web 2.0 weekly - july 27, 2010: "july financings - approaching high for 2010"

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Web 2.0 Weekly

“July Financings – Approaching High for 2010”

Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved

July 27, 2010

David Shore, CFA, MBA [email protected]

Damian Wojcichowsky, CFA 416.860.7652

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

www.mackieresearch.com

www.mackieresearch.com2

Key Developments (past week)

Deals (M&A, Finance) – Jive – the Social Enterprise

� Jive Software received the biggest investment of the week at $30 mm, bringing its total capital raised to date to $57 mm – the company brings social network-like functions to the realm of enterprise collaboration.

� Advertising networks continue to receive the most attention among sectors we track –this week, $24.6 mm in financings were announced, including sports-related ad network Sportgenic (acquired by Glam Media for $12 mm), and TurnHere ($12.6mm in Series B funds).

� Rumour alert – we continue to hear more frequent buzz concerning the potentialacquisition of social gaming developer Playdom by Disney.

� Synchronica (AIM:SYNC) intends to acquire iseemedia (TSXV:IEE) for C$8.8 mm in stock – both companies are engaged in mobile communications development, such as email-to-SMS.

Financial Results/Guidance/Partnerships/Product� Online gaming in China is big business: Sohu.com (parent company of

Changyou.com and leading online gaming provider in China) reported Q2/F10 results, including revenue of $146 mm (+15% Y/Y), operating profit of $51.2 mm (+6% Y/Y), operating margin of 35.0% (Q2/F09: 38.1%), and EPS of $0.82 (Q2/F09: $0.79).


Public Company Data


Aggregate Public Data

Web 2.0 Public Companies Total Median Max Min# Companies 102 - - -

Market Cap (US$ mm) 83,771.6 50.2 32,565.7 0.0

Revenue (US$ mm) 28,481.4 43.9 6,736.1 0.0

1 Year revenue growth 1.9% 8961.6% -100.0%

EBITDA as % of revenue - 8.3% 63.1% -99.5%

Net cash (US$ mm) 17,044.9 2.9 6,535.8 -670.8

TEV/Revenue - 1.8x 42.3x 0.0x

TEV/EBITDA - 8.5x 40.6x 0.1x

P/E - 16.1x 99.9x 0.0x

Relative to 52 week high -42.8% 0.0% -93.3%

Source: CapitalIQ


Public Company Distribution

By Sector By Country

Source: CapitalIQ

28

16

109

65

3 3 3 32 2 2 2

1 1 1 1 1 1 1 1

0

5

10

15

20

25

30

Ga

min

g

So

cia

l N

etw

ork

ing

Me

dia

Div

ers

ifie

d

Mobile

Ma

rketin

g

Infr

astr

uctu

re

SM

S/V

oic

e

Ente

rpris

e

Ad

vert

isin

g

Inte

rnet

Reta

il

Vir

tual W

orl

d

Datin

g

Mu

sic

Ve

rtic

al C

om

munit

ies

Sea

rch

Po

dca

stin

g

Lea

rnin

g

Vid

eo

Co

llab

ora

tio

n

Pay

ment

Fin

ancia

l S

erv

ices

0

5

10

15

20

25

30

35

40

45

Unit

ed S

tate

s

Cana

da

Chin

a

So

uth

Kore

a

Japa

n

Ta

iwa

n

Hong K

ong

Ge

rma

ny

Po

land

Au

str

alia

Un

ited

Kin

gdom

Italy

Fin

lan

d

Sw

ed

en

India

Ru

ssia

Mala

ysia

Sw

itz

erla

nd


Valuation Dashboard – 1 Week

Rising

54%Falling

34%

Flat

12%

Rising

53%

Falling

41%

Flat

6%

Rising

67%

Falling

31%

Flat

2%

Market Cap

Rising

56%

Falling

38%

Flat

6%

EV/Revenue

EV/EBITDA P/E


Median EV/Revenue

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

5.0x6

/8/2

00

96

/15

/20

09

6/2

2/2

00

96

/29

/20

09

7/6

/20

09

7/1

3/2

00

97

/20

/20

09

7/2

7/2

00

98

/3/2

00

98

/10

/20

09

8/1

7/2

00

98

/24

/20

09

8/3

1/2

00

99

/7/2

00

99

/14

/20

09

9/2

1/2

00

99

/28

/20

09

10

/5/2

00

91

0/1

2/2

00

91

0/1

9/2

00

91

0/2

6/2

00

91

1/2

/20

09

11

/9/2

00

91

1/1

6/2

00

91

1/2

3/2

00

91

1/3

0/2

00

91

2/7

/20

09

12

/14

/20

09

12

/21

/20

09

12

/28

/20

09

1/4

/20

10

1/1

1/2

01

01

/18

/20

10

1/2

5/2

01

02

/1/2

01

02

/8/2

01

02

/15

/20

10

2/2

2/2

01

03

/1/2

01

03

/8/2

01

03

/15

/20

10

3/2

2/2

01

03

/29

/20

10

4/5

/20

10

4/1

2/2

01

04

/19

/20

10

4/2

6/2

01

05

/3/2

01

05

/10

/20

10

5/1

7/2

01

05

/24

/20

10

5/3

1/2

01

06

/7/2

01

06

/14

/20

10

6/2

1/2

01

06

/28

/20

10

7/5

/20

10

7/1

2/2

01

07

/19

/20

10

7/2

6/2

01

0

383939394040394242444546464546474951515052535658616161636666666566667071707274716871707173747679788179807978808284828384

Mu

ltip

le (

x)

Median Long-term average

# companies

Source: CapitalIQ

Revenue multiples down slightly, still

well below LT average


Median EV/EBITDA

0. 0x

5. 0x

10. 0x

15. 0x

20. 0x

25. 0x

6/8/2009

6/15/2009

6/22/2009

6/29/2009

7/6/2009

7/13/2009

7/20/2009

7/27/2009

8/3/2009

8/10/2009

8/17/2009

8/24/2009

8/31/2009

9/7/2009

9/14/2009

9/21/2009

9/28/2009

10/5/2009

10/12/2009

10/19/2009

10/26/2009

11/2/2009

11/9/2009

11/16/2009

11/23/2009

11/30/2009

12/7/2009

12/14/2009

12/21/2009

12/28/2009

1/4/2010

1/11/2010

1/18/2010

1/25/2010

2/1/2010

2/8/2010

2/15/2010

2/22/2010

3/1/2010

3/8/2010

3/15/2010

3/22/2010

3/29/2010

4/5/2010

4/12/2010

4/19/2010

4/26/2010

5/3/2010

5/10/2010

5/17/2010

5/24/2010

5/31/2010

6/7/2010

6/14/2010

6/21/2010

6/28/2010

7/5/2010

7/12/2010

7/19/2010

7/26/2010

19 21 21 22 22 2121 2323 22 22 2323 25 25 25 25 24 2425 26 28 2931 32 3435 37 40 3839 38 39 4038 38 3841 42 40 4141 41 40 42 43 46 4544 50 49 4850 4949 49 49 48 4950

Multiple (x)


# companies

Source: CapitalIQ

EV/EBITDA multiples down this week, still below LT

average


Median P/E

0. 0x

5. 0x

10. 0x

15. 0x

20. 0x

25. 0x

30. 0x

35. 0x

6/8/2009

6/15/2009

6/22/2009

6/29/2009

7/6/2009

7/13/2009

7/20/2009

7/27/2009

8/3/2009

8/10/2009

8/17/2009

8/24/2009

8/31/2009

9/7/2009

9/14/2009

9/21/2009

9/28/2009

10/5/2009

10/12/2009

10/19/2009

10/26/2009

11/2/2009

11/9/2009

11/16/2009

11/23/2009

11/30/2009

12/7/2009

12/14/2009

12/21/2009

12/28/2009

1/4/2010

1/11/2010

1/18/2010

1/25/2010

2/1/2010

2/8/2010

2/15/2010

2/22/2010

3/1/2010

3/8/2010

3/15/2010

3/22/2010

3/29/2010

4/5/2010

4/12/2010

4/19/2010

4/26/2010

5/3/2010

5/10/2010

5/17/2010

5/24/2010

5/31/2010

6/7/2010

6/14/2010

6/21/2010

6/28/2010

7/5/2010

7/12/2010

7/19/2010

7/26/2010

19 19 18 18 19 1919 2020 19 18 1919 19 19 20 24 23 2424 25 26 2628 30 3131 31 32 3234 36 37 3838 38 3839 40 41 3939 39 37 36 37 34 3332 35 35 3535 3535 36 34 32 3334

Multiple (x)


# companies

Source: CapitalIQ

P/E multiples tick up (for 2nd week), but still below

LT average


Average EV/Revenue – by Sector

13.5 13.3

10.0

7.9

5.14.7

3.9 3.7 3.63.0 2.9 2.8 2.6 2.6

2.2 2.22.0 1.9

1.5 1.4

0.4

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0In

frastr

uctu

re

Virtu

al W

orld

Socia

l N

etw

ork

ing

Learn

ing

Mobile

Music

Div

ers

ifie

d

Gam

ing

Searc

h

Vert

ical C

om

munitie

s

Mark

eting

Podcasting

SM

S/V

oic

e

Colla

bora

tion

Advert

isin

g

Media

Inte

rnet

Reta

il

Ente

rprise

Vid

eo

Dating

Fin

ancia

l S

erv

ices

2 2 9 1 4 2 6 21 1 1 5 1 3 1 3 9 2 3 1 2 1# Companies


Average EV/EBITDA – by Sector

38.8

19.218.1

12.5 12.3 11.6 11.19.4 9.4

7.0 6.9

3.9

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

Searc

h

Mobile

Ente

rprise

Div

ers

ifie

d

Gam

ing

Inte

rnet

Reta

il

Socia

l N

etw

ork

ing

Colla

bora

tion

Media

Mark

eting

Dating

Advert

isin

g

1 3 2 5 13 2 6 1 6 2 1 1# Companies


Average P/E – by Sector

95.6

55.7

41.337.1

25.9

19.2

14.3 14.1 13.4

7.6

-

20.0

40.0

60.0

80.0

100.0

120.0

Internet

Retail

Enterprise Collaboration Diversified Social

Networking

Marketing Media Advertising Gaming Virtual World

2 3 1 9 16 5 10 3 28 2# Companies


42

32

2726

17

15 15

1110 10 10

87 7

7 6

5 54 4 4 4

4 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

Accredited Members Holding Corporation

SocialGO PLC

Worlds.com Inc.

SpectrumDNA, Inc.

Tencent Holdings Ltd.

MOKO.mobi Limited

GeoSentric Oyj

Gree, Inc.

Paid Inc.

Beyond Commerce, Inc.

Chinese Gamer International

Lingo Media Corporation

Mood Media Corporation

DigitalPost Interactive, Inc.

TransGaming, Inc.

Dena Co. Ltd.

Accelerize New Media, Inc.

HUGHES Telematics, Inc.

Mixi, Inc.

Changyou.com Limited

Frogster Interactive Pictures AG

Taleo Corp.

SK Communications Co., Ltd.

Kingsoft Corporation Limited

WebMediaBrands Inc

Motricity, Inc.

Wizzard Software Corporation

Open Text Corp.

ePro Ltd.

Modern Times Group Mtg AB

Sohu.com Inc.

XING AG

Shutterfly, Inc.

NEOWIZ Games Corporation

Score Media Inc.

UOMO Media, Inc

Velti Plc

ValueClick, Inc.

HanbitSoft, Inc.

Myriad Group AG

PNI Digital Media Inc.

GungHo Online Entertainment, Inc.

Platforma Mediowa Point Group S.A.

NeuLion Incorporated

iseemedia Inc.

Webzen Inc.

SNAP Interactive, Inc.

Spark Networks, Inc.

Gamania Digital Entertainment Co., Ltd.

Hutchison Telecommunications Hong

Unilava Corporation

YD Online Corp.

NetDragon WebSoft, Inc.

Ynk Korea Inc.

Oriented Media Group Berhad

AQ Interactive, Inc.

Internet Group SA

IAC/InterActiveCorp.

OAO RBC Information Systems

TheStreet.com, Inc.

The New York Times Company

Points International Ltd.

United Online, Inc.

DADA SpA

Northgate Technologies Limited

CDC Corp.

Uniserve Communications Corp.

AOL, Inc.

Glu Mobile, Inc.

GigaMedia Ltd.

Tree.Com, Inc.

Openwave Systems Inc.

Cyberplex Inc.

RealNetworks Inc.

Actoz Soft Co., Ltd.

Jumbuck Entertainment Limited

LookSmart, Ltd.

Asknet AG

GameOn Co Ltd.

Ngi Group Inc.

EV/Revenue Ranking

Source: CapitalIQ

Accredited Members Holding Co. has highest revenue multiple at 42x


40.638.8

32.6

30.1

26.326.1

18.918.718.317.816.215.815.815.0

13.713.612.6

11.110.89.4 8.9 8.5 8.4 8.2 7.9 7.5 7.4 7.3 7.3 7.2 6.9 6.9 6.6 6.1 5.7 5.5 4.8 3.9 3.9

2.1 1.60.4 0.4 0.1

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

HanbitSoft, Inc.

SK Communications Co., Ltd.


Taleo Corp.


Motricity, Inc.


Mixi, Inc.

Gree, Inc.

Myriad Group AG

Modern Times Group Mtg AB

Shutterfly, Inc.

AQ Interactive, Inc.

TheStreet.com, Inc.

Dena Co. Ltd.

Openwave Systems Inc.

Score Media Inc.

IAC/InterActiveCorp.

YD Online Corp.

Open Text Corp.

DADA SpA

XING AG




GungHo Online Entertainment, Inc.

Velti Plc

PNI Digital Media Inc.



Spark Networks, Inc.


ValueClick, Inc.

CDC Corp.

Hutchison Telecommunications Hong Kong Holdings Ltd.

Sohu.com Inc.


United Online, Inc.

Cyberplex Inc.

AOL, Inc.

Actoz Soft Co., Ltd.


GameOn Co Ltd.

Ngi Group Inc.

EV/EBITDA Ranking

Excluding EV/EBITDA > 100xSource: CapitalIQ

HanbitSoft leads the group at 40.6x


94.5

87.6

64.6

50.3 48.4

43.940.3

31.7 31.2 30.5 29.227.2

24.4 23.6

17.8 17.215.1 14.9 14.8 14.3 13.4 12.6 10.8 9.3 8.5 8.5 7.3

5.12.9 2.3 2.0 1.9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

ePro Ltd.

Shutterfly, Inc.

Points International Ltd.

Mixi, Inc.

CDC Corp.


Open Text Corp.


Gree, Inc.



Dena Co. Ltd.


Velti Plc

Hutchison Telecommunications Hong Kong Holdings Ltd.


DADA SpA


ValueClick, Inc.

Cyberplex Inc.

Sohu.com Inc.


AOL, Inc.


GameOn Co Ltd.

United Online, Inc.

Ngi Group Inc.



Netease.com Inc.

Giant Interactive Group, Inc.

Shanda Interactive Entertainment Ltd.

P/E Ranking

Source: CapitalIQ

ePro has the highest P/E at 94.5x


Total Market Capitalization

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

8/3/2009

8/10/2009

8/17/2009

8/24/2009

8/31/2009

9/7/2009

9/14/2009

9/21/2009

9/28/2009

10/5/2009

10/12/2009

10/19/2009

10/26/2009

11/2/2009

11/9/2009

11/16/2009

11/23/2009

11/30/2009

12/7/2009

12/14/2009

12/21/2009

12/28/2009

1/4/2010

1/11/2010

1/18/2010

1/25/2010

2/1/2010

2/8/2010

2/15/2010

2/22/2010

3/1/2010

3/8/2010

3/15/2010

3/22/2010

3/29/2010

4/5/2010

4/12/2010

4/19/2010

4/26/2010

5/3/2010

5/10/2010

5/17/2010

5/24/2010

5/31/2010

6/7/2010

6/14/2010

6/21/2010

6/28/2010

7/5/2010

7/12/2010

7/19/2010

7/26/2010

96 96 96 96 96 96 96 96 96 96 97 97 97 97 97 97 97 98 98 98 98 98 98 98 98 98 98 98 98 99100100100100100100100100100100100100101101101101102102102101102102

(US$m)

# companies

Source: CapitalIQ

Total market cap at $83.8 bn with 103 companies

now represented in our Web 2.0

index


Total Market Cap – by Sector

-

5,000.0

10,000.0

15,000.0

20,000.0

25,000.0

30,000.0

35,000.0

40,000.0D

ivers

ifie

d

Gam

ing

Media

Socia

l N

etw

ork

ing

Mobile

Colla

bora

tion

Ente

rprise

Mark

eting

Inte

rnet

Reta

il

Searc

h

SM

S/V

oic

e

Fin

ancia

l S

erv

ices

Dating

Music

Advert

isin

g

Virtu

al W

orld

Vid

eo

Vert

ical C

om

munitie

s

Paym

ent

Podcasting

Infr

astr

uctu

re

Learn

ing

9 28 10 16 6 1 3 5 2 1 3 1 2 2 3 2 1 1 1 1 3 1# Companies

Nine Diversified companies totaling $36 bn in market cap


Market Cap Ranking

0

1,000

2,000

3,000

4,000

5,000

6,000

Tencent H

old

ings L

td.

Fro

gste

r In

tera

ctiv

e P

ictu

res A

GN

ete

ase.c

om

Inc.

Dena C

o. Ltd

.IA

C/Inte

rActiv

eC

orp

.S

handa Inte

ractiv

e E

nte

rtain

ment Ltd

.O

pen T

ext C

orp

.A

OL, In

c.

GeoS

entr

ic O

yj

Sohu.c

om

Inc.

Gia

nt In

tera

ctiv

e G

roup, In

c.

Changyou.c

om

Lim

ited

The N

ew

York

Tim

es C

om

pany

GungH

o O

nlin

e E

nte

rtain

ment, Inc.

Perf

ect W

orld C

o., L

td.

Tale

o C

orp

.V

alu

eC

lick, In

c.

Chin

ese G

am

er

Inte

rnatio

nal

Thw

apr,

Inc.

Shutterf

ly, In

c.

NE

OW

IZ G

am

es C

orp

ora

tion

SK

Com

munic

atio

ns C

o., L

td.

Unite

d O

nlin

e, In

c.

RealN

etw

ork

s Inc.

Hutc

his

on T

ele

com

munic

atio

ns H

ong K

ong H

old

ings

Motr

icity

, In

c.

NetD

ragon W

ebS

oft, In

c.

Gre

e, In

c.

CD

C C

orp

.V

elti

Plc

Myriad G

roup A

GG

am

ania

Dig

ital E

nte

rtain

ment C

o., L

td.

XIN

G A

GO

penw

ave S

yste

ms Inc.

MO

KO

.mobi L

imite

dO

AO

RB

C Info

rmatio

n S

yste

ms

The9 L

imite

dG

igaM

edia

Ltd

.A

Q Inte

ractiv

e, In

c.

Webzen Inc.

TheS

treet.com

, In

c.

Poin

ts Inte

rnatio

nal L

td.

DA

DA

SpA

Tre

e.C

om

, In

c.

HU

GH

ES

Tele

matic

s, In

c.

Acto

z S

oft C

o., L

td.

Score

Media

Inc.

Spark

Netw

ork

s, In

c.

Mood M

edia

Corp

ora

tion

Paid

Inc.

NeuLio

n Incorp

ora

ted

YD

Onlin

e C

orp

.P

latform

a M

edio

wa P

oin

t G

roup S

.A.

Quepasa C

orp

.N

gi G

roup Inc.

PN

I D

igita

l Media

Inc.

Cyberp

lex Inc.

Glu

Mobile

, In

c.

Gra

vity

Co., L

tdY

ippy, In

c.

Dig

italT

ow

n, In

c.

eP

ro L

td.

Tra

nsG

am

ing, In

c.

Multi

plie

d M

edia

Corp

ora

tion

WebM

edia

Bra

nds Inc

LookS

mart

, Ltd

.V

OIS

, In

c.

Socia

lwis

e, In

c.

Accre

dite

d M

em

bers

Hold

ing C

orp

ora

tion

NeX

plo

re C

orp

ora

tion

Ynk K

ore

a Inc.

Asknet A

GA

ccele

rize N

ew

Media

, In

c.

Wiz

zard

Softw

are

Corp

ora

tion

Moggle

, In

cN

ort

hgate

Technolo

gie

s L

imite

dD

olp

hin

Dig

ital M

edia

, In

c.

iseem

edia

Inc.

Socia

lGO

PLC

Dig

italP

ost In

tera

ctiv

e, In

c.

Kent In

tern

atio

nal H

old

ings Inc.

SN

AP

Inte

ractiv

e, In

c.

Jum

buck E

nte

rtain

ment Lim

ited

Unila

va C

orp

ora

tion

Modern

Tim

es G

roup M

tg A

BS

pectr

um

DN

A, In

c.

Kiw

ibox.C

om

, In

c.

Worlds.c

om

Inc.

Beyond C

om

merc

e, In

c.

Oriente

d M

edia

Gro

up B

erh

ad

Unis

erv

e C

om

munic

atio

ns C

orp

.E

n2G

o Inte

rnatio

nal,

Inc.

IAS

Energ

y, In

c.

Inte

rnet G

roup S

AU

OM

O M

edia

, In

cM

obile

Data

Corp

.Liv

eW

orld Inc.

Lin

go M

edia

Corp

ora

tion

Kin

gsoft C

orp

ora

tion L

imite

dG

am

eO

n C

o L

td.

HanbitS

oft, In

c.

Source: CapitalIQ

Tencent’s $32.6 bn market cap dominates group


Price Performance – 1 Week

Price Momentum• Moderately negative price momentum,

with 48% of stocks falling over the past week (after 51% of stocks declines last week).

• The market has generally seen more decliners than risers over the past two months, with an average of two to three down weeks per up week.

Rising

48%

Flat

14%

Falling

38%


Average Price Performance – 1 Week, by Sector

8.1%7.1%

3.8%2.6% 2.5% 2.4% 2.3% 1.5% 1.3% 0.4% 0.1%

-0.3% -0.4%-2.0% -2.4% -3.1%

-4.3%-6.0%

-12.2%

-14.5%-15.3%

-20.4%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

Da

tin

g

Ad

ve

rtis

ing

Inte

rne

t R

eta

il

En

terp

rise

Fin

an

cia

l

Se

rvic

es

Co

lla

bo

ratio

n

Ga

min

g

Mo

bile

So

cia

l

Ne

two

rkin

g

Pa

ym

en

t

Po

dca

stin

g

Infr

astr

uctu

re

Ve

rtic

al

Co

mm

un

itie

s

Me

dia

Ma

rke

tin

g

Div

ers

ifie

d

Vid

eo

Se

arc

h

Mu

sic

SM

S/V

oic

e

Le

arn

ing

Vir

tua

l W

orl

d

Source: CapitalIQ

Dating sector shows highest weekly returns


Price Performance – 1 Week

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

LV

WD

WD

DD

IAS

C.A

IEE

UO

MO

YIP

IB

YO

CN

XP

CM

BY

LA

04

70

80

TS

XV

:LM

PA

YD

AS

X:J

MB

VO

ISA

05

27

90

TS

X:P

TS

HU

TC

A0

66

27

0M

OT

RT

SX

:NL

NA

05

27

70

59

00

57

VE

LW

SE

:PG

MG

A3

76

5Q

PS

AA

CC

MC

M:D

AX

TR

A:A

5A

38

12

A0

95

66

0P

WR

DT

SX

:CX

TS

XV

:PN

AO

LG

IGM

70

0W

EB

MK

OS

E:A

06

9A

CL

ZR

BC

IS

PX

AG

EO

1V

DB

:M0

CT

SX

V:M

MC

TS

XV

:US

SU

NL

AE

TG

ID

GL

PD

GT

WD

PD

MT

HW

IW

ZE

61

80

SC

LW

SE

HK

:21

5O

1B

C

GL

UU

FR

GS

ND

AA

02

37

70

OT

EX

TR

EE

KN

TH

LO

OK

77

7L

OV

GT

SM

:30

83

VC

LK

MY

RN

GR

VY

MT

G B

24

97

SE

HK

:80

86

38

38

CH

IN.A

38

88

IAC

IR

NW

KC

YO

UT

SC

MT

SX

:SC

RT

LE

OT

SX

:MM

SF

LY

OP

WV

SO

HU

NY

T2

12

1T

SE

:24

32

ST

VI

UN

TD

TS

XV

:TN

GT

SE

:36

32

NT

ES

WS

E:IG

RN

CT

YK

IWB

AIM

:SG

OO

ME

DIA

MK

B

Source: CapitalIQ


Price Performance (Top 10)

1 Month

0%

10%

20%

30%

40%

50%

60%

Ge

oS

en

tric

Oyj

Fro

gst

er

Inte

ract

ive

Pic

ture

s A

G

VO

IS,

Inc.

Sp

ect

rum

DN

A,

Inc.

Ne

tea

se

.co

m

Inc.

Lo

okS

ma

rt,

Ltd

.

Th

e9

Lim

ite

d

Ne

Xp

lore

Co

rpo

ratio

n

MO

KO

.mo

bi

Lim

ited

Mix

i, I

nc.

3 Month

0%

10%

20%

30%

40%

50%

60%

eP

ro L

td.

LookS

mart

, Ltd

.

Gre

e,

Inc.

Fro

gste

r In

tera

ctive

Pic

ture

s A

G

HanbitS

oft

, In

c.

Velti P

lc

Valu

eC

lick,

Inc.

Hutc

his

on

Tele

com

munic

ations

Hong K

ong H

old

ings

Ltd

.

Unis

erv

e

Com

munic

ations

Corp

.

Myriad G

roup A

G

6 Month

0%

500%

1000%

1500%

2000%

2500%

3000%

OA

O R

BC

Info

rmation S

yste

ms

Beyond C

om

merc

e,

Inc. eP

ro L

td.

AQ

Inte

ractive,

Inc.

Shutt

erf

ly,

Inc.

LookS

mart

, Ltd

.

Score

Media

Inc.

Poin

ts I

nte

rnational

Ltd

.

Dena C

o.

Ltd

.

Hutc

his

on

Tele

com

munic

ations

Hong K

ong H

old

ings

Ltd

.

1 Year

0%

500%

1000%

1500%

2000%

2500%

3000%

3500%

OA

O R

BC

Info

rma

tio

n

Sys

tem

s

Yip

py,

In

c.

eP

ro L

td.

Qu

ep

asa

Co

rp.

AQ

In

tera

ctiv

e,

Inc.

SN

AP

Inte

ract

ive

, In

c.

De

na

Co

. L

td.

Un

ise

rve

Co

mm

un

ica

tion

s

Co

rp.

Ve

lti P

lc

SK

Co

mm

un

ica

tion

s

Co

., L

td.

Source: CapitalIQ


Price Performance (Bottom 10)

1 Week

-50.0%

-45.0%

-40.0%

-35.0%

-30.0%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

Han

bitS

oft,

Inc.

Mo

bile

Data

Corp

.

NeX

plo

re

Corp

ora

tion

Be

yond

Co

mm

erc

e,

Inc.

Yip

py

, In

c.

UO

MO

Media

,

Inc

iseem

edia

Inc

.

IAS

En

erg

y,

Inc.

Worlds.c

om

Inc.

Liv

eW

orld

Inc

.

1 Month

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

Acto

z S

oft C

o.,

Ltd

.

We

bM

edia

Bra

nds

Inc Un

ilav

a

Corp

ora

tion

ise

em

edia

Inc.

Paid

Inc.

Bey

ond

Com

me

rce,

Inc

.

En2G

o

Inte

rnatio

nal,

Inc.

Liv

eW

orld I

nc.

Yip

py, In

c.

IAS

Energ

y,

Inc.

6 Month

-100.0%

-90.0%

-80.0%

-70.0%

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

Jum

bu

ck

Ente

rta

inm

en

t

Lim

ited

Kiw

ibox

.Co

m,

Inc.

Paid

Inc

.

UO

MO

Media

,

Inc

isee

media

Inc

.

Unila

va

Corp

ora

tion

Lin

go M

edia

Corp

ora

tion

Sp

ectr

um

DN

A,

Inc

.

Mobile

Data

Corp

.

En2G

o

Inte

rnatio

nal,

Inc.

1 Year

-90.0%

-80.0%-70.0%

-60.0%

-50.0%-40.0%

-30.0%

-20.0%-10.0%

0.0%

Nort

hgate

Technolo

gie

s

Lim

ited

Wiz

zard

Softw

are

Corp

ora

tion

Moggle

, In

c

Lin

go M

edia

Corp

ora

tion

Cyberp

lex

Inc.

Dolp

hin

Dig

ital

Media

, In

c.

En2G

o

Inte

rnatio

nal,

Inc.

IAS

Energ

y,

Inc.

Beyond

Com

merc

e,

Inc.

UO

MO

Media

,

Inc

Source: CapitalIQ


Capital Market Activity (Financing, M&A)


Capital Market Activity – Current MonthCompany Name Country Sector Acquis ition Angel/S eed Debt financ ing PIPE Series A Series B Series C NA Grand Total

ITA Software US A S earch 700.0 700. 0

infoGROUP US A Advertis ing 644.9 644. 9

Digital S ky Technologies R us s ia Divers ified 388.0 388. 0

Zynga US A Gaming 100.0 100. 0

Atlas s ian Aus tra lia E nterprise 60.0 60. 0

Squarespace US A B log 38.5 38. 5

Sysomos Canada Analytics 35. 0 35. 0

J ive S oftware US A Collaboration 30.0 30. 0

Adsmarket Is rael Advertis ing 17. 0 17. 0

BuyWithMe US A S ocial Commerce 16.0 16. 0

Shopkick US A S ocial Commerce 15.0 15. 0

hi5 US A S ocial Networks 14. 0 14. 0

TurnHere US A Advertis ing 12.6 12. 6

Sportgenic US A Advertis ing 12. 0 12. 0

Pixazza US A V is ual Commerce 12.0 12. 0

Beyond The R ack Canada S ocial Commerce 12. 0 12. 0

OCTANE360 US A Advertis ing 10. 9 10. 9

Flipboard US A Media 10.5 10. 5

7 S tar E ntertainment US A Media 10. 0 10. 0

My-wardrobe.com UK Internet R etail 9.0 9.0

Flirtomatic UK S ocial Networks 9.0 9.0

InMobi India Advertis ing 8.0 8.0

AdSafe Media US A Advertis ing 7.3 7.3

MadB id.com UK Online Auction 6.2 6.2

Komli Media India Advertis ing 6. 0 6.0

Trada US A V ertica l C ommunities 5.8 5.8

Zattikka US A Gaming 5.5 5.5

Compas s Labs US A Advertis ing 5. 0 5.0

Aurora Feint US A Gaming 5.0 5.0

Xgraph US A Analytics 3. 8 3.8

Movitas US A Mobile 3.0 3.0

Betable UK Gaming 3.0 3.0

Plum Dis tric t US A S ocial Commerce 2.1 2.1

Vivox US A S MS /V oice 2. 0 2.0

ThredUP US A S ocial Commerce 1. 7 1.7

GroupSpaces UK V ertica l C ommunities 1. 3 1.3

iGuiders US A S earch 1.0 1.0

Maven R esearch US A Comment/R eputation 1. 0 1.0

Gendai Games US A Gaming 1.0 1.0

Soho OS US A E nterprise 1. 0 1.0

SeatGeek US A Analytics 1.0 1.0

Matomy Is rael W idget 1. 0 1.0

PlayHaven US A Gaming 1.0 1.0

Hive7 US A Gaming 0.9 0.9

Livefyre US A Comment/R eputation 0.8 0.8

B lueSwarm US A S ocial Commerce 0. 8 0.8

Ze Frank Games US A Gaming 0.5 0.5

Kukunu UK T ravel 0. 4 0.4

J igsee Canada V ideo

1403.7 3.7 1.0 388.0 136.1 70.9 44.8 184.3 2232.3


Capital Market Activity – Current Month, by Sector

Other

12%

Advertising

35%

Search

34%

Diversified

19%

$ Raised # Deals

Other

48%

Advertising

39%

Search

9%

Diversified

4%


6.3

8.3

6.4

9.6

12.2

7.2

10.1

5.7

13.7

5.5

8.1

19.7

5.2

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1000.0

Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10

(US

$m

)

0.0

5.0

10.0

15.0

20.0

25.0

(US

$m

)

Total Average per Deal LTM Total Average*Dec-09 includes $180m Zynga investment

Apr-10 includes $300m DST investment

Jun-10 includes $147m Zynga investment

Financing Activity

Large transactions drive July financing to near record levels


0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1,000.0

Advert

isin

g

Searc

h

Gam

ing

Div

ers

ified

Media

Socia

l Com

merc

e

Analy

tics

Inte

rnet R

eta

il

Ente

rprise

Colla

bora

tion

Mobile

Socia

l Netw

ork

s

Music

Virtu

al W

orld

Blo

g

Vert

ical C

om

muniti

es

Locatio

n-b

ased S

NS

Infr

astr

uctu

re

Vid

eo

SM

S/V

oic

e

Com

ment/R

eputa

tion

Mobile

Ad

Virtu

al G

oods

Fin

ancia

l Serv

ices

Vis

ual C

om

merc

e

Wid

get

Aggre

gatio

n

Publis

hin

g

Tra

vel

Onlin

e A

uctio

n

Mic

roblo

g

Onlin

e L

earn

ing

Cro

wdsourc

ed

Conte

nt

27 7 20 1 8 13 13 7 6 4 11 8 2 5 1 7 3 6 4 2 4 2 2 3 1 2 3 2 4 1 1 1 1

(US

$m

)

# companies

Capital Market Activity Ranking – by Sector, last three months

Advertising the biggest area of interest in the past three months (27

deals, $881 mm)


Top 5 Sectors (2008-present)

$ Raised # Deals

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

Ja

n-0

8

Fe

b-0

8

Mar-

08

Ap

r-08

May-0

8

Ju

n-0

8

Jul-

08

Aug-0

8

Sep-0

8

Oc

t-08

No

v-0

8

Dec-0

8

Ja

n-0

9

Fe

b-0

9

Mar-

09

Ap

r-09

May-0

9

Ju

n-0

9

Jul-

09

Aug-0

9

Sep-0

9

Oc

t-09

No

v-0

9

Dec-0

9

Ja

n-1

0

Fe

b-1

0

Mar-

10

Ap

r-10

May-1

0

Ju

n-1

0

Jul-

10

(US

$ m

m)

Social Networks Gaming Advertising Video Diversified

0

5

10

15

20

25

30

Ja

n-0

8

Fe

b-0

8

Mar-

08

Ap

r-08

May-0

8

Ju

n-0

8

Jul-

08

Aug-0

8

Sep-0

8

Oc

t-08

No

v-0

8

Dec-0

8

Ja

n-0

9

Fe

b-0

9

Mar-

09

Ap

r-09

May-0

9

Ju

n-0

9

Jul-

09

Aug-0

9

Sep-0

9

Oc

t-09

No

v-0

9

Dec-0

9

Ja

n-1

0

Fe

b-1

0

Mar-

10

Ap

r-10

May-1

0

Ju

n-1

0

Jul-

10

(# D

eals

)

Advertising Social Networks Gaming Virtual World Video

75% of financing comes from Top 5 sectorsTop 5 sectors average $175 mm & 16 deals per month (aggregate)


Top 10 (2010 YTD)

Financing Acquisitions

688.0

247.0

135.0

60.0 50.0 50.0 44.0 40.0 38.5 35.0

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

Dig

ita

l S

ky

Te

ch

no

log

ies

Zyn

ga

Gro

up

on

Atla

ssia

n

Gla

m M

ed

ia

Qiy

i

Liv

ing

So

cia

l

Tre

mo

r M

ed

ia

Sq

ua

resp

ace

Gilt G

rou

pe

700.0

644.9

225.0

187.5161.5 160.0

142.0126.5

110.0 100.0

0

100

200

300

400

500

600

700

800

ITA

So

ftw

are

info

GR

OU

P

Sir

i

ICQ

Exa

lea

d

Tu

rbin

e

Jig

sa

w

Allo

y

Wo

ot

An

ke

en

a N

etw

ork

s

DST soars to top with almost $700 million in financing this year


Upcoming Events/Earnings

Source: CapitalIQ

Earnings C alendarCompany Date / Time Quarter Conf Call Details

IAC/InterActiveCorp. (NasdaqGS:IACI) Jul-28-2010 11:00 AM Q2/10 NA

Shutterf ly, Inc. (NasdaqGS:SFLY) Jul-28-2010 5:00 PM Q2/10 970-315-0490

Taleo Corp. (NasdaqGM:TLEO) Jul-28-2010 5:30 PM Q2/10 NA

Tree.Com, Inc. (NasdaqGM:TREE) Jul-29-2010 11:00 AM Q2/10 877-874-1588

RealNetw orks Inc. (NasdaqGS:RNWK) Jul-29-2010 5:00 PM Q2/10 800-857-5305

LookSmart, Ltd. (NasdaqGM:LOOK) 2-Aug-10 Q2/10 NA

Glu Mobile, Inc. (NasdaqGM:GLUU) Aug-03-2010 4:30 PM Q2/10 877-311-0653

Motricity, Inc. (NasdaqGM:MOTR) Aug-03-2010 5:00 PM Q2/10 1-877-941-8416

TheStreet.com, Inc. (NasdaqGM:TSCM) Aug-04-2010 5:00 PM Q2/10 866-730-5767

AOL, Inc. (NYSE:AOL) Aug-04-2010 8:00 AM Q2/10 866-362-4820

ValueClick, Inc. (NasdaqGS:VCLK) Aug-05-2010 4:30 PM Q2/10 818-575-4677

Openw ave Systems Inc. (NasdaqGS:OPWV) Aug-05-2010 5:00 PM Q4/10 877-941-2068

Giant Interactive Group, Inc. (NYSE:GA) Aug-09, 2010 9:00 PM Q2/10 1-866-356-3093

Open Text Corp. (NasdaqGS:OTEX) Aug-18-2010 5:00 PM Q4/10 416-644-3414

The9 Limited (NasdaqGS:NCTY) Aug-24-2010 9:00 PM Q2/10 1-866-788-0538


Public Company ListingCompany Name Ticker Exchange

Trading

Currency HQ

Current

Price

US$ Market

C ap (mm) Employees

Accelerize New M edia, Inc. ACLZ OTCBB USD United States 0.51 15.9 10

Accredited M embers Holding Corporation ACCM OTCBB USD United States 0.75 21.9 8

Actoz Soft Co., Ltd. A052790 KOSE KRW South Korea 10,800 78.8 NA

AOL, Inc. AOL NYSE USD United States 21.09 2,250.7 6,700

AQ Interactive, Inc. 3838 TSE JPY Japan 164,900 103.5 NA

Asknet AG XTRA:A5A XTRA EUR Germany 2.90 19.0 NA

Beyond Commerce, Inc. BYOC OTCBB USD United States 0.08 5.3 16

CDC Corp. CHIN.A NasdaqGS USD Hong Kong 2.07 218.6 2,810

Changyou.com Limited CYOU NasdaqGS USD China 26.60 1,371.7 1,308

Chinese Gamer International GTSM :3083 GTSM TWD Taiwan 267.00 712.8 NA

Cyberplex Inc. TSX:CX TSX CAD Canada 0.61 42.0 NA

DADA SpA CM :DA CM EUR Italy 4.56 95.9 597

Dena Co. Ltd. TSE:2432 TSE JPY Japan 2,168 3,565.1 NA

DigitalPost Interactive, Inc. DGLP OTCBB USD United States 0.05 6.8 6

DigitalTown, Inc. DGTW OTCBB USD United States 1.15 32.1 4

Dolphin Digital M edia, Inc. DPDM OTCBB USD United States 0.15 9.3 NA

En2Go International, Inc. ETGI OTCBB USD United States 0.08 1.9 NA

ePro Ltd. SEHK:8086 SEHK HKD Hong Kong 0.70 30.3 707

Frogster Interactive P ictures AG FRG XTRA EUR Germany 24.70 10,661.3 NA

Gamania Digital Entertainment Co., Ltd. 6180 GTSM TWD Taiwan 51.80 206.3 NA

GameOn Co Ltd. 3812 TSE JPY Japan 68,700 0.3 NA

GeoSentric Oyj GEO1V HLSE EUR Finland 0.03 2,059.3 130

Giant Interactive Group, Inc. GA NYSE USD China 6.99 1,588.0 1,575

GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 2.20 121.7 NA

Glu M obile, Inc. GLUU NasdaqGM USD United States 1.35 41.3 479

Gravity Co., Ltd GRVY NasdaqGM USD South Korea 1.35 37.5 455

Gree, Inc. TSE:3632 TSE JPY Japan 6,300 245.2 NA

GungHo Online Entertainment, Inc. 3765 OSE JPY Japan 185,300 1,547.1 NA

HanbitSoft, Inc. A047080 KOSE KRW South Korea 6,120 0.1 NA

HUGHES Telematics, Inc. HUTC OTCBB USD United States 2.50 84.3 276

Hutchison Telecommunications Hong Kong Holdings Ltd.SEHK:215 SEHK HKD Hong Kong 1.73 322.5 1,732

IAC/InterActiveCorp. IACI NasdaqGS USD United States 22.61 2,507.1 3,200

IAS Energy, Inc. IASC.A OTCPK USD Canada 0.05 3.5 NA

Internet Group SA WSE:IGR WSE PLN Poland 0.76 2.7 NA

iseemedia Inc. IEE TSXV CAD Canada 0.12 7.6 NA

Jumbuck Entertainment Limited ASX:JM B ASX AUD Australia 0.17 5.9 79

Kent International Holdings Inc. KNTH OTCPK USD United States 1.90 6.8 NA


Public Company Listing cont.

Company Name Ticke r Exchange

Trading

Currency HQ

Current

Price

US$ Market

Cap (mm ) Employees

Kingsoft Corporation Limited 3888 SEHK HKD China 4.07 0.4 2,735

Kiwibox.Com, Inc. KIWB OTCBB USD United States 0.01 3.3 6

Lingo M edia Corporation TSXV:LM TSXV CAD Canada 0.49 1.2 NA

LiveWorld Inc. LVWD OTCPK USD United States 0.04 1.2 NA

LookSmart, Ltd. LOOK NasdaqGM USD United States 1.50 25.7 65

M ixi, Inc. 2121 TSE JPY Japan 423,500 0.0 NA

M obile Data Corp. M BYL OTCBB USD United States 0.06 1.4 NA

M odern Times Group M tg AB M TG B OM SEK Sweden 442.00 5.4 2,936

M oggle, Inc DB:M 0C DB EUR United States 0.85 12.3 2

M OKO.mobi Limited M KB ASX AUD Australia 0.08 147.3 NA

M ood M edia Corporation TSX:M M TSX CAD Canada 1.61 60.0 NA

M otricity, Inc. M OTR NasdaqGM USD United States 8.49 337.4 355

M ultiplied M edia Corporation TSXV:M M C TSXV CAD Canada 0.11 27.7 NA

M yriad Group AG M YRN SWX CHF Switzerland 4.30 198.6 778

NEOWIZ Games Corporation A095660 KOSE KRW South Korea 36,900 640.1 NA

NetDragon WebSoft, Inc. 777 SEHK HKD China 3.58 242.3 2,901

Netease.com Inc. NTES NasdaqGS USD China 33.53 4,351.0 4,624

NeuLion Incorporated TSX:NLN TSX CAD Canada 0.47 52.1 224

NeXplore Corporation NXPC OTCPK USD United States 0.45 25.1 NA

Ngi Group Inc. 2497 TSE JPY Japan 30,400 45.1 NA

Northgate Technologies Limited 590057 BSE INR India 16.05 11.9 NA

OAO RBC Information Systems RBCI M ICEX RUB Russia 33.90 150.1 2,523

Open Text Corp. OTEX NasdaqGS USD Canada 39.72 2,255.3 3,700

Openwave Systems Inc. OPWV NasdaqGS USD United States 1.96 164.4 590

Oriented M edia Group Berhad OM EDIA KLSE M YR M alaysia 0.07 2.7 NA

Paid Inc. PAYD OTCBB USD United States 0.24 65.1 20

Perfect World Co., Ltd. PWRD NasdaqGS USD China 23.95 1,199.0 2,896

Platfo rma M ediowa Point Group S.A. WSE:PGM WSE PLN Poland 1.47 47.9 NA

PNI Digital M edia Inc. TSXV:PN TSXV CAD Canada 1.41 45.8 NA

Points International Ltd. TSX:PTS TSX CAD Canada 0.70 99.5 93

Quepasa Corp. QPSA OTCBB USD United States 3.75 48.6 71

RealNetworks Inc. RNWK NasdaqGS USD United States 3.42 462.6 1,754

Score M edia Inc. TSX:SCR TSX CAD Canada 0.91 70.1 220

Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 38.98 2,314.6 5,721

Shutterfly, Inc. SFLY NasdaqGS USD United States 23.80 639.1 519

SK Communications Co., Ltd. A066270 KOSE KRW South Korea 19,250 652.3 NA


Public Company Listing cont.

Company Name Ticker Exchange

Trading

Currency HQ

Current

Pr ice

US$ Market

Cap (mm) Employees

SNAP Interactive, Inc. STVI OTCBB USD United States 0.17 5.6 15

SocialGO PLC AIM :SGO AIM GBP United Kingdom 0.01 5.6 9

Socialwise, Inc. SCLW OTCBB USD United States 0.46 22.9 NA

Sohu.com Inc. SOHU NasdaqGS USD China 42.13 1,593.3 3,997

Spark Networks, Inc. LOV AM EX USD United States 3.19 65.7 155

SpectrumDNA, Inc. SPXA OTCBB USD United States 0.07 4.8 8

Taleo Corp. TLEO NasdaqGM USD United States 24.62 978.9 916

Tencent Holdings Ltd. 700 SEHK HKD China 139.60 32,832.1 7,845

The New York Times Company NYT NYSE USD United States 8.88 1,292.9 7,665

The9 Limited NCTY NasdaqGS USD China 4.28 109.2 1,010

TheStreet.com, Inc. TSCM NasdaqGM USD United States 2.75 86.8 274

TransGaming, Inc. TSXV:TNG TSXV CAD Canada 0.49 27.6 28

Tree.Com, Inc. TREE NasdaqGM USD United States 7.16 80.2 700

Unilava Corporation UNLA OTCBB USD United States 0.06 6.0 40

Uniserve Communications Corp. TSXV:USS TSXV CAD Canada 0.11 3.0 NA

United Online, Inc. UNTD NasdaqGS USD United States 5.94 517.6 1,699

UOM O M edia, Inc UOM O OTCBB USD Canada 0.02 1.4 NA

ValueClick, Inc. VCLK NasdaqGS USD United States 10.95 890.5 1,086

Velti P lc VEL AIM GBP United Kingdom 4.09 233.7 459

VOIS, Inc. VOIS OTCBB USD United States 0.01 18.0 2

WebM ediaBrands Inc WEBM NasdaqGS USD United States 0.72 27.0 83

Webzen Inc. KOSE:A069080 KOSE KRW South Korea 10,450 101.9 326

Wizzard Software Corporation WZE AM EX USD United States 0.20 13.2 80

Worlds.com Inc. WDDD OTCBB USD United States 0.10 5.7 1

XING AG O1BC XTRA EUR Germany 28.40 190.0 293

YD Online Corp. A052770 KOSE KRW South Korea 4,150 51.2 NA

Yippy, Inc. YIPI OTCBB USD United States 2.23 50.6 NA

Ynk Korea Inc. A023770 KOSE KRW South Korea 2,805 18.4 NA

YouBlast Global, Inc. YBLT OTCBB USD United States 0.39 13.4 6


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This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.Information about Mackie Research Capital Corporation’s Rating System, the distribution of our research to clients and the percentage of recommendations which are in each of our rating categories is available on our web site at www.mackieresearch.com. The information contained in this report has been drawn from sources believed to be reliable but its accuracy or completeness is not guaranteed, nor in providing it does Mackie Research Capital Corporation assume any responsibility or liability. Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein. Contents of this report cannot be reproduced in whole or in part without the expressed permission of Mackie Research Capital Corporation. (U.S. Institutional Clients — Research Capital U.S.A. Inc. (a wholly owned subsidiary of Mackie Research Capital Corporation) accepts responsibility for the contents of this report subject to the terms & limitations set out above. Firms orinstitutions receiving this report should effect transactions in securities discussed in the report through Research Capital U.S.A. Inc., a Broker-Dealer Registered with the United States Securities and Exchange Commission).

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