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SOFTWARE & SERVICES 9 JUNE 2

W E B 2 . O W E E K L YDAVID SHORE, CFA, MBA 416.860.6

david.shore@researchcapital.

Arun Thomas (Associate) 416.860.7

VENTURE CAPITAL INDUSTRY GOING THROUGH SIGNIFICANT CHANGE

ARE WE LOOKING AT FEWER BUT BIGGER INVESTMENTS?In previous editions of this report, we have talked about the decline in the flow of money from institutional accounts(pension funds, hedge funds, etc.) into the venture capital industry, as well as direct investment in start-upcompanies. Falling valuations have been the principal reason for this trend, with private company (start-up) and earlyIPOs suffering tremendously and affecting investor returns. Global capital market levels coupled with the economyand redemptions are also to blame. The Wall Street Journal reported that the U.S. VC industry sank $29.7 bil l ion intostart-ups in 2008 and produced just $2 4.9 bil l ion from the IPOs and sale of start-ups.

The slowing capital f low into the venture capital sector has init iated a signif icant change within the industry. TheJournal also reported that according to the National Venture Capital Association, the number of venture capitalprincipals has dropped 15% from the end of 2007 to the end of 2008 (from 8,892 to 7,497). We agree with the Journalthat this is part of a natural evolution in the industry. Investors (in VC funds) are seeking fewer principals to handle

their money, but invest larger amounts in good companies, unlike the past few years when funds were widelydistributed in smaller portions across many companies. This will naturally result in better vetting of business models,with the good ones finding a lot more capital and the mediocre and poor start-ups being left aside.

On the capital raise front, Sugar Inc. leads: The capital raise from Sugar Inc. for $16 mill ion was the largest dealfor the first week of June, closely followed by Grab Networks at $12.0 mill ion. All deals, except the two mentionedabove, were less than $10 mill ion. The average value for the first week of June is $6.0 mill ion, slightly below theaverage value for May of $6.4 mill ion (excluding the investment in Facebook) on 16 financings. The April average was$6.2 mill ion on 23 financings.

Financing Activity Last Three Months

6.4

6.0

6.2

0.0

20.0

40.0

60.0

80.0

100.0

120.0

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Apr-09 May-09 (excl FB) Jun-09

(US$m)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

(US$m)

Total Ave rage

A mixed price performance week: The companies in our universe had relatively strong stock price performancesover the past week (for stocks with price s greater than $1) (Figure 6), with 20 companies showing positive r eturns onthe week. Actoz Soft Co. (A052790:KOSE) led the group with a 23.6% return, while CDC Corp. (CHIN.A:NASDAQ)

had the worst return, dropping 12.4% in the week.

This report has been created by Analysts that are employed by Research Capital Corporation, a Canadian Investment DealFor further disclosures, please see last page of this report.

www.researchcapita l .com

Toronto 416.860.7600 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.265.7400 Regina 306.566.75

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HE WEB 2.0 UN IVERSE

Ninety-three public Web 2.0 companies = $55 billion market cap: Our Web 2.0 universe contains 93 companies, wcombined market cap of approximately $54.9 bil l ion (Figure 1). The average market cap for the group is ~$590 mill ion a median of only $48.2 mill ion), with average trail ing revenue of $151 mill ion (median $54 mill ion). The companiesalso generally profitable, with a median EBITDA margin of 14.2%. On a valuation basis, the overall average is 5.4x tra

revenue (median 2.0x) and 10.3x trail ing EBITDA (median 9.4x). Fourteen of the companies have more than employees.

Comparable Company Analysis > Web 2.0

C om pany Nam e L TM as of Ticker E xchange

Trading

C urr enc y H Q

Current

Price

USD Market

Cap ($m)

USD LTM Total

R ev ($m)

USD L TM Total

EB ITDA ($m)

EBITDA

%

TEV/LTM

R evenue

TEV/LTM

EBITDAAcce le riz e New Me dia, Inc. 3 /31 /200 9 AC LZ OT C BB US D U nited S ta tes 0 .35 9 .7 4.1 (4 .4) N M 3.5 x -

Actoz S oft C o., L td. 3 /31 /200 9 A0 527 90 K OS E K R W S outh K orea 32, 500 22 1.6 92. 2 2 0.0 21 .7% 2.1 x 9.6x

AQ Inte ractive , Inc. 1 2/31 /200 8 38 38 T S E J P Y J apan 75 ,000 .00 4 1.4 61. 2 4 .9 8 .0% 0.2 x 2.5x

As s ocia ted Media Holdings Inc. 6 /30 /200 7 AS MH OT C PK US D U nited S ta tes 0 0 .9 0.1 (2 .3) N M 19.2 x -B igstring Corp. 3 /31 /200 9 BS GC OT C BB US D U nited S ta tes 0 .03 1 .4 0.1 (2 .0) N M 37.4 x -

Be tawave Corpora tion 3 /31 /200 9 BW AV OT C BB US D U nited S ta tes 0 2 .9 8.4 (1 2.6) N M - -

Be yond Commerce, Inc. 3 /31 /200 9 BYOC OT C BB US D U nited S ta tes 0 .95 4 2.2 7.1 (9 .5) N M 6.6 x -

Bright T hings plc 9 /30 /200 8 AIM:BGT AIM GB P U nited K ingdom 0 4 .1 0.3 (1 .8) N M 15.3 x -Broa dW ebAs ia Inc. 9 /30 /200 8 BW B A OT C PK US D U nited S ta tes 0 .30 2 5.3 0.0 (4 .6) N M - -

C DC C orp. 3 /31 /200 9 C HIN .A N as da qG S US D H ong K ong 1 15 8.1 389 .9 3 0.8 7 .9% 0.4 x 5.6x

C ha ngyou. com Limite d 3 /31 /200 9 C Y OU N as da qG S US D C hina 38 .70 2,1 28.5 222 .5 13 5.1 60 .7% 8.7 x 1 4.4 x

C hina G ate wa y C orpora tion 9 /30 /200 8 C G W Y OT C PK US D U nited S ta tes 0 0 .0 6.7 (6 .6) -9 8.9% 0.0 x -C hine s e Gamer International 3 /31 /200 9 GT S M:308 3 G T S M T W D T aiwan 366 .00 93 7.2 56. 2 3 1.5 56 .0% 15.5 x 2 7.7 x

C ornerW orld C orporation 1 /31 /200 9 C WR L OT C BB US D U nited S ta tes 0 5 .8 1.3 N M N M 5.5 x -

C yberplex Inc. 3 /31 /200 9 T S X:C X T S X C AD C ana da 1 .50 8 4.1 72. 5 7 .5 10 .3% 1.1 x 1 0.7 x

DADA S pA 9 /30 /200 8 C M:DA C M E U R Ita ly 6 12 8.2 235 .2 3 7.6 16 .0% 0.8 x 4.7xDXN Holdings B hd 2 /28 /200 9 DX N K L S E MY R Ma la ys ia 0 .39 2 5.6 78. 6 1 0.8 13 .7% 0.5 x 3.8x

Dibz Inte rnational, Inc. NA DIBZ OT C PK US D U nited S ta tes 0 0 .0 NA N M N M - -

DigitalP ost Inte ra ctive , Inc. 3 /31 /200 9 DG LP OT C BB US D U nited S ta tes 0 .02 1 .2 0.7 (2 .6) N M 3.9 x -

D igitalT own, Inc. 2 /28 /200 9 DG T W OT C BB US D U nited S ta tes 3 6 7.7 N M (3 .0) N M - -Dolphin Digital Me dia, In c. 3 /31 /200 9 DP DM OT C BB US D U nited S ta tes 0 .60 3 1.0 0.8 (3 .7) N M 41.4 x -

E olith C o. L td. 1 2/31 /200 8 A0 410 60 K OS E K R W S outh K orea 700 4 0.6 14. 7 (3 .5) -2 3.6% 2.9 x -

E xte ns ions , Inc. 3 /31 /200 9 E XT I OT C PK US D U nited S ta tes 0 .15 1 4.2 N M N M N M - -

F inancia l Media G roup, Inc. 2 /28 /200 9 F NG P OT C BB US D U nited S ta tes 0 0 .2 7.2 2 .4 34 .1% - -F luid Mus ic Ca nada, Inc. 3 /31 /200 9 T S X:F MN T S X C AD U nited S ta tes 0 .70 3 2.7 5.0 (6 .9) N M 4.6 x -

F rogs te r Inter active P icture s AG 6 /30 /200 8 F RG XT R A E U R G ermany 8 2 5.6 5.6 (3 .4) -6 0.6% 4.5 x -

G a ma nia D igital E ntertainment C o. , L td. 3 /31 /200 9 61 80 G T S M T W D T aiwan 55 .80 25 8.1 126 .2 2 1.0 16 .6% 1.9 x 1 1.2 x

G a me On C o L td. 3 /31 /200 9 38 12 T S E J P Y J apan 1 16, 700 11 4.5 74. 7 1 7.7 23 .7% 0.7 x 3.1xG e oS e ntric O yj 3 /31 /200 9 GE O1 V H LS E E U R F inland 0 .05 6 2.3 5.9 (1 5.2) N M 9.9 x -

G iant Intera ctive G roup, Inc. 3 /31 /200 9 GA N YS E US D C hina 9 2,0 37.2 218 .9 N M N M - -

G iga Media Ltd . 1 2/31 /200 8 GIG M N as da qG S US D T aiwan 6 .16 33 2.8 190 .4 4 6.0 24 .2% 1.4 x 5.6x

G ravity C o., L td 9 /30 /200 8 GR V Y N as da qG M US D S outh K orea 1 3 2.0 39. 1 7 .5 19 .2% - -

G ree, Inc. 6 /30 /200 8 T S E : 363 2 T S E J P Y J apan 6 ,430 .00 1,4 57.2 29. 8 1 0.7 36 .0% 46.2 x -G ungH o O nline E ntertainment, Inc. 3 /31 /200 9 37 65 OS E J P Y J apan 2 49, 700 29 0.2 104 .6 1 8.8 18 .0% 2.5 x 1 4.0 x

H anbitS oft, Inc. 3 /31 /200 9 A0 470 80 K OS E K R W S outh K orea 4 ,790 .00 8 3.8 55. 1 (1 4.8) -2 6.8% 1.2 x -

AC /Inter ActiveC orp. 3 /31 /200 9 IAC I N as da qG S US D U nited S ta tes 16 2,4 46.3 1 ,40 6.4 4 2.6 3 .0% 0.4 x 1 3.2 x

AS E nergy, Inc. 1 /31 /200 9 IAS C.A OT C BB US D C ana da 0 .20 1 4.0 0.0 (0 .8) N M - -s ee media Inc. 1 2/31 /200 8 IE E T S XV C AD C ana da 0 3 .2 1.3 (5 .3) N M 1.1 x -

J umbuck E ntertainment P ty Ltd. 1 2/31 /200 8 AS X:J MB AS X AU D Austra lia 0 .42 1 6.3 14. 1 5 .2 37 .2% 0.8 x 2.2x

J umpT V Inc. 1 2/31 /200 8 T S X:J T V T S X C AD C ana da 1 7 4.9 13. 4 (8 .4) -6 2.6% 4.2 x -

K a boos e Inc. 3 /31 /200 9 T S X:K AB T S X C AD C ana da 0 .61 7 6.0 73. 3 8 .7 11 .9% 1.1 x 9.3xK ings oft Co. Ltd. 3 /31 /200 9 38 88 S E HK HK D C hina 5 76 8.4 129 .0 5 2.0 40 .3% 5.5 x 1 3.7 x

Lingo Media Corporation 3 /31 /200 9 T S XV : LM T S XV C AD C ana da 1 .00 1 1.5 0.9 (1 .6) N M 11.3 x -

Live World Inc. 3 /31 /200 9 LV WD OT C PK US D U nited S ta tes 0 7 .7 11. 4 (0 .0) -0 .4% 0.6 x -

LookS mart, Ltd. 3 /31 /200 9 LOOK N as da qG M US D U nited S ta tes 1 .33 2 2.7 60. 7 (3 .8) -6 .3% - -Magnitude Information S ys tems Inc. 3 /31 /200 9 MA G Y OT C BB US D U nited S ta tes 0 4 .6 0.1 (3 .1) N M - -

Mixi, Inc. 3 /31 /200 9 21 21 T S E J P Y J apan 455 ,000 .00 70 9.8 122 .3 4 3.3 35 .4% 4.9 x 1 3.7 xMode rn Times G roup Mtg AB 3 /31 /200 9 MT G B OM S E K S weden 213 1,7 85.0 1 ,71 6.0 26 2.9 15 .3% 1.4 x 8.9x

Moggle , Inc 3 /31 /200 9 MMOG OT C BB US D U nited S ta tes 2 .30 8 3.5 N M N M N M - -MOK O.mobi L imited 1 2/31 /200 8 MK B AS X AU D Austra lia 0 4 .5 1.1 (2 .3) N M 3.0 x -

Myriad G roup AG 1 2/31 /200 8 MY R N S W X C H F S witzerla nd 5 .20 10 1.4 40. 0 0 .8 1 .9% 2.8 x -

N E OW IZ G ames C or pora tion 1 2/31 /200 8 A0 956 60 K OS E K R W S outh K orea 71, 500 54 9.5 197 .7 5 3.1 26 .8% 2.7 x 1 0.2 x

N etDragon W ebS oft, Inc. 3 /31 /200 9 77 7 S E HK HK D C hina 5 .31 36 2.1 86. 9 3 4.4 39 .5% 2.6 x 6.5xN ete as e.com I nc. 3 /31 /200 9 NT E S N as da qG S US D C hina 37 4,6 13.2 470 .3 30 5.7 65 .0% - -

N eXplore Corpora tion 9 /30 /200 7 NX PC OT C PK US D U nited S ta tes 0 .70 3 9.0 N M (4 .9) N M - -

N gi G roup Inc. 1 2/31 /200 8 24 97 T S E J P Y J apan 32, 000 4 0.1 99. 8 3 0.7 30 .8% - -

N orthgate Te chnologies L imited 3 /31 /200 9 59 005 7 B S E INR India 54 .20 3 9.8 117 .9 (2 7.7) -2 3.5% 0.3 x -Open T e xt Corp. 3 /31 /200 9 OT E X N as da qG S US D C ana da 34 1,8 08.1 782 .6 19 9.2 25 .5% 2.4 x 9.4x

Openwave S ys tems Inc. 3 /31 /200 9 OP W V N as da qG S US D U nited S ta tes 1 .89 15 7.4 197 .2 (2 .1) -1 .0% 0.3 x -

Pe rf ect W or ld C o., Ltd. 3 /31 /200 9 PW R D N as da qG S US D C hina 23 1,1 57.2 228 .0 12 4.5 54 .6% 0.1 x 0.1x

PhotoChannel N etwork s Inc. 3 /31 /200 9 T S XV : PN T S XV C AD C ana da 1 .60 4 8.8 19. 3 0 .5 2 .3% 2.5 x -Quepa sa C or p. 3 /31 /200 9 QP S A N as da qC M US D U nited S ta tes 1 8 .9 0.1 (1 0.8) N M - -

OA O RB C Information S ys tems 1 2/31 /200 7 R B C I R T S US D R uss ia 1 .35 18 7.3 150 .8 1 9.7 13 .1% 0.0 x 0.3x

S handa Interactive E ntertainme nt L td. 3 /31 /200 9 S N DA N as da qG S US D C hina 62 4,2 76.8 569 .8 26 0.8 45 .8% 0.2 x 0.5x

S hutte rf ly, Inc. 3 /31 /200 9 S F LY N as da qG S US D U nited S ta tes 13 .45 33 8.6 215 .2 2 8.3 13 .2% 1.3 x 9.6xS K C ommunications Co., Ltd. 1 2/31 /200 8 A0 662 70 K OS E K R W S outh K orea 11, 000 36 8.1 183 .8 1 2.0 6 .5% 2.0 x 3 0.8 x

S N AP Inte ra ctive , Inc. 3 /31 /200 9 S T V I OT C BB US D U nited S ta tes 0 .75 8 .1 3.3 0 .9 28 .0% 2.0 x 7.2x

S N M Global H oldings 9 /30 /200 8 S N MN OT C PK US D U nited S ta tes 0 0 .0 2.0 (0 .7) -3 4.8% 1.1 x -

S ocia l Media V e nures , Inc. 1 2/31 /200 8 S MV I OT C PK US D U nited S ta tes 0 .01 0 .0 0.1 (0 .1) -6 0.5% 0.0 x -S ocia lwis e, Inc. 3 /31 /200 9 S C LW OT C BB US D U nited S ta tes 1 3 0.8 0.0 (4 .8) N M - -

S ohu. com Inc. 3 /31 /200 9 S OHU N as da qG S US D C hina 66 .90 2,5 59.9 460 .0 20 0.5 43 .6% 4.8 x 1 0.9 x

S ite s earch C orporation 1 /31 /200 9 S T PC OT C BB US D U nited S ta tes 3 2 8.2 N M (1 .1) N M - -

S park N etworks , Inc. 3 /31 /200 9 LOV AME X US D U nited S ta tes 2 .31 4 7.5 54. 3 1 1.8 21 .7% 0.9 x 4.1x

S pectrumDN A, Inc. 3 /31 /200 9 S P XA OT C BB US D U nited S ta tes 0 1 8.0 0.1 (2 .6) N M - -T encent Holdings L td. 3 /31 /200 9 70 0 S E HK HK D C hina 89 .60 20,8 43. 8 1 ,20 2.9 57 6.4 47 .9% 18.9 x 3 9.3 x

T he Parent C ompany 8/2/2008 K IDS .Q OT C PK US D U nited S ta tes 0 0 .5 112 .0 (1 3.5) -1 2.0% 0.2 x -

T he 9 L imited 1 2/31 /200 8 NCT Y N as da qG S US D C hina 11 .12 29 8.2 249 .8 8 4.1 33 .7% - -

T he S treet.com, Inc. 3 /31 /200 9 T S C M N as da qG M US D U nited S ta tes 2 5 9.4 67. 0 1 .9 2 .9% - -T otal S port Online A S 3 /31 /200 6 T OS O OT C NO NOK N orwa y 0 .03 0 .1 2.1 (1 .0) -5 0.6% 4.6 x -

T ree.C om, Inc. 3 /31 /200 9 T R E E N as da qG M US D U nited S ta tes 12 12 8.4 215 .6 (1 3.3) -6 .2% 0.6 x -

U nis erve C ommunications Corp. 2 /28 /200 9 T S XV : US S T S XV C AD C ana da 0 .05 1 .1 23. 2 0 .1 0 .2% 0.2 x -

U nited Online Inc. 3 /31 /200 9 UNT D N as da qG S US D U nited S ta tes 7 57 9.2 811 .2 17 7.3 21 .9% 1.1 x 4.9xU OMO Media , Inc 1 /31 /200 9 UOMO OT C BB US D C ana da 0 .18 1 5.4 0.6 (0 .5) -7 8.2% 24.8 x -

V a lueC lick Inc. 3 /31 /200 9 V C LK N as da qG S US D U nited S ta tes 12 1,0 10.6 591 .7 10 5.5 17 .8% 1.5 x 8.6x

V O IS , Inc. 3 /31 /200 9 V OIS OT C BB US D U nited S ta tes 0 .35 2 .9 0.0 (1 .1) N M - -

W ebze n Inc. 3 /31 /200 9 W ZE N N as da qG M US D S outh K orea 4 4 7.6 23. 0 (0 .4) -1 .9% - -W izza rd S of twa re Corpora tion 3 /31 /200 9 W ZE AME X US D U nited S ta tes 0 .67 3 2.0 5.6 (5 .1) -9 1.5% 6.0 x -

W or lds .com Inc. 3 /31 /200 9 W DDD OT C BB US D U nited S ta tes 0 5 .2 0.0 (0 .8) N M - -

W ynds torm C orporation NA W YN D OT C BB US D U nited S ta tes 0 .51 9 .2 NA N M N M - -

XIN G AG 3 /31 /200 9 O1B C XT R A E U R G ermany 31 22 8.3 52. 5 1 6.4 31 .2% 3.4 x 1 0.8 xYe dangOnline Corp. 1 2/31 /200 7 A0 527 70 K OS E K R W S outh K orea 9 ,670 .00 12 1.2 54. 7 1 2.2 22 .4% 2.4 x 1 0.7 x

Ynk K orea Inc. 1 2/31 /200 8 A0 237 70 K OS E K R W S outh K orea 7, 000 2 9.9 11. 4 1 .2 10 .5% 2.6 x 2 4.3 x

ZipLocal Inc. 3 /31 /200 9 T S XV : ZIP T S XV C AD C ana da 0 .01 0 .4 2.7 (2 .1) -7 8.3% 0.6 x -

H igh 20,8 43. 8 1 ,716 .0 57 6.4 65 .0% 46.2 x 3 9.3 x

Low 0 .0 0.0 -27.7 -9 8.9% 0.0 x 0.1x

A verage 590.6 150.8 32.9 6.3% 5.4x 10.3xMedian 4 8.2 54. 3 0 .8 14 .2% 2.0 x 9.4x

gure 1. Web 2.0 Universe Summaryource. Capital IQ

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A PI TA L M A R K ETS A C T I V I TY ( M & A A N D F I N A N C I N G )

une starts well: The first week of June sta rted well, with a total of $47.6 mill ion raised in eight transactions. It was leSugar Inc. raising $16.0 mill ion, closely followed by Grab Networks raising $12.0 mill ion. All other transactions were han $10 mill ion. The average value for the first week of June is $6.0 mill ion, slightly below the average value for Ma6.4 mill ion (excluding the $200 mill ion investment in Facebook) on 16 financings. The April average was $6.2 mill ion3 financings.

Financing Activity Last Three Months

6.4

6.0

6.2

0.0

20.0

40.0

60.0

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100.0

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Apr-09 May-09 (excl FB) Jun-09

(US$m)

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Total Average

gure 2. Financings, Last Three Monthsource. Company reports

Sugar Inc. leads capital raise: The capital raise from Sugar Inc. for $16 mill ion was the largest deal for the first weeune. Two of the eight deals last week were greater than $10 mill ion. For additional details, see Figures 23 and 24 (at

f note).

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Financing & M/A Summary - Last Three Months

0.0

50.0

100.0

150.0

200.0

250.0

Facebook

StumbleUpon

On

eNetEntertainment

CollectiveMedia

SugarInc.

GOOMRadio

MarinSoftware

TheRubiconProject

Cyberplex

GrabNetworks

FreeWheel

Peer39

OpenX

Cellufun

ConductorInc.

Imeem

EveryZing

ScanScout

beeTV

Batanga

WonderHill

BlogHerInc.

Gist

FuhuInc.

AzukiSystems

ILoveRewards

DocuSign

DoubleTwist

Viximo

OLX

TimeBridge

IMShopping

Socialtext

GameGround

Mixercast

Medialets

RingRevenue

SoundCloud

TubeMogul

TribalNova

my6sense

Tripbase

ResonateNetworks

Mo'Minis

VoxPop

Cliqset

Socialcast

Brandtology

Scan&Target

Jodange

Loop'dNetwork

Foodista

MashLogic

(US$m) Jun

May

Apr-

gure 3. Capital Market Activity, Last Three Monthsource. Company reports

Social Network remains the most active sector in dollars raised; while Ad Network remains the most activenumber of transactions: Following recent trends, Social Networks as a sector saw the most activity in dollars ra($221.1 mill ion), largely attributed to the $200 mill ion investment by Digital Sky Technologies in Facebook. Howevewas the Ad Network sector that saw the most transactions (11), raising $98.5 mill ion (Figure 4). The Media sector hasnext highest totals, with six companies raising $45.8 mill ion. The following sectors continue to generate the most capactivity over the last few months: Ad Network, Media, Gaming, and Social Networks.

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Capital Market Activity by Sector - Last Three Months

221.1

98.5

45.8

33.0 30.2 24.0 23.0 18.3 14.5 10.4 9.0 6.8 5.9 5.0 4.7 4.4 2.0 2.0 1.3 0.60.0

50.0

100.0

150.0

200.0

250.0

SocialNetworks

AdNetwork

Media

Gaming

Comment/Reputation

Video

Blog

Search

VirtualWorld

Widget

Infrastructure

Aggregation

Enterprise

Collaboration

SocialCommerce

Analytics

Mobile

Travel

SAS

Wiki

7 11 6 5 2 2 2 2 3 2 3 1 1 1 1 2 1 1 1 1

(US$m)

# companies

gure 4. Capital Market Activity, by Sector, Last Three Monthsource. Company reports

A PI TA L M A R K ETS A C T I V I TY ( PR I C E PER FO R M A N CE)

Web 2.0 index outpaces NASDAQ recovery: Our Web 2.0 index (market-cap weighted) essentially mirrored

performance of the NASDAQ composite index from mid-2008 until recently. However, the index has recently had a mstronger recovery relative to the NASDAQ index (Figure 5).

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45.0

55.0

65.0

75.0

85.0

95.0

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

Web 2.0 Index Price Performance

gure 5. Web 2.0 Price Performanceource. Capital IQ

A mixed price performance week: The companies in our universe had relatively strong stock price performances the past week (for stocks with prices greater than $1) (Figu re 6), with 20 companies showing positive returns on the wActoz Soft Co. (A052790:KOSE) led the group with a 23.6% return, while CDC Corp. (CHIN.A:NASDAQ) had the wreturn, dropping 12.4% in the week.

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1 Week Price Performance

-12.4%-11.1%

-10.8%-9.5%

-9.1%-8.6%-8.3%

-7.8%-7.3%-7.3%

-6.3%-5.9%

-5.2%-4.8%

-4.5%-4.1%

-3.7%-3.4%

-2.8%-2.2%-2.0%

-1.0%-0.7%-0.5%-0.4%

0.4%0.9%1.0%

1.9%2.3%2.3%

3.1%3.9%

4.5%4.6%4.7%4.7%5.4%

8.2%10.8%

14.0%14.2%

15.2%20.0%

23.6%

-15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25. 0% 30

CDC Corp.S hutterfly, Inc.

Webzen Inc.HanbitSoft, Inc.Y nk Korea Inc.

Modern Times Gr oup Mtg A BS K Communica tions C o., L td.

Ngi Group Inc.NEOWIZ Ga mes Corporation

XING AGAQ Interactive, Inc.

GameOn Co L td.Y edangOnline Corp.

Gamania Digital Entertainment Co.,Cyberplex Inc.

DADA S pA

Open Text Corp.Eolith Co. Ltd.

Chines e Gamer InternationalIAC/InterActiveCorp.

NetDragon WebSoft, Inc.TheS treet.com, Inc.

Mixi, Inc.GigaMedia Ltd.

United O nline Inc.Perfect World Co., Ltd.

Spark Netw orks, Inc.S ohu.com Inc.

Openwa ve Sy s tems Inc.LookS mart, L td.

S handa Intera ctive Enter tainment Ltd.V alueClick Inc.

PhotoChannel Netw orks Inc.Grav ity Co., L td

Kingsof t Co. L td. Tenc ent Holdings L td.

Neteas e.c om Inc.Frogster Interactive Pictures AG

Changyou.com LimitedTree.Com, Inc.

Giant Interactive G roup, Inc.Gree, Inc.

Northgate Tec hnologies LimitedThe9 Limited

Actoz Soft Co., Ltd.

gure 6. 1-Week Price Performanceource. Capital IQ

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N D U STR Y N EW S ( PA R TN ER SH I PS , F I N A N C I A L R ESU LTS, N EW PR O D U C TS)

Key Developments

ompany Headline Notes

eemedia Inc. (TS XV:IEE ) iseemedia Inc. R eports U naudited Consolidated Ea rnings

Res ults for the T hird Quarter and Nine Months E ndedMarch 31, 2009

iseem edia Inc. re ported unaudited consolidated earnings res ults for the third quarter and nine months ended March 31, 2 009. F or the

quarter, the company has posted net loss of CAD 9 96,942 or CAD 0. 02 basic and diluted loss per share on revenue of CAD 489 ,621compared to net loss of CAD 1, 343, 792 or CAD 0.0 3 basic and diluted losses per s hare on revenue of CAD 30 0,250 for the same per

year ago. Loss before other items was CAD 1,004, 798 compared to CA D 1,4 02,822 for the same period a year ago. Cash us ed in ope

activities was C AD 849, 142 compared to CAD 981, 570 for the same period a year ago. Purchase of property and equipment was CAD

compared to CAD 5 ,741 for the same period a year a go.

For the nine months, the company has posted net loss of CAD 4,109, 295 or C AD 0.08 basic and diluted loss per s hare on revenue of1,334, 463 compared to net loss of C AD 3,5 32,705 or CA D 0.03 bas ic and diluted losses per share on revenue of CAD 1,062, 182 for t

same period a year ago. Loss before other items was CA D 4,151, 076 compared to CA D 3,73 1,644) for the same period a year ago. C

e in er tin ti i tie A , 4 1, 1 m re t A ,2 , 7 f r the me eri e r P r h e f r ert nAO R BC Information Systems

R TS :R BC I )

Kapita l Sues O AO R BC Information Sys tems Kapita l has f i led a lawsuit ag a ins tO AO R BC Information Sys tems . The cla ims tota l RUB 69.50 mi l l ion (EUR 1 .60 mi ll ion, USD 2 .25 m

The rea son for the claim s being lodged is R B C Informa tion Sys tems' not fulfilling its obligations for payment of the coupon yield and tcommercial paper offer (R UB 1.5 billion) in time.

arclays Private Equity Ltd.; B ounty

td.; Kaboose Inc. (TSX:KAB)

Ba rclays P rivate E quity Ltd. completed the acquisition of

Bounty Ltd. from Kaboose Inc. (TS X: K AB ).

Ba rclays P rivate Equity Ltd. entered into an agreement to acquire Bounty Ltd. from Ka boose Inc. (T S X: K AB) for 54 million on March

2009. The purchase consideration is s ubject to certain a djustments. In a related transac tion, Disne y Online agreed to acquire the Inteass ets from Ka boose Inc. (T S X: K AB) for CAD 23. 3 million. In the event of termination, K aboose Inc. shall pay to Barclays Priva te E q

termination fee of 0. 9 million. Clos ing of transa ction is conditional on obtaining K aboose shareh older approval and other cus tomary

conditions, including receipt of any nec ess ary regulatory approval. T he Board of Directors of Ka boose Inc. have unanimously approve

transa ction. T he deal is e xpected to close within 60 days.

Brian Pukier, J effrey Elliott, Yous ef R ehman, Anne Weintrop, Sandy Walk er, Bruce Pollock, Jonathan Deverill, Gavin Neale and J ohn

Rowland of S tikeman Elliott LLP acted as the legal advisors to Kaboose. GM P S ecurities, L td. and Allen & Company acted as financia

advisors to Kaboose Inc. Phil Sanderson and Jame s Rena han of Travers S mith acted as the legal advisors for Barclays Private Equit

erfect World Co., Ltd.

NasdaqGS:PWRD)

Update to Perfect World Co., Ltd.'s E quity Buyback on

June 1, 2009

On June 1, 2009, P erfect World Co., Ltd. a nnounced that it has entered into an agreement to repurchase a total of 1, 203,812 shares

Clas s A ordinary shares and 11,29 6,188 shares of its C lass B ordinary shares for $52.4 million from S B A sia Investment F und II, L. P.

itesearch Corporation (OTCB B:S TPC) S itesea rch Corporation Appoints Jorge De Los S antos as

Senior Vice P resident

E ffective J une 1, 2009, S itese arch C orporation executed an employment agreement with Jorge de los S antos pursuant to which Mr. d

S antos will serv e as the company's s enior vice pres ident. T he agreement is for an initial one year term unless terminated by either pa

may be extended by mutual agreement between the company a nd Mr. de los S antos.

isney Online; Kaboose Inc.

TSX: K AB); Kaboose Inc., Internet

ssets

Disne y Online completed the acquisition of Internetassets from Kaboose Inc. (TS X: KAB ).

Disney Online agreed to acquire the Internet assets from K aboose Inc. (T SX : K AB) for CAD 23.3 million on March 31, 2009. The purcconsideration is s ubject to certain adjustments. The as sets will be integrated into Disney Onlines e xtensive line-up of web sites. In a r

transa ction, B arclays P rivate E quity Ltd. agreed to acquire the UK operations of K aboose Inc. for 54 million. In the event of terminati

Ka boose Inc. sha ll pay to Disney O nline a termination fee of CA D 0.47 million.

Closing of transa ction is conditional on the clos ing of the B ounty transac tion, obtaining Ka boose s hareholder approval, c ourtapproval

other customary conditions, including receipt of a ny necessary regulatory approval. The Board of Directors of Kaboose Inc. hav e

unanimously approved the transaction. The deal is e xpected to close within 60 days. B rian Puk ier, Jeffrey E lliott, Yous ef Rehma n, An

Weintrop, S andy Walker, Bruce P ollock, Jonathan Deverill, Gavin Nea le and John Rowland of S tikeman E lliott LLP acted as the legal

advisor to K aboose. GMP S ecurities, L td. and Allen & C ompany a cted as financial advisors to Ka boose Inc.

penwave Systems Inc.

NasdaqGS:OPWV)

Openwave S ystems Inc. Launches Mobile Analytics 7. 0 Openwave S ystems Inc. announced the launch of Openwave Mobile Analytics 7. 0, a solution that provides deep ana lytics and rich refor mobile devices, including feature phones, smartphones, netbooks and other mobile devices. Openwave M obile Analytics 7. 0 is de

to help carriers better understand mobile data us age, s egmented by various s ubscriber demographics, peak usage times, a nd identifyconsumption patterns that ultimate ly can help an operator better price and deliver targete d content to us ers, a s well as better optimize

network bandwidth. Openwave Mobile A nalytics 7. 0 empowers opera tors with the ability to better monitor, manage and monetize vario

types of mobile data traffic including mobile internet, mes saging and soc ial networking usage, to better understand consum ption patte

and user demographics. T he product provides ea rly identification of mobile data trends, ena bling operators to mak e timely decisions t

bandwidth and capac ity problems a nd target business opportunities while increasing revenues . The offering's bus iness in telligence anreporting capabilities not only desc ribe what is happening in an opera tor's network, but als o provide insight as to why it is happeni ng a

eyond Commerce, Inc.

OTC BB:BYOC )

Beyond Commerce, Inc. Announces S uccessfull Launchof its i-S upply Division over 5,000 W idget S tores

Beyond Commerce, Inc. announced that its i -SUP PLY division concluded its phase d roll-outto more than 5,000 pre-sold license es. T5,000 stores, now on Web sites belonging to members of LocalAdLink's independent sales force, have s uccessfully launched on sche

Beyond Commerce es timates that it will create tens of thousands more storefronts ove r the next 120 days. T he i-S UP PL Y widget stor

allows We b properties to monetize e xisting traffic by simply cutting and pasting a few lines of code to instantly crea te a storefront on t

site. P articipating Web properties are able to choose from millions of brand name products at everyday low prices and cus tomize the and feel of their storefront. i-SUP PLY creates a hassle free va luable asse t for Web site owners by handling merchandise s election, pr

customer support, billing and shipping for any sales generated by the i-S UP PLY widget. The i-SUP PL Y widget store has created an

additional revenue s tream for B eyond Comme rce, which will grow exponentially in 20 09. T his rapid growth will further extend the rea c

LocalAdLink's proprietary ad network.

handa Interactive E ntertainment Ltd.

NasdaqGS:SNDA)

S handa Interactive E ntertainment Ltd. AnnouncesUnaudited Consolidated E arnings R esults for the First

Quarter Ended March 31, 2009

S handa Interactive E ntertainmentL td. a nnounced unaudited consolidated earnings results f or the first quarter ended March 31, 2009. quarter, reported net revenues of CNY 1,10 7.1 million ($162.0 million), repres enting an increase of 42.0% from CNY 7 79.8 million yea

year. Operating income was MYR 455.7 million ($66.7 million), representing a 46.0% increas e from CNY 312. 1 million in the first quar

2008. Net income was C NY 361.0 million ($52.8 million), compared with CNY 288 .8 million in the first quarter of 2008. E arnings per d

ADS in the first quarter were CNY 5.28($0. 78), compared with C NY 3. 94 in the first quarter of 2008. Non-GAAP net income was CN Y million ($54.8 million), an increase of 23.2% from CNY 304.2 million in the first quarter of 2008. Non-GAAP earnings per diluted ADS

CNY 5.4 8($0.80) compared with CNY 4.14 in the first quarter of 2008 .

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uepasa C orp. (NasdaqCM:QPSA) Quepasa To V oluntarily De-List Stock; F ile Form 15 Quepasa Corporation announced that it intends to voluntarily de-list the Company's common s tock from the NA SDAQ Stock Market.

Quepasas C EO , J ohn Abbott sa id: "A voluntary delisting from NAS DAQ is the best course of action for the Company to take at this tigiven the many growth initiatives the C ompany is currently e xecuting. T his ac tion allows us to focus our efforts on growing the busines

global scal e and building for profitability. W e are e nthusias tic with the improvement and growth in our core busine ss me trics - our expo

growth in new users , our increas e in page views a nd unique visits and new growth in reven ues. We believ e we can better focus on

acce lerating these metrics if we voluntarily de-list from NASD AQ. " In April, NAS DAQ notified the Company that it was not in complian

Marketplace R ule 4310 (c)(3), which requires the Company to maintain a minimum of: (i) $2, 500,000 million in s tockholders' equity, or

$35,000, 000 in market value of listed securities, or (iii) net income from continuing operations of $500, 000 in the most recently comple

fiscal year or in two of the las t three most recently completed fiscal years, as required by NAS DAQ Ma rketplace R ule 4310(c)(3) . T he

pple Inc. (NasdaqGS:AAPL); Wizzardoftware Corporation (AME X:WZE)

Wizz ard Media Acquires Distribution Rights to S ix iPhoneApps

Wizza rd Media announced the a cquisition of the ex clusive distribution rights to s ix iPhone Apps. T hese Apps are currently for sa le thrApple's App S tore for use on iPhones and the iPod Touch including: Blue Attack, OmNomN om, S udoku Unlimited, TouchS can, B lueDefense and S udoku Clas sic. B as ed on current sales figures, Wizz ard estimates these Apps will generate over $228, 000 in annual

revenues, a fter the standard deduction of Apple's 30 %, for the company before any increase d sales from marketing the Apps via the WPodcast N etwork to iPhone and iPod T ouch users . T hrough a dvertising and marketing by W izzard's thousands of podcast producers t

highly engaged audience of iP hone and iPod users, Wiz zard believes sa les could be s ignificantly higher on an annual basis. The c omplans to continue to acquire the rights for up to 100 alre ady launched and approved iP hone Apps to provide podcas t producers with a

continuous stream of fresh, paid advertising for their epis odic shows, app deve lopers with increas ed sales re venues a nd provide forprofitable App sales for Wizzard.

aboose Inc. (TSX:K AB) Kaboose Inc . F i les Ar t ic les of Amend ment Kaboose Inc . announc ed that in connec tion w ith the previous ly announc ed c ompletion on J une 1 , 2009 of ( i ) the sa le of i ts UK subs id

Ka boose Acquisition (UK) Company, to Romeo B idco Limited and (ii) the s ale of substantially all of its North American as sets to Disne

Online, Kaboose I nc. has filed articles of amendment under the B usiness C orporations A ct (Ontario) and has changed its name to KA

Distribution Inc.

ocialwise, Inc. (OTCBB: S CLW) Socialwise Launches BillMyParents P ayment System to

Wide Public Interest and Acclaim

S ocialwise I nc. launched B illMyP arents an innovative online youth payment system that gives teens the freedom to shop online and p

the control over these purchas es-all in a s imple, automated sys tem that keeps creditcard numbers a nd other personal information sa

secure.

itesearch Corporation (OTCB B:S TPC) S itesea rch Corporation Appoints Jim Dixon as V ice

President

E ffective J une 1, 20 09, S itese arch C orporation executed an employment agreement with J im Dixon, pursuant to which Mr. Dixon will

as the c ompanys Vice P resident. The agreement is for an initial one yea r term unless terminated by either party and may be extende

mutual agreement between the company and Mr. Dixon.

hotoChannel Networks Inc.

TSXV:PN)

PNI Digital Media Reports Trans action Volumes for the

Third Quarter of Fisca l 2009

PNI Digital Media reported transaction volumes for the third quarter of fiscal 2009. For the period, the company record 2,299 ,923 orde

been transacted via the PNI Digital Media P latform thus far this quarter. This represents a 134 % increase in orders over the c omparab

period of fiscal 2008 and the 26th straight quarter of record orders transac ted when comparing yea r over year s ame quarters. T o date

average daily order volume is 36,507 , compared to 15,626 for the same period of fiscal 2008. Overall retail sales process ed through t

Digital Media P latform for retail partners s how an increa se of over 200% compared to the comparable period in fisca l 2008 . Organic g

of retail partners on the P NI Digital Media P latform continues to be very strong, up a n aggregate 20% year over year.

igitalPost Interactive, Inc.

OTC BB:DG L P)

DigitalPost Interactive Inc. La unches FileSafe DigitalPost Interactive Inc. announced it has launched the F ileSafe, a new product that will be available within their cr itically acclaimed

website platform. F ileSa fe is an online backup and archival sys tem that will enable all consumers to store a nd secure any type of elec

file, from a word document to a P DF, E xcel spreadsheet, etc., within an easy to use, drag and drop interface that is as simple as s end

email. From the sam e administrative are a where customers download images a nd videos, they will now be able to upload many differcritical documents, preserv ing and protecting them for a life time.

ookSmart, Ltd. (NasdaqGM:LOOK) LookS mart, Ltd. has filed a S helf Registration in the

amount of $0.05 million.

LookSma rt, Ltd. has filed a S helf Registration in the amount of $0.05 million.

heStreet.com, Inc. (NasdaqGM:TS CM) TheStreet.com, Inc. Announces Management Changes On June 4, 2009, TheS treet.com, Inc. appointed Gregory Barton as Executive Vice P resident, Business and Legal Affairs , General Co

and Secretary. Mr. Barton had served as General C ounsel and Sec retary of Martha Stewart Living Omnimedia, Inc. from 2007-2008;

previously served as E xecutive Vice P resident, Licensing and Legal Affairs, G eneral Counsel and S ecretary (from 2004-2007) and as

E xecutive Vice P resident, General Counsel and Sec retary (from 2002-2004) of Ziff Davis Media Inc. On June 4, 2009, T eresa S antos to serve as G eneral Counsel and Se cretary of the company.

hotoChannel Networks Inc.

TSXV:PN)

PhotoChannel Networks Inc. will Change its Na me to PN I

Digital Media Inc

E ffective J une 08, 2009, PhotoC hannel Networks Inc. will change its name to PN I Digital Media Inc.

park Networks, Inc. (AMEX:L OV) S park Networks, Inc., A nnual General M eeting, Jun 08,

2009

S park Networks, Inc., Annual General Meeting, J un 08, 2009, at 09:00 Pa cific Daylight. Location: 8383 Wils hire Boule vard, Suite 800,

Beverly H ills, C A 90 211, United States. Agenda: To elec t two members to the board of directors to serve for three-year terms; to ratify

appointment of Erns t & Young LLP as the independent registered public accounting firm of the company for the year ending Decembe

2009 ; to vote on a s tockholder proposal rec ommending that our board of directors adopt a policy that the Cha irman of the B oard be a

independent director who has not previously s erved as a n executive officer of the company; to vote on a stockholder proposal re gardi

declas sifica tion of the board of directors; a nd to transa ct such other busines s as m ay properly come before the meeting or any adjour

thereof.

gure 7. Key Developmentsource. Capital IQ

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A LU A TI O N

Online Gaming companies lead market-cap charts: Eleven companies in our Web 2.0 universe top US$1 bil l iomarket capitalization (Figure 8). Sixty of the 93 companies have market caps under US$100 mill ion, with 23 under USmill ion. Online gaming companies dominate the top of the list, led by Tencent Holdings with a market cap over USbill ion.

Market Cap (US D m)

0. 00. 00. 00. 00. 1

0. 20. 40. 50. 91. 11. 21. 42. 92. 93. 24. 14. 54. 65. 25. 87. 78. 18. 99. 29. 711.514.014.215.416.318.022.725.325.625.628.229.930.831.032.032.032.739.039.840.140.641.442.247.547.648.859.462.367.774.976.083.583.884.1101.4114.5121.2128.2128.4

157.4158.1

187.3221.6228.3

258.1290.2298.2

332.8338.6362.1368.1

549.5579.2

709.8

937.21010.6

1157.21457.2

1785.01808.1

2037.22128.5

2446.32559.9

768.4

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

Soc ial Media Venures , Inc.Dibz International, Inc.

S NM Global HoldingsChina Ga teway CorporationTotal Sport Online AS

Financial Media Group, Inc.ZipLocal Inc.

The Parent CompanyAs s ociated Media Holdings Inc.

Uniser ve Communications Corp.DigitalPos t Interactive , Inc.

Bigstring Corp.V OIS, Inc.

Betaw ave Corporationise emedia Inc.

Br ight Things plcMOKO.mobi Limited

Magnitude Information S ys tems Inc.Worlds.com Inc.

CornerWorld CorporationLiveWorld Inc.

SNAP Interactive, Inc.Quepasa Corp.

Wyndstorm CorporationAccelerize New Media, Inc.

Lingo Media CorporationIAS Energy, Inc.Extens ions, Inc.

UOMO Media, IncJumbuck Enter tainment Pty L td.

Spec trumDNA, Inc.LookSmart, Ltd.

BroadWebAsia Inc.DXN Holdings Bhd

Frogster Interac tive Pictures A GS ites earc h Corporation

Ynk K orea Inc.Socialwise, Inc.

Dolphin Digital Media, Inc.Gravity Co., Ltd

Wizzard Software CorporationFluid Mus ic Canada, Inc.

NeXplore CorporationNorthgate Technologies Limited

Ngi Group Inc.Eolith Co. Ltd.

AQ Interactive, Inc.Bey ond Commerce, Inc.

Spark Networks, Inc.Webzen Inc.

PhotoChannel Netw orks Inc.TheStreet.com, Inc.

GeoSentric OyjDigitalTow n, Inc.

JumpTV Inc.Kaboose Inc.

Moggle, IncHanbitSof t, Inc.Cyberplex Inc.

Myriad Group AGGameOn Co Ltd.

Y edangOnline Corp.DADA SpA

Tree.Com, Inc.Openw ave S ys tems Inc.CDC Corp.

OA O RB C Information Sy s temsAc toz S oft Co., L td.

XING A GGamania Digital Entertainment Co.,GungHo Online Entertainment, Inc.

The9 LimitedGigaMedia Ltd.Shutterfly, Inc.

NetDragon WebS oft, Inc.S K Communica tions C o., Ltd.NEOWIZ Ga mes Corporation

United O nline Inc.Mixi, Inc.

Kingsoft Co. Ltd.Chines e Ga mer International

V alueClick Inc.Perfect World Co., Ltd.

Gree, Inc.Modern Times Gr oup Mtg AB

Open Text Corp.Giant Interac tive Group, Inc.

Changyou.com LimitedIAC/InterActiveCorp.

Sohu.comInc.S handa Interac tive Entertainment Ltd.

Neteas e.comInc.Tence nt Holdings L td.

gure 8. Market Cap Rankingource. Capital IQ

TEV/Revenue (LTM) averages 5.4x: The overall average TEV/Revenue (LTM) multiple for our group is 5.4x (up from ast week) (Figure 9). Two companies trade at more than 40x revenue Dolphin Digital (OTCBB:DPDM) at 46.2x

Gree, Inc. (TSE:3632) at 41.4x. The median is only 2.0x. Note that we exclude multiples greater than 50x. Twenty-ncompanies have multiples under 1.5x.

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TE V/LT M Revenue (x)

0.00.00.10.20.20.20.20.30.30.40.40.50.60.60.60.70.80.80.91.11.11.11.11.11.21.31.41.41. 51. 9

2.02.02. 12.42.42.52.52.62.62.72.82.93.03. 43. 5

3. 94. 24.54.64.64.84. 95.55.5

6. 06. 68. 7

9. 911.3

15.315.5

18.919.2

24.8

37.4

41.4

46.2

Average, 5.4

0. 0

5. 0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

ChinaGateway

Corporation

OAO

RBCInformationSystems

PerfectW

orldCo.,

Ltd.

UniserveCommun

icationsCorp.

AQ

Interactive,

Inc.

ThePar

entCompany

ShandaInteractiveEntertainmentLtd.

OpenwaveSystemsInc.

NorthgateTechno

logiesLimited

IAC/Inte

rActiveCorp.

CDCCorp.

DXN

HoldingsBhd

T

ree.C

om,

Inc.

L

iveWorldInc.

ZipLocalInc.

GameOnCoLtd.

DADASpA

JumbuckEntertainmentPtyLtd.

SparkN

etworks,

Inc.

SNM

GlobalHoldings

UnitedOnlineInc.

is

eemediaInc.

C

yberplexInc.

KabooseInc.

Ha

nbitSoft

,Inc.

Shutterfly

,Inc.

G

igaMediaLtd.

ModernTimesG

roupMtgAB

ValueClickInc.

GamaniaDigitalEnte

rtainmentCo.,

SKCommunicationsCo.,

Ltd.

SNAPInteractive,

Inc.

ActozSoftCo.,

Ltd.

OpenTextCorp.

Yedang

OnlineCorp.

PhotoChannelN

etworksInc.

GungHoOnlineEntertainment,Inc.

YnkKoreaInc.

NetDragonWebSoft

,Inc.

NEOWIZGame

sCorporation

MyriadGroupAG

E

olithCo.

Ltd.

MOKO

.mobiLimited

XINGAG

AccelerizeNewMedia

,Inc.

DigitalPostIn

teractive,

Inc.

JumpTVInc.

FrogsterInteractive

PicturesAG

TotalSportOnlineAS

FluidMusic

Canada,

Inc.

S

ohu.c

om

Inc.

Mixi,Inc.

CornerWorldCorporation

King

softCo.

Ltd.

WizzardSoftware

Corporation

BeyondCo

mmerce,

Inc.

Changyou.c

om

Limited

GeoSentricOyj

LingoMediaCorporation

Brig

htThingsplc

ChineseGame

rInternational

Tencent

HoldingsLtd.

AssociatedMedia

HoldingsInc.

UOM

OM

edia

,Inc

BigstringCorp.

DolphinDigitalMedia

,Inc.

Gree,

Inc.

gure 9. TEV/Revenue Rankingource. Capital IQ

TEV/Revenue (LTM) by country/exchange: We have also calculated multiples based on where the companies are lior domiciled. Figure 10 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largnumber of companies (20), trading at an average multiple of 15.6x (up from 13.9x last week). On a geographic basis,United States has the most companies (40), trading at an average of 6.3x revenue (up from 5.2x last week) (Figure

Eleven of the companies are Canadian (average 4 .9x revenue).

Average TEV/LTM Revenue - By Exchange

0.50.30.00.60.8

1.41.91.92.32.52.82.83.13.43.53.9

4.6

8.79.09.9

13.0

15.3

15.6

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

OTCBB

AIM

TSE

HLSE

SEHK

GTSM

OTCNO

XTRA

OTCPK

AMEX

TSXV

SWX

TSX

OSE

KOSE

ASX

Nas

daq

GS

OM

CM

Nas

daq

GM

KLSE

BSE

RTS

20 1 5 1 3 2 1 2 10 2 5 1 4 1 7 2 14 1 1 5 1 1 1

(x)

# Companies

Average TEV/LTM Revenue - By Country

0.4 00.8 0.5

1.41.92.32.83.9

4.64.95.86.2

6.3

9.910.9

15.3

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

Un

ited

Japan

Finlan

d

Un

ited

Ta

iwan

China

Cana

da

Norway

Germany

Sw

itzerlan

d

Sou

th

Aus

tra

lia

Swe

den

Ita

ly

Ma

lays

ia

Hong

Kong

1 6 1 40 3 10 11 1 2 1 9 2 1 1 1 1

(x)

# Companies

gures 10 & 11. TEV/Revenue Ranking (Exchange, Country)ource. Capital IQ

TEV/EBITDA (LTM) averages 10.3x: The average multiple for the 35 companies with posit ive EBITDA (and multiunder 100x) is 10.3x LTM EBITDA (vs. 9.3 last week), led by Tencent Holdings (700-SEHK) 39.3x multiple (Figure Thirteen of the companies have EBITDA multiples under 7x. The median multiple is 9.4x (vs. 8 .3x last week).

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TEV/LTM EBITDA (x)

0. 3 0. 52. 2 2. 5 3. 1

3. 8 4. 1 4. 74. 9 5.6 5.6

6. 5 7. 28. 6 8. 9 9.3 9.4 9. 6

9. 6 10.21 0. 7 1 0. 7 1 0. 8 10.9 11.2

13.2 1 3. 7 1 3. 7 14.014.4

24.3

27.7

30.8

3

Average, 10.3

0. 0

5. 0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

OAOR

BCInformationSystems

ShandaInteractiveEntertainme

ntLtd.

JumbuckEntertainmentPtyLtd.

AQ

Interactiv

e,

Inc.

GameOnCoLtd.

DXNHoldingsBhd

SparkNetwork

s,

Inc.

DADASpA

UnitedOnlineInc.

CDC

Corp.

GigaMed

iaLtd.

NetDragonWebSo

ft,

Inc.

SNAPInteractiv

e,

Inc.

ValueClickInc.

ModernTimesGroupMtgAB

Kaboos

eInc.

OpenTextCorp.

ActozSoftCo

.,Ltd.

Shutterfly,

Inc.

NEOWIZGamesCorp

oration

CyberplexInc.

YedangOnline

Corp.

XIN

GA

G

Sohu.co

mI

nc.

GamaniaDigitalEntertainmentC

o.,

Ltd.

IAC/InterActiveCorp.

Mixi,Inc.

KingsoftCo.

Ltd.

GungHoOnlineEntertainme

nt,Inc.

Changyou.comLimited

YnkKore

aInc.

ChineseGamerIntern

ational

SKCommunicationsC

o.,

Ltd.

l d

d

gure 12. TEV/EBITDA Rankingource. Capital IQ

TEV/EBITDA (LTM) by country/exchange: Figure 13 shows the average TEV/EBITDA multiples by stock exchange. OTCBB has the largest number of companies (20), trading at an average multiple of 7.2x (vs. 7.7x last week). Ogeographic basis, the United States has the most companies (40), trading at an average of 7.9x EBITDA (Figure Eleven of the companies are Canadian (average 9 .8x EBITDA).

Average TEV/LTM EBITDA - By Exchange

0.00.00.32.2

3.84.14.7

6.47.27.58.910.0

10.814.0

17.119.4

19.9

0.0

5.0

10.0

15.0

20.0

25.0

S

EHK

G

TSM

K

OSE

OSE

X

TRA

TSX

OM

Nasda

qGS

OT

CBB

TSE

CM

AMEX

K

LSE

ASX

RTS

S

WX

Nasda

qGM

3 2 7 1 2 4 1 14 20 5 1 2 1 2 1 1 5

(x)

# Companies

Average TEV/LTM EBITDA - By Country

2.2 0

3.84.7

5.67.98.3

8.99.810.8

12.2

14.8

17.1

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

Sou

th

Korea

Taiwan

China

Germa

ny

Cana

da

Swede

n

Jap

an

Unit

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States

Hong

Ko

ng

Ita

ly

Ma

lays

ia

Aus

tra

lia

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9 3 10 2 11 1 6 40 1 1 1 2 1

(x)

# Companies

gures 13 & 14. TEV/EBITDA Ranking (Exchange, Country)ource. Capital IQ

P/E (LTM) averages 16.7x: The average multiple for the 30 companies with posit ive earnings (and multiples under 1s 16.7x LTM EPS (vs. 15.3x last week), led Tencent Holdings (700-SEHK) 50.1x multiple (Figure 15). Ten of

companies have P/E multiples under 10x. The median is just 13.4x.

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Page

P/E LT M (x)

0. 9 1. 9 2. 22. 8 3. 3

4. 3 5. 46. 7 7. 2

8. 410.6 11.8

12.4 12. 9 13 .013.8 14. 4 14. 6 14. 6

17.3

20.8 21.8

27.4 28.2

32.8 33.5 34.136.2 36.3

50

Average, 16.7

0. 0

10.0

20.0

30.0

40.0

50.0

60.0

The9Limited

PerfectWorldCo.,

Ltd

.

GiantInteractiveGroup,

Inc

.

Netease.comInc

.

ShandaInteractiveEntertainmentLtd

.

DXNHoldingsBhd

ModernTimesGroupMtgAB

JumbuckEntertainmentPtyLtd.

DADASpA

CyberplexInc

.

GigaMediaLtd

.

NgiGroupInc

.

SNAPInteractive,

Inc

.

YedangOnlineCorp

.

NetDragonWebSoft,

Inc

.

GameOnCoLtd

.

Sohu.comI

nc

.

Changyou.comL

imited

SparkNetworks,

Inc

.

KingsoftCo.

Ltd.

IAC/InterActiveCorp

.

XINGAG

GamaniaDigitalEntertainmentCo.,

Ltd.

OpenTextCorp

.

NEOWIZGamesCorporatio

n

ActozSoftCo.,

Ltd.

Worlds.comI

nc

.

ChineseGamerInternational

Mixi,Inc

.

T e n c e n t H o l d i n g s L t d

gure 15. P/E Rankingource. Capital IQ

P/E (LTM) by country/exchange: Figure 16 shows the average P/E multiples by stock exchange. The OTCBB hasargest number of companies (20), trading at an average multiple of 23.3x. On a geographic basis, the United States

the most companies (40), trading at an average of 20.5x earnings (Figure 17). Eleven of the companies are Canad(average 18.3x EPS).

Average P/E - By Exchange

0.02.2

4.35.46.7

7.28.410.8

14.6

20.621.8

23.326.426.8

31.8

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

GTSM

SEHK

KOSE

OTCBB

XTRA

TSE

AMEX

NasdaqGS

TSX

CM

ASX

OM

KLSE

NYSE

SWX

2 3 7 20 2 5 2 14 4 1 2 1 1 1 1

(x)

# Companies

Average P/E - By Country

4.35.4

6.77.2

12.0

18.320.5

20.621.824.7

26.4

0.0

5.0

10.0

15.0

20.0

25.0

30.0

South

Korea

Taiwan

Germany

Japan

United

States

Canada

China

Italy

Australia

Sweden

Malaysia

9 3 2 6 40 11 10 1 2 1 1

(x)

# Companies

gures 16 & 17. P/E Ranking (Exchange, Country)ource. Capital IQ

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Page

PCOMING EVENTS

Earnings Calendar

C ompany D ate & T ime Qu arter Conf C all D etails

G i gaMedia L td. (N a sda qG S :G I G M) T uesda y , J une 09 , 2009 8 :00 AM (E D T) Q 1 2009 NA

gure 18. Earnings Calendarource. Company reports

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Page

Comparable C ompany Analysis > Web 2.0

rice Performance

ompa ny Na me C ur rency Tic ker E x change U S D Ma rket C ap ($m) C urrent Pric e 1 Wk 1 Mth 3 Mth 6 Mth 1 Yr 52 We

cce le rize New Me dia, Inc. U S D A CL Z OT C BB 9 .7 0.3 5 0.0 % -30. 0% 59 .1% -1 2.5 % -53 .3% -53. 3

ctoz S of t C o., L td. K R W A 052 790 K O S E 22 1.6 3 2,50 0.0 0 23.6 % 1 18.9 % 212.5% 23 3.3% 3 06. 3% -9.7

Q Inte ractive , Inc. J P Y 3 838 T S E 4 1.4 7 5,00 0.0 0 -6.3 % 6 2.7 % 141.2% 12 9.4% -48 .6% -59. 0s socia ted Media H oldings Inc. U S D A S MH OT C P K 0 .9 0.0 2 1 233 .3% 12 33. 3% 132 8.6 % 56 6.7% NM -60. 0

gstring Corp. U S D B S G C OT C BB 1 .4 0.0 3 42.1 % 8.0% 136.8% 42 .1% -77 .3% -86. 5

e tawave Corpora tion U S D B W AV OT C BB 2 .9 0.1 0 25.0 % -16. 7% -1 6.7% -4 7.4 % -74 .4% -76. 2

e yond Commerce, Inc. U S D B Y OC OT C BB 4 2.2 0.9 5 -5.9 % -21. 5% 66 .7% 18 .8% -65 .5% -71. 2right T hings plc G BP A IM:B G T AI M 4 .1 0.0 1 -20. 6% -34. 5% -1 4.4% 52 .3% -45 .4% -47. 6

roa dW ebAs ia Inc. U S D B W BA OT C P K 2 5.3 0.3 0 -33. 8% -33. 8% -7 0.5% -7 7.9 % -86 .8% -89. 7

DC C orp. U S D C H IN .A Nasda qG S 15 8.1 1.4 9 -12. 4% 0.0% 79 .5% 53 .6% -50 .8% -55. 7

ha ngyou. com Limite d U S D C Y OU Nasda qG S 2,1 28. 5 3 8.7 0 8.2 % 2 8.9 % NM NM NM -5.0hina G ate wa y C orpora tion U S D C G W Y OT C P K 0 .0 0.0 0 1 00. 0% 1 00.0 % 0 .0% -8 6.7 % -96 .7% -95. 6

hine se G amer International T W D G TS M:3 083 GT S M 93 7.2 36 6.0 0 -2.8 % 7 3.9 % 154.2% 31 0.3% 2 83. 2% -6.9

ornerW or ld C orporation U S D C W R L OT C BB 5 .8 0.0 9 0.0 % -10. 0% -4 0.0% -8 0.0 % -83 .3% -88. 6

yberplex Inc. C AD T S X:CX T S X 8 4.1 1.5 0 -4.5 % -20. 6% 284.6% 43 5.7% 87.5 % -24. 6

ADA S pA E U R C M:DA C M 12 8.2 5.7 0 -4.1 % -14. 9% 15 .5% -1 6.7 % -55 .3% -59. 2XN Holdings B hd MY R DXN K L S E 2 5.6 0.3 9 -1.3 % -12. 4% 39 .3% 20 .0% -11 .4% -17. 0

ibz International, Inc. U S D DIBZ OT C P K 0 .0 0.0 0 -90. 0% -90. 0% -9 0.0% -9 8.0 % -98 .0% -98. 0

igitalP ost Inte ra ctive , Inc. U S D DG L P OT C BB 1 .2 0.0 2 6.7 % -5.3 % 300.0% -4 0.7 % -89 .3% -91. 6

igitalT own, Inc. U S D DG T W OT C BB 6 7.7 2.5 0 25.0 % 0.0% -0 .8% 25 .0% -28 .6% -59. 0olphin Digital Me dia, Inc. U S D DP DM OT C BB 3 1.0 0.6 0 13.2 % -6.3 % 50 .0% -1 4.3 % NM -46. 9

olith C o. L td. K R W A 041 060 K O S E 4 0.6 70 0.0 0 -3.4 % -20. 9% 28 .4% 27 .3% -19 .5% -39. 7

xte ns ions , Inc. U S D E XT I OT C P K 1 4.2 0.1 5 -25. 0% -25. 0% 185.7% 50 .0% 0.0 % -85. 1

nancia l Media Group, Inc. U S D F NG P OT C BB 0 .2 0.0 0 0.0 % -38. 8% -8 5.0% -9 5.7 % -99 .6% -99. 7uid Mus ic Ca nada, Inc. C AD T S X:F MN T S X 3 2.7 0.7 0 -6.7 % 2 7.3 % 112.1% 16 9.2% NM -65. 7

rogste r Interactive P icture s AG E U R F R G XT R A 2 5.6 7.8 5 5.4 % -11. 1% 112.2% 83 .0% 65.3 % -20. 7

a ma nia Digital E nter tainment C o., L td. T W D 6 180 GT S M 25 8.1 5 5.8 0 -4.8 % 4 4.6 % 106.7% 28 2.2% 80.0 % -11. 0

a me On C o L td. J P Y 3 812 T S E 11 4.5 11 6,70 0.0 0 -5.9 % 2 4.4 % 49 .8% -1 2.3 % -8. 1% -28. 6e oS e ntr ic O yj E U R G E O1V HLS E 6 2.3 0.0 5 0.0 % 0.0% 66 .7% 25 .0% -16 .7% -28. 6

iant Intera ctive G roup, Inc. U S D G A NY S E 2,0 37. 2 9.0 3 14.0 % 1 0.8 % 27 .4% 51 .3% -32 .3% -36. 2

iga Media Ltd. U S D G IG M Nasda qG S 33 2.8 6.1 6 -0.5 % -4.2 % 29 .1% 28 .3% -59 .2% -64. 2

ravity C o., L td U S D G RV Y Nasda qG M 3 2.0 1.1 5 4.5 % 1 7.3 % 79 .7% 94 .9% -14 .2% -42. 2ree, Inc. J P Y T S E :36 32 T S E 1,4 57. 2 6,43 0.0 0 14.2 % 2 1.8 % 41 .9% NM NM -0.8

ungHo O nline E ntertainment, Inc. J P Y 3 765 OS E 29 0.2 24 9,70 0.0 0 0.7 % 8 1.3 % 113.8% 17 7.1% 0.7 % -13. 3

anbitS oft, Inc. K R W A 047 080 K O S E 8 3.8 4,79 0.0 0 -9.5 % -2.2 % 50 .9% 52 .8% 34.2 % -27. 9

AC /InterActiveC orp. U S D I ACI Nasda qG S 2,4 46. 3 1 6.2 1 -2.2 % 2.7% 15 .2% -2.9% -62 .0% -67. 9AS E nergy, Inc. U S D I AS C .A OT C BB 1 4.0 0.2 0 -23. 1% -24. 5% 185.7% 56 6.7% 0.0 % -42. 9

ee media Inc. C AD I E E T S XV 3 .2 0.0 7 -22. 2% -41. 7% -1 2.5% 40 .0% -65 .0% -80. 0

umbuck E ntertainment P ty Ltd. AU D A S X:J MB AS X 1 6.3 0.4 2 -6.7 % 5.0% -6 .7% -4.5% -28 .8% -34. 4

umpT V Inc. C AD T S X:J T V T S X 7 4.9 0.7 4 -7.5 % 1.4% 85 .0% 13 8.7% 13.8 % -42. 2a boos e Inc. C AD T S X:K AB T S X 7 6.0 0.6 1 0.0 % 1.7% 52 .5% 14 4.0% -35 .8% -39. 0

ngsoft Co. Ltd. H K D 3 888 S E HK 76 8.4 5.4 9 4.6 % 2 1.5 % 104.9% 10 4.9% 50.4 % -8.0

ngo Media Corporation C AD T S XV :LM T S XV 1 1.5 1.0 0 -4.8 % -5.7 % 14 .9% 0 .0% -44 .4% -49. 2

ve World Inc. U S D L VW D OT C P K 7 .7 0.2 5 1 94. 1% 2 33.3 % 212.5% 40 0.0% 25.0 % -26. 5ookS mart, Ltd. U S D L OOK Nasda qG M 2 2.7 1.3 3 2.3 % -12. 5% 40 .0% -1 6.4 % -68 .3% -69. 4

agnitude Information S ys tems Inc. U S D MAGY OT C BB 4 .6 0.0 1 -33. 3% 0.0% -4 7.4% -5 8.3 % -41 .2% -66. 7

ixi, Inc. J P Y 2 121 T S E 70 9.8 45 5,00 0.0 0 -0.7 % -2.8 % 51 .7% -2 8.3 % -39 .9% -50. 6

ode rn Times Group Mtg AB S E K MT G B OM 1,7 85. 0 21 2.5 0 -8.6 % -10. 1% 69 .3% 40 .3% -45 .5% -48. 0oggle , Inc U S D MMOG OT C BB 8 3.5 2.3 0 15.0 % 1 5.0 % 53 .3% NM NM 0.0 %

OK O.mobi L imited AU D MK B AS X 4 .5 0.0 7 0.0 % -10. 8% 32 .0% 65 .0% 32.0 % -34. 0

yriad Group AG C HF MY R N S W X 10 1.4 5.2 0 -9.6 % 1.0% 36 .8% -1 4.3 % -48 .0% -49. 3

E OW IZ Games C orpora tion K R W A 095 660 K O S E 54 9.5 7 1,50 0.0 0 -7.3 % 1 1.0 % 92 .7% 29 8.3% 1 32. 9% -14. 8etDragon W ebS oft, Inc. H K D 7 77 S E HK 36 2.1 5.3 1 -2.0 % -1.8 % 59 .0% 54 .4% -44 .2% -49. 9

ete ase.com I nc. U S D NT E S Nasda qG S 4,6 13. 2 3 7.4 9 4.7 % 2 1.2 % 72 .5% 85 .6% 63.1 % -2.2

eXplore Corpora tion U S D NXP C OT C P K 3 9.0 0.7 0 0.0 % 0.0% -2 2.2% -4 4.0 % NM -51. 7

gi Group Inc. J P Y 2 497 T S E 4 0.1 3 2,00 0.0 0 -7.8 % -3.9 % 91 .0% -3 9.0 % -74 .8% -76. 5

orthgate Te chnologies L imited INR 5 900 57 BS E 3 9.8 5 4.2 0 15.2 % 2 9.7 % 76 .8% 9 .5% -85 .3% -85. 9pen T ext Corp. U S D O TE X Nasda qG S 1,8 08. 1 3 4.3 6 -3.7 % 9.9% 16 .0% 25 .6% 3.7 % -12. 1

penwave S ys tems Inc. U S D O P W V Nasda qG S 15 7.4 1.8 9 1.9 % 5 2.4 % 146.1% 25 0.0% 12.5 % -8.3

e rfect W orld C o. , Ltd. U S D P W RD Nasda qG S 1,1 57. 2 2 2.6 3 0.4 % 1 5.3 % 108.4% 30 .7% -10 .0% -19. 4

hotoChannel Network s Inc. C AD T S XV :P N T S XV 4 8.8 1.6 0 3.9 % 3.2% -3 .0% 0 .6% -58 .4% -61. 3uepa sa C orp. U S D Q P S A Nasda qC M 8 .9 0.7 0 -31. 4% -22. 2% -2 0.5% -6 4.6 % -72 .9% -79. 8

A O RB C Information S ys tems U S D R BC I R T S 18 7.3 1.3 5 8.0 % 3 7.1 % 350.0% 62 .7% -85 .0% -85. 2

handa Interactive E ntertainme nt L td. U S D S NDA Nasda qG S 4,2 76. 8 6 1.6 4 2.3 % 3 0.5 % 81 .5% 10 8.7% 1 05. 1% -5.2

hutte rf ly, Inc. U S D S F LY Nasda qG S 33 8.6 1 3.4 5 -11. 1% 8.2% 70 .5% 72 .4% -5. 7% -11. 9K C ommunications Co., Ltd. K R W A 066 270 K O S E 36 8.1 1 1,00 0.0 0 -8.3 % 1 7.3 % 69 .2% 10 3.7% -38 .7% -44. 2

NAP Inte ra ctive , Inc. U S D S T VI OT C BB 8 .1 0.7 5 -5.1 % 0.0% -2 1.1% 0 .1% 8.7 % -30. 6

NM G lobal Holdings U S D S NMN OT C P K 0 .0 0.0 0 -20. 0% -33. 3% 100.0% -9 4.3 % -99 .9% -99. 9

ocia l Media Ve nures, Inc. U S D S MVI OT C P K 0 .0 0.0 1 -93. 3% -99. 2% -9 9.2% -9 9.7 % NM -99. 8ocia lwise, Inc. U S D S CL W OT C BB 3 0.8 0.7 1 1.4 % 5 1.1 % 77 .5% -4 9.6 % -47 .0% -74. 9

ohu. com Inc. U S D S OHU Nasda qG S 2,5 59. 9 6 6.9 0 1.0 % 2 1.2 % 42 .1% 50 .6% -15 .8% -24. 0

te search C orporation U S D S T P C OT C BB 2 8.2 3.5 0 -30. 0% NM NM NM NM -30. 0

park Networks, Inc. U S D L OV AME X 4 7.5 2.3 1 0.9 % -21. 2% 0 .4% -1 6.0 % -44 .1% -48. 2pectrumDNA, Inc. U S D S P XA OT C BB 1 8.0 0.3 7 0.0 % -5.1 % 85 .0% 76 .2% NM -38. 3

ncent Holdings L td. H K D 7 00 S E HK 20, 843 .8 8 9.6 0 4.7 % 2 1.9 % 90 .6% 79 .2% 44.3 % -3.1 %

P arent C ompany U S D K IDS .Q OT C P K 0 .5 0.0 2 26.7 % 5 2.0 % 90 .0% -9 7.0 % -99 .2% -99. 4%

L imited U S D NC T Y Nasda qG S 29 8.2 1 1.1 2 20.0 % 2 0.3 % 9 .1% -3.6% -57 .2% -61. 0%e S treet.com, Inc. U S D T S CM Nasda qG M 5 9.4 1.9 4 -1.0 % -4.0 % 4 .9% -4 6.1 % -72 .4% -75. 1%

l S port Online A S NOK T OS O OT C NO 0 .1 0.0 3 0.0 % 0.0% -2 5.0% -4 0.0 % -70 .0% -70. 0%

ee.C om, Inc. U S D T R E E Nasda qG M 12 8.4 1 1.8 9 10.8 % 4.9% 183.8% 52 9.1% NM -9.0 %

niserve C ommunications Corp. C AD T S XV :US S T S XV 1 .1 0.0 5 0.0 % 2 5.0 % 0 .0% 25 .0% -84 .8% -85. 7

nited Online Inc. U S D UN T D Nasda qG S 57 9.2 6.9 3 -0.4 % -7.2 % 78 .6% 8 .1% -39 .8% -43. 7OMO Media , Inc U S D UOMO OT C BB 1 5.4 0.1 8 12.5 % -28. 0% 200.0% 10 0.0% -57 .1% -83. 0

a lueC lick Inc. U S D V CL K Nasda qG S 1,0 10. 6 1 1.6 2 3.1 % 1 3.0 % 89 .6% 52 .9% -35 .2% -38. 2

O IS , Inc. U S D V OIS OT C BB 2 .9 0.3 5 -61. 1% 1 6.7 % -5 3.3% -5 3.3 % NM -93. 8W ebze n Inc. U S D W ZE N Nasda qG M 4 7.6 4.0 2 -10. 8% 2 4.7 % 204.2% 43 5.3% 12.2 % -14. 2

W izza rd S of twa re Corpora tion U S D W ZE AME X 3 2.0 0.6 7 21.8 % 1 1.7 % 55 .8% -3 2.3 % -66 .0% -67. 3

W orlds .com Inc. U S D W DDD OT C BB 5 .2 0.1 0 0.0 % -50. 0% -2 8.6% -5 4.5 % -66 .7% -75. 0

W ynds torm C orporation U S D W Y ND OT C BB 9 .2 0.5 1 1 600 .0% 2 00.0 % 325.0% 32 5.0% -15 .0% -40. 0NG AG E U R O 1BC XT R A 22 8.3 3 1.2 1 -7.3 % 7.6% 24 .8% 12 .8% -13 .7% -18. 7

e dangOnline Corp. K R W A 052 770 K O S E 12 1.2 9,67 0.0 0 -5.2 % 7.1% 52 .8% 49 .2% -17 .0% -22. 0

nk K orea Inc. K R W A 023 770 K O S E 2 9.9 7,00 0.0 0 -9.1 % 1 7.4 % 102.6% 52 .5% -49 .6% -51. 9

pLocal Inc. C AD T S XV :ZIP T S XV 0 .4 0.0 1 0.0 % 0.0% 0 .0% -5 0.0 % -96 .4% -96. 9

igh 1 600 .0% 12 33. 3% 132 8.6 % 56 6.7% 3 06. 3% 0.0 %

ow -93. 3% -99. 2% -9 9.2% -9 9.7 % -99 .9% -99. 9

vera ge 590.6 30.1% 22.6% 79.3% 65.6% -22.9% -49.2edian 0.0 % 1.5% 55 .8% 27 .3% -41 .2% -48. 2

gure 19. Price Performanceource. Capital IQ

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Comparable Company Analysis > Web 2.0aluation Multiples

om pan y Nam e S ec to r Co un try

Primary

E xc h ang e Tic ker

USD Market

Cap ($m)

TEV/LTM

R evenue

TEV/ NTM

R evenue

TEV/LTM

E BITDA

TE V/NTM

E BITDA P/LT M E P S P/NT M E PS P/Ta

cce le rize N ew Me dia, Inc. Direct Marketing U nite d S tates OT C B B AC LZ 9. 7 3.5 x - - - - -

ctoz S of t C o., L td. G aming S outh Kore a K OS E A 052 790 2 21. 6 2.1 x - 9.6 x - 33 .5x - 3

Q Inte ractive , Inc. G aming J a pan T S E 3 838 41. 4 0.2 x - 2.5 x - - - 0s socia ted Media Holdings Inc. Mobile U nite d S tates OT C P K AS MH 0. 9 19.2 x - - - - -

gstring Corp. Ins ta nt Mes s aging U nite d S tates OT C B B B S G C 1. 4 37.4 x - - - - -

e tawave Corpora tion Me dia U nite d S tates OT C B B B WA V 2. 9 - - - - - - 0

e yond Commerce, Inc. S ocia l Ne twork ing U nite d S tates OT C B B B Y O C 42. 2 6.6 x - - - - -r ight T hings plc S ocia l Ne twork ing U nite d K ingdom AIM AIM:B G T 4. 1 15.3 x - - - - -

roa dW ebAs ia Inc. S ocia l Ne twork ing U nite d S tates OT C P K B WB A 25. 3 - - - - - -

D C C orp. G aming H ong K ong N as da qG S C HIN.A 1 58. 1 0.4 x 0.5x 5.6 x 6.0x - 1 0.8 x

ha ngyou. com Limite d G aming C hina N as da qG S CY OU 2,1 28. 5 8.7 x 6.6x 14.4 x - 14 .6x - 1hina G ate wa y C orpora tion Mobile U nite d S tates OT C P K CG W Y 0. 0 0.0 x - - - - -

hine s e G amer International G aming T a iwan G T S M G T S M:308 3 9 37. 2 15.5 x - 27.7 x - 36 .2x - 1

ornerW or ld C orpor ation C ontent U nite d S tates OT C B B C W R L 5. 8 5.5 x - - - - -

yberplex Inc. Advertis ing C anada T S X T S X:C X 84. 1 1.1 x 0.8x 10.7 x 7.1x 8. 4x 9.0x 8

AD A S pA S ocia l Ne twork ing I tal C M CM:DA 1 28. 2 0.8 x - 4.7 x - 7. 2x -XN Holdings B hd S ocia l Ne twork ing Malays ia K L S E DXN 25. 6 0.5 x - 3.8 x - 4. 3x - 0

ibz Inte rnational, Inc. S NS A pps U nite d S tates OT C P K D IB Z 0. 0 - - - - - -

igitalP ost Inte ra ctive , Inc. C ontent U nite d S tates OT C B B D G L P 1. 2 3.9 x - - - - -

igitalT own, Inc. S ocia l Ne twork ing U nite d S tates OT C B B DG TW 67. 7 - - - - - -olphin Digital Me dia, Inc. S ocia l Ne twork ing U nite d S tates OT C B B DP DM 31. 0 41.4 x - - - - -

o lith C o. L td. G aming S outh Kore a K OS E A 041 060 40. 6 2.9 x - - - - - 3

xte ns ions , Inc. C ontent U nite d S tates OT C P K E XT I 14. 2 - - - - - -

nancia l Media G r oup, Inc. Direct Marketing U nite d S tates OT C B B F N G P 0. 2 - - - - - -uid Mus ic Ca nada, Inc. Me dia U nite d S tates T S X T S X:F MN 32. 7 4.6 x 3.9x - - - - 3

rogs te r Interactive P icture s AG G aming G ermany XT R A F RG 25. 6 4.5 x - - - - - 2

a ma nia Digital E ntertainment C o. , L td. G aming T a iwan G T S M 6 180 2 58. 1 1.9 x - 11.2 x - 27 .4x - 3

a me On C o L td. G aming J a pan T S E 3 812 1 14. 5 0.7 x - 3.1 x - 13 .8x - 1e oS e ntr ic O yj Mobile F inland H LS E G E O1V 62. 3 9.9 x - - - - - 1

iant Intera ctive G roup, Inc. G aming C hina N Y S E G A 2,0 37. 2 - - - - 2. 2x 1 5.0 x 0

iga Media Ltd. G aming T a iwan N as da qG S GIG M 3 32. 8 1.4 x 1.4x 5.6 x 6.2x 10 .6x 1 2.8 x 3r avity C o. , L td G aming S outh Kore a N as da qG M G R V Y 32. 0 - - - - - -r ee, Inc. S ocia l Ne twork ing J a pan T S E T S E :3 632 1,4 57. 2 46.2 x - - - - - 1

ungH o O nline E ntertainment, Inc. Me dia J a pan OS E 3 765 2 90. 2 2.5 x - 14.0 x - - - 4

anbitS of t, Inc. G aming S outh Kore a K OS E A 047 080 83. 8 1.2 x - - - - - 2

AC /InterActiveC orp. Me dia U nite d S tates N as da qG S IAC I 2,4 46. 3 0.4 x 0.4x 13.2 x 3.6x 20 .8x 3 1.8 x 1AS E nergy, Inc. V ide o C anada OT C B B IA S C .A 14. 0 - - - - - -

ee media Inc. C ontent C anada T S XV IE E 3. 2 1.1 x - - - - - 1

umbuck E ntertainment P ty Ltd. S ocia l Ne twork ing A us tralia AS X AS X:J MB 16. 3 0.8 x - 2.2 x - 6. 7x - 1

umpT V Inc. V ide o C anada T S X T S X:J T V 74. 9 4.2 x - - - - - 3a boos e Inc. C ontent C anada T S X TS X:K AB 76. 0 1.1 x 1.1x 9.3 x 5.7x - -

ngs oft Co . Ltd. G aming C hina S E H K 3 888 7 68. 4 5.5 x - 13.7 x - 17 .3x - 4

ngo Media Corporation Le arning C anada T S XV TS XV :LM 11. 5 11.3 x - - - - - 1

ve World Inc. S ocia l Ne twork ing U nite d S tates OT C P K LV W D 7. 7 0.6 x - - - - - 3ookS mart, Ltd. Direct Marketing U nite d S tates N as da qG M L OOK 22. 7 - - - - - - 0

agnitude Information S ystems Inc. S ocia l Ne twork ing U nite d S tates OT C B B MAG Y 4. 6 - - - - - -

ixi, Inc. S ocia l Ne twork ing J a pan T S E 2 121 7 09. 8 4.9 x - 13.7 x - 36 .3x - 5

ode rn Times G roup Mtg AB Me dia S we den OM MT G B 1,7 85. 0 1.4 x 1.3x 8.9 x 1 0.8 x 5. 4x 1 2.3 xoggle , Inc G aming U nite d S tates OT C B B MMO G 83. 5 - - - - - -

OK O.mobi L imited S ocia l Ne twork ing A us tralia AS X MK B 4. 5 3.0 x - - - - - 3

yriad G r oup AG Mobile S witz erland S W X MY R N 1 01. 4 2.8 x - - - - - 4

E OW IZ G ames C orpora tion G aming S outh Kore a K OS E A 095 660 5 49. 5 2.7 x - 10.2 x - 32 .8x - 1etDragon W ebS oft , Inc. G aming C hina S E H K 777 3 62. 1 2.6 x - 6.5 x - 13 .0x - 2

ete as e.com I nc. G aming C hina N as da qG S NT E S 4,6 13. 2 - - - - 2. 8x 1 7.0 x 0

eXplore Corpora tion C ontent U nite d S tates OT C P K N XP C 39. 0 - - - - - -

gi G roup Inc. Me dia J a pan T S E 2 497 40. 1 - - - - 11 .8x - 0orthgate Te chnologies L imited Direct Marketing India B S E 59 005 7 39. 8 0.3 x - - - - -pen T e xt Corp. C ollaboration C anada N as da qG S O TE X 1,8 08. 1 2.4 x 2.2x 9.4 x 8.2x 28 .2x 1 3.1 x

penwave S ys tems Inc. Mobile U nite d S tates N as da qG S OP W V 1 57. 4 0.3 x 0.3x - 3.1x - 3 0.5 x 2

e rf ect W orld C o., Ltd. G aming C hina N as da qG S P W R D 1,1 57. 2 0.1 x 0.3x 0.1 x 0.6x 1. 9x 1 0.1 x 0

hotoChannel Network s Inc. Digital Imaging C anada T S XV T S XV :P N 48. 8 2.5 x 1.7x - 5.0x - 9.7x 2uepa s a C orp. S ocia l Ne twork ing U nite d S tates N as da qC M QP S A 8. 9 - - - - - -

A O RB C Information S ystems Me dia R us s ia R TS R BCI 1 87. 3 0.0 x - 0.3 x - - -

handa Interactive E ntertainme nt L td. G aming C hina N as da qG S S N DA 4,2 76. 8 0.2 x 1.2x 0.5 x 2.8x 3. 3x 1 7.2 x 1

hutte rf ly, Inc. Digital Imaging U nite d S tates N as da qG S S FL Y 3 38. 6 1.3 x - 9.6 x 7.4x - - 2K C ommunications Co., Ltd. S e arch S outh Kore a K OS E A 066 270 3 68. 1 2.0 x - 30.8 x - - -

NAP Inte ra ctive , Inc. Dating U nite d S tates OT C B B S T V I 8. 1 2.0 x - 7.2 x - 12 .4x - 4

NM Global H oldings Me dia U nite d S tates OT C P K S N MN 0. 0 1.1 x - - - - -

ocia l Media V e nures , Inc. S ocia l Ne twork ing U nite d S tates OT C P K S MV I 0. 0 0.0 x - - - - -ocia lwis e, Inc. S ocia l Ne twork ing U nite d S tates OT C B B S CL W 30. 8 - - - - - - 4

ohu. com Inc. G aming C hina N as da qG S S OH U 2,5 59. 9 4.8 x 4.2x 10.9 x 9.5x 14 .4x 1 8.4 x 6

te sear ch C orporation S ocia l Ne twork ing U nite d S tates OT C B B S T P C 28. 2 - - - - - - 4

park N etworks , Inc. S ocia l Ne twork ing U nite d S tates AME X L OV 47. 5 0.9 x - 4.1 x - 14 .6x -pectrumDNA, Inc. Me dia U nite d S tates OT C B B S P XA 18. 0 - - - - - - 4

cent Holdings L td. P orta l C hina S E H K 700 20,8 43. 8 18.9 x - 39.3 x - 50 .1x - 2 0.9

P arent C ompany Me dia U nite d S tates OT C P K K ID S .Q 0. 5 0.2 x - - - - - -

L imited G aming C hina N as da qG S N C T Y 2 98. 2 - - - - 0. 9x 1 2.1 x 0 .1xS treet.com, Inc. Me dia U nite d S tates N as da qG M T S C M 59. 4 - - - - - - 0 .8x

S port Online A S Me dia N or way OT C NO T OS O 0. 1 4.6 x - - - - - -

C om, Inc. P orta l U nite d S tates N as da qG M TR E E 1 28. 4 0.6 x 0.5x - 6.3x - - 1 .7x

nis erve C ommunications Corp. S ocia l Ne twork ing C anada T S XV T S XV :U S S 1. 1 0.2 x - - - - -nited Online Inc. Me dia U nite d S tates N as da qG S U NTD 5 79. 2 1.1 x 0.9x 4.9 x 3.6x - 8.6x

OMO Media , Inc Me dia C anada OT C B B U OMO 15. 4 24.8 x - - - - -

a lueC lick Inc. Me dia U nite d S tates N as da qG S VC LK 1,0 10. 6 1.5 x 1.7x 8.6 x 6.6x - 1 8.4 x 8

O IS , Inc. S ocia l Ne twork ing U nite d S tates OT C B B VOIS 2. 9 - - - - - - 1ebze n Inc. G aming S outh Kore a N as da qG M W ZE N 47. 6 - - - - - - 0

iz za rd S oftwa re Corpora tion P odcas ting U nite d S tates AME X W ZE 32. 0 6.0 x - - - - -

or lds .com Inc. C ontent U nite d S tates OT C B B W DD D 5. 2 - - - - 34 .1x -

ynds torm C orpor ation C ontent U nite d S tates OT C B B W Y N D 9. 2 - - - - - -NG AG S ocia l Ne twork ing G ermany XT RA O 1B C 2 28. 3 3.4 x - 10.8 x - 21 .8x - 7

e dangOnline Corp. G aming S outh Kore a K OS E A 052 770 1 21. 2 2.4 x - 10.7 x - 12 .9x - 4

nk K orea Inc. G aming S outh Kore a K OS E A 023 770 29. 9 2.6 x - 24.3 x - - - 1

pLocal Inc. Directory C anada T S XV T S XV :ZIP 0. 4 0.6 x - - - - -

igh 20,8 43. 8 46.2 x 6.6x 39.3 x 1 0.8 x 50 .1x 3 1.8 x 4

ow 0. 0 0.0 x 0.3x 0.1 x 0.6x 0. 9x 8.6x 0

vera ge 590. 6 5.4x 1.7x 10.3x 5.8x 16.7x 15.4x 7edian 41. 4 2.2 x 1.2x 9.4 x 6.1x 13 .4x 1 2.9 x 3

gure 20. Valuation Comparisonource. Capital IQ

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C omparable Co mpany Analysis > Web 2.0

ummary by Country

om pany Nam e US D Market Cap ($m) Avg US D Market C ap ($m) US D LT M T otal R ev ($m) US D LT M Total E B ITDA ($m) E B IT DA %

nited States 40 C hina 39,045.2 China 3,904.5 China 3 ,838 .0 C hina 1,773.4 C hina 4

anada 11 U nited S tates 5, 304.0 S weden 1,785. 0 U nited S ta tes 3, 795. 5 S weden 262. 9 Aus tral ia 3

hina 10 J apan 2, 653.1 Ta iwan 509. 3 S weden 1, 716. 0 U nited S ta tes 244. 8 T aiwan 3

outh K orea 9 C anada 2, 137.5 Japan 442. 2 C anada 990. 0 C anada 197. 2 J apan 2apan 6 S weden 1, 785.0 Canada 194. 3 S outh K orea 671. 7 J apan 126. 1 I ta ly

a iwan 3 T a iwan 1, 528.0 R us s ia 187. 3 J apan 492. 3 T a iwan 98. 5 S weden

ustra lia 2 S outh K orea 1, 494.4 S outh K orea 166. 0 H ong K ong 389. 9 S outh K orea 87. 3 Malays ia

ermany 2 G ermany 253.9 Hong K ong 158. 1 T aiwan 372. 8 I taly 37. 6 R uss ia

witz erland 1 R uss ia 187.3 United S tates 132. 6 I taly 235. 2 H ong K ong 30. 8 H ong K ong

ong Kong 1 Hong Kong 158.1 Italy 128.2 R uss ia 150.8 R uss ia 19 .7 South Korea

nland 1 Italy 128.2 Germany 127.0 India 117.9 Germany 13.0 S witzerland

aly 1 Switzerland 101.4 S witzerland 101.4 Malaysia 78 .6 Malaysia 10 .8 United S tates

nited K ingdom 1 Finland 62.3 Finland 62.3 Germany 58.1 Australia 2. 9 Germany -

ndia 1 India 39.8 India 39 .8 S witzerland 40.0 S witzerland 0. 8 Canada -

weden 1 Malaysia 25.6 Malaysia 25 .6 Australia 15 .2 Norway -1.0 India -

uss ia 1 Australia 20.8 Australia 10 .4 F inland 5. 9 United Kingdom -1.8 Norway -

Malaysia 1 United Kingdom 4.1 United Kingdom 4. 1 Norway 2. 1 Finland -15.2 F inland #

orway 1 Norway 0.1 Norway 0. 1 United Kingdom 0. 3 India -27.7 United Kingdom #

rand Total 93 Grand T otal 54,928.8 Grand Total 590.6 Grand T otal 12,970.4 Grand T otal 2,860.1 Grand T otal

gure 21. Comparison by Countryource. Capital IQ

C omparable Co mpany Analysis > W eb 2.0

ummary by Exchange

om pany Nam e US D Market Cap ($m) Avg US D Market C ap ($m) US D LT M T otal R ev ($m) US D LT M Total E B ITDA ($m) E B IT DA %

T C B B 20 S E H K 21,974.2 S E H K 7,324.7 OM 1,716.0 NasdaqGS 1,738.4 S E H K 4

as daqG S 14 N asdaqG S 21, 865.0 NY S E 2,037. 2 N asdaqG S 484. 6 S E H K 662. 7 AS X 3

T C P K 10 T S E 2, 362.9 O M 1,785. 0 S E H K 472. 9 OM 262. 9 G T S M 3

OS E 7 N Y S E 2, 037.2 Nas daqG S 1,561. 8 C M 235. 2 T S E 107. 4 N asdaqG S 2

S E 5 OM 1, 785.0 G TS M 597. 6 N Y S E 218. 9 K OS E 80. 3 TS E 2

as daqG M 5 K OS E 1, 414.8 TS E 472. 6 R TS 150. 8 G T S M 52. 5 O S E

S XV 5 G T S M 1, 195.2 OS E 290. 2 B S E 117. 9 C M 37. 6 C M

S X 4 OT CB B 382.1 KOS E 202. 1 OS E 104. 6 R TS 19. 7 OM

E HK 3 OS E 290.2 R T S 187. 3 G T S M 91. 2 OS E 18. 8 K LS E

M E X 2 NasdaqGM 290.1 CM 128.2 K O S E 87.1 X T R A 13.0 R TS

T R A 2 T S X 267.8 X T R A 127.0 NasdaqGM 81.1 K L S E 10.8 K O S E

S X 2 X T R A 253.9 S W X 101.4 K L S E 78.6 A M E X 6. 6 S W X

T S M 2 R TS 187.3 TSX 66.9 T S E 77.5 AS X 2. 9 NasdaqGM

WX 1 C M 128.2 H L S E 62.3 T S X 41.1 T S X 0. 9 O T CB B

L S E 1 S W X 101.4 NasdaqGM 58.0 S W X 40.0 S W X 0. 8 T S X -

Y S E 1 O T C P K 87.6 B S E 39.8 A M E X 29.9 N Y S E 0. 0 X T R A -

M 1 A M E X 79.5 AMEX 39.8 X T R A 29.1 O T C N O -1.0 B S E -

S E 1 T S XV 64.9 K L S E 25.6 O T C P K 18 .9 AI M -1.8 T S XV -

asdaqCM 1 H L S E 62.3 O T C B B 19.1 T S XV 9. 5 NasdaqGM -8.1 A M E X -

S E 1 BS E 39.8 TSXV 13 .0 AS X 7. 6 T S X V -8.5 O T C P K -

IM 1 K L S E 25.6 AS X 10.4 H L S E 5. 9 NasdaqCM -10.8 O T CN O -

M 1 AS X 20.8 NasdaqCM 8. 9 O T CB B 2. 1 H L S E -15.2 NasdaqCM #

TS 1 NasdaqCM 8.9 O T C P K 8. 8 O T C N O 2. 1 B S E -27.7 H L S E #

L S E 1 AI M 4.1 AIM 4. 1 AI M 0. 3 O T C P K -32.7 N Y S E #

T C NO 1 O T CN O 0.1 OTC NO 0. 1 N asdaqC M 0. 1 O T CB B -49. 3 A IM #

rand Total 93 Grand T otal 54,928.8 Grand Total 590.6 Grand T otal 150.8 Grand T otal 2,860.1 Grand T otal

gure 22. Comparison by Exchangeource. Capital IQ

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Financing - Last Three Months (US$ m)

Month Company Name C ountry Angel/S eed Debt financing PIPE S eries A S eries B S eries C S eries D Grand Tota

Apr-09 Collective Media U S A 20. 0 20. 0

GOOM Radio F rance 16. 0 16. 0

Marin Software U S A 13. 0 13. 0

The R ubicon Project U S A 8. 0 5. 0 13. 0

FreeWheel U S A 12.0 12. 0Cellufun U S A 10. 0 10. 0

Conductor Inc. U S A 10. 0 10. 0

ScanScout U S A 8. 1 8.1

Batanga U S A 7.5 7.5

Viximo U S A 5. 0 5.0

DoubleTwist U S A 5. 0 5.0

IMShopping U S A 4.7 4.7

Socialtext U S A 4.5 4.5

Mixercast U S A 4. 1 4.1

SoundCloud G ermany 3.3 3.3

TubeMogul U S A 3.0 3.0

Tribal Nova C ana da 2. 5 2.5

Tripbase U S A 2.0 2.0

Socialcast U S A 1.4 1.4

Brandtology S ingapore 1.4 1.4

Scan & Target F rance 1. 3 1.3Jodange U S A 1. 2 1.2

Foodista U S A 0.6 0.6

A pr-09 T otal 15.6 8.0 45.3 52.5 16.1 12.0 149.5

May-09 Facebook U S A 200.0 2 00.0

One Net Entertainment C hina 10.0 10.0 20. 0

Cyberplex C ana da 12.9 12. 9

Peer39 U S A 10.5 10. 5

OpenX U K 10.0 10. 0

Imeem U S A 8. 8 8.8

EveryZing U S A 8. 3 8.3

WonderHill U S A 7.0 7.0

BlogHer In c. U S A 7. 0 7.0

Fuhu Inc. U S A 6. 3 6.3

Azuki SystemsU S A 6.0 6.0

I Love Rewards C ana da 5. 9 5.9

TimeBridge U S A 5. 0 5.0

OL X U S A 5. 0 5.0

DocuSign U S A 5.0 5.0

Medialets U S A 4. 0 4.0

Reso nate Networks U S A 2.0 2.0

Mo'Minis I srael 1.5 1.5

VoxPop U S A 1. 5 1.5

Loop'd N etwork U S A 0. 8 0.8

May-09 T otal 13.6 10.0 22.9 23.3 18.7 40.8 205.0 334.1

un-09 Sugar Inc. U S A 16.0 16. 0

Grab N etworks U S A 12.0 12. 0

beeTV U S A 8. 0 8.0

GameGround I srael 4. 1 4.1

RingRevenue U S A 3.5 3.5

my6sense I srael 2.0 2.0

Cliqset U S A 1. 5 1.5

MashLogic U S A 0. 5 0.5

un-09 T otal 6.1 12.0 5.5 8.0 16.0 47.6

gure 23. Financing, Last Three Monthsource. Company reports

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