GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 3 162.5 751
Glu M o bile, Inc. GLUU NasdaqGM USD United States 1 .01 30.9 NA
Gravity Co ., Ltd GRVY NasdaqGM USD So uth Ko rea 2 60.6 469
Gree, Inc. TSE:3632 TSE JP Y Japan 5,540.00 2,71 5.3 NA
GungHo Online Entertainment, Inc. 3765 OSE JP Y Japan 254,1 00 31 6.0 NA
HanbitSo ft, Inc. A047080 KOSE KRW So uth Ko rea 4,820.00 94.4 NA
HUGHES Telematics, Inc. HUTC OTCBB USD United States 3 230.0 276
IA C/InterActiveCo rp. IA CI NasdaqGS USD United States 23.64 2,755.4 3,200
IA S Energy, Inc. IA SC.A OTCPK USD Canada 0 12.0 NA
infoGROUP , Inc. IUSA NasdaqGS USD United States 8.00 463.2 3,146
Internet Gro up SA WSE:IGR WSE P LN P o land 1 13.2 NA
iseemedia Inc. IEE TSXV CA D Canada 0.1 2 8.2 NA
30 www.mackieresearch.com

31. Public Company Listing cont. Trading Current US$ Market
Com pany Nam e Ticker Exchange Currency HQ Price Cap (m m ) Em ployees
Jumbuck Entertainment Limited ASX:JM B A SX A UD A ustralia 0.25 1 .2
1 79
Kent Internatio nal Ho ldings Inc. KNTH OTCPK USD United States 1.81 6.4 NA
Kingso ft Co rpo ratio n Limited 3888 SEHK HKD China 6.1 2 874.2 NA
Kiwibox.Co m, Inc. KIWB OTCBB USD United States 0.01 4.9 NA
Lingo M edia Co rpo ratio n TSXV:LM TSXV CA D Canada 0.65 8.0 NA
Loo kSmart, Ltd. LOOK NasdaqGM USD United States 1.06 18.2 NA
M ixi, Inc. 2121 TSE JP Y Japan 609,000.00 1,020.3 NA
M o bile Data Co rp. M B YL OTCBB USD United States 0.08 2.0 NA
M o dern Times Gro up M tg A B M TG B OM SEK Sweden 425.00 3,895.2 NA
M o ggle, Inc DB :M 0C DB EUR United States 1.29 81 .2 2
M OKO.mo bi Limited M KB A SX A UD A ustralia 0.1 0 10.8 NA
M ultiplied M edia Co rporatio n TSXV:M M C TSXV CA D Canada 0.1 9 42.5 NA
M yriad Gro up AG M YRN SWX CHF Switzerland 4.1 6 189.8 405
NEOWIZ Games Co rporatio n A095660 KOSE KRW So uth Ko rea 38,800.00 731 .9 NA
NetDrago n WebSo ft, Inc. 777 SEHK HKD China 4.32 294.2 NA
Netease.co m Inc. NTES NasdaqGS USD China 35.1 6 4,554.0 NA
NeuLio n Inco rpo rated TSX:NLN TSX CA D Canada 0.65 74.5 NA
NeXplo re Corpo ratio n NXP C OTCPK USD United States 0.50 27.9 NA
Ngi Gro up Inc. 2497 TSE JP Y Japan 53,1 00.00 71 .3 NA
No rthgate Techno lo gies Limited 590057 B SE INR India 18.45 14.4 160
OA O RB C Info rmatio n Systems RB CI M ICEX RUB Russia 44.21 204.6 2,523
Open Text Co rp. OTEX NasdaqGS USD Canada 47.1 4 2,661 .7 3,700
Openwave Systems Inc. OP WV NasdaqGS USD United States 2.69 225.4 590
Oriented M edia Gro up B erhad OM EDIA KLSE M YR M alaysia 0.1 6 6.7 NA
P aid Inc. PA YD OTCBB USD United States 0.36 95.5 20
P erfect Wo rld Co ., Ltd. PWRD NasdaqGS USD China 34.78 1,732.9 NA
P NI Digital M edia Inc. TSXV:P N TSXV CA D Canada 1.72 56.9 NA
P o ints Internatio nal Ltd. TSX:P TS TSX CA D Canada 0.45 66.2 NA
Quepasa Co rp. QP SA OTCBB USD United States 4.1 5 53.8 71
Real Value Estates, Inc. RVLU OTCBB USD Israel 1.03 6.6 NA
RealNetwo rks Inc. RNWK NasdaqGS USD United States 4.40 594.6 1,754
Sahara M edia Ho ldings, Inc. SHHD OTCBB USD United States 0.25 7.8 15
Sco re M edia Inc. TSX:SCR TSX CA D Canada 0.80 63.8 220
Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 44.05 2,962.6 NA
Shutterfly, Inc. SFLY NasdaqGS USD United States 23.69 634.5 51 9
SK Communicatio ns Co ., Ltd. A066270 KOSE KRW So uth Ko rea 1 50.00
4,1 530.3 NA
SNA P Interactive, Inc. STVI OTCBB USD United States 0.24 7.9 NA
31 www.mackieresearch.com

32. Public Company Listing cont.
Trading Current US$ Market
Com pany Nam e Ticker Exchange Currency HQ Price Cap (m m ) Em ployees
So cialwise, Inc. SCLW OTCB B USD United States 0.58 28.1 NA
So hu.co m Inc. SOHU NasdaqGS USD China 49.76 1,879.3 3,997
Spark Netwo rks, Inc. LOV A M EX USD United States 3.76 77.4 NA
SpectrumDNA , Inc. SP XA OTCB B USD United States 0.10 6.5 7
Taleo Co rp. TLEO NasdaqGM USD United States 26.87 1,065.6 91 6
Tencent Ho ldings Ltd. 700 SEHK HKD China 157.30 37,060.2 7,51 5
The New Yo rk Times Co mpany NYT NYSE USD United States 1 1
2.1 1,762.6 7,665
The9 Limited NCTY NasdaqGS USD China 6.84 174.5 1,626
TheStreet.co m, Inc. TSCM NasdaqGM USD United States 3.61 1 3.9
1 NA
Tree.Co m, Inc. TREE NasdaqGM USD United States 9.14 100.6 700
Unilava Co rpo ratio n UNLA OTCB B USD United States 0.44 44.0 39
Uniserve Co mmunicatio ns Co rp. TSXV:USS TSXV CA D Canada 0.08 1.9 NA
United Online, Inc. UNTD NasdaqGS USD United States 8.11 702.0 1,699
UOM O M edia, Inc UOM O OTCB B USD Canada 0.02 1.7 NA
ValueClick, Inc. VCLK NasdaqGS USD United States 10.09 820.5 1,086
Velti P lc VEL A IM GB P United Kingdo m 3.11 178.4 450
VOIS, Inc. VOIS OTCB B USD United States 0.01 9.0 2
WebM ediaB rands Inc WEB M NasdaqGS USD United States 1.00 37.4 NA
Webzen Inc. KOSE:A 069080 KOSE KRW So uth Ko rea 13,450 142.6 NA
Wizzard So ftware Co rpo ratio n WZE A M EX USD United States 0.24 15.9 NA
Wo rlds.co m Inc. WDDD OTCB B USD United States 0.10 5.4 1
XING A G O1 C
B XTRA EUR Germany 27.39 1 .5
91 NA
YD Online Co rp. A 052770 KOSE KRW So uth Ko rea 6,240 83.8 NA
Ynk Ko rea Inc. A 023770 KOSE KRW So uth Ko rea 3,230 23.0 NA
32 www.mackieresearch.com

33. 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
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33 www.mackieresearch.com