09-04-21 web 2.0 weekly

SOFTWARE & SERVICES 21 APRIL 2009

W E B 2 . O W E E K L Y

DAVID SHORE, CFA, MBA 416.860.6784

[email protected]

Arun Thomas (Associate) 416.860.7666

MEDIA COMPANY (GOOM RADIO) TOP DESTINATION FOR CAPITAL IN THIRD WEEK OF APRIL

ACTIVITY HUMS ALONG IN WEEK THREE OF APRIL Total f inancings (month-to-date) jumped to $92.2 mil lion (this week) from $66.3 mill ion (last week) – a significant 40%. As of last week, a total of 12 deals closed, with a $16 mil lion raise by GOOM Radio being a major contributor. A total of four deals greater than $10 mill ion each helped the overall statistics.

It appears, from comparing the total number of capital raises (so far) in April , that the month may l ikely f inish of at or slightly below March levels, unless the balance of the month witnesses a sudden jump in the number of transactions or a few high dollar f inancings. This may be an indication that Venture Capital ists (VC) are being more cautious with deployment of capital in a recessionary environment. According to The Wall Street Journal (18-April-2009), VC activity has dropped to levels not seen since 1996. The journal goes on to state that pension funds, endowments, and foundations that tradit ionally have funded VCs are reluctant to commit money since these institutions are seeing a signif icant drop in values of the public and private investments.

Financing Activity Last Three Months

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6.0

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7.6

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Total Average

Capital Market Activity: Three weeks into April and we saw 12 companies raising money, with GOOM Radio and Collective Media raising $16 mill ion and $20 mill ion, respectively. The month-to-date total of total capital raised stands at $92.2 mil lion. The Rubicon Project (ad network sector) and Cellufun (gaming sector) fol lowed GOOM Radio, raising $13 mil lion and $10 mill ion, respectively.

Price Performance: Social Networking company DigitalTown Inc. (DGTW-OTCBB) was the top price performer for the week, returning 20%, closely fol lowed by Kingsoft Co. Ltd. (3888-SEHK) at 17.6%. The9 Ltd. (NCTY-NasdaqGS) had the worst return, dropping 27.6% in the week after news of its losing the l icense to operate World of Warcraft in China. Of the 34 companies (with stock price greater than $1), 10 companies on our l ist had price performances greater than +10%. Only one company returned more than 20%.

This report has been created by Analysts that are employed by Research Capital Corporation, a Canadian Investment Dealer.

For further disclosures, please see last page of this report. www.researchcapi ta l .com

Toronto 416 .860 .7600 Montrea l 514.399 .1500 Vancouver 604 .662 .1800 Calgary 403 .265.7400 Regina 306 .566 .7550

THE WE B 2 . 0 UNI VE RSE

Ninety-two public Web 2.0 companies identified: Our Web 2.0 universe contains 92 companies, with a combined market cap of ~ $40 bill ion (Figure 1). The average market cap for the group is ~$431 mil lion (but a median of only $45.5 mil lion), with average trail ing revenue of $145 mil lion (median $52 mill ion). The companies are also generally profitable, with a median EBITDA margin of 17.6%. On a valuation basis, the overall average is 4.7x trai ling revenue (median 1.1x) and 8.9x trail ing EBITDA (median 7.1x). Thirteen of the companies have more than 500 employees.

Comparable C ompany Analys is > Web 2.0

C ompany Name L TM as of T icker E xchange

Trading

Currency HQ

Current

Pr ice

USD Market

C ap ($m)

USD LTM Total

R ev ($m)

USD L TM T otal

EB ITDA ($m)

E BITDA

%

TEV/LTM

R evenue

TEV/LTM

E B ITDA Employees

Acce le rize New Media, Inc. 1 2/31 /2008 AC LZ OTC BB USD United S ta tes 0 .49 13.4 3.8 (4 .8) NM 4.7 x - 11

Actoz S of t C o. , L td. 1 2/31 /2008 A0 52790 KOS E KR W South Korea 14, 700 94.0 70. 1 1 4.0 20 .0% 0.9 x 4.7x NA

AQ Inte ractive , Inc. 1 2/31 /2008 38 38 T S E J PY J apan 48 ,000 .00 26.5 61. 3 4 .9 8 .0% - - NA

As socia ted Media Holdings Inc. 6 /30 /200 7 AS MH OTC PK USD United S ta tes 0 0 .1 0.1 (2 .3) NM 8.1 x - 3 B igstring Corp. 1 2/31 /2008 BS GC OTC BB USD United S ta tes 0 .01 0 .7 0.1 (2 .1) NM 23.6x - 4

Be tawave Corpora tion 1 2/31 /2008 BWAV OTC BB USD United S ta tes 0 4 .1 7.7 (1 1.8) NM - - 45

Be yond Commerce, Inc. 1 2/31 /2008 BYOC OTC BB USD United S ta tes 1 .50 62.0 1.8 (8 .6) NM 35.7x - 43

B r ight T hings plc 9 /30 /200 8 AIM:BGT AIM GBP United K ingdom 0 5 .0 0.2 (1 .6) NM 20.6x - 3 ,12 5 B roa dW ebAs ia Inc. 9 /30 /200 8 BW BA OTC PK USD United S ta tes 0 .45 38.2 0.0 (4 .6) NM - - 37

C DC C orp. 9 /30 /200 8 CHIN .A Nasda qGS USD Hong Kong 1 151.0 428 .1 1 8.8 4 .4% 0.5 x 11.0 x NA

C hina Gatewa y C orpora tion 9 /30 /200 8 CGW Y OTC BB USD United S ta tes 0 .00 0 .0 6.7 (6 .6) -98.9% 6.0 x - NA

C hine s e G amer International 1 2/31 /2008 GT SM:3083 GT SM TWD Taiwan 188 471.1 46. 1 2 3.3 50 .5% 1.1 x 12.9 x NA C ornerW orld C orporation 1 /31 /200 9 CWR L OTC BB USD United S ta tes 0 .10 6 .4 1.3 NM NM 0.7 x 4.2x 574

C yberplex Inc. 1 2/31 /2008 T S X:C X T SX C AD C ana da 1 52.2 46. 4 3 .9 8 .4% 0.5 x 3.9x NA

DADA S pA 9 /30 /200 8 CM:DA CM EUR Ita ly 4 .99 104.4 219 .0 3 5.0 16 .0% - - NA

DXN Holdings B hd 1 1/30 /2008 DXN KL S E MYR Ma la ys ia 0 19.8 76. 5 1 0.2 13 .3% 5.0 x - 11 Dibz Inte rnational, Inc. NA DIBZ OTC PK USD United S ta tes 0 .00 0 .0 NA NM NM - - 3

DigitalPost Inte ra ctive , Inc. 9 /30 /200 8 DGLP OTC BB USD United S ta tes 0 1 .1 0.4 (3 .3) NM - - 6

DigitalT own, Inc. 1 1/30 /2008 DGTW OTC BB USD United S ta tes 3 .00 81.2 NM (2 .5) NM 1.2 x - NA

Dolphin D igital Media, Inc. NA DPDM OTC BB USD United S ta tes 1 26.6 NA NM NM - - 2 E o lith C o. L td. 1 2/31 /2007 A0 41060 KOS E KR W South Korea 625 .00 21.9 18. 8 (0 .1) -0 .3% - - 22

E xtens ions , Inc. 9 /30 /200 8 EXT I OTC PK USD United S ta tes 0 14.2 NM NM NM 0.0 x - 29

F inancia l Media G roup, Inc. 1 1/30 /2008 FNGP OTC BB USD United S ta tes 0 .01 0 .4 6.8 1 .2 18 .3% 4.8 x - NA

F luid Mus ic Ca nada, Inc. 9 /30 /200 8 T S X:FMN T SX C AD United S ta tes 0 14.9 4.2 (8 .6) NM 1.1 x 7.7x NA F rogs te r Interactive P icture s AG 6 /30 /200 8 F RG XTR A EUR Germany 8 .35 25.4 5.2 (3 .1) -60.6% 0.5 x 1.8x NA

Gamania Digital E ntertainment C o. , L td. 1 2/31 /2008 61 80 GT SM TWD Taiwan 32 143.2 111 .4 1 6.1 14 .5% 6.9 x - 94

GameOn C o L td. 1 2/31 /2008 38 12 T S E J PY J apan 93 ,800 .00 92.2 75. 8 1 9.6 25 .9% - - NA

Ge oS e ntr ic O yj 1 2/31 /2008 GEO1V HLS E EUR F inland 0 46.3 5.7 (1 2.7) NM 1.5 x 6.4x NA G iant Intera ctive G roup, Inc. 1 2/31 /2008 GA NYS E USD C hina 7 .60 1,717.6 233 .2 144.4 61 .9% - - 636

G iga Media Ltd . 1 2/31 /2008 G IGM Nasda qGS USD T aiwan 7 368.5 190 .4 4 6.0 24 .2% 39.5x - NA

Gravity C o., L td 9 /30 /200 8 GR VY Nasda qGM USD South Korea 0 .98 27.2 36. 8 7 .1 19 .2% 1.1 x 6.0x NA

Gree, Inc. 6 /30 /200 8 T S E : 3632 T S E J PY J apan 5, 480 1,242.7 29. 9 1 0.7 36 .0% 1.0 x - NA

GungHo O nline E ntertainment, Inc. 1 2/31 /2008 37 65 OS E J PY J apan 122 ,300 .00 142.4 114 .3 2 0.4 17 .8% 0.4 x 8.2x 3 ,20 0 HanbitS of t, Inc. 1 2/31 /2008 A0 47080 KOS E KR W South Korea 4, 160 68.5 52. 2 (1 4.7) -28.2% - - NA

IAC /InterActiveC orp. 1 2/31 /2008 IAC I Nasda qGS USD United S ta tes 16 .19 2,281.9 1 ,44 5.1 6 4.6 4 .5% - - NA

IAS E nergy, Inc. 1 /31 /200 9 IAS C.A OTC BB USD C ana da 0 17.2 0.0 (0 .8) NM 2.1 x - NA

IdeaEdge, Inc. 1 2/31 /2008 OT C BB :IDAE OTC BB USD United S ta tes 0 .30 12.8 0.0 (4 .6) NM 1.0 x 2.8x 72 iseemedia Inc. 1 2/31 /2008 IE E T SXV C AD C ana da 0 4 .2 1.2 (4 .8) NM 2.6 x - 237

J umbuck E ntertainment P ty Ltd. 1 2/31 /2008 AS X:JMB AS X AUD Aus tra lia 0 .50 17.4 12. 6 4 .7 37 .2% 1.1 x 11.1 x NA

J umpTV Inc. 1 2/31 /2008 T S X:J T V T SX C AD C ana da 1 50.7 13. 4 (8 .4) -62.6% 3.8 x 9.8x 2 ,27 1

Ka boose Inc. 1 2/31 /2008 T S X:K AB T SX C AD C ana da 0 .58 65.9 66. 4 6 .6 9 .9% 3.0 x - NA K ingsoft Co. Ltd. 1 2/31 /2008 38 88 S E HK HKD C hina 4 528.4 120 .1 4 6.3 38 .5% 0.2 x - NA

Lingo Media Corporation 9 /30 /200 8 T S XV : LM T SXV C AD C ana da 0 .89 9 .3 3.3 (1 .4) -42.5% - - 90

LiveWorld Inc. 1 2/31 /2008 LV WD OTC PK USD United S ta tes 0 3 .1 11. 8 (0 .5) -4 .3% - - 13

LookSmart, Ltd. 1 2/31 /2008 LOOK Nasda qGM USD United S ta tes 1 .13 19.3 65. 0 (2 .0) -3 .1% 4.7 x 12.4 x NA Magnitude Information S ys tems Inc. 9 /30 /200 8 MAGY OTC BB USD United S ta tes 0 6 .5 0.1 (3 .2) NM 1.1 x 7.1x 2 ,96 9

Mixi, Inc. 1 2/31 /2008 21 21 T S E J PY J apan 427 ,000 .00 666.3 119 .3 4 5.4 38 .0% - - 3

Mode rn Times G roup Mtg AB 1 2/31 /2008 MTG B OM S EK Sweden 166 1,263.1 1 ,52 0.5 245.3 16 .1% 4.0 x - NA

Moggle , Inc 1 2/31 /2008 MMOG OTC BB USD United S ta tes 2 .30 83.5 NM (1 .1) NM 2.9 x 10.8 x NA MOKO.mobi L imited 1 2/31 /2008 MK B AS X AUD Aus tra lia 0 5 .0 1.0 (2 .1) NM 2.0 x 4.4x NA

NE OW IZ Games C orpora tion 1 2/31 /2007 A0 95660 KOS E KR W South Korea 55 ,600 .00 401.9 135 .5 3 6.4 26 .9% - - NA

NetDragon W ebS oft, Inc. 1 2/31 /2008 77 7 S E HK HKD C hina 5 319.2 87. 2 3 9.9 45 .7% - - 19

Nete as e.com I nc. 1 2/31 /2008 NT E S Nasda qGS USD C hina 28 .92 3,558.7 451 .1 293.3 65 .0% - - NA NeXplore Corpora tion 9 /30 /200 7 NXPC OTC PK USD United S ta tes 1 39.0 NM (4 .9) NM 0.2 x 1.3x 286

Ngi G roup Inc. 1 2/31 /2008 24 97 T S E J PY J apan 30 ,500 .00 38.3 100 .0 3 0.8 30 .8% 2.5 x 10.0 x 3 ,40 0

Northgate Technologies L imited 1 2/31 /2008 59 0057 BS E INR India 43 29.8 134 .1 2 3.6 17 .6% 0.1 x - 627

Open T ext Corp. 1 2/31 /2008 OT EX Nasda qGS USD C ana da 35 .13 1,823.2 769 .3 195.0 25 .3% - - NA Openwave S ys tems Inc. 1 2/31 /2008 OPWV Nasda qGS USD United S ta tes 1 100.8 199 .6 (1 0.2) -5 .1% 2.7 x - NA

Pe rf ect W orld C o. , Ltd. 1 2/31 /2008 PW R D Nasda qGS USD C hina 15 .93 840.4 210 .2 113.7 54 .1% - - 74

PhotoChannel Network s Inc. 1 2/31 /2008 T S XV : PN T SXV C AD C ana da 2 45.5 16. 2 (0 .8) -4 .9% 0.0 x 0.1x NA

Quepa s a C orp. 1 2/31 /2008 QPS A Nasda qC M USD United S ta tes 0 .72 9 .2 0.1 (1 1.4) NM 0.1 x 0.2x NA OAO RB C Information S ys tems 1 2/31 /2007 R BC I R T S USD R us s ia 1 69.4 139 .7 1 8.2 13 .1% 0.8 x 6.2x 514

S handa Interactive E ntertainment L td. 1 2/31 /2008 SNDA Nasda qGS USD C hina 44 .46 3,084.8 522 .0 239.8 46 .0% 1.8 x 19.1 x NA

S hutte rf ly, Inc. 1 2/31 /2008 S F LY Nasda qGS USD United S ta tes 11 264.5 213 .5 2 8.4 13 .3% 2.0 x 6.4x 11

S K C ommunications Co. , Ltd. 1 2/31 /2007 A0 66270 KOS E KR W South Korea 9 ,090 .00 280.9 155 .8 1 4.7 9 .4% 1.1 x - 33 SNAP Inte ra ctive , Inc. 1 2/31 /2008 S T V I OTC BB USD United S ta tes 1 7 .6 3.0 0 .9 31 .4% 0.0 x - NA

SNM G lobal Holdings 9 /30 /200 8 SNMN OTC PK USD United S ta tes 0 .00 0 .0 2.0 (0 .7) -34.8% 3.4 x 8.1x 3 ,19 7

S ocia l Media Venures , Inc. 1 2/31 /2008 SMV I OTC PK USD United S ta tes 0 0 .0 0.1 (0 .1) -60.5% - - 15

S ohu. com Inc. 1 2/31 /2008 SOHU Nasda qGS USD C hina 46 .43 1,769.7 429 .1 180.5 42 .1% 0.8 x 3.9x 183 S ite s earch C orporation 1 /31 /200 9 S T PC OTC BB USD United S ta tes 3 28.2 NM (1 .1) NM - - 7

S park Networks , Inc. 1 2/31 /2008 LOV AME X USD United S ta tes 2 .35 48.3 57. 3 1 2.3 21 .5% 15.4x 31.4 x 6 ,19 4

S pectrumDNA, Inc. 1 2/31 /2008 S P XA OTC BB USD United S ta tes 0 10.2 0.1 (2 .5) NM 0.2 x - 347

T encent Holdings L td. 1 2/31 /2008 70 0 S E HK HKD C hina 63 .90 14,848. 6 1 ,04 6.3 511.7 48 .9% - - NA T he Parent C ompany 8/2/2008 K IDS .Q OTC PK USD United S ta tes 0 0 .5 112 .0 (1 3.5) -12.0% - - 310

T he9 L imited 1 2/31 /2008 NCTY Nasda qGS USD C hina 9 .59 257.2 249 .8 8 4.1 33 .7% 4.6 x - 16

T heS treet.com, Inc. 1 2/31 /2008 T S CM Nasda qGM USD United S ta tes 2 69.0 71. 9 7 .0 9 .7% 0.3 x - 700

T otal S port Online A S 3 /31 /200 6 TOSO OTC NO NOK Norwa y 0 .04 0 .2 2.0 (1 .0) -50.6% 0.1 x 29.5 x NA

T ree.C om, Inc. 1 2/31 /2008 T R E E Nasda qGM USD United S ta tes 6 56.7 228 .6 (2 3.9) -10.4% 1.0 x 4.5x 1 ,46 9 Unis erve C ommunications Corp. 1 1/30 /2008 T S XV : US S T SXV C AD C ana da 0 .04 0 .8 24. 2 0 .1 0 .4% 11.3x - NA

United Online Inc. 1 2/31 /2008 UNTD Nasda qGS USD United S ta tes 5 391.0 669 .4 153.9 23 .0% 1.1 x 6.0x 1 ,18 9

UOMO Media , Inc 1 /31 /200 9 UOMO OTC BB USD C ana da 0 .08 6 .9 0.6 (0 .5) -78.2% - - 4

Va lueC lick Inc. 1 2/31 /2008 VC LK Nasda qGS USD United S ta tes 9 805.1 625 .8 113.6 18 .2% - - NA VO IS , Inc. 1 2/31 /2008 VOIS OTC BB USD United S ta tes 0 .30 2 .5 0.0 (1 .3) NM 4.5 x - 110

W ebze n Inc. 1 2/31 /2008 WZEN Nasda qGM USD South Korea 3 31.2 21. 4 (4 .2) -19.8% - - NA

W izza rd S of twa re Corpora tion 1 2/31 /2008 WZE AME X USD United S ta tes 0 .57 26.8 6.1 (6 .0) -98.2% - - 1

W oozyF ly, Inc. 1 2/31 /2008 WZYF OTC BB USD United S ta tes 0 2 .6 NM NM NM - - NA W orlds .com Inc. 9 /30 /200 8 WDDD OTC BB USD United S ta tes 0 .17 8 .9 0.1 NM NM 2.7 x 8.5x 174

W ynds torm C orporation NA WYND OTC BB USD United S ta tes 0 1 .6 NA NM NM 2.2 x 9.6x NA

XING AG 1 2/31 /2008 O1B C XT R A EUR Germany 27 .00 178.7 45. 1 1 4.4 32 .0% 0.6 x - NA

Ye dangOnline Corp. 1 2/31 /2007 A0 52770 KOS E KR W South Korea 9, 510 111.8 51. 5 1 1.5 22 .4% 0.6 x - NA Ynk Korea Inc. 1 2/31 /2007 A0 23770 KOS E KR W South Korea 4 ,440 .00 8 .2 14. 7 (1 .1) -7 .6% - - -

ZipLocal Inc. 1 2/31 /2008 T S XV : ZIP T S XV C AD C ana da 0 0 .3 2.6 (2 .8) NM 39.5x 31.4 x 20,22 2

H igh 14,848. 6 1 ,520 .5 51 1.7 65 .0% 39.5x 31.4 x 20 ,22 2

Low 0 .0 0.0 -23.9 -98.9% - - 0

Average 431.5 145.0 31.9 6.9% 4.7x 8.9x 1,074

Median 45.5 52. 2 1 .2 17 .6% 1.1 x 7.1x 179

Figure 1. Web 2.0 Universe Summary Source. Capital IQ

CAPIT AL M ARKET S ACT IV I TY (M &A AND F I NANCI NG )

Is April levelling off? Last week closed with 12 financings (month-to-date April) total ling $92.2 mil lion. The month of Apri l (so far) has registered four deals greater than or equal to $10 mill ion and two deals greater than $15 mill ion. The month of March registered 22 financings (total $130.7 mill ion, average $5.9 mill ion) compared to 25 financings announced in February, total ling $185.5 mil lion, or $7.4 mil lion on average (Figure 2). The average value for February was above the $6.8 mill ion average for January, with four f inancings over $15 mil lion in February (Twitter, Synthasite, Tremor Media, and Offerpal Media) vs. no deals over $15 mill ion in January.

Financing Activity Last Three Months

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

Collective Media largest deal in April: Three weeks into April and Collective Media tops the l ist with a $20 mill ion raise, followed by Goom Radio and The Rubicon Project with $16 mil lion and $13 mil lion, respectively (Figure 3). For additional details, see Figures 23 and 24 (at end of note).

Financing Summary - Last Three Months

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Figure 3. Capital Market Activity, Last Three Months Source. Company reports

Social Networks is the most active sector: Activity over the last three months was busiest in the Social Networks sector, with 12 companies raising over $74.4 mil lion (Figure 4). The video sector has the next highest totals, with eight companies raising $63.4 mil lion.

Capital Market Activity by Sector - Last Three Months

74.4

63.4

49.9

41.9 41.437.0

22.5 20.016.0 15.0

12.0 12.09.0 6.5 5.5 4.3 4.1 4.1 3.9 3.1 2.0 2.0 1.4 1.3 1.30.0

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

CAPIT AL M ARKET S ACT IV I TY (P RI CE PE RFO RM ANCE )

Price Performance: Our Web 2.0 index (market-cap weighted) essential ly mirrored the performance of the NASDAQ composite index from mid 2008 unti l recently when it has moved higher than the NASDAQ index (Figure 5).

Web 2.0 Index Price Performance

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

Figure 5. Web 2.0 Price Performance Source. Capital IQ

A positive week: Most of the companies in our universe had positive stock price performances over the past week (for stocks with prices greater than $1) (Figure 6), with 19 companies showing positive returns on the week. DigitalTown Inc. (DGTW-OTCBB) led the group with a 20% return over the past week. The9 Ltd. (NCTY-NasdaqGS) had the worst return, dropping 27.6% in the week after news of i ts losing the license to operate World of Warcraft in China.

1 Week Price Performance

-27.6%

-14.8%

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0.4%

0.9%

3.3%

3.4%

4.4%

6.6%

6.8%

8.2%

10.4%

10.9%11.1%

11.1%

11.3%

12.5%

16.3%

17.2%

17.6%

20.0%

-40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0%

The9 L imited

S handa Interactive

United Online Inc .

Openw ave S ys tems Inc .

V alueClick Inc .

Webzen Inc .

S ohu.com Inc .

Perfect World Co. , Ltd.

LookSmart, Ltd.X ING AG

Gree, Inc .

PhotoChannel Netw orks Inc .

IAC/InterActiveCorp.

S hutterf ly , Inc .

Neteas e.com Inc .

Cyberplex Inc .

Open Tex t Corp.

G iant Interactive Group, Inc .

GameOn Co Ltd.

Tree.Com, Inc .

Tencent Holdings Ltd.

S park Netw orks , Inc .

TheS treet. com, Inc .

Modern Times Group Mtg A B

Frogs ter Interac tive Pictures AG

GigaMedia Ltd.Mix i, Inc .

CDC Corp.

AQ Interac tive, Inc .

Ngi Group Inc .

NetDragon WebS oft, Inc .

DADA S pA

Beyond Commerce, Inc .

K ings of t Co. Ltd.

Digita lTow n, Inc .

Figure 6. 1-Week Price Performance Source. Capital IQ

INDUST RY NE WS (P ART NE RS HI PS, F I NANCI AL RES UL TS, NE W P RO DUCT S )

K ey Developments

Company Headline Notes

B lizzard Entertainment, Inc . ;

Neteas e.com Inc. (NasdaqGS :NTE S )

B lizz a rd E ntertainment to P artner with N etease in

Ma inland China on W orld of W arcraft(R )

B lizz a rd E nterta inment Inc . and Neteas e. com I nc . announced that B lizz ard E ntertainment(R )'s W orld of W arcraft(R ) will be licens ed to an

a ff ilia ted company of NetE ase. com Inc . in mainland C hina for a te rm of 3 years following the expira tion of the current l icens e agreement.

B oth companies announced a pa rtnership on B lizz a rd E nterta inment's W arcraft(R ) I I I, S tarCra ft(R ) II , and B attle.net(R ) gaming pla tform last

summer. Announcement furth er enhances the pa rtnership between B li zza rd E nterta inment and NetE as e and promotes a cons is tent level of

quality and serv ice in ma inland C hina for a ll B liz zard E ntertainment games involved in the partnership.

E DI S PRE S S Holding; OAO RBC

Information S ys tems (R TS :R BC I); R BC

Inves tments (Cyprus ) L td.

The Dis trict C ourt Attaches As sets of OAO R B C

Information S ys tems , E D I S P R E S S Holding, R B C

Investments (C yprus ) Ltd. and Ad Net L td

The Dis tric t C ourt of the c ity N icos ia has su stained the c la im of B ank of Mos cow to attach as sets of OAO R B C Information S ys tems

registered in Cyprus , including E D I S P R E S S Holding, R B C I nves tments (Cyprus) L td. and Ad Net Ltd. T his attachment is an interlocutory

injunction on the lawsuit f iled by B ank of Moscow against the media holding in March 2009 to the London C ourt of I nternational Arbitration.

B ank of Mos cow is a la rge holder of CLN is s ued by R B C Inves tments in D ecember 2007 agains t a credit of B a rclay s Capital B ank for the

sum o f $45 million (E UR 33. 54 million). T he paper matured in November 2008.

E ndeca T echnologies , Inc.; Open Text

C orp. (NasdaqGS : OTEX)

Open T ext and E ndeca P artner to Deliver Unprecedented

Digita l Ass et R eus e

E ndeca Technologies I nc . and Open Tex t Corp. announced a formalized partners hip to deliver E ndeca's D igita l As set Navigator solution on

Open T ext D igita l Media G roup's E nterprise Media Management S olution. T he joint offering is designed to provide media , publis hing and

retail organizations with an unprecedented ability to cut cos ts and s treamline operations by reusing exis ting digita l a s sets , such as audio,

video, and images that a re s tored in hous e instead of recreating or purchasing new ass ets .

F inanc ial Media Group, Inc .

(OTCB B:FNGP)

F inancia l Media G roup, Inc . announced delayed 10-Q

filing

On 04/14/2009, F inanc ia l Media G roup , Inc . announced that they will be unable to f ile their nex t 10-Q by the deadline required by the S E C .

GigaMedia L td. (NasdaqGS :GIGM);

P artyGaming Plc (L S E :PR TY)

P arty G aming E yeing G igamedia P a rtyG aming P lc is reportedly in ta lk s with G igamedia Ltd. for a poss ible merger or takeover o f E veres t P ok er brand. G igamedia , which has

a market value of $363 million, is believed to have appointed Goldman S achs to look for a buyer for the whole company or simply its E verest

poker brand. P arty G aming is among a small number of parties thought to be negotiating with G igamedia . One potentia l ba rri er to a full

merger could be the unwillingnes s of G igamedia sha reholders to hold s tock in a London-li sted company. A P arty G aming s pokesman s aid:

"W e have made it very c lea r we believe the industry will consolidate and we will look a t opportunities as and when they a ris e." G igamedia

told inves tors la st month it was "in discus sions with s everal interes ted parties concerning the poss ibility of a strategic merger or a sal e".

J umpTV Inc . (TS X :J TV) JumpT V U nveils P remier Latin Online Televisi on S erv ice JumpTV I nc. announced the launch of J umpTV Latino, an online destination for Latin American telev ision with prominent new features .

JumpTV Latino is a s ubscription-based serv ice that provides the la rgest s election of live and on-demand Latin American televis ion channels

ava ilable via the I nternet, providing viewer's one centra l place to a ccess Latino enterta inment. T he onli ne des tina tion continues to s erve

exis ting JumpT V s ubs cribers and offers a key hot spot for new v iewers with a sleek new look and feel, enhanced video experience and

improved cus tomer s upport. JumpT V La tino is a dua l language destination tha t features up to 30 top La tin American channels from C hile (TV

Chile) , P eru (America TV ), Colombia (Caracol T V and T V C olombia), Argentina (Tele fe Internacional) , V enezuela (Meridiano TV ), B olivia ,

E cuador, G uatemala , Mex ico, P araguay, Domin ican R epublic and U ruguay.

L ingo Media C orporation (TSXV:LM) L ingo Media C orporation announced delayed 2 0-F filing On 04/17/2009, L ingo Media C orpora tion announced that they will be unable to fi le their nex t 20-F by th e deadline required by the S E C.

L ionbridge Technologies Inc.

(NasdaqGM:LIOX); Open Text C orp.

(NasdaqGS :OTEX)

L ionbridge T echnologies Inc . Announces P a rtnership with

Open T ext C orporation to S treamline R egula tory

Compliance S olutions for P harmaceutical Companies

L ionbridge T echnologi es Inc . announced an alliance wi th Open T ext C orp. W ith the alliance, joint cus tomers of Open Tex t and L ionbridge

can now streamline the development, implementa tion and integration of regula tory compliance s olutions by combining expert development

serv ices from L ionbridge together with innovative enterpris e content management s olutions from Open T ext. P ha rmaceutical companies and

other organizations need a complete, reliable s olution for managing enterprise content within a complex regula tory compliance env ironment.

NetDragon WebSoft, Inc. (S EHK :777) NetDragon W ebS oft, I nc. , 0. 11 (HK D), Cas h D ividend,

Apr-15-2009

NetDragon W ebS oft, I nc. , 0. 11 (HK D), C ash Di vidend, Apr-15-2009

Open T ext C orp. (NasdaqGS :OTEX) Open T ext E xpands C ontent S ecurity O ffering with

R eleas e of S OCK S C lient

Open T ext C orp. announced the immediate ava ilabi lity of its la test C onnec tiv ity s olution, Open T ext S O CK S Client, an enterpris e-grade

S OCK S V 4 and V 5 c lient, tha t a s sis ts organiza tions to transparently and cos t-effectively s ecure thei r enterprise content applica tions over

TC IP /IP network s. P rotec ting confidentia l and miss ion critical applica tion content has become a strateg ic priority for many organiz ations

thes e days. Unfortunately, many homegrown or vendor a pplications have not been built to opera te with network f irewa lls and proxies forcing

adminis tra tors to leave gaping holes in their s ecurity infrastructures . S OCK S is an industry s tandard security protocol tha t facilitates the

routing of network traff ic through firewalls and proxy s ervers . T he Open Tex t S OCK S C lient ca n dynamica lly 'sock s-enable' enterpris e

applications without requiring changes to their code. A rules -bas ed engine a llows adminis trators to decide which applica tion tra ff ic should be

secured, ins tantly enabling i t to traverse S OC K S prox ies and firewa ll s .

S pectrumDNA, Inc . (OTC BB :S PXA) S pec trumDNA, Inc. E lects R ebecca D . Hers hinger a s

Chief F inanc ial Officer

On April 13, 2009, the B o ard of D irectors of S pec trumDNA, Inc . elected R ebecca D. H ers hinger as C hief F inancia l Officer of the company,

effective immedia tely . Ms . Hers hinger, age 35, has been an employee of the company since July 2008 s erv ing as V ice P res ident of F inance

and C orpora te Development. P rior thereto, and from 2007 to 2008, she provided financia l and s tra tegy consulting serv ices to K urt S a lmon

Ass ocia tes and S pectrumDNA, I nc.

Figure 7. Key Developments Source. Capital IQ

VAL UAT IO N

MMOG companies lead market-cap charts: Nine companies in our Web 2.0 universe top US$1 bil lion in market capitalization (Figure 8). Sixty-four of the 92 companies have market caps under US$100 mill ion, with 28 under $10 mil lion. Online gaming companies dominate the top of the list.

Market C ap (USD m)

0.00.00.00.00.10.20.30.40.50.70.81.11.62.52.63.14.14.25.05.06.46.56.97.68.28.99.29.310.212.813.414.214.917.217.419.319.821.925.426.526.626.827.228.229.831.238.238.339.045.546.348.350.752.256.762.065.968.569.069.481.283.592.294.0100.8104.4111.8142.4143.2151.0178.7257.2264.5280.9319.2368.5391.0401.9471.1

666.3805.1840.4

1242.71263.1

1717.61769.71823.2

2281.93084.8

3558.7

528.4

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

S ocia l Media V enures , Inc .Dibz International, Inc .S NM Global Holdings

China Gatew ay CorporationA s s oc iated Media Holdings Inc .

Tota l S port Online A SZipLocal Inc .

F inanc ia l Media Group, Inc .The Parent Company

B igs tring Corp.Unis erve Communications Corp.

DigitalPos t Interactive, Inc .Wynds torm Corporation

V OIS , Inc .WoozyFly , Inc .L iveWorld Inc .

B etaw ave Corporationis eemedia Inc .

B right Things plcMOKO.mobi L imited

CornerWorld CorporationMagnitude Information S ys tems Inc .

UOMO Media , IncS NAP Interactive, Inc .

Y nk Korea Inc .Worlds . com Inc .Quepas a Corp.

L ingo Media CorporationS pectrumDNA , Inc .

IdeaEdge, Inc .A cceleriz e New Media, Inc .

Ex tens ions , Inc .F luid Mus ic Canada, Inc .

IA S Energy , Inc .Jumbuck Enterta inment Pty L td.

LookSmart, L td.DXN Holdings B hd

Eolith Co. L td.Frogs ter Interactive Pic tures AG

AQ Interactive, Inc .Dolphin Digital Media, Inc .

Wiz z ard S of tw are CorporationGravity Co. , L td

S ites earch CorporationNorthgate Technologies L imited

Webz en Inc .B roadWebAs ia Inc .

Ngi Group Inc .NeXplore Corporation

PhotoChannel Netw orks Inc .GeoS entric Oyj

S park Netw orks , Inc .JumpTV Inc .

Cyberplex Inc .Tree.Com, Inc .

Beyond Commerce, Inc .K aboos e Inc .

HanbitS of t, Inc .TheS treet.com, Inc .

OAO RBC Information S ys temsDigita lTow n, Inc .

Moggle, IncGameOn Co Ltd.

A ctoz S of t Co. , L td.Openw ave S ys tems Inc .

DADA S pAY edangOnline Corp.

GungHo Online Enterta inment, Inc .Gamania Digital Enterta inment Co. , L td.

CDC Corp.X ING AG

The9 LimitedS hutterf ly , Inc .

S K Communications Co. , L td.NetDragon WebS oft, Inc .

G igaMedia L td.United Online Inc .

NEOWIZ Games CorporationChines e Gamer International

K ings oft Co. L td.Mix i, Inc .

V alueClick Inc .Perfect World Co. , L td.

Gree, Inc .Modern Times Group Mtg ABGiant Interactive Group, Inc .

S ohu.com Inc.Open Tex t Corp.

IAC/InterA ctiveCorp.S handa Interactive Enterta inment L td.

Neteas e.com Inc.Tencent Holdings L td.

Figure 8. Market Cap Ranking Source. Capital IQ

TEV/Revenue (LTM) averages 4.2x: The overall average TEV/Revenue (LTM) multiple for our group is 4.2x – same as last week (Figure 9). However, this is skewed by Gree (3633-TSE) at 39.5x and Beyond Commerce Inc. (BYOC-OTCBB) at 35.7x. The median is only 1.2x. Note that we exclude multiples greater than 50x. Thirty-two companies have multiples under 1.5x.

TEV/LTM R evenue (x)

0.00.00.00.10.10.10.20.20.20.30.40.50.50.50.60.60.70.80.80.91.01.01.01.11.11.11.11.11.11.11.21.51.82.02.0

2.12.22.52.62.72.72.93.03.43.84.0

4.54.64.74.74.85.06.06.9

8.19.111.3

15.4

20.6

23.6

35.7

39.5

A verage, 4.2

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

Social Media Venures, Inc.

OAO RBC Information Systems

Fluid Music Canada, Inc.

Shanda Interactive Entertainment Ltd.

Openwave Systems Inc.

Uniserve Communications Corp.

LiveWorld Inc.

Northgate Technologies Limited

The Parent Company

Tree.Com, Inc.


GameOn Co Ltd.

CDC Corp.

DXN Holdings Bhd

Ynk Korea Inc.

ZipLocal Inc.

DADA SpA

Shutterfly, Inc.

Spark Networks, Inc.

Actoz Soft Co., Ltd.

HanbitSoft, Inc.

Jumbuck Entertainment Pty Ltd.

United Online Inc.

SNM Global Holdings

GungHo Online Entertainment, Inc.

ValueClick Inc.

Cyberplex Inc.

Kaboose Inc.

Gamania Digital Entertainment Co., Ltd.

Modern Times Group Mtg AB

Eolith Co. Ltd.

GigaMedia Ltd.

SK Communications Co., Ltd.

NetDragon WebSoft, Inc.

SNAP Interactive, Inc.

iseemedia Inc.

YedangOnline Corp.

Open Text Corp.

JumpTV Inc.

XING AG

PhotoChannel Networks Inc.

NEOWIZ Games Corporation

Lingo Media Corporation

Sohu.com Inc.

Kingsoft Co. Ltd.

MOKO.mobi Limited

Wizzard Software Corporation

Total Sport Online AS

Mixi, Inc.

Accelerize New Media, Inc.

Frogster Interactive Pictures AG

DigitalPost Interactive, Inc.

CornerWorld Corporation

GeoSentric Oyj

Associated Media Holdings Inc.

Chinese Gamer International

UOMO Media, Inc


Bright Things plc

Bigstring Corp.

Beyond Commerce, Inc.

Gree, Inc.

Figure 9. TEV/Revenue Ranking Source. Capital IQ

TEV/Revenue (LTM) by country/exchange: We have also calculated multiples based on where the companies are listed or domiciled. Figure 10 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largest number of companies (22), trading at an average multiple of 5.8x (from 5.7x last week). On a geographic basis, the United States has the most companies (41), trading at an average of 4.7x revenue (from 4.8x last week) (Figure 11). Eleven of the companies are Canadian (average 7.9x revenue).

Average TEV/LTM Revenue - By Exchange

0.10.20.40.5

0.60.81.51.61.81.82.12.94.04.05.05.8

6.6

13.4

15.4

20.6

0.0

5.0

10.0

15.0

20.0

25.0

AIM

AM

EX

TS

XV

NasdaqG

S

OT

CB

B

KLS

E

GT

SM

OM

OT

CP

K

TS

X

TS

E

NasdaqG

M

AS

X

HLS

E

RT

S

KO

SE

XT

RA

OS

E

SE

HK

OT

CN

O

1 2 5 13 22 1 2 1 9 4 5 5 2 1 1 7 2 1 3 1

(x)

# Companies

Average TEV/LTM Revenue - By Country

0.5 0.10.50.70.81.3

1.51.61.9

4.04.75.0

7.9

15.8

20.6

0.0

5.0

10.0

15.0

20.0

25.0

Unite

d

Kin

gdom

Taiw

an

Canada

Mala

ysia

Unite

d

Sta

tes

Sw

eden

Chin

a

Austr

alia

Fin

land

Japan

Russia

South

Kore

a

Germ

any

Hong

Kong

Norw

ay

1 3 11 1 41 1 9 2 1 6 1 9 2 1 1

(x)

# Companies

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

TEV/EBITDA (LTM) averages 8.7x: The average multiple for the 30 companies with positive EBITDA (and multiples under 100x) is 8.7x LTM EBITDA (from 8.8x last week), led by Tencent Holdings Ltd.’s (700-SEHK) 31.4x multiple (Figure 12). Sixteen of the companies have EBITDA multiples under 7x. The median multiple is 7.1x (vs. 6.7x last week).

TEV/LTM EB ITDA (x)

0.1 0.21.3 1.8

2.83.9 3.9 4.2 4.4 4.5 4.7

6.0 6.0 6.2 6.4 6.4 7.1 7.7 8.1 8.2 8.59.6 9.8 10.0

10.8 11.0 11.112.4 12.9

18.019.1

29.5

31.4

A verage, 8.7

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

OAO RBC Information Systems



GameOn Co Ltd.


DXN Holdings Bhd


DADA SpA


United Online Inc.


GungHo Online Entertainment, Inc.

ValueClick Inc.

Shutterfly, Inc.

GigaMedia Ltd.




Sohu.com Inc.


XING AG

YedangOnline Corp.

Kingsoft Co. Ltd.

Open Text Corp.


CDC Corp.

Kaboose Inc.

Mixi, Inc.

Cyberplex Inc.


SK Communications Co., Ltd.

Uniserve Communications Corp.


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 (22), trading at an average multiple of 29.5x. On a geographic basis, the United States has the most companies (41), trading at an average of 8.1x EBITDA (Figure 14). Eleven of the companies are Canadian (average 11.3x EBITDA).

Average TEV/LTM EBITDA - By Exchange

0.21.82.44.76.26.47.17.27.67.78.29.310.0

12.915.8

29.5

31.4

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

AM

EX

OT

CN

O

TS

XV

GT

SM

TS

E

NasdaqG

S

OS

E

AS

X

NasdaqG

M

OT

CB

B

TS

X

HLS

E

RT

S

OT

CP

K

KO

SE

XT

RA

NasdaqC

M

2 1 5 2 5 13 1 2 5 22 4 1 1 9 7 2 1

(x)

# Companies

Average TEV/LTM EBITDA - By Country

1.80.0

3.66.2

6.47.78.19.111.011.311.5

12.9

29.5

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Norw

ay

Ta

iwan

Ch

ina

Ca

nada

Hong

Kon

g

Japan

Un

ited

Sta

tes

Au

str

alia

Fin

land

Rus

sia

South

Ko

rea

Germ

any

India

1 3 9 11 1 6 41 2 1 1 9 2 1

(x)

# Companies

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

P/E (LTM) averages 15.9x: The average multiple for the 32 companies with positive earnings (and multiples under 100x) is 15.9x LTM EPS (from 15.8x last week), led by TheStreet.com’s (TSCM-NASDAQ) 72.8x multiple (Figure 15). Thirteen of the companies have P/E multiples under 10x. The median is just 11.3x.

P/E LTM (x)

0.8 1.5 1.7 2.0 2.3 2.6 3.3 3.9 3.96.3 8.0 9.4 9.9 10.5 11.0 11.2 11.4 11.6 11.7 12.7 13.7

15.6 17.018.7 19.2

21.924.6

32.0

37.3

42.2

59.4

72.8

Average, 15.9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

The9 Limited

Perfect World Co., Ltd.

Giant Interactive Group, Inc.


Netease.com Inc.


Worlds.com Inc.


DXN Holdings Bhd

DADA SpA


GameOn Co Ltd.



Cyberplex Inc.

Ngi Group Inc.

Sohu.com Inc.


GigaMedia Ltd.

YedangOnline Corp.

Kingsoft Co. Ltd.




XING AG



Mixi, Inc.

Open Text Corp.


Shutterfly, Inc.

TheStreet.com, Inc.

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 (22), trading at an average multiple of 12.0x. On a geographic basis, the United States has the most companies (41), trading at an average of 17.8x earnings (Figure 17). Eleven of the companies are Canadian (average 23x EPS).

Average P/E - By Exchange

8.59.410.511.011.712.012.1

17.019.522.7

28.732.0

59.4

72.8

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

TS

XV

RT

S

Nas

daq

GM

OT

CP

K

AM

EX

TS

E

OS

E

TS

X

OT

CB

B

HLS

E

GT

SM

AS

X

XT

RA

Nas

daq

GS

5 1 5 9 2 5 1 4 22 1 2 2 2 13

(x)

# Companies

Average P/E - By Country

0.0

6.07.9

9.410.511.0

11.7

17.818.723.0

59.4

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

Rus

sia

Ca

nad

a

Japa

n

Unite

d

Sta

tes

Fin

lan

d

Ta

iwan

Au

str

alia

Germ

an

y

Ch

ina

South

Kore

a

Norw

ay

1 11 6 41 1 3 2 2 9 9 1

(x)

# Companies

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

UP CO MI NG EVE NTS

Earnings Calendar

Company Date & T ime Quarter Conf Call Details

S hutterfly , Inc . (NasdaqG S : S F LY ) W ednes day, April 29, 2009 5:00 PM (E DT) Q 1 2009 877-591-4956

IAC /InterActiveC orp. (Nas daqG S :IAC I) W ednes day, April 29, 2009 11:00 AM (E DT) Q 1 2009 NA

Openwave S ys tems Inc . (Nas daqG S : OPW V ) W ednes day, April 29, 2009 2:00 PM (PDT) Q 3 2009 800-289-0508

T ree. Com, Inc . (N asdaqGM:T R E E ) F riday, May 01, 2009 11:00 AM (E DT ) Q 1 2009 877-407-0782

V alueClick Inc . (N asdaqG S : V C LK ) T uesday , May 05, 2009 4: 30 PM (E DT ) Q 1 2009 818-575-4677

United Online Inc . (N asdaqG S : UNTD ) T uesday , May 05, 2009 2: 00 PM (PDT ) Q 1 2009 877-681-3374

Figure 18. Earnings Calendar Source. Company reports

Comparable Company Analys is > Web 2 .0

P rice Performance

C ompany Name Cur rency Tic ker Exchange USD Market C ap ($m) Current Pric e 1 Wk 1 Mth 3 Mth 6 Mth 1 Yr 52 Week

Acce le rize New Media, Inc. USD ACL Z OTC BB 13.4 0.4 9 53.1% 113.0% 40 .0% -2.0% -31 .9% -37. 2%

Actoz S of t C o., L td. KR W A052790 KO S E 94.0 14,700.0 0 2.4% 29.5% 43 .4% 77 .1% 81.9% -8.1%

AQ Inte ractive , Inc. J PY 3838 T S E 26.5 48,000.0 0 11.1% 46.8% 65 .5% 18 .2% -78 .1% -79. 6%As socia ted Media Holdings Inc. USD A SMH OTC PK 0 .1 0.0 0 7.1% 7.1% -85.0% -81.3% 36.4% -97. 0%

B igstring Corp. USD B SGC OTC BB 0 .7 0.0 1 3.7% -12. 5% -20.0% -44.0% -92 .2% -93. 6%

Be tawave Corpora tion USD B W AV OTC BB 4 .1 0.1 4 7.7% -6.7% -36.4% -22.2% -65 .0% -66. 7%

Beyond Commerce, Inc. USD B YOC OTC BB 62.0 1.5 0 17.2% 257.1% 54 .6% -30.2% -31 .8% -54. 5%Bright T hings plc GBP A IM:B GT AI M 5 .0 0.0 2 19.0% 0.0% 40 .0% 94 .4% -47 .6% -58. 8%

Broa dWebAs ia Inc. USD B W BA OTC PK 38.2 0.4 5 -11. 8% -40. 0% -18.2% -69.8% -85 .0% -84. 5%

C DC C orp. USD CH IN .A Nasda qGS 151.0 1.4 0 11.1% 37.3% 53 .8% -1.4% -62 .3% -65. 0%

C hina Gatewa y C orpora tion USD CGWY OTC BB 0 .0 0.0 0 100. 0% 100.0% 0 .0% -86.7% -96 .7% -95. 6%C hine se G amer International TW D G TS M:3083 GT SM 471.1 187.5 0 -2.3% 19.4% 104.9% 176.5% 66.7% -8.8%

C ornerW orld C orporation USD CW R L OTC BB 6 .4 0.1 0 -16. 7% -28. 6% -75.6% -50.0% -80 .4% -87. 5%

C yberplex Inc. C AD T S X:CX T S X 52.2 1.2 0 0.0% 51.9% 242.9% 160.9% 62.2% -3.2%

DADA S pA EUR CM:DA CM 104.4 4.9 9 16.3% 4.3% -25.8% -33.0% -64 .4% -69. 2%

DXN Holdings B hd MYR DXN KL S E 19.8 0.3 1 -3.1% 10.7% -16.2% -11.4% -42 .6% -44. 6%D ibz Inte rnational, Inc. USD DIBZ OTC PK 0 .0 0.0 0 -90. 0% -90. 0% -90.0% -98.0% -98 .0% -98. 0%

D igitalPost Inte ra ctive , Inc. USD DGLP OTC BB 1 .1 0.0 2 0.0% 200.0% -31.8% -57.1% -90 .6% -94. 6%

D igitalT own, Inc. USD DGTW OTC BB 81.2 3.0 0 20.0% 20.0% 0 .0% 50 .0% 15.4% -50. 8%

Dolphin Digital Media, Inc. USD DPDM OTC BB 26.6 0.5 4 -5.3% -21. 7% -22.9% -46.0% NM -52. 2%E olith C o. L td. KR W A041060 KO S E 21.9 625.0 0 2.5% 13.6% 15 .7% 15 .7% -46 .8% -50. 8%

E xtens ions , Inc. USD E XT I OT C PK 14.2 0.1 5 -25. 0% -25. 0% 185.7% 50 .0% 0.0% -85. 1%

F inancia l Media G roup, Inc. USD FNGP OTC BB 0 .4 0.0 1 -25. 0% -53. 8% -76.0% -98.1% -96 .9% -99. 4%

F luid Mus ic Ca nada, Inc. C AD T S X:FMN T S X 14.9 0.3 5 -30. 0% -12. 5% 12 .9% -7.9% NM -82. 8%F rogste r Interactive P icture s AG EUR F R G XT R A 25.4 8.3 5 8.2% 23.3% 60 .9% 125.7% 74.0% -5.1%

Gama nia Digital E ntertainment C o., L td. TW D 6180 GT SM 143.2 31.9 0 -7.8% 2.9% 45 .0% 120.0% -5. 1% -13. 7%

GameOn C o L td. J PY 3812 T S E 92.2 93,800.0 0 0.9% 17.3% -19.4% 29 .4% -17 .0% -42. 6%

GeoS entr ic O yj E UR G EO1V HLS E 46.3 0.0 4 33.3% 0.0% 0 .0% 33 .3% -33 .3% -42. 9%G iant Intera ctive G roup, Inc. USD G A NYS E 1,7 17. 6 7.6 0 0.4% 8.9% 35 .7% 17 .3% -38 .5% -55. 8%

G igaMedia Ltd. USD G IGM Nasda qGS 368.5 6.8 2 10.4% 22.7% 13 .9% 11 .3% -58 .2% -65. 7%

G ravity C o., L td USD G RV Y Nasda qGM 27.2 0.9 8 4.3% 53.1% 66 .1% 24 .1% -29 .0% -51. 0%

G ree, Inc. J PY T S E :3632 T S E 1,2 42. 7 5,480.0 0 -3.9% 18.9% -2 .5% NM NM -13. 0%GungHo O nline E ntertainment, Inc. J PY 3765 OS E 142.4 122,300.0 0 -4.1% 7.3% 20 .5% 21 .1% -61 .8% -71. 9%

HanbitS oft, Inc. KR W A047080 KO S E 68.5 4,160.0 0 -10. 4% 26.1% 31 .6% 32 .5% -9. 0% -40. 7%

IAC /InterActiveC orp. USD I ACI Nasda qGS 2,2 81. 9 16.1 9 -2.5% 10.0% 9 .6% 0 .2% -60 .1% -67. 9%

IAS E nergy, Inc. USD I AS C .A OTC BB 17.2 0.2 5 250. 0% 444.4% 1066.7% 75 .0% 6.5% -30. 0%IdeaE dge, Inc. USD O TC BB :IDAE OTC BB 12.8 0.3 0 -23. 1% -23. 1% -63.9% -84.2% -57 .1% -89. 4%

is eemedia Inc. C AD I E E T S XV 4 .2 0.1 0 -9.1% 25.0% 11 .1% 42 .9% -68 .8% -71. 4%

J umbuck E ntertainment P ty Ltd. AUD A S X:JMB AS X 17.4 0.5 0 4.2% 0.0% 4 .2% -14.5% -21 .9% -23. 7%

J umpT V Inc. C AD T S X:J T V T S X 50.7 0.5 5 -5.2% 37.5% 83 .3% -20.3% -21 .4% -57. 0%Ka boose Inc. C AD T S X:KAB T S X 65.9 0.5 8 0.0% 65.7% 65 .7% 1 .8% -54 .3% -58. 9%

K ingsoft Co. Ltd. HKD 3888 S E HK 528.4 3.8 1 17.6% 29.2% 41 .6% 90 .5% 22.9% -11. 6%

Lingo Media Corporation C AD T S XV :LM T S XV 9 .3 0.8 9 11.3% 8.5% -1 .1% -40.3% -55 .3% -59. 5%

LiveWorld Inc. USD L VWD OTC PK 3 .1 0.1 0 -23. 1% -50. 0% 100.0% -23.1% -37 .5% -75. 6%LookSmart, Ltd. USD L OOK Nasda qGM 19.3 1.1 3 -5.0% 14.1% -13.1% -38.9% -71 .0% -76. 5%

Magnitude Information S ys tems Inc. USD MAGY OTC BB 6 .5 0.0 2 50.0% -11. 8% -50.0% -11.8% -28 .6% -50. 0%

Mixi, Inc. J PY 2121 T S E 666.3 427,000.0 0 10.9% 31.4% -21.1% -35.1% -49 .6% -55. 3%

Mode rn Times G roup Mtg AB S E K MTG B OM 1,263. 1 166.0 0 6.8% 17.7% 25 .5% -9.3% -61 .8% -63. 5%Moggle , Inc USD MMOG OTC BB 83.5 2.3 0 15.0% 15.0% 53 .3% NM NM 0.0%

MOKO.mobi L imited AUD MKB AS X 5 .0 0.0 9 -5.6% 70.0% 70 .0% 77 .1% 157. 6% -15. 0%

NEOW IZ Games C orpora tion KR W A095660 KO S E 401.9 55,600.0 0 -11. 7% 42.9% 191.1% 273.2% 62.1% -24. 3%

NetDragon W ebS oft, Inc. HKD 777 S E HK 319.2 4.6 8 12.5% 12.8% 63 .1% 70 .2% -49 .2% -65. 6%Nete ase.com I nc. USD NT E S Nasda qGS 3,5 58. 7 28.9 2 -1.5% 29.7% 67 .5% 29 .8% 42.0% -7.5%

NeXplore Corpora tion USD NXPC OTC PK 39.0 0.7 0 -22. 2% 16.7% -30.0% 27 .3% NM -51. 7%

Ngi G roup Inc. J PY 2497 T S E 38.3 30,500.0 0 11.3% 73.4% -39.8% -61.7% -77 .4% -81. 7%

Northgate Te chnologies L imited INR 590057 BS E 29.8 43.0 0 4.0% 29.1% -5 .2% -37.2% -89 .0% -90. 9%

Open T ext Corp. USD O TE X Nasda qGS 1,8 23. 2 35.1 3 0.1% 6.5% 18 .2% 38 .4% 6.4% -10. 1%Openwave S ys tems Inc. USD O PWV Nasda qGS 100.8 1.2 1 -9.7% 34.4% 108.6% 39 .1% -44 .2% -52. 5%

Pe rfect W orld C o. , Ltd. USD P W RD Nasda qGS 840.4 15.9 3 -6.2% 26.6% 9 .6% -19.6% -40 .3% -52. 5%

PhotoChannel Network s Inc. C AD T S XV :PN T S XV 45.5 1.6 4 -3.5% 5.8% 2 .5% -5.7% -53 .0% -60. 5%

Quepa sa C orp. USD Q PSA Nasda qCM 9 .2 0.7 2 -21. 7% -28. 0% -62.3% -66.8% -73 .3% -79. 2%OAO RB C Information S ys tems USD R BC I R T S 69.4 0.5 0 22.0% 108.3% -12.3% -87.5% -94 .5% -94. 6%

S handa Interactive E ntertainment L td. USD S NDA Nasda qGS 3,0 84. 8 44.4 6 -14. 8% 31.0% 59 .7% 60 .7% 36.5% -17. 5%

S hutte rf ly, Inc. USD S F LY Nasda qGS 264.5 10.5 1 -2.2% 26.0% 52 .3% 38 .8% -38 .2% -41. 5%

S K C ommunications Co., Ltd. KR W A066270 KO S E 280.9 9,090.0 0 -10. 4% 17.6% 56 .7% 25 .9% -37 .7% -53. 9%SNAP Inte ra ctive , Inc. USD S T V I OT C BB 7 .6 0.7 0 -6.7% -26. 3% -33.3% 250.0% 0.0% -35. 2%

SNM G lobal Holdings USD S NMN OTC PK 0 .0 0.0 0 1400 .0% 200.0% 500.0% -98.5% -99 .7% -99. 9%

S ocia l Media Venures , Inc. USD S MVI OT C PK 0 .0 0.1 5 -83. 0% -87. 5% -85.6% -85.1% NM -97. 0%

S ohu. com Inc. USD S OHU Nasda qGS 1,7 69. 7 46.4 3 -7.1% 18.0% 20 .4% -13.0% -24 .9% -49. 3%S ite s earch C orporation USD S T PC OTC BB 28.2 3.5 0 -30. 0% NM NM NM NM -30. 0%

S park Networks , Inc. USD L OV AMEX 48.3 2.3 5 4.4% 4.9% -5 .6% -25.4% -46 .5% -49. 5%

S pectrumDNA, Inc. USD S PXA OTC BB 10.2 0.2 1 40.0% 10.5% 10 .5% -16.0% NM -65. 0%

T encent Holdings L td. HKD 700 S E HK 14, 848 .6 63.9 0 3.4% 21.0% 42 .3% 30 .8% 17.2% -11. 3%T he Parent C ompany USD K IDS .Q OTC PK 0 .5 0.0 2 14.3% 566.7% -60.8% -97.5% -99 .5% -99. 5%

T he9 L imited USD NC TY Nasda qGS 257.2 9.5 9 -27. 6% -27. 7% -32.1% -29.0% -54 .5% -66. 4%

T heS treet.com, Inc. USD T S CM Nasda qGM 69.0 2.2 6 6.6% 14.7% -21.8% -39.6% -75 .4% -76. 2%

T otal S port Online A S NOK TOS O OTC NO 0 .2 0.0 4 0.0% 0.0% 0 .0% -20.0% -60 .0% -60. 0%T ree.C om, Inc. USD T R E E Nasda qGM 56.7 5.6 8 3.3% 22.4% 42 .0% 110.4% NM -48. 8%

Unis erve C ommunications Corp. C AD T S XV :US S T S XV 0 .8 0.0 4 -20. 0% -20. 0% 0 .0% -50.0% -88 .6% -91. 1%

United Online Inc. USD UNTD Nasda qGS 391.0 4.7 6 -11. 2% 21.1% -19.0% -32.1% -55 .4% -61. 9%

UOMO Media , Inc USD UOMO OTC BB 6 .9 0.0 8 -27. 3% 33.3% 14 .3% -52.9% -80 .0% -90. 0%Va lueC lick Inc. USD V CL K Nasda qGS 805.1 9.2 8 -8.2% 28.9% 65 .1% 35 .9% -53 .1% -55. 8%

VO IS , Inc. USD V OIS OTC BB 2 .5 0.3 0 30.4% -25. 0% -25.0% -60.0% NM -94. 6%

W ebzen Inc. USD W ZEN Nasda qGM 31.2 2.6 3 -8.0% 46.0% 112.1% 165.7% -9. 9% -40. 9%

W izza rd S of twa re Corpora tion USD W ZE AMEX 26.8 0.5 7 -17. 4% 32.6% -20.8% -29.6% -72 .9% -75. 7%W oozyF ly, Inc. USD W ZYF OTC BB 2 .6 0.1 5 0.0% 0.0% NM NM NM -96. 3%

W orlds .com Inc. USD WDDD OTC BB 8 .9 0.1 7 0.0% -5.6% 13 .3% -22.7% -62 .2% -62. 2%

W ynds torm C orporation USD W YND OTC BB 1 .6 0.0 9 -47. 1% -25. 0% -25.0% -55.0% NM -89. 4%

XING AG EUR O 1BC XT R A 178.7 27.0 0 -4.5% -4.3% -5 .4% -3.5% -26 .1% -42. 1%YedangOnline Corp. KR W A052770 KO S E 111.8 9,510.0 0 -2.0% 29.2% 46 .3% 51 .0% -18 .7% -24. 2%

Ynk Korea Inc. KR W A023770 KO S E 8 .2 4,440.0 0 -12. 3% 17.5% 3 .3% -45.0% -69 .4% -71. 2%

ZipLocal Inc. C AD T S XV :ZIP T S XV 0 .3 0.0 1 -66. 7% -66. 7% -50.0% -75.0% -96 .3% -97. 5%

H igh 1400 .0% 566.7% 1066.7% 273.2% 157. 6% 0.0%

Low -90. 0% -90. 0% -90.0% -98.5% -99 .7% -99. 9%

Average 431.5 15.8% 29.6% 32.9% 5.1% -36.9% -58.0%

Median -0.8% 17.3% 10 .1% -10.4% -48 .4% -59. 2%

Figure 19. Price Performance Source. Capital IQ

Comparable C ompany Analys is > Web 2.0V aluation Multiples

C ompany Name Sector Country

Primary

E xchange Ticker

USD Market

Cap ($m)

TEV/LTM

R evenue

TEV/ NTM

R evenue

TEV/LTM

E BITDA

TE V/NTM

E BITDA P/LTM EPS P/NTM EPS P/TangBV

Acce le rize New Media, Inc. D irect Marketing Unite d S tates OT C BB AC LZ 13. 4 4.7 x - - - - - -

Actoz S of t C o., L td. Gaming S outh Kore a KOS E A052790 94. 0 0.9 x - 4.7 x - 15 .6x - 1 .8x

AQ Inte ractive , Inc. Gaming J a pan T S E 3838 26. 5 - - - - - - 0 .4xAs socia ted Media Holdings Inc. Mobile Unite d S tates OT C PK ASMH 0. 1 8.1 x - - - - - -

B igstring Corp. Ins ta nt Mes s aging Unite d S tates OT C BB BSG C 0. 7 23.6 x - - - - - -

Be tawave Corpora tion Media Unite d S tates OT C BB B WAV 4. 1 - - - - - - 0 .4x

Be yond Commerce, Inc. S ocia l Ne tworking Unite d S tates OT C BB BYO C 62. 0 35.7 x - - - - - -B r ight T hings plc S ocia l Ne tworking Unite d K ingdom AIM AIM:BGT 5. 0 20.6 x - - - - - -

B roa dW ebAs ia Inc. S ocia l Ne tworking Unite d S tates OT C PK B WB A 38. 2 - - - - - - -

C DC C orp. Gaming Hong K ong Nasda qGS C HIN .A 151. 0 0.5 x 0.5x 11.0 x 8.8x - - -

C hina Gatewa y C orpora tion Mobile Unite d S tates OT C BB CGWY 0. 0 0.0 x - - - - - -C hine se Gamer International Gaming T a iwan GT SM GT SM:3083 471. 1 9.1 x - 18.0 x - 24 .6x - 8 .3x

C ornerW orld C orporation C ontent Unite d S tates OT C BB CWR L 6. 4 6.0 x - - - - - -

C yberplex Inc. Advertis ing C anada T S X T SX:C X 52. 2 1.1 x 0.8x 12.9 x 8.7x 11 .0x 1 2.0 x 1 1.3x

DADA S pA S ocia l Ne tworking Italy CM CM:DA 104. 4 0.7 x - 4.2 x - 6. 3x - -

DXN Holdings B hd S ocia l Ne tworking Malays ia KL S E DXN 19. 8 0.5 x - 3.9 x - 3. 9x - 0 .4xDibz Inte rnational, Inc. S NS A pps Unite d S tates OT C PK DIBZ 0. 0 - - - - - - -

D igitalPost Inte ra ctive , Inc. C ontent Unite d S tates OT C BB DGL P 1. 1 5.0 x - - - - - -

D igitalT own, Inc. S ocia l Ne tworking Unite d S tates OT C BB DGTW 81. 2 - - - - - - -

Dolphin Digital Media, Inc. S ocia l Ne tworking Unite d S tates OT C BB DP DM 26. 6 - - - - - - -E olith C o. L td. Gaming S outh Kore a KOS E A041060 21. 9 1.2 x - - - - - -

E xte ns ions , Inc. C ontent Unite d S tates OT C PK E XT I 14. 2 - - - - - - -

F inancia l Media G roup, Inc. D irect Marketing Unite d S tates OT C BB FNGP 0. 4 - - - - - - -

F luid Mus ic Ca nada, Inc. Media Unite d S tates T S X T S X:FMN 14. 9 0.0 x 0.0x - - - - 1 .2xF rogs te r Interactive P icture s AG Gaming G ermany XT RA F RG 25. 4 4.8 x - - - - - 2 .4x

Gama nia D igital E ntertainment C o. , L td. Gaming T a iwan GT SM 6180 143. 2 1.1 x - 7.7 x - 18 .7x - 2 .0x

GameOn C o L td. Gaming J a pan T S E 3812 92. 2 0.5 x - 1.8 x - 9. 4x - 1 .3x

GeoS entr ic O yj Mobile F inland HLSE GEO1V 46. 3 6.9 x - - - - - 4 .9xG iant Intera ctive G roup, Inc. Gaming C hina NYS E G A 1,7 17. 6 - - - - 1. 7x 1 2.6 x 0 .3x

G igaMedia Ltd. Gaming T a iwan Nasda qGS GIGM 368. 5 1.5 x 1.6x 6.4 x 6.4x 11 .7x 1 0.7 x 3 .3x

G ravity C o. , L td Gaming S outh Kore a Nasda qGM GR VY 27. 2 - - - - - - -

G ree, Inc. S ocia l Ne tworking J a pan T S E T S E :3 632 1,2 42. 7 39.5 x - - - - - 1 9.2xGungHo O nline E ntertainment, Inc. Media J a pan OS E 3765 142. 4 1.1 x - 6.0 x - - - -

HanbitS of t, Inc. Gaming S outh Kore a KOS E A047080 68. 5 1.0 x - - - - - 2 .3x

IAC /InterActiveC orp. Media Unite d S tates Nasda qGS IAC I 2,2 81. 9 0.4 x 0.4x 8.2 x 3.1x 17 .0x 2 7.8 x 1 .1x

IAS E nergy, Inc. V ideo C anada OT C BB IA S C .A 17. 2 - - - - - - -IdeaE dge, Inc. S ocia l Ne tworking Unite d S tates OT C BB OT C BB :IDA E 12. 8 - - - - - - 9 .3x

iseemedia Inc. C ontent C anada T S XV IE E 4. 2 2.1 x - - - - - 2 .4x

J umbuck E ntertainment P ty Ltd. S ocia l Ne tworking A us tralia AS X AS X:JMB 17. 4 1.0 x - 2.8 x - 8. 0x - 2 .0x

J umpT V Inc. V ideo C anada T S X TS X:J T V 50. 7 2.6 x - - - - - 2 .8xKa boose Inc. C ontent C anada T S X TS X:KAB 65. 9 1.1 x 1.0x 11.1 x 6.2x - - -

K ingsoft Co. Ltd. Gaming C hina S EHK 3888 528. 4 3.8 x - 9.8 x - 13 .7x - 3 .2x

Lingo Media Corporation Le arning C anada T S XV TS XV :LM 9. 3 3.0 x - - - - - -

LiveWorld Inc. S ocia l Ne tworking Unite d S tates OT C PK LVWD 3. 1 0.2 x - - - - - 1 .4xLookSmart, Ltd. D irect Marketing Unite d S tates Nasda qGM LOOK 19. 3 - - - - - - 0 .7x

Magnitude Information S ys tems Inc. S ocia l Ne tworking Unite d S tates OT C BB MAGY 6. 5 - - - - - - -

Mixi, Inc. S ocia l Ne tworking J a pan T S E 2121 666. 3 4.7 x - 12.4 x - 32 .0x - 5 .2x

Mode rn Times G roup Mtg AB Media S weden OM MTG B 1,2 63. 1 1.1 x 1.1x 7.1 x 8.9x 3. 9x 9.7x -Moggle , Inc Gaming Unite d S tates OT C BB MMO G 83. 5 - - - - - - -

MOKO.mobi L imited S ocia l Ne tworking A us tralia AS X MKB 5. 0 4.0 x - - - - - 4 .4x

NEOW IZ Games C orpora tion Gaming S outh Kore a KOS E A095660 401. 9 2.9 x - 10.8 x - 21 .9x - 1 2.9x

NetDragon W ebS oft , Inc. Gaming C hina S EHK 777 319. 2 2.0 x - 4.4 x - 10 .5x - 1 .7xNete ase.com I nc. Gaming C hina Nasda qGS NT E S 3,5 58. 7 - - - - 2. 3x 1 4.6 x 0 .7x

NeXplore Corpora tion C ontent Unite d S tates OT C PK NXPC 39. 0 - - - - - - -

Ngi G roup Inc. Media J a pan T S E 2497 38. 3 - - - - 11 .2x - 0 .6x

Northgate Te chnologies L imited Direct Marketing India BS E 590057 29. 8 0.2 x - 1.3 x - 2. 0x - -

Open T e xt Corp. C ollaboration C anada Nasda qGS O TE X 1,8 23. 2 2.5 x 2.3x 10.0 x 8.7x 37 .3x 1 4.7 x -Openwave S ys tems Inc. Mobile Unite d S tates Nasda qGS OPWV 100. 8 0.1 x 0.1x - 1.5x - 4 0.3 x 1 .3x

Pe rf ect W orld C o., Ltd. Gaming C hina Nasda qGS PWR D 840. 4 - - - - 1. 5x 7.8x 0 .4x

PhotoChannel Network s Inc. D igital Imaging C anada T S XV T S XV :PN 45. 5 2.7 x 1.9x - 5.8x - 2 1.2 x 1 0.1x

Quepa s a C orp. S ocia l Ne tworking Unite d S tates Nasda qCM QP SA 9. 2 - - - - - - 6 .8xOAO RB C Information S ys tems Media R us s ia R TS R BCI 69. 4 0.0 x - 0.1 x - - - -

S handa Interactive E ntertainment L td. Gaming C hina Nasda qGS SNDA 3,0 84. 8 0.1 x 0.4x 0.2 x 0.9x 2. 6x 1 4.5 x 1 .2x

S hutte rf ly, Inc. D igital Imaging Unite d S tates Nasda qGS S FL Y 264. 5 0.8 x 0.9x 6.2 x 5.6x 59 .4x - 1 .5x

S K C ommunications Co., Ltd. S earch S outh Kore a KOS E A066270 280. 9 1.8 x - 19.1 x - - - -S NAP Inte ra ctive , Inc. Dating Unite d S tates OT C BB S TV I 7. 6 2.0 x - 6.4 x - 9. 9x - 4 .9x

S NM Global Holdings Media Unite d S tates OT C PK SNMN 0. 0 1.1 x - - - - - -

S ocia l Media Venures , Inc. S ocia l Ne tworking Unite d S tates OT C PK SMV I 0. 0 0.0 x - - - - - -

S ohu. com Inc. Gaming C hina Nasda qGS SOHU 1,7 69. 7 3.4 x 2.9x 8.1 x 6.8x 11 .4x 1 1.4 x 5 .4xS ite search C orporation S ocia l Ne tworking Unite d S tates OT C BB ST PC 28. 2 - - - - - - 4 0.1x

S park Networks , Inc. S ocia l Ne tworking Unite d S tates AMEX L OV 48. 3 0.8 x - 3.9 x - 11 .6x - -

S pectrumDNA, Inc. Media Unite d S tates OT C BB SPXA 10. 2 - - - - - - 1 5.5x

T encent Holdings L td. Porta l C hina S E HK 700 14,8 48. 6 15.4 x - 31.4 x - 42 .2x - 1 7.2xT he Parent C ompany Media Unite d S tates OT C PK K IDS .Q 0. 5 0.2 x - - - - - -

T he 9 L imited Gaming C hina Nasda qGS NC T Y 257. 2 - - - - 0. 8x 6.8x 0 .1x

T he S treet.com, Inc. Media Unite d S tates Nasda qGM T S CM 69. 0 - - - - 72 .8x - 0 .7x

T otal S port Online A S Media Norway OT C NO TOSO 0. 2 4.6 x - - - - - -T ree.C om, Inc. Porta l Unite d S tates Nasda qGM TR E E 56. 7 0.3 x 0.3x - - - - 0 .8x

Unis erve C ommunications Corp. S ocia l Ne tworking C anada T S XV T S XV :US S 0. 8 0.1 x - 29.5 x - - - -

United Online Inc. Media Unite d S tates Nasda qGS UNTD 391. 0 1.0 x 0.7x 4.5 x 2.9x - 6.6x -

UOMO Media , Inc Media C anada OT C BB UOMO 6. 9 11.3 x - - - - - -Va lueC lick Inc. Media Unite d S tates Nasda qGS VC LK 805. 1 1.1 x 1.3x 6.0 x 5.2x - 1 5.7 x 7 .8x

VO IS , Inc. S ocia l Ne tworking Unite d S tates OT C BB VOIS 2. 5 - - - - - - 5 .6x

W ebzen Inc. Gaming S outh Kore a Nasda qGM WZEN 31. 2 - - - - - - 0 .0x

W izza rd S of twa re Corpora tion Podcas ting Unite d S tates AMEX WZE 26. 8 4.5 x - - - - - -W oozyF ly, Inc. S ocia l Ne tworking Unite d S tates OT C BB W ZYF 2. 6 - - - - - - -

W orlds .com Inc. C ontent Unite d S tates OT C BB WDDD 8. 9 - - - - 3. 3x - -

W yndstorm C orporation C ontent Unite d S tates OT C BB WYND 1. 6 - - - - - - -

XING AG S ocia l Ne tworking G ermany XT RA O 1BC 1 78. 7 2.7 x - 8.5 x - 19 .2x - 5 .0xYedangOnline Corp. Gaming S outh Kore a KOS E A052770 111. 8 2.2 x - 9.6 x - 12 .7x - 5 .9x

Ynk Korea Inc. Gaming S outh Kore a KOS E A023770 8. 2 0.6 x - - - - - -

ZipLocal Inc. D irectory C anada T S XV T S XV :ZIP 0. 3 0.6 x - - - - - -

H igh 14,8 48. 6 39.5 x 2.9x 31.4 x 8.9x 72 .8x 4 0.3 x 4 0.1x

Low 0. 0 0.0 x 0.0x 0.1 x 0.9x 0. 8x 6.6x 0 .0x

Average 431.5 4.2x 1.0x 8.7x 5.7x 15.9x 15.1x 5.0x

Median 34. 7 1.2 x 0.8x 7.1 x 6.0x 11 .3x 1 2.6 x 2 .3x

Figure 20. Valuation Comparison Source. Capital IQ


Summary by Country

C ompany Name USD Market Cap ($m) Avg USD Market C ap ($m) USD LTM Total R ev ($m) USD LTM Total E B ITDA ($m) EB ITDA %

United S tates 41 C hina 26, 924.5 China 2,991. 6 United S ta tes 3, 744. 3 C hina 1,653. 7 C hina 48. 4%

C anada 11 United S tates 4, 543.0 S weden 1,263. 1 C hina 3, 348. 8 S weden 245. 3 Aus tra l ia 37. 2%

C hina 9 J apan 2, 208.5 Japan 368. 1 S weden 1, 520. 5 United S ta tes 240. 1 T aiwan 29. 7%

S outh K orea 9 C anada 2, 076.2 Ta iwan 327. 6 C anada 943. 8 C anada 186. 1 J apan 26. 1%

J apan 6 S weden 1, 263.1 Canada 188. 7 S outh K orea 556. 8 J apan 131. 8 India 17. 6%

T a iwan 3 S outh K orea 1, 045.7 Hong K ong 151. 0 J apan 500. 6 T a iwan 85. 4 S weden 16. 1%

A ustra lia 2 T a iwan 982.8 S outh K orea 116. 2 Hong K ong 428. 1 S outh K orea 63. 5 I ta ly 16. 0%

Germany 2 Germany 204.0 United S tates 110. 8 T aiwan 347. 9 I ta ly 35. 0 Ma lays ia 13. 3%

Norway 1 Hong K ong 151.0 Ita ly 104. 4 I ta ly 219. 0 India 23. 6 R uss ia 13. 1%

Hong K ong 1 I ta ly 104.4 G ermany 102. 0 R uss ia 139. 7 Hong K ong 18. 8 S outh K orea 4.7%

F inland 1 R uss ia 69.4 Rus sia 69. 4 India 134. 1 R uss ia 18. 2 Hong K ong 4.4%

I ta ly 1 F inland 46.3 Finland 46. 3 Ma lays ia 76. 5 G ermany 11. 3 United S ta tes -11.0%

United K ingdom 1 India 29.8 India 29. 8 G ermany 50. 3 Malays ia 10. 2 G ermany -14.3%

India 1 Aus tra lia 22.5 Malay sia 19. 8 Aus tra l ia 13. 6 Aus tra lia 2. 6 C anada -18.0%

S weden 1 Malays ia 19.8 Austra lia 11. 2 F inland 5. 7 Norway -1. 0 Norway -50.6%

R us sia 1 United K ingdom 5.0 United K ingdom 5. 0 Norway 2. 0 United K ingdom -1. 6 United K ingdom #DIV /0!

Ma lays ia 1 Norway 0.2 Norway 0. 2 United K ingdom 0. 2 F inland -12. 7 F inland #DIV /0!

Grand Total 92 Grand Total 39,696.1 Grand Total 431.5 Grand Total 12,031.8 Grand Total 2,710.4 Grand Total 6.9%

Figure 21. Comparison by Country Source. Capital IQ


Summary by Exc hange

C ompany Name USD Market Cap ($m) Avg USD Market C ap ($m) USD LTM Total R ev ($m) USD LTM Total E B ITDA ($m) EB ITDA %

OT C BB 22 NasdaqGS 15, 696.7 S E HK 5,232. 1 OM 1, 520. 5 NasdaqGS 1,521. 7 NY S E 61. 9%

Nas daqGS 13 S E HK 15, 696.2 NY S E 1,717. 6 NasdaqGS 492. 6 S E HK 597. 9 S E HK 44. 4%

OT C PK 9 T S E 2, 066.1 OM 1,263. 1 S E HK 417. 8 OM 245. 3 AS X 37. 2%

K OS E 7 NYS E 1, 717.6 Nas daqGS 1,207. 4 NY S E 233. 2 NY S E 144. 4 G T SM 32. 5%

T S E 5 OM 1, 263.1 TS E 413. 2 C M 219. 0 T S E 111. 4 T S E 27. 7%

Nas daqGM 5 KOS E 987.3 G TS M 307. 1 R TS 139. 7 K OS E 60. 7 NasdaqGS 26. 8%

T S XV 5 GT S M 614.3 OS E 142. 4 B S E 134. 1 G T S M 39. 4 OS E 17. 8%

T S X 4 OT CB B 384.5 KOS E 141. 0 OS E 114. 3 C M 35. 0 B S E 17. 6%

S E HK 3 XT R A 204.0 CM 104. 4 NasdaqGM 84. 7 B S E 23. 6 OM 16. 1%

AME X 2 NasdaqGM 203.4 XT R A 102. 0 G T S M 78. 7 OS E 20. 4 C M 16. 0%

XT R A 2 T S X 183.7 R T S 69. 4 T S E 77. 3 R TS 18. 2 K LS E 13. 3%

A S X 2 OS E 142.4 HLS E 46. 3 K LS E 76. 5 XTR A 11. 3 R TS 13. 1%

GT SM 2 C M 104.4 TS X 45. 9 K OS E 71. 2 K LS E 10. 2 K OS E 6.1%

OT C NO 1 OT CP K 95.1 Nas daqGM 40. 7 T S X 32. 6 AME X 6. 3 NasdaqGM -0. 9%

HLS E 1 AME X 75.2 AME X 37. 6 AME X 31. 7 AS X 2. 6 XT R A -14.3%

NY S E 1 R TS 69.4 B S E 29. 8 XT RA 25. 2 OT CNO -1. 0 T S X -14.8%

C M 1 T S XV 60.1 K LS E 19. 8 OT CPK 21. 0 AIM -1. 6 T S XV -15.6%

B S E 1 HLS E 46.3 OTC B B 17. 5 T S XV 9. 5 T S X -6. 5 OT CP K -27.9%

Nas daqCM 1 BS E 29.8 TS XV 12. 0 AS X 6. 8 T S XV -9. 7 OT CB B -31.8%

OS E 1 AS X 22.5 AS X 11. 2 H LS E 5. 7 NasdaqC M -11. 4 AME X -38.3%

A IM 1 K LS E 19.8 OTC P K 10. 6 OT CBB 2. 0 H LS E -12. 7 OT CNO -50.6%

OM 1 NasdaqC M 9.2 Nas daqCM 9. 2 OT CNO 2. 0 NasdaqGM -16. 1 AIM #DIV /0!

R TS 1 AIM 5.0 AIM 5. 0 AIM 0. 2 OT CP K -26. 5 NasdaqC M #DIV /0!

K LS E 1 OT CNO 0.2 OTC NO 0. 2 NasdaqC M 0. 1 OT CB B -52. 5 H LS E #DIV /0!

Grand Total 92 Grand Total 39,696.1 Grand Total 431.5 Grand Total 145.0 Grand Total 2,710.4 Grand Total 6.9%

Figure 22. Comparison by Exchange Source. Capital IQ

Financing - Last Three Months (US$ m)Month Company Name C ountry Angel/S eed Debt financing PIPE Series A S eries B S eries C S eries D Series E Grand Total

F eb-09 Twitter US A 35. 0 35. 0

S ynthas ite S outh A frica 20.0 20. 0

Tremor Media US A 18. 0 18. 0

Offerpal Media US A 15.0 15. 0

Imagini UK 13.5 13. 5

Emergent Game Technologies US A 12. 5 12. 5

Outbrain I srael 12.0 12. 0

Tvtrip F rance 9. 0 9. 0

Tongxue C hina 6. 0 6. 0

Oodle US A 5.6 5. 6

TextDigger US A 4. 3 4. 3

OneSpot US A 4. 2 4. 2

Mixpo C anada 4. 0 4. 0

FetchDog US A 4. 0 4. 0

Virtual Fairground Netherlands 4. 0 4. 0

7 B il lion People US A 3. 0 3. 0

FamilyL ink.com US A 2. 9 2. 9

Whis tleB ox US A 2. 3 2. 3

Mendeley UK 2. 0 2. 0

Outright US A 2. 0 2. 0

Tvinc i I srael 1. 6 1. 6

Filtrbox US A 1. 4 1. 4

MMO Life Netherlands 1. 3 1. 3

Cake Financial US A 1. 3 1. 3

fav.or. it UK 0. 7 0. 7

F eb-09 Total 13.3 24.8 76.4 58.6 12.5 185.5

Mar-09 Kaixin001.com China 20.0 20. 0

Vidyo US A 15. 0 15. 0

Buzznet US A 12. 5 12. 5

LendingClub US A 12.0 12. 0

SendMe Inc . US A 12. 0 12. 0

Auditude US A 10.5 10. 5

Glam Media US A 10. 0 10. 0

SuperS ecret US A 10.0 10. 0

GoViral UK 8. 8 8. 8

Greys tripe US A 5.5 5. 5

OMGP OP US A 5. 0 5. 0

Apture US A 4. 1 4. 1

S imulmedia US A 4. 0 4. 0

Tynt C anada 3. 9 3. 9

AnySource Media US A 3. 2 3. 2

Pixazza US A 3. 1 3. 1

Bit.ly US A 2. 0 2. 0

Hunch US A 2. 0 2. 0

Sports Compos ite DE US A 2. 0 2. 0

AdultSpace US A 1. 3 1. 3

Myngle Netherlands 1.3 1. 3

33Acros s US A 0. 8 0. 8

Three Melons Argentina 0.6 0. 6

Mar-09 Total 1.3 1.3 0.6 41.1 50.3 43.0 12.0 10.0 159.5

Apr-09 Collective Media US A 20.0 20. 0

GOOM Radio France 16.0 16. 0

The R ubicon Project US A 8.0 5. 0 13. 0

Cellufun US A 10.0 10. 0

S canScout US A 8. 1 8. 1

DoubleTwis t US A 5. 0 5. 0

Socialtext US A 4. 5 4. 5

Mixercast USA 4.1 4. 1

TubeMogul US A 3. 0 3. 0

Tribal Nova Canada 2. 5 2. 5

Socialcas t US A 1. 4 1. 4

S can & Target F rance 1. 3 1. 3

Apr-09 Total 9.4 8.0 23.7 42.5 4.1 4.5 92.2

Figure 23. Financing, Last Three Months Source. Company reports

Company Des c riptions - C urrent Month C apital Market Ac tivity

Company HQ Webs ite Des cription

C ellufun, LL C United S ta tes www. cellufun. com Cellufun, LLC opera tes as an ad s ponso red mobile gaming portal. The company’ s portal provides free enterta inment content, a s well a s

cas ua l, connected, and multiplayer games for ex isting and next-generation W eb-enabled mobile phones . It a l so offers free s ingle-player

games, a s well as multi-player vers ions on a s ubs cription bas is . The company enables subs cribers to persona liz e their gaming profile; save

scores ; create teams; partic ipate in tournaments ; and share information rela ted to tips , trick s, and bragging rights . C ellufun was founded in

2005 and is bas ed in New Y ork, N ew Y ork.

C ollective Media, Inc . United S ta tes www. collective-media . com Collective Media , Inc. opera tes as a n online advertising network that specializ es in audience ta rgeting and optimiz ation s olutions for

publishers and advertis ers in the United S ta tes. I t provides context, behav ior, re-ta rgeting, demographic, and geographic ta rgeting; and

dashboard, a reporting interface that pres ents and manipula tes ad performance data generated by campa igns. T he company a ls o offers a

network of online news s ites , a s well as enterta inment, s ports , and health si tes . In addition, it provides brand advertis ing and direct marketing

services . T he company was founded in 2005 and is bas ed in New Y ork, New Y ork .

doubleTwis t Corporation United S ta tes www. doubletwis t. com doubleTwist Corporation des igns and develops entertai nment s oftware applica tions . T he company applica tions s hares and s ynchroniz es

pictures , video, and audio to media dev ices . I t offers doubleT wis t desk top, an applica tion that enables c lients to trans fer, sha re, and sync

persona l media ; and Twis t me! , a network applica tion that a llows us ers to share photos, v ideo, and audio files from the c lient’s prof ile pages.

doubleTwist Corporation was founded in 2007 and is bas ed in S an F ranc isco, Ca li fornia with an additiona l office in Os lo, Norway.

Go On Media F rance www. goomradio.com Go On Media opera tes digita l radio sta tions . I t broadcasts music , weather, news , and music news through I nternet. In addition, the company

opera tes a community for interaction between the c reators of radi os. T he company was founded in 2007 and is based in S aint C loud,

F rance.Mixercas t, Inc . United S ta tes www.mixercast.com Mixercas t, I nc . provides s oc ial marketing application pla tform that enables content pub lishers and advertis ers to reach audiences across the

soc ia l W eb. It offers MC ast P latform that includes a s et of tools and s ervi ces to c reate, distribute, monetiz e, and track va rious types of social

ma rk eting applica tions, inc luding widgets, mas h-ups, F acebook and MyS pace apps, and portab le content or brand experiences. M ixercast,

Inc . was formerly known as Nanocast Labs, I nc . The company was founded in 2005 and is bas ed in S an Mateo, California .

S can & Target F rance www. s canandta rget. com S can & Target provides s oftware as a serv ice solution for the ana lys is and filtering of tex t user genera ted content. I t offers its ana lys is

solution for va rious applica tions, s uch as moderating and monetiz ing us er generated content, routing and qua lity control, validating ads and

listings , and populating cus tomer relations hip management databases . T he company provides its s olution in various platforms , such as

Internet, mobile, and interactive televis ion for pub lishers of onl ine communities, moderating s ervice providers , and suppliers of technology

solutions . S can & Ta rget was founded in 2007 and is bas ed in P uteaux, F rance.

S canS cout, Inc. United S ta tes www. s cans cout. com S canS cout, Inc . opera tes as an online v ideo advertising network. I t s erves publis hers , advertise rs , and ad network s . The company was

founded in 2005 and is bas ed in B oston, Mass achus etts with additiona l offices in New York and Los Angeles .

S ocialcas t United S ta tes www. s ocialcast. com S ocia lcas t provides soc ial network ing pla tforms and s olutions for both consumer-fac ing clients and enterpris e cus tomers . The company was

founded in 2005 and is bas ed in Irv ine, Cal ifornia .

S ocialtext Incorporated United S ta tes www. s ocialtext.com S ocia ltext Incorporated develops enterpris e s oc ia l s oftware. T he company focus es on offering collabora tion platform that a llows

organizations to collaborate. It offers P eople, which enables users to integra te s oc ial network ing with enterprise collabora tion; W eblog that

supports collabora tive and ongoing conversa tions among colleagues ; W orks pace, an enterpris e wiki for sea rching information and people;

and S igna ls that amplifies, cla rifies , and complements other collabora tion ac tiv ities , a s well a s prov ides a medium for information s haring.

The company a ls o provides Dashboard, which aggregates content from S oc ialtex t wik i pages , the W eb, and enterprise systems; and

S ocia lCalc s preadsheets that inc lude information from other spreads heets or works pace pages . The company was founded in 2002 and is

based in P a lo Alto, C a lifornia .S oundCloud L td. Germany s oundc loud.com S oundCloud L td. provides an online audio pla tform for recei ving, s ending, and distributing music for a rtis ts , record labels , and other music

profes s iona ls. T he company was founded in 2007 and is based in B erlin, G ermany .

R ubicon Project, Inc . United S ta tes www. rubiconproject.com R ubicon P roject, I nc. , an advertis ing technology company , provides online advertis ing solutions to W eb publishers and ad networks . I t a lso

offers ad network optimiz a tion serv ices , a s well a s ad qua lity protection programs . In addition, the company prov ides solutions to s top

unwanted ads in track s by protecting W eb publis hers . T he company was founded in 1998 and is based in Los Angeles, Ca lifornia .

T ribal Nova, Inc. C anada www. triba lnova. com/en/ Triba l Nova , I nc. develops and mark ets Internet s ites , online games , interactive televis ion programs , and cellula r telephony content for

children. It produces an array of games ranging from educationa l pres chooler online games , s uch as Ca i llou to multiplayer online role playi ng

game for teens, such as Magi Nation. The company opera tes at the internationa l level in E urope and North America . T riba l Nova , Inc . was

founded in 2004 and is bas ed in Montrea l, Canada.

TubeMogul, Inc. United S ta tes www. tubemogul. com TubeMogul, Inc. opera tes as an online v ideo ana lytics and dis tribution company worldwide. It focuses on prov iding v ideo publis hing tools .

The company provides a s ingle point for deploy ing uploads to the video s haring s ites , and analytics on who, what, and how v ideos are being

viewed. It serves content producers, media companies , ad age ncies , digita l consultants, record labe ls , f ilm s tudios , politicians , consumer

products organiz a tions , and corporations. The company was founded in 2006 and is based in B erkeley , California .

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

RELEVANT DISCLOSURES APPLICABLE TO: NONE

L IST OF D IS CLOS URE TE RMS :

1. None applicable.

ANALYST CERTIFICATION

Each analyst of Research Capital Corporation whose name appears in this report hereby certif ies 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.

In format i on about Research Capi ta l Corpora t i on ’s Rat i ng Sys tem, the dis t r i bu t i on o f our research to c l ien ts and the percen tage o f recommendat i ons whi ch are in each o f our rat i ng ca tegor i es i s avai labl e on our web si te a t www. researchcapi ta l . com.

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