SOFTWARE & SERVICES 24 NOVEMBER 2009

DAVID SHORE, CFA, MBA 416.860.6784

WEB 2.O WEEKLY david.shore@researchcapital.com
Damian Wojcichowsky, CFA (Associate), 416.860.7652

LAUNCHED COVERAGE OF POYNT DEVELOPER, MULTIPLIED MEDIA

GR O WT H I S T H E P O YNT
Initiated coverage with a BUY recommendation: W e initiated coverage of Multiplied Media Corporation on
November 19, 2009 with a BUY recommendation and $0.40 FTM (forward 12 months) target price. For our detailed
analysis of Multiplied Media, please refer to our full length report titled, Growth is the Poynt.
With exponential user grow th, MMC has reached a revenue inflection point: The Poynt user base has grown at a
compound monthly rate of 50% since launch, with average monthly user additions at 144,000 since launch on
BlackBerry App W orld in April 2009. W e expect Q4/F09 to represent a revenue inflection point with 100% sequential
growth to $200,000, and 1,135% year-over-year revenue growth in F2010 to $5.2 million.
User-base monetization should result in EBITDA positive status in 2H/10: As the rapidly-growing Poynt user
base is monetized via query fees, transaction fees, and the sale of on-screen advertising space, we expect MMC’s
EBITDA margin to climb above zero in the second half of F2010. W e believe that the company should approach
steady-state EBITDA margin of 40%-60% after its revenue base surpasses the key $100 million plateau.
Catalysts abound: Near-term growth catalysts include expansion to new platforms (launch on the Apple platform in
December 2009/January 2010), functionality (addition of new functions, such as local weather and gasoline station
search/pricing), and geographies (continued ramp-up in Germany and the UK). Over the next 24 months, we expect a
further boost from a potential Google Android launch, addition of the UnoMobi business, launch of on-screen
advertising within Poynt, and additional European expansion.
UnoMobi – additional revenue streams and IP protection: Although the acquisition of UnoMobi’s email-to-SMS
business adds an attractive revenue stream, the key rationale for the acquisition is the securing of UnoMobi’s U.S.
patents which govern the provision of advertising to GPS-based mobile devices.
Valuation: MMC currently trades at EV/R and EV/EBITDA multiples of 1.2 times and 2.0 times our FTM+2 estimates
(ending June 2012), respectively. Our target price of $0.40 is based on our discounted cash-flow analysis and
implies 3.8 times and 6.3 times our FTM+2 revenue and EBITDA estimates of $25.4 million and $5.3 million,
respectively.

3,000 Poynt Monthly User Base

November 2008 - April 2010E
LTM compound monthly growth = 50%
2,500

Estimated iPhone/iPod Touch

launch date
Unique Users (thousands)

2,000 BlackBerry
Development
Challenge
Grand Prize
1,500 European
Poynt launches in UK expansion

1,000

Poynt
available on
500 BlackBerry
App World
Poynt launches in Germany

-
Oct-08

Dec-08

Feb-09

Apr-09

Jun-09

Aug-09

Oct-09

Dec-09

Feb-10

Apr-10

This report has been created b y Anal ysts that are emplo yed b y Research Capital Corporation, a Canadian Investment Dealer.
For further disclosures, please see last page of this report.
w w w . r e s e a rc h c a p i t a l . c o m
T o ro n t o 4 1 6 . 8 6 0 . 7 6 0 0 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.265.7400 Regina 306.566.7550
 Page 2

THE WEB 2.0 UNIVERSE

Eighty-nine public Web 2.0 companies: Our W eb 2.0 universe contains 89 companies, with a combined market cap of
approximately $71 billion (Figure 1). The median market cap for the group is $40 million, with average trailing revenue of
$166 million (median $52 million). The companies are also generally profitable with a median EBITDA margin of 12.1%.
On a valuation basis, the overall average is 5.0x trailing revenue (median 1.5x) and 11.7x trailing EBITDA (median 7.8x).
Twenty of the companies have more than 500 employees.
C omparable C ompany Analys is > Web 2.0
Trading C urrent US D Market US D L TM Total US D L TM Total E B ITDA TE V/L TM TE V/L TM
C ompany Name L TM as of Ticker E xc hange C urrency HQ P rice C ap ($m) R ev ($m) E B ITDA ($m) % R evenue E B ITDA E mployees
Accelerize New Media , Inc. 9/30/2009 AC LZ OT C B B US D United S ta tes 0. 55 15. 8 4. 1 (1.5) -36. 5% 5. 0x - 11
Actoz S oft C o. , Ltd. 6/30/2009 A052790 K OS E KR W S outh K orea 16,700 121. 3 108.7 25. 9 23. 8% 0. 8x 3. 4x NA
AQ Interactive, Inc. 9/30/2009 3838 TS E JPY J a pan 40,000 24. 3 74. 0 3.8 5.1% 0. 0x 0. 4x NA
As s ociated Media Holdings Inc. 6/30/2007 AS MH OT C P K US D United S ta tes 0. 76 32. 9 0. 1 (2.3) NM - - 3
B igs tring C orp. 6/30/2009 BS GC OT C B B US D United S ta tes 0. 03 2.0 0. 1 (1.5) NM 48.4x - 4
B eta wave C orporation 6/30/2009 B W AV OT C B B US D United S ta tes 0. 03 0.9 9. 4 (12. 6) NM - - 51
B eyond C ommerce, Inc. 6/30/2009 B Y OC OT C B B US D United S ta tes 0. 05 3.0 11. 7 (12. 8) NM 0. 8x - 101
B right T hings plc 3/31/2009 AIM: B G T AIM GBP United K ingdom 0. 01 5.1 0. 0 (2.7) NM - - NA
B roa dW ebAs ia Inc. 9/30/2008 BWBA OT C P K US D United S ta tes 0. 09 7.6 0. 0 (4.6) NM - - 46
C DC C orp. 6/30/2009 C HIN. A Na s daqG S US D Hong K ong 2. 56 271. 3 361.6 25. 1 6.9% 0. 7x 10. 6x 2, 227
C hangyou. com L imited 9/30/2009 C Y OU Na s daqG S US D C hina 33. 98 1,868. 9 255.3 157.4 61. 7% 6. 1x 9. 9x 628
C hina G a teway C orporation 9/30/2008 CGWY OT C P K US D United S ta tes 0. 00 0.0 6. 7 (6.6) -98. 9% 0. 0x - 37
C hines e G amer Interna tiona l 9/30/2009 G T S M: 3083 GTS M TWD T aiwa n 457 1,185. 2 68. 3 39. 6 58. 0% 16.2x 27. 9x NA
C LIC K E R Inc. 5/31/2009 C LK Z OT C B B US D United S ta tes 0. 01 0.4 2. 5 (1.2) -45. 8% 0. 2x - 22
C ornerW orld C orpora tion 7/31/2009 CWR L OT C B B US D United S ta tes 0. 04 3.8 6. 8 NM NM 2. 1x - 16
C yberplex Inc. 9/30/2009 T S X :C X TS X C AD C anada 1 76. 7 105.6 11. 7 11. 1% 0. 5x 4. 9x NA
DADA S pA 6/30/2009 C M: DA CM E UR Italy 6. 85 162. 5 241.9 31. 8 13. 1% 0. 9x 6. 7x NA
DXN Holdings B hd 8/31/2009 DX N K LS E MY R Ma la ys ia 0. 62 40. 1 77. 3 (84. 0) NM 0. 7x - NA
Dibz International, Inc. NA DIB Z OT C P K US D United S ta tes 0. 00 0.0 NA NM NM - - NA
DigitalP os t Interactive, Inc. 6/30/2009 DG LP OT C B B US D United S ta tes 0. 05 4.4 1. 0 (1.4) NM 6. 4x - 7
DigitalT own, Inc. 8/31/2009 DG T W OT C B B US D United S ta tes 1. 40 38. 3 0. 0 (1.8) NM - - 3
Dolphin Digital Media , Inc. 6/30/2009 DP DM OT C B B US D United S ta tes 0. 30 16. 1 0. 6 (3.4) NM 29.3x - NA
E olith C o. Ltd. 12/31/2008 A041060 K OS E KR W S outh K orea 575 34. 9 15. 4 (3.6) -23. 6% 2. 4x - NA
E xtens ions , Inc. 6/30/2009 E XT I OT C P K US D United S ta tes 0. 30 13. 3 NM NM NM - - 2
F luid Mus ic C a nada , Inc. 6/30/2009 T S X :F MN TS X C AD United S ta tes 1. 95 94. 1 5. 3 (5.1) -95. 2% 16.9x - NA
F rogs ter Interactive P ictures AG 6/30/2009 FRG XT R A E UR G ermany 16. 57 62. 2 9. 6 (4.5) -47. 0% 6. 3x - NA
G ama nia Digita l E ntertainment C o., Ltd. 9/30/2009 6180 GTS M TWD T aiwa n 46. 50 217. 8 151.2 24. 9 16. 5% 1. 3x 7. 8x NA
G ameOn C o Ltd. 9/30/2009 3812 TS E JPY J a pan 65,100 70. 4 79. 3 18. 6 23. 5% - - NA
G eoS entric O yj 6/30/2009 G E O 1V HL S E E UR F inland 0. 04 52. 6 5. 4 (17. 4) NM 9. 7x - 115
G iant Interactive G roup, Inc. 6/30/2009 GA NY S E US D C hina 7 1,551. 1 198.5 124.1 62. 5% - - 1, 570
G iga Media Ltd. 3/31/2009 G IG M Na s daqG S US D T aiwa n 4. 05 220. 8 183.6 NM NM 0. 8x - 751
G ravity C o., Ltd 9/30/2009 GR VY Na s daqG M US D S outh K orea 1. 44 40. 0 49. 9 17. 7 35. 4% - - 469
G ree, Inc. 9/30/2009 T S E : 3632 TS E JPY J a pan 4,360 2,182. 9 210.3 122.2 58. 1% 9. 9x 17. 0x NA
G ungHo O nline E ntertainment, Inc. 6/30/2009 3765 OS E JPY J a pan 157,500 201. 8 119.5 26. 6 22. 2% 1. 4x 6. 3x NA
HanbitS oft, Inc. 6/30/2009 A047080 K OS E KR W S outh K orea 3,510 64. 4 60. 7 1.4 2.3% 0. 8x 36. 0x NA
IAC /InterActiveC orp. 9/30/2009 IAC I Na s daqG S US D United S ta tes 19. 97 2,635. 4 1, 359. 6 82. 4 6.1% 0. 7x 12. 0x 3, 200
IAS E nergy, Inc. 4/30/2009 IAS A. E OT C B B US D C anada 0. 11 7.8 0. 0 (0.6) NM - - NA
is eemedia Inc. 6/30/2009 IE E T S XV C AD C anada 0. 20 9.7 1. 7 (4.5) NM 5. 5x - NA
J umbuck E nterta inment Limited 6/30/2009 AS X :J MB AS X AUD Aus tralia 0. 34 14. 2 16. 7 7.2 42. 8% 0. 5x 1. 1x 79
K AB Dis tribution Inc. 6/30/2009 T S X :K AB TS X C AD C anada 0 0.6 67. 9 4.0 5.8% - - NA
K ings oft C o. Ltd. 6/30/2009 3888 S E HK HK D C hina 7 1,001. 5 139.1 61. 4 44. 2% 7. 1x 16. 1x 2, 463
Lingo Media C orporation 6/30/2009 T S X V :LM T S XV C AD C anada 0. 99 11. 3 1. 2 (1.9) NM 8. 7x - NA
LiveW orld Inc. 9/30/2009 LVW D OT C P K US D United S ta tes 0. 03 1.0 10. 4 0.4 4.1% - - NA
LookS mart, Ltd. 9/30/2009 L OO K Na s daqG M US D United S ta tes 1. 13 19. 4 54. 0 (4.5) -8.4% - - 90
Magnitude Information S ys tems Inc. 6/30/2009 MAG Y OT C B B US D United S ta tes 0. 02 10. 6 0. 1 (2.5) NM - - 14
Mixi, Inc. 9/30/2009 2121 TS E JPY J a pan 699000. 00 1,204. 6 139.6 46. 1 33. 0% 7. 7x 23. 2x NA
Modern T imes G roup Mtg AB 9/30/2009 MT G B OM SEK S weden 327. 50 3,099. 3 2, 002. 6 282.9 14. 1% 1. 8x 12. 9x 2, 969
MO K O .mobi Limited 6/30/2009 MK B AS X AUD Aus tralia 0. 13 11. 5 0. 7 (2.4) NM 15.3x - NA
Myriad G roup AG 6/30/2009 MY R N SWX C HF S witzerland 4. 83 207. 1 63. 0 3.4 5.4% 3. 2x - 405
NE O W IZ G ames C orpora tion 12/31/2008 A095660 K OS E KR W S outh K orea 41350. 00 730. 5 207.3 55. 7 26. 8% 3. 5x 12. 9x NA
NetDragon W ebS oft, Inc. 6/30/2009 777 S E HK HK D C hina 5 338. 3 89. 3 25. 7 28. 7% 2. 1x 7. 5x 3, 109
Neteas e. com Inc. 9/30/2009 NT E S Na s daqG S US D C hina 37. 85 4,898. 8 482.9 291.8 60. 4% - - 3, 109
NeuLion Incorporated 9/30/2009 T S X :NLN TS X C AD C anada 0. 84 89. 9 24. 9 (16. 1) -64. 5% 3. 2x - 237
NeXplore C orporation 6/30/2009 NX P C OT C P K US D United S ta tes 1 41. 3 1. 7 (13. 3) NM 26.6x - NA
Ngi G roup Inc. 6/30/2009 2497 TS E JPY J a pan 24480. 00 33. 9 93. 0 6.9 7.4% - - NA
Northgate T echnologies L imited 9/30/2009 590057 BSE INR India 27. 05 19. 7 46. 4 (49. 8) NM 0. 4x - NA
O pen T ext C orp. 9/30/2009 OT E X Na s daqG S US D C anada 36. 68 2,068. 1 814.5 211.1 25. 9% 2. 6x 10. 1x 3, 900
O penwave S ys tems Inc. 9/30/2009 OP W V Na s daqG S US D United S ta tes 2. 50 208. 8 190.5 6.2 3.3% 0. 5x 16. 7x 590
P erfect W orld C o. , Ltd. 9/30/2009 PWRD Na s daqG S US D C hina 43. 67 2,172. 9 286.1 157.4 55. 0% 0. 5x 0. 9x 2, 096
P NI Digital Media Inc. 6/30/2009 T S X V :P N T S XV C AD C anada 1. 70 53. 5 21. 0 2.3 11. 0% 2. 5x 22. 3x NA
Q uepa s a C orp. 9/30/2009 QP S A OT C B B US D United S ta tes 1 15. 8 0. 2 (9.8) NM - - 74
O AO R B C Information S ys tems 12/31/2007 R BCI R TS US D R us s ia 1. 60 222. 0 157.4 20. 6 13. 1% 0. 0x 0. 4x NA
S handa Interactive E nterta inment Ltd. 6/30/2009 S NDA Na s daqG S US D C hina 49. 42 3,323. 7 629.0 296.7 47. 2% - - 3, 124
S hutterfly, Inc. 9/30/2009 S FLY Na s daqG S US D United S ta tes 14. 87 381. 8 223.1 27. 0 12. 1% 1. 2x 10. 0x 514
S K C ommunications C o., Ltd. 12/31/2008 A066270 K OS E KR W S outh K orea 8000. 00 280. 7 192.7 12. 5 6.5% 1. 5x 22. 4x NA
S NAP Interactive, Inc. 6/30/2009 S TVI OT C B B US D United S ta tes 0 2.2 3. 5 0.9 27. 0% 0. 2x 0. 6x 11
S NM G loba l Holdings 9/30/2008 S NMN OT C P K US D United S ta tes 0. 00 0.0 2. 0 (0.7) -34. 8% 1. 1x - 33
S ocial Media V entures Inc. 12/31/2008 S MV I OT C P K US D United S ta tes 0 0.0 0. 1 (0.1) -60. 6% 4. 5x - NA
S ocialwis e, Inc. 6/30/2009 S C LW OT C B B US D United S ta tes 0. 41 19. 2 0. 0 (5.6) NM - - NA
S ohu. com Inc. 9/30/2009 S O HU Na s daqG S US D C hina 53. 86 2,071. 3 501.0 218.4 43. 6% 3. 1x 7. 0x 3, 197
S park Networks , Inc. 9/30/2009 L OV AME X US D United S ta tes 2 51. 2 47. 5 10. 0 21. 0% 1. 0x 4. 7x 183
S pectrumDNA, Inc. 6/30/2009 S P XA OT C B B US D United S ta tes 0 6.8 0. 1 (2.5) NM - - 7
T encent Holdings Ltd. 9/30/2009 700 S E HK HK D C hina 148 34, 711.8 1, 588. 4 811.3 51. 1% 24.0x 46. 9x 6, 194
T he P arent C ompany 8/2/2008 K IDS . Q OT C P K US D United S ta tes 0. 01 0.2 112.0 (13. 5) -12. 0% 0. 2x - 347
T he9 Limited 12/31/2008 NC T Y Na s daqG S US D C hina 7. 55 189. 4 250.6 85. 5 34. 1% - - 1, 626
T heS treet. com, Inc. 3/31/2009 TS CM Na s daqG M US D United S ta tes 2. 37 72. 5 67. 0 1.9 2.9% 0. 1x 4. 1x 310
T ree.C om, Inc. 9/30/2009 TR E E Na s daqG M US D United S ta tes 7. 01 76. 4 217.1 9.7 4.5% 0. 2x 5. 2x 700
Unis erve C ommunica tions C orp. 8/31/2009 T S X V :US S T S XV C AD C anada 0. 05 1.1 16. 1 0.1 0.9% 0. 4x 38. 7x NA
United O nline Inc. 9/30/2009 UNT D Na s daqG S US D United S ta tes 7. 09 599. 7 996.8 212.9 21. 4% 0. 9x 4. 0x 1, 469
UOMO Media, Inc 7/31/2009 UO MO OT C B B US D C anada 0 5.7 0. 8 (0.4) -54. 2% 7. 8x - NA
V alueC lick Inc. 9/30/2009 V C LK Na s daqG S US D United S ta tes 10 871. 2 545.7 130.8 24. 0% 1. 3x 5. 4x 1, 189
V OIS , Inc. 6/30/2009 V O IS OT C B B US D United S ta tes 0 9.9 0. 0 (1.0) NM - - 4
W ebzen Inc. 6/30/2009 W ZE N Na s daqG M US D S outh K orea 2. 84 33. 7 23. 2 2.3 9.9% - - 328
W izzard S oftwa re C orporation 6/30/2009 W ZE AME X US D United S ta tes 0. 46 24. 6 5. 3 (4.5) -84. 9% 4. 8x - 110
W orlds . com Inc. 6/30/2009 W DDD OT C B B US D United S ta tes 0. 10 5.4 0. 1 (0.7) NM - - 1
W ynds torm C orpora tion NA W Y ND OT C P K US D United S ta tes 0. 10 1.8 NA NM NM - - NA
XING AG 9/30/2009 O 1B C XT R A E UR G ermany 32. 55 251. 3 62. 5 16. 9 27. 0% 3. 1x 11. 6x 174
Y D O nline C orp. 12/31/2007 A052770 K OS E KR W S outh K orea 6150. 00 77. 3 57. 4 12. 4 21. 6% 1. 5x 7. 0x NA
Y nk K orea Inc. 12/31/2008 A023770 K OS E KR W S outh K orea 4035. 00 18. 0 11. 9 1.3 10. 5% - - NA
High 34, 711.8 2,002. 6 811. 3 62. 5% 48.4x 46. 9x 6, 194
Low 0.0 0. 0 -84.0 -98. 9% - - 1
Average 796.6 165.7 41.0 8.0% 5.0x 11.7x 940
Median 40. 1 51.9 2. 1 12. 1% 1. 5x 7. 8x 237

Figure 1. Web 2.0 Universe Summary

Source. Capital IQ
 Page 3

C A P I T A L M A R K E T S A C T I V I T Y (M & A A N D F I N A N C I N G )
November – making some big deals: Total transaction value in the W eb 2.0 universe for November is $201.9 million.
November has shown improvement with the number of financings up to 17 averaging $11.9 million each (vs. an average of
$9.4 million over 14 deals as of last week). In comparison, total capital raised in October was $171.3 million, averaging
$6.3 million (27 deals); September was $232.8 million, averaging $9.0 million (26 deals); and August was $221.6 million,
averaging $7.6 million (29 deals).

Financing Activity Last Twelve Months

400.0 16.0

14.6

350.0 14.0

11.9
300.0 12.0
11.1

250.0 10.0
9.0
(US$m)

(US$m)
200.0 7.6 8.0
7.1
6.7 6.6
6.5 6.3
6.2
150.0 5.6 6.0
4.9

100.0 4.0

50.0 2.0

0.0 0.0
Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09

*May-09 includes $200m FB investment Total Average

Figure 2. Financings, Last Twelve Months

Source. Company reports
 Page 4

Deal round-up for November: The large deal highlights for the month include:

• Playfish – the UK-based social gaming company – was acquired by Electronic Arts in a deal potentially valued up
to $400 million.

• RockYou – widget maker – raised $50 million in a Series D financing.

• Playdom – social network-based games developer– raised $43 million in its first venture financing.

• Sezmi – maker of set top box tech – raised $25 million in a third round of VC funding.

• Phoenix New Media – the subsidiary of Phoenix Television, a popular Chinese news portal and media site – raised
$25 million from Intel Capital and Bertelsmann Asia Investment Fund.

• Motley Fool – the financial information site – raised $25 million in an unattributed financing.

• Millennial Media – a mobile media network – raised $16 million in Series C funds.

• Qunar.com – a Beijing-based travel price aggregation site – received $15 million in funding.

• Zynga – developer of popular Facebook game, Farmville, among others – raised $15 million in its third financing.

All other deals in the month were in the amount of $10 million or less. For additional details on financings, see Figures 23
and 24 (at end of note).

Financing & M/A Summary - Last Three Months

200.0

180.0

160.0

140.0

120.0

Nov-09
(US$m)

100.0 Oct-09
Sep-09

80.0

60.0

40.0

20.0

0.0
Phoenix New Media
DailyMotion

Millennial Media

Jive Software
Mzinga

InXpo

NextBio
Motley Fool
Yext

Box.net

Reality Mobile
HiveLive

Fwix
Skype
PlayFish
Mint
Twitter
Playfire

NowPublic

Ecast Network

Livebookings
Zynga
Dopplr

Evernote
Ooyala

Jobvite

wooga

Aviary

Eventbrite

AppNexus
Booyah
YuMe

Alliance Health Networks

Mocapay
Vantrix
Fizzback
MashLogic
Overtone
Greystripe

Tiny Pictures

DataSync
DailyBooth

Linkedex

Fluther

Scoopler

OnLive
SocialMedia
RockYou

Ensequence
Engine Yard
Sezmi

HubSpot

Spigit

ScanScout

CubeTree

Vuclip

Placecast

Altruik
Vdopia
NeoEdge
Scout Labs

Unisfair
Conduit Labs
ViVu
Credit Karma

Blekko
Godengo

Loomia
FourSquare
EduFire
Onehub

Hot Potato
Technorati

StatusNet
IngBoo
Chango
Adfonic

Listia
Aurora Feint
VEVO
PopCap Games

Qunar.com

FeedRoom

Riot Games

Alice.com

Sometrics
Amie Street

Prosper.com

TransGaming Inc.
Imeem

Watercooler

Gamelab.com

Figure 3. Capital Market Activity, Last Three Months

Source. Company reports
 Page 5

Social Networks the most active sector: Social Networks experienced the most financing activity among our W eb 2.0
sector categories in the past three months by number of transactions (nine). Advertising continues to be among the
highest activity sectors in the past quarter (eight deals). Gaming and Collaboration-related companies have been hot
recently, garnering the third highest number of deals (seven each). (Figure 4). The $2.0 billion acquisition of Skype skews
the dollars transacted to the SMS/Voice segment, while the $400 million acquisition of Playfish brings the Virtual W orlds
segment to the second highest total. Finally, the $170 million acquisition of Mint brings the Vertical Communities segment
into third place.

Capital Market Activity by Sector - Last Three Months

200.0

180.0

160.0

140.0

120.0
(US$m)

100.0

80.0

60.0

40.0

20.0

2,025.0 417.1 178.3 102.0 100.9 93.3 57.0 51.4 50.0 49.9 45.5 37.5 30.0 25.6 18.6 17.2 16.2 15.0 13.0 10.0 9.9 7.0 6.4 4.0 3.6 2.2
0.0

Social Commerce
Communities

Gaming

Documents
Travel
Microblog

Media

Collaboration

Enterprise

Mobile

Publishing
Music

Financial Services
Widget
SMS/Voice

Infrastructure

Search

Mobile Ad

Classified
Social Networks
Virtual World

Video

Advertising

Crowdsourced

Aggregation
Analytics
Vertical

Content

# companies
1 4 2 7 2 6 3 9 1 8 7 3 4 2 3 2 5 1 4 1 2 2 2 3 2 1

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

Source. Company reports
 Page 6

C A P I T A L M A R K E T S A C T I V I T Y (P R I C E P E R F O R M A N C E )
Web 2.0 index continues to outpace NASDAQ recovery: Our W eb 2.0 index (market-cap weighted) essentially mirrored
the performance of the NASDAQ composite index from mid-2008 until Q1/09. Since then, the index has diverged in a much
stronger recovery relative to the NASDAQ index (Figure 5).

Web 2.0 Index Price Performance

300

250

200

150

100

50

0
11/24/2008

12/8/2008

12/22/2008

1/5/2009

1/19/2009

2/2/2009

2/16/2009

3/2/2009

3/16/2009

3/30/2009

4/13/2009

4/27/2009

5/11/2009

5/25/2009

6/8/2009

6/22/2009

7/6/2009

7/20/2009

8/3/2009

8/17/2009

8/31/2009

9/14/2009

9/28/2009

10/12/2009

10/26/2009

11/9/2009

11/23/2009
Index: Web 2.0 (Market Cap) ^COMP - Share Pricing

Figure 5. Web 2.0 Price Performance

Source. Capital IQ
 Page 7

Market pull-back continues: Twelve companies in our universe had positive stock price performances over the past week
(for stocks with prices greater than $1) (Figure 6), while 30 companies showed negative 1-week returns.

1 Week P rice P erformance

S K Communica tions Co., Ltd. 9.7%
Fluid Mus ic Canada, Inc. 8.3%
My riad G roup A G 3.2%
The9 Limited 1.9%
HanbitS oft, Inc. 1.9%
A ctoz S oft Co., Ltd. 1.5%
L ookS ma rt, Ltd. 0.9%
Eolith Co. Ltd. 0.9%
CDC Corp. 0.8%
S handa Interactive Entertainment Ltd. 0.6%
Openw ave S y s tems Inc. 0.4%
IA C/InterA ctiveCorp. 0.2%
G amania Digital Entertainment Co., Ltd. 0.0%
Tencent Holdings Ltd. -0.1%
Chines e G amer International -0.1%
X ING A G -0.5%
NEOWIZ G ames Corporation -0.5%
V alueClick Inc. -1.3%
G ravity Co., Ltd -1.4%
Changy ou.com Limited -1.5%
NetDragon WebS oft, Inc. -1.8%
Modern Times G roup Mtg A B -2.2%
G iant Interactive G roup, Inc. -2.3%
PNI Digital Media Inc. -2.3%
K ings oft Co. Ltd. -3.1%
DA DA S pA -3.4%
Perf ect World Co., Ltd. -3.7%
Tree.Com, Inc. -4.0%
Webz en Inc. -4.1%
Open Tex t Corp. -4.1%
S park Netw orks , Inc. -4.2%
TheS treet.c om, Inc. -4.4%
Quepas a Corp. -4.6%
S ohu.com Inc. -5.4%
S hutterf ly , Inc. -5.6%
Y D Online Corp. -5.7%
Cy berplex Inc. -5.9%
G igaMedia Ltd. -7.1%
Northgate Technologies Limited -7.2%
Y nk K orea Inc. -7.9%
Frogs ter Interactive Pictures A G -8.2%
Neteas e.com Inc. -8.8%
United Online Inc.-13.7%
-0.15 -0.1 -0.05 0 0.05 0.1 0.15

Figure 6. 1-Week Price Performance

Source. Capital IQ
 Page 8

P U B L I C C O M P A N Y I N D U S T R Y N E W S (P A R T N E R S H I P S , F I N A N C I A L R E S U L T S , N E W P R O D U C T S )

K ey Developments
C ompany
E xtens ions , Inc . (OTC P K : E XTI)
is eemedia Inc . (TS XV: IE E )
Headline
E xtens ions , Inc. a nnounced dela yed 10-Q
filing
is eemedia Inc. a nnounced it expects to receive
C AD 2. 5 million in funding.
Notes
O n 11/16/2009, E xtens ions , Inc. a nnounced tha t they will be unable to file their next 10-Q by the deadline required by the
S EC.
is eemedia Inc. (T S XV : IE E ) announced a private pla cement of 15, 625, 000 units a t a price of C AD 0. 16 per unit for gros s
proceeds of C AD 2. 5 million on November 16, 2009. E a ch unit will cons is t of one common s ha re and one-half of one
common s hare purcha s e warra nt. E ach wa rrant entitles the holder to purchas e one common s ha re of the compa ny a t C AD
0. 32 for a period of 24 months .

Northern S ecurities Inc. a cted as a placement a gent to the tra ns action. T he agent will ha ve the option to purcha s e up to a n
a dditional 3, 125, 000 units at C AD 0. 16 per unit, for a dditional gros s proceeds of up to $500, 000 prior to clos ing of the
trans a ction. T he s ecurities is s ued a re s ubject to a hold period of four months . T he tra ns action is expected to clos e by
December 11, 2009. Northern S ecurities Inc. will receive a ca s h commis s ion of 8% of the gros s proceeds . In a ddition the
a gent will als o receive a work fee of C AD 25, 000.

P erfec t W orld C o., L td.
(Nas daqG S : P WR D)
P erfect W orld C o. L td. R eports C ons olida ted
Unaudited E arnings R es ults for the T hird
Q uarter E nded S eptember 30, 2009 ; P rovides
E arnings G uidance for the F ourth Q uarter of
2009
P erfect W orld C o. L td. reported cons olidated una udited ea rnings res ults for the third qua rter ended S eptember 30, 2009. F or
the quarter, tota l revenues were R MB 589, 994, 239 agains t R MB 381, 802, 248 a yea r ago. O pera ting profit wa s R MB
297, 665, 297 a ga ins t R MB 200, 004, 263 a yea r a go. P rofit before ta x was R MB 300, 066, 077 agains t R MB 207, 573, 759 a
yea r ago. Net income was R MB 289, 013, 119 a gains t R MB 198, 803, 747 a yea r ago. Net income attributable to the
compa ny's s ha reholders was R MB 288, 321, 111 or R MB 1. 10 per bas ic a nd diluted s hare a gains t R MB 198, 803, 747 or R MB
0. 67 per bas ic a nd diluted s hare a yea r ago. Net ea rnings per ADS diluted were R MB 5. 50 agains t R MB 3. 34 a year ago.
Net ca s h provided by opera ting a ctivities wa s R MB 326, 332, 320 a ga ins t R MB 265, 481, 664 a yea r a go. C a pital expenditure
on purcha s e of property, equipment, a nd s oftware wa s R MB 59, 754, 724 agains t R MB 62, 749, 284 a yea r a go. Non-G AAP
opera ting profit wa s R MB 317, 891, 325 aga ins t R MB 213, 364, 826 a year a go. Non-G AAP net income a ttributa ble to the
compa ny's s ha reholders was R MB 308, 547, 139 a gains t R MB 212, 164, 310 a yea r a go. Non-G AAP net ea rnings per ADS Diluted wa s

F or the fourth qua rter of 2009, the compa ny's tota l revenues a re expected to be between R MB 578 million a nd R MB
602 million, repres enting a decline of 2% to an increa s e of 2% on a s equentia l ba s is and an increa s e of 38% to 44% on
a yea r-over-yea r ba s is . T his reflects the expected growth from the company's exis ting ga mes a nd the a nticipated
contribution from the newly la unched F a ntas y Zhu Xian.

B etawave C orporation (OTC B B : B WAV) B etawa ve C orporation R eports C ons olida ted
E arnings R es ults for the T hird Q uarter a nd
Nine Months E nded S eptember 30, 2009 ;
P rovides R evenue G uida nce for the F ourth
Q uarter of 2009 and F irs t Qua rter of 2010
B eta wa ve C orporation reported cons olidated earnings res ults for the third qua rter and nine months ended S eptember 30,
2009. T he compa ny's tota l revenues decrea s ed to $1, 725, 499 from $2, 786, 139 for the three months of 2009. T his is
primarily becaus e reta il a dvertis ing, which compris ed the ma jority of the compa ny's third qua rter 2008 revenue, wa s one of
the advertis ing s ectors hardes t hit by the recent economic cris is . F or the quarter, net los s wa s $4, 331, 469 or $0. 15 per ba s ic
a nd diluted s ha re a ga ins t $3, 249, 036 or $0. 13 per ba s ic a nd diluted s ha re la s t year.

S NAP Interac tive, Inc. (OTC B B : S TVI)
NeXplore C orporation (OTC P K : NXP C )
S NAP Intera ctive Inc. R eports E arnings
R es ults for the T hird Q uarter a nd Nine Months qua rter, the company reported revenue decreas ed from $871, 324 to $801, 120 for the three months ended S eptember 30,
E nded S eptember 30, 2009
NeXplore C orporation Announces
Ma nagement Appointments
S NAP Interactive Inc. reported ea rnings res ults for the third quarter a nd nine months ended S eptember 30, 2009. F or the
2009, a decrea s e of $70, 204. T hes e revenues are prima rily genera ted from a dvertis ements a nd premium features pla ced on
various applica tions . Net Income decreas ed to $22, 736 from $410, 283 for the three months ended S eptember 30, 2008,
repres enting a decrea s e of $387, 547. T he decreas e in net income wa s prima rily due to the provis ion for income taxes which
were not incurred during mos t of the s ame period las t yea r due to a net opera ting los s carry-forwa rd from previous quarters ,
increa s ed expens es due to the hiring of additiona l s ta ff a nd the overall expa ns ion of operations , a s well as decreas ed
a dvertis ing payouts a nd the revenue recognition impa ct of s hift to a s ubs cription model in which revenue is recognized on a
deferred ba s is when s ubs criptions occur over more
than a s ingle month. T he decrea s e in revenue for the three months ended S eptember 30, 2009 a s compa red to the
s a me period in 2008 is primarily due to decrea s ed advertis ing payouts as well a s the revenue recognition impact of
s hift to a s ubs cription model in which revenue is recognized on a deferred ba s is when s ubs criptions occur over more
NeXplore C orporation a nnounced the a ddition of two former Micros oft executives to the company's s trategic development
team a nd boa rd of a dvis ors . Ama r Nehru, former general ma nager, emerging ma rkets group for Micros oft C orporation, a nd
Ha ni Ima m, former genera l ma na ger, finance opera tions for Micros oft C orpora tion, will provide s tra tegic guida nce to
NeXplore's s enior executive team in s upport of the compa ny's a ggres s ive bus ines s and revenue growth goals . During his 12-
yea r tenure with Micros oft C orporation, Ama r Nehru held numerous s enior mana gement pos itions while contributing to
Micros oft's market expa ns ion a nd revenue growth. Mos t recently, Nehru s erved as general ma na ger, emerging markets
group for Micros oft C orpora tion, where he led bus ines s development a nd market s trategy for Micros oft's mobile a nd low-cos t
computing bus ines s es . Ha ni Imam's career with Micros oft s pans a cros s 10 yea rs and touches on virtua lly a ll a s pects of
corpora te financia l a nd a ccounting operations , including reporting, pla nning, forecas ting and inves ting. As general ma nager,
Imam led a corporate initia tive to improve worldwide fina nce proces s es , s ys tems a nd orga niza tions in the a rea s of cus tomer propos a
contra cts , credit, revenue a s s ura nce and collections .

Figure 7a. Key Developments

Source. Capital IQ

K ey Developments
C ompany
W izzard S oftware C orporation
(AME X: W ZE )
E olith C o. L td. (K OS E : A041060)
G eoS entric Oyj (HL S E : G E O1V)
Openwave S ys tems Inc.
(Nas daqG S : OP WV)
IB 3 Networks , Inc . (OTC B B : IB NW )
B urda Digital G mbH; C inco C apital
G mbH; XING AG (XTR A: O1B C )
Ac er Inc. (TS E C : 2353); Advanc ed Micro P erfect W orld F orms P a rtners hips with
Devices Inc . (NYS E : AMD); P erfec t
W orld C o., L td. (Nas daqG S : P W R D)
G iant Interac tive Group, Inc.
(NYS E : G A)
Figure 7b. Key Developments – continued
Source. Capital IQ
Headline
W izza rd S oftwa re C orporation R eports
E arnings R es ults for the T hird Q uarter of 2009 $1, 384, 218, a 10% decrea s e from revenues of $1, 533, 339 in the third quarter of 2008. T he decreas e for the third quarter of
E olith C o. Ltd. ha s filed a F ollow-on E quity
O
G ffering in the
eoS entric O yj,amount of Kxtraordinary
S pecial/E R W 999. 90 million. G eoS entric O yj, S pecial/E xtraordinary S hareholders Meeting, Nov 17, 2009, at 07: 30 G MT T ime. L ocation: Hotel K ämp,
S ha reholders Meeting, Nov 17, 2009
O penwa ve S ys tems Inc. Introduces New
P roactive S ervice Mediation a nd P olicy
Ma nagement S olution
IB 3 Networks Inc. Announces Ma na gement
C hanges ; to Amend B ylaws of the C ompany
B urda Digita l G mbH a greed to acquire 25. 1%
s take in XING AG (XT R A: O 1B C ) from C inco
C a pital G mbH for €48. 3 million.
Adva nced Micro Devices Inc. a nd Acer Inc
G ia nt Interactive G roup Inc. E s ta blis hes F ive
S ubs idia ries to R eform P roperty R ights
Page 9
Notes
W izzard S oftwa re C orpora tion reported earnings res ults for the third quarter of 2009. T he company recorded revenues of
2009 reflects a decrea s e in revenue in hea lthca re bus ines s s egment due to the economic reces s ion, primarily due to a
decreas e in s ta ffing revenues within B illings , Monta na hea lthca re s ubs idiary. T he compa ny's net los s a vailable to common
s ha reholders wa s $1, 508, 249, or $0. 03 per s hare, in the third quarter of 2009, vers us a net los s of $1 460, 219, or $0. 03 per
s ha re, in the third qua rter of 2008. Included in the net los s wa s non-cas h charges of $909, 154 for interes t expens e on the
dis count of notes pa ya ble a nd the re-pricing of warra nts .
E olith C o. L td. has filed a F ollow-on E quity Offering in the a mount of K R W 999. 90 million.
P ohjois es pla na di 29, 00100 Hels inki, F inland. Agenda : T o cons ider a uthorizing the B oa rd to decide upon ra is ing new
fina ncing through G eoS olutions Holdings N. V . T he C ompany ha s negotia ted with certa in ins titutional and qua lified inves tors
a bout new fina ncing a mounting up to E UR 25, 000, 000 a t maximum a nd the conditions thereof. T he purpos e of the financing
is to s ecure the working ca pital needs of the group a nd s upport the execution of the bus ines s pla n. T he current pla n is to
rais e the fina ncing in one or s evera l tranches by Ma rch 2010. T he fina ncing would be in a form of a convertible note is s ued
by company's 100% owned s ubs idia ry G eoS olutions Holdings N. V . T he B oa rd propos es to the E xtra ordina ry G enera l
Meeting tha t it will a uthorize the B oard decide upon the terms a nd condition of the financing. T he main terms of the fina ncing
would be as follows : T he fina ncing s hall be implemented by offering of convertible notes entitling to s ubs cription of
G eoS olutions Holdings N. V 's s ha res to a limited number of s elected inves tors .
O penwave S ys tems Inc. announced O penwave(R ) Integra 3. 0, a L inux-ba s ed, proactive s ervice mediation a nd policy
management s olution tha t s upports a ll of O penwave's s ervice mana gement products and affords opera tors the flexibility to
s elect the deployment architecture and features tha t meet their s pecific needs , while ena bling overa ll T C O . O penwave will
demons tra te Integra 3. 0, at s ta nd B 01 a t Mobile As ia C ongres s loca ted in Hong K ong, on November 18-19, 2009. Integra
3. 0 is des igned to allow operators to effectively ma na ge, monitor a nd monetize mobile traffic from a n increas ingly divers e
s et of devices a nd internet content all from a s ingle point of control in-network. W ith Integra 3. 0, the operator is fully capa ble
of continuing to ma nage and provide s ervices for tra ffic from lega cy devices a nd networks while at the s ame time catering to
the often s eparate needs of data hungry devices tha t a re emerging in the market. Integra can rapidly and ma s s ively s cale a s
traffic grows and ca n deploy new mobile data s ervices a cros s converging a cces s networks and devices .
O n November 13, 2009, immediately prior to the Annua l Meeting of S tockholders of IB 3 Networks Inc. , Mr. E ric S chmidt
indica ted tha t he would be s ubmitting his T hirty Da y letter of res ignation a s C E O and C ha irman of the B oa rd of Directors of
the C ompa ny a t the conclus ion of the S tockholders meeting. Immedia tely following the Annual Meeting of the S tockholders
of the company the newly elected B oa rd of Directors , cons is ting of Mr. Micha el J a cobs on a nd Mr. Arthur K apla n met a nd
a ppointed Ms . C a rolyne S . J ohns on to fill a newly created va ca ncy on the B oard. T he new B oa rd then met to dis cus s Mr.
S chmidt's letter of res ignation. O n November 13, 2009, Mr. Micha el J a cobs on, 47, was a ppointed as C ha irma n of the B oa rd
a nd P res ident of the C ompany to s erve until the next Annual Meeting of S tockholders of the C ompa ny. F rom December,
2008 and continuing, Mr. J acobs on is P res ident of NY C Ma gs Inc. and Madis on Avenuematch. com. P rior to that time, Mr.
J a cobs on wa s P ublis her/E ditor of T rump Maga zine. O n November 13, 2009, Ms . C a rolyne S . J ohns on, a ge 62, wa s
a ppointed a s a Director of the C ompany to fill a newly crea ted pos ition on the B oa rd to s erve until the next Annual Meeting of
B urda Digita l G mbH a greed to acquire 25. 1% s take in XING AG (X T R A: O 1B C ) from C inco C apita l G mbH for €48. 3 million
on November 18, 2009. Under the terms , B urda Digita l will acquire 1. 3 million s hares in C inco C a pita l a t a price of €36. 5 per
s ha re. T he dea l is s ubject to G erma n F ederal C a rtel Office. T he dea l was approved by XING 's boa rd.
P erfect W orld C o. L td. a nnounced s tra tegic marketing pa rtners hips with Adva nced Micro Devices Inc. a nd Acer Inc. T he
three pa rties jointly promoted gaming la ptops .
G ia nt Interactive G roup Inc. a nnounced to forma lly s tart its reform of property rights by es ta blis hing five s ubs idia ries . T he
compa ny holds 51% s ha res in each s ubs idia ry a nd the members of the projects ' core tea m hold the res t 49% . According to
the company's articles of a s s ocia tion, thes e five s ubs idia ries ha ve full decis ion-ma king autonomy, including the res ea rch
a nd development (R & D) of projects and domina tion of the manpower, ma teria l a nd fina ncial res ources . T he core team
numbers a nd the pa rent s hare profits ga ined from ea ch project in proportion to their res pective contributions .

K ey Developments
C ompany
DigitalP os t Interactive, Inc .
(OTC B B : DG L P )
Open Text C orp. (Nas daqG S : OTE X)
Neteas e.c om Inc. (Nas daqG S : NTE S )
S NAP Interac tive, Inc. (OTC B B : S TVI)
G ravity C o., L td (Nas daqG M: G R VY)
VOIS , Inc. (OTC B B : VOIS )
NeXplore C orporation (OTC P K : NXP C )
G eoS entric Oyj (HL S E : G E O1V)
C DC C orp. (Nas daqG S : C HIN.A)
The9 L imited (Nas daqG S : NC TY)
Figure 7c. Key Developments – continued
Source. Capital IQ
Headline
Digita lP os t Intera ctive Inc. R eports E arnings Digita lP os t Interactive Inc. reported earnings res ults for the third quarter a nd nine months ended S eptember 30, 2009. F or
R es ults for the T hird Q uarter a nd Nine Months the quarter, the compa ny's tota l revenue grew 160% to $371, 600, from $142, 700 in third-qua rter 2008. T he compa ny's cas h
E nded S eptember 30, 2009
O pen T ext Deepens Integration with S AP
S olutions a cros s E C M S uite with C ontent-
E nriched B us ines s P roces s es
Netea s e. com Inc. R eports Unaudited
C ons olida ted E a rnings R es ults for the T hird
Q uarter E nded S eptember 30, 2009
S NAP Intera ctive Inc. Unveils Live C ha t for
S ingles
G ra vity C o. Ltd. R eports Unaudited
C ons olida ted E a rnings R es ults for the T hird
Q uarter a nd Nine Months E nded S eptember
30, 2009
R obert C ohen R es igns from the B oard of
V O IS , Inc
NeXplore C orporation Announces NeXplore
S ea rch S heds B eta , R ebra nds as NeXplore
S ea rch 2
G eoS entric O yj to R eport Nine Months , 2009
R
C es
DCults on November
C orp. R eports Una 23,udited
2009 C ons olida ted
E arnings R es ults for the T hird Q uarter a nd
Nine Months E nded S eptember 30, 2009
T he9 Limited to R eport Q 3, 2009 R es ults on
November 23, 2009
Page 10
Notes
us ed in operations improved to $75, 600 from $279, 200 in third-quarter 2008. T he decline in cas h us age is the res ult of the
C ompany's revenue growth and reduced opera ting expens es . T he compa ny's net los s na rrowed to $600, 900 from net los s es
of $883, 800 in third-qua rter 2008. Net los s for third-qua rter 2009 includes non-ca s h items of $171, 500 in s tock-bas ed
compens ation, $155, 000 of a mortiza tion of debt dis counts , $187, 100 of beneficial convers ion lia bility a nd $42, 800 of
depreciation and amortiza tion. On a s equential qua rterly bas is the decreas e of tota l revenue was $4, 800 from $376, 400 for
the s econd-qua rter 2009 to $371, 600 for the third-quarter 2009. T he decrea s e wa s due to the compa ny's growth in
profes s ional s ervice revenues of $11, 900 which was pa rtially offs et by a decreas e in s ubs cription revenues of $16, 700.
O pen T ext C orp. a nnounced upgrades a cros s its s olutions portfolio in s upport of S AP (R ) applica tions . T he upgra des
increa s e cus tomer value and boos t us er productivity by enriching bus ines s proces s es through deeper integra tion with all
types of content. T he integration of bus ines s proces s es with content increa s es productivity by reducing the need for us ers to
s top in the middle of a trans a ction to look for documents a nd other s upporting informa tion. T his new level of integra tion
ens ures that informa tion is a va ila ble when and where it is needed, helping the Open T ext E C M S uite contribute to overall
bus ines s performa nce, increa s e opera tions excellence, enha nce complia nce a nd lower tota l cos t of owners hip (T C O ). Open
T ext E xtended E C M delivers na tive integra tion of content into S AP bus ines s proces s es . P rocurement, a s s et ma na gement,
profes s ional s ervices , quality ma na gement, pla nt ma intena nce and ma ny others proces s es tha t rely heavily on documents
or s ca nned ima ges benefit s ignifica ntly from E xtended E C M. O pen T ext's E C M s olutions for us e with S AP a pplications
leverage two deca des of pa rtners hip and co-development, a nd expertis e gained from delivering s olutions to more tha n 3, 000 S AP
cus tomer s ites around the world. O pen T ext is a n S AP s oftwa re s olution pa rtner with multiple products tha t have
a chieved S AP certified integration s ta tus . Open T ext is als o currently the only E C M vendor with a number of E C M
s olutions res old by S AP .
Netea s e. com Inc. reported unaudited cons olidated earnings res ults for the third qua rter ended S eptember 30, 2009. F or the
qua rter, the company's total revenues were C NY 879. 4 million (US D 128. 8 million), compa red to C NY 872. 1 million (US D
127. 8 million) a nd C NY 806. 6 million (US D 118. 2 million) for the preceding quarter a nd the third quarter of 2008,
res pectively. Net profit wa s C NY 393. 8 million (US D 57. 7 million), compa red to C NY 468. 1 million (US D 68. 6 million) and
C NY 313. 3 million (US D 45. 9 million) for the preceding qua rter a nd the third qua rter of 2008, res pectively. T he compa ny
reported ba s ic and diluted ea rnings per American depos ita ry s hare, or ADS of US D 0. 45 and US D 0. 44, res pectively for the
third qua rter of 2009. T he company reported bas ic a nd diluted ea rnings per ADS of US D 0. 53 each for the preceding
qua rter, and US D 0. 36 a nd US D 0. 35, res pectively for the third qua rter of 2008. E arnings per s ha re, diluted wa s C NY 0. 12
compa red to C NY 0. 10 a yea r a go. C a s h flows generated from operating a ctivities were C NY 270. 0 million (US D 39. 5
million), compa red to C NY 544. 4 million (US D 79. 7 million) and C NY 495. 5 million
(US D 72. 6 million) for the preceding qua rter and the third quarter of 2008, res pectively. O perating profit was C NY
408, 137, 590 compa red to C NY 466, 634, 900 a yea r a go. Net income before tax wa s C NY 459, 340, 021 compa red to
C NY 438, 998, 031 a yea r ago. Net income after ta x was C NY 393, 795, 365 compa red to C NY 313, 310, 365 a yea r a go.
P urchas e of property, equipment and s oftwa re was C NY 91, 139, 494 compared to C NY 49, 664, 942 a yea r a go.
S NAP Interactive Inc. a nnounced the la unch of its new G P S -bas ed chat feature on its popula r Are Y ou Interes ted? iP hone
mobile dating a pplication. T he cha t functiona lity enables s ingles to communica te with other s ingles through their iP hone in
rea l time in their choice of chat rooms , which are broken down by a ge range a nd other ca tegories including s exua l
orientation. Additionally, s ingles have the a bility to identify us ers that a re nearby a nd initia te private cha t convers ations with
a s pecific us er. As a res ult of its new live chat feature, meeting s ingles jus t beca me a lot eas ier a nd more fun than it was
even a few da ys a go. S ingles can us e their iP hone applica tion a nd its G P S technology to identify other s ingles that a re
nea rby and proceed to initia te priva te cha ts with thos e us ers .
G ra vity C o. L td. reported unaudited cons olidated earnings res ults for the third qua rter and nine months ended S eptember
30, 2009. F or the qua rter, the compa ny reported operating income of K R W 1, 209 million, income before income ta x
expens e, minority interes t and equity in los s of rela ted joint venture of K R W 1, 323 million and net income of K R W 16 million
or K R W 2 per ba s ic a nd diluted s ha re on tota l net revenues of K R W 13, 798 million compa red to the operating income of
K R W 241 million, income before income ta x expens e, minority interes t and equity in los s of rela ted joint venture of K R W
1, 879 million and net income of K R W 869 million or K R W 125 per ba s ic and diluted s ha re on tota l net revenues of K R W
12, 782 million for the s a me quarter yea r a go.
V OIS Inc. a nnounced tha t Mr. R obert C ohen, a member of the B oard of Directors of the compa ny res igned his boa rd s ea t.
NeXplore C orporation a nnounced tha t the compa ny's fla gs hip product NeXplore S ea rch (www. NeXplore. com) ha s emerged
from beta a nd is now bra nded NeXplore S ea rch 2. NeX plore S ea rch 2 is a n intera ctive a nd vis ua lly engaging W eb 2. 0
s ea rch engine optimized for a s uperior end-us er experience, multi-media dis pla y and s ocia l s ha ring integra tion. F irs t
introduced in public beta in J a nua ry 2008, NeXplore S ea rch 2 currently a vera ges more tha n 5 million unique monthly vis itors
a ccording to W eb-a nalytics company C ompete. com.
G eoS entric O yj a nnounced tha t they will report nine months , 2009 res ults on November 23, 2009.
C DC C orp. reported una udited cons olida ted earnings res ults for the third quarter a nd nine months ended S eptember 30,
2009. F or the third quarter of 2009, the compa ny reported revenue of $76. 6 million a nd net income a ttributa ble to controlling
interes t of $5. 6 million, or $0. 05 per s ha re. T his compa res to revenue of $104. 1 million and a net los s attributable to
controlling interes t of $10. 0 million, or a los s per s ha re of $0. 09 for the third qua rter of 2008. T hird qua rter operating cas h
flow wa s $12. 1 million, compa red to $11. 2 million in the s econd qua rter of 2009, a nd a 52% increas e from $8. 0 million in the
third qua rter of 2008. T hird qua rter adjus ted E B IT DA from continuing opera tions or a djus ted E B IT DA was $9. 0 million
compa red to adjus ted E B IT DA of $13. 7 million in the third qua rter of 2008. Opera ting los s wa s $2 million a gains t opera ting
income of $0. 2 million reported a yea r a go. Income before income ta xes wa s $8. 5 million a ga ins t los s before income ta xes
of $4. 8 million reported a yea r a go. Income from continuing operations wa s $6. 6 million a gains t los s from continuing
opera tions of $7. 1 million a yea r a go. Net ca s h provided
by operating a ctivities was $12. 1 million a gains t $8 million a yea r a go. P urcha s e of property, plant & equipment wa s $2
million aga ins t $1. 5 million a yea r a go.
T he9 Limited announced tha t they will report Q 3, 2009 res ults a fter the market clos es on November 23, 2009.
 Page 11

VALUATION
Online Gaming companies lead market-cap charts: Fourteen companies in our W eb 2.0 universe top US$1 billion in
market capitalization (Figure 8). Fifty-eight of the 89 companies have market caps under US$100 million, with 38 under
US$25 million. Online gaming companies dominate the top of the list, led by Tencent Holdings (SEHK:700) with a market
cap of approximately US$34.7 billion.

Market C ap (US D m)
Tenc ent Holdings Ltd. 34711.8
Neteas e.c om Inc . 4898.8
S handa Interactive Entertainment Ltd. 3323.7
Modern Times G roup Mtg A B 3099.3
IA C/InterA c tiveCorp. 2635.4
G ree, Inc . 2182.9
Perfec t World Co. , Ltd. 2172.9
S ohu.c om Inc . 2071.3
Open Tex t Corp. 2068.1
Changy ou. c om Limited 1868.9
G iant Interac tive G roup, Inc . 1551.1
Mix i, Inc . 1204.6
Chines e Gamer International 1185.2
K ings of t Co. Ltd. 1001.5
V alueClick Inc . 871.2
NEOWIZ Games Corporation 730.5
United Online Inc . 599.7
S hutterf ly , Inc . 381.8
NetDragon WebS of t, Inc . 338.3
S K Communications Co. , Ltd. 280.7
CDC Corp. 271.3
XING A G 251.3
OA O R B C Inf ormation S ys tems 222.0
G igaMedia Ltd. 220.8
G amania Digital Entertainment Co. , Ltd. 217.8
Openw ave S y s tems Inc . 208.8
My riad G roup A G 207.1
G ungHo Online Entertainment, Inc . 201.8
The9 Limited 189.4
DA DA S pA 162.5
A c toz S of t Co. , Ltd. 121.3
Fluid Mus ic Canada, Inc . 94. 1
NeuL ion Inc orporated 89. 9
Y D Online Corp. 77. 3
Cy berplex Inc . 76. 7
Tree.Com, Inc . 76. 4
TheS treet.c om, Inc . 72. 5
G ameOn Co Ltd. 70. 4
HanbitS of t, Inc . 64. 4
Frogs ter Interac tive Pictures A G 62. 2
PNI Digital Media Inc . 53. 5
G eoS entric Oy j 52. 6
S park Netw orks , Inc . 51. 2
NeXplore Corporation 41. 3
DXN Holdings B hd 40. 1
G ravity Co., L td 40. 0
DigitalTow n, Inc . 38. 3
Eolith Co. Ltd. 34. 9
Ngi Group Inc . 33. 9
Webz en Inc . 33. 7
A s s oc iated Media Holdings Inc . 32. 9
Wiz z ard S of tw are Corporation 24. 6
A Q Interac tive, Inc . 24. 3
Northgate Tec hnologies Limited 19. 7
L ookS mart, Ltd. 19. 4
S ocialw is e, Inc . 19. 2
Y nk K orea Inc . 18. 0
Dolphin Digital Media, Inc . 16. 1
A c c eleriz e New Media, Inc . 15. 8
Quepas a Corp. 15. 8
J umbuc k Entertainment Limited 14. 2
Ex tens ions , Inc . 13. 3
MOK O. mobi Limited 11. 5
L ingo Media Corporation 11. 3
Magnitude Information S y s tems Inc . 10. 6
V OIS , Inc . 9. 9
is eemedia Inc . 9. 7
IA S Energy , Inc . 7. 8
B roadWebA s ia Inc . 7. 6
S pec trumDNA , Inc . 6. 8
UOMO Media, Inc 5. 7
Worlds .c om Inc . 5. 4
B right Things plc 5. 1
DigitalPos t Interactive, Inc . 4. 4
CornerWorld Corporation 3. 8
B ey ond Commerce, Inc . 3. 0
S NA P Interactive, Inc . 2. 2
B igs tring Corp. 2. 0
Wy nds torm Corporation 1. 8
Unis erve Communic ations Corp. 1. 1
L iveWorld Inc . 1. 0
B etaw ave Corporation 0. 9
K A B Dis tribution Inc . 0. 6
CL ICK ER Inc . 0. 4
The Parent Company 0. 2
China G atew ay Corporation 0. 0
Dibz International, Inc . 0. 0
S NM G lobal Holdings 0. 0
S oc ial Media V entures Inc . 0. 0
0 500 1,000 1, 500 2, 000 2,500 3,000 3, 500 4,000

Figure 8. Market Cap Rankin

Source. Capital IQ
 Page 12

TEV/Revenue (LTM) averages 5.1x: The overall average TEV/Revenue (LTM) multiple for our group is 5.1x (vs. 5.1x last
week) (Figure 9). Three companies are trading above 25x revenue – Bigstring Corp. (OTCBB:BSGC) at 48.4x, Dolphin
Digital Media, Inc. (OTCBB:DPDM) at 29.3x, and NexPlore Corporation (OTCPK:NXPC) at 27.6x. The median of 1.5x
compares with 1.8x last week. Note that we exclude multiples greater than 50x. Thirty-one companies have multiples
under 1.5x.

T E V/L T M R evenue (x)

60. 0

48.4
50. 0

40. 0

29.3
30. 0 26.6
24.0

20. 0 16.9
15.3 16.2

9.9
8.7 9.7
10.
A 0vera ge, 5.1 7.1 7.7 7.8
6.1 6.3 6.4
4.5 4.8 5.0 5.5
3.5
2.4 2.5 2.6 3.1 3.1 3.2 3.2
1.2 1.3 1.3 1.4 1.4 1.5 1.5 1.8 2.1 2.1
0.0 0.0 0.0 0.1 0.2 0.2 0.2 0.2 0.4 0.4 0.5 0.5 0.5 0.5 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.9 0.9 1.0 1.1
0. 0

N E O WIZ G ames C orporation

J umbuc k E nterta inment L imited

MO K O .mobi L imited
UO MO Media, Inc
C LIC K E R Inc.

G a mania Digital E ntertainment C o., Ltd.

G ungHo O nline E ntertainment, Inc.

P N I Digital Media Inc.

C hines e G amer Interna tional

U nis erve C ommunications C orp.
O AO R B C Information S y s tems

N orthgate T echnologies L imited

DXN Holdings B hd

C hangy ou.com L imited

T ree.C om, Inc.

C DC C orp.
B ey ond C ommerc e, Inc.

S K C ommunica tions C o., Ltd.

DigitalP os t Intera ctive, Inc.

F luid Mus ic C a nada , Inc.

Dolphin Digital Media, Inc.

T he P a rent C ompany

Modern T imes G roup Mtg AB

G eoS entric O y j
S N M G loba l Holdings

NeuLion Inc orporated

C ornerWorld C orporation

Lingo Media C orporation

NeX plore C orporation

T heS treet.com, Inc .
S NAP Intera ctive, Inc.

United O nline Inc .

O pen T ex t C orp.
C hina G atewa y C orporation
AQ Intera ctive, Inc .

C y berplex Inc .

IAC /InterAc tiveC orp.

G igaMedia Ltd.

S pa rk N etwork s , Inc .

V alueC lic k Inc .

Y D O nline C orp.

NetDra gon WebS oft, Inc .

E olith C o. Ltd.

S ohu.com Inc .

is eemedia Inc .

F rogs ter Intera ctiv e P ictures AG

Mix i, Inc .

G ree, Inc .

T encent Holdings Ltd.

XIN G AG
P erfect World C o., Ltd.

O penwave S y s tems Inc .

H anbitS oft, Inc .

Y nk K orea Inc .

S ocial Media V entures Inc .

B igs tring C orp.

My riad G roup AG
S hutterfly , Inc .

Acceleriz e New Media , Inc .

K ings oft C o. Ltd.

DADA S pA
Ac toz S oft C o. , Ltd.

Wiz z ard S oftware C orporation

Figure 9. TEV/Revenue Ranking

Source. Capital IQ

TEV/Revenue (LTM) by country/exchange: W e have also calculated multiples based on where the companies are listed
or domiciled. Figure 10 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largest
number of companies (18), trading at an average multiple of 11.1x (vs. 11.5x last week). On a geographic basis, the
United States has the most companies (38), trading at an average of 6.6x revenue (vs. 6.6x last week) (Figure 11). Ten of
the companies are Canadian (average 7.1x revenue).

Average TEV/LTM Revenue - By Country

Average TEV/LTM Revenue - By Exchange 12.0
12.0 11.1 9.7
11.1 10.0
10.0
9.7 8.0
8.0 7.9
8.7 7.1
(x)

7.9 6.9 6.0 6.6 6.1

(x)

6.0
6.5 5.9 4.8 4.7
4.0 4.7 4.3 4.0 3.9
3.2 2.9 3.2
1.8 1.7 1.7
2.0 1.4 0.9 0.7 2.0 1.8 1.7 0.9 0.7
0.4 0.7 0.4
0.2
0.0 0.0 0.0 0.0
OTCPK
OTCBB

GTSM

NasdaqGM
SEHK
HLSE

TSE

KOSE
NasdaqGS
OSE
CM

RTS
OM
TSX

XTRA

AMEX

KLSE
BSE
SWX
TSXV
ASX

Germany
Finland

China
United

Japan

Canada

Hong Kong

Malaysia

India

Russia
Italy
South
Korea
States
Australia

Taiwan

Switzerland

Sweden

# Companies 18 3 1 2 2 4 11 5 2 4 1 2 1 6 14 1 1 1 1 5 1
# Companies 1 2 10 38 3 6 2 10 1 1 8 1 1 1 1 1

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

Source. Capital IQ
 Page 13

TEV/EBITDA (LTM) averages 12.8x: The average multiple for the 37 companies with positive EBITDA (and multiples
under 100x) is 12.8x LTM EBITDA (vs. 11.6x last week), led by Tencent Holdings Ltd. (SEHK:700) at 46.9x (Figure 12).
Fifteen companies have EBITDA multiples under 7x. The median multiple is 12.8x (vs. 11.6x last week).

T E V/L T M E B IT DA (x)

50. 0 46. 9

45. 0
38. 7
40. 0
36. 0
35. 0

30. 0 27. 9

25. 0 22. 3 22. 4 23. 2

20. 0
16. 1 16. 7 17. 0
15. 0 A verage, 12. 8 12.9 12.9 13.7
11. 6 12.0
9. 9 10. 0 10. 1 10. 6
10. 0 7. 5 7. 8
6. 3 6. 7 7. 0 7. 0
5. 2 5. 4
3. 4 4. 0 4. 1 4. 7 4. 9
5. 0
0. 6 0. 9 1. 1
0. 0

NE O WIZ G ames C orporation

J umbuck E ntertainment L imited

G ungH o O nline E ntertainment, Inc .

G amania Digital E ntertainment C o. , Ltd.

P NI Digital Media Inc .

C hines e G amer International

U nis erve C ommunications C orp.

C hangy ou. c om L imited
T ree. C om, Inc .

C DC C orp.

S K C ommunic ations C o. , Ltd.

Modern T imes G roup Mtg AB
S NAP Interac tive, Inc .

U nited O nline Inc .

T heS treet. c om, Inc .

O pen T ex t C orp.
S park Network s , Inc .

C yberplex Inc.

V alueC lic k Inc .

Y D O nline C orp.

S ohu. c om Inc .

NetDragon WebS oft, Inc.

IAC /InterAc tiveC orp.

G ree, Inc .

Mix i, Inc .

T enc ent Holdings L td.

XING AG
P erfec t World C o. , L td.

Y nk K orea Inc.

O penwave S y s tems Inc.

H anbitS oft, Inc.

S hutterfly , Inc.

K ings oft C o. L td.

DADA S pA
Actoz S oft C o. , L td.

Figure 12. TEV/EBITDA Ranking

Source. Capital IQ

TEV/EBITDA (LTM) by country/exchange: Figure 13 shows the average TEV/EBITDA multiples by stock exchange. The
OTCBB has the largest number of companies (18), trading at an average multiple of 0.6x. On a geographic basis, the
United States has the most companies (38), trading at an average of 7.0x EBITDA (Figure 14). Ten of the companies are
Canadian (average 19.0x EBITDA).

Average TEV/LTM EBITDA - By Exchange Average TEV/LTM EBITDA - By Country

35.0 30.5 20.0
19.0
18.0
30.0
16.0 17.8
25.0 14.0
23.5 16.3
20.0 12.0 14.7
12.9
(x)

17.8 11.8
(x)

15.0 16.3 10.0 11.6

13.6 12.9 10.6
11.6 8.7 8.0 7.0
10.0 6.7 6.3
4.9 4.7 4.7 6.0 6.7
5.0 1.1 0.6 0.4 4.0
0.0 1.1
2.0
OTCBB
GTSM

NasdaqGM
SEHK

KOSE

TSE

NasdaqGS

OSE

RTS
OM

CM
XTRA

TSX

AMEX
TSXV

ASX

0.0 0.4
Germany
Canada

China

Japan

Hong

United

Russia
Italy
South
Korea

Kong

States
Taiwan

Australia
Sweden

# Companies 4 3 2 6 5 1 2 14 1 1 4 2 5 2 18 1 10 3 8 10 1 6 2 1 38 1 2 1
# Companies

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

Source. Capital IQ
 Page 14

P/E (LTM) averages 19.1x: The average multiple for the 34 companies with positive earnings (and multiples under 100x)
is 19.1x LTM EPS (vs. 19.4x last week), led by LiveW orld Inc. (OTCPK:LVW D) with a 63.3x multiple (Figure 15). Fourteen
companies have P/E multiples under 10x. The median is 12.6x.

P /E L T M (x)

70.0
63.3
60.2 60.3
60.0

50.0
43.6 45.1
38.0
40.0 36.3 36.9
33.1

30.0
23.2
A verage, 19.1 19.9 20.0
20.0 16.7 17.0 17.2
13.8
11.2 11.5 12.6 12.6
8.2 8.7
10.0 5.9 7.1 7.3
3.8 4.1
1.8 2.2 2.4 2.6 2.7
0.0 0.0
0.0

NE O W IZ G ames C orporation
J umbuck E ntertainment Limited

G amania Digital E ntertainment C o., Ltd.

G ungH o O nline E ntertainment, Inc.

C hines e G amer International
DXN H oldings B hd

C hangy ou.com Limited

G iant Interactive G roup, Inc.

G ameO n C o Ltd.

Modern T imes G roup Mtg AB

G ravity C o., Ltd

T he9 Limited

S handa Interactive E ntertainment Ltd.

Neteas e.com Inc.

S NAP Interactive, Inc.

O pen T ex t C orp.
C y berplex Inc.

Y D O nline C orp.

G igaMedia Ltd.

IAC /InterActiveC orp.

S ohu.com Inc.

NetDragon W ebS oft, Inc.

S park Network s , Inc.

Worlds .com Inc.

G ree, Inc.

Mix i, Inc.

T encent H oldings Ltd.

XING AG
W ebz en Inc.

P erfect World C o., Ltd.

H anbitS oft, Inc.

LiveW orld Inc.

K ings oft C o. Ltd.
Actoz S oft C o., Ltd.

Figure 15. P/E Ranking

Source. Capital IQ

P/E (LTM) by country/exchange: Figure 16 shows the average P/E multiples by stock exchange. The OTCBB has the
largest number of companies (18), trading at an average multiple of 11.9x. On a geographic basis, the United States has
the most companies (38), trading at an average of 23.1x earnings (Figure 17). Ten of the companies are Canadian
(average 26.2x EPS).

Average P/E - By Exchange Average P/E - By Country

40.0
70.0 37.0
63.3
35.0
60.0
30.0
50.0 33.1
43.6 25.0 26.2
40.0 34.7 33.1 23.1
(x)

31.3 22.8
(x)

30.0 29.8 20.0

18.7 16.7
20.0 17.0 16.7 15.0
11.9 11.1 13.1 12.5
7.3 5.9 10.0
10.0 5.9
4.1 4.1
0.0 1.8 0.0 5.0
OTCPK

OTCBB
GTSM

NasdaqGM
OSE

TSE

SEHK

KOSE

NasdaqGS
OM
XTRA

AMEX

TSX

KLSE

NYSE
ASX

0.0
Germany
Japan

Canada

United

China

Malaysia
South
Korea
States

Taiwan

Australia
Sweden

# Companies 11 1 5 2 3 2 6 2 1 18 14 4 1 2 1 5
# Companies 6 2 10 38 3 1 10 8 1 2

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

Source. Capital IQ
 Page 15

UPCOMING EVENTS

E arnings C alendar
C ompany Date Time Quarter C onf C all Details
The9 Limited (NasdaqGS:NCTY) 24-Nov-09 8:00 p.m. EST Q3/09 800-884-5695
Giant Interactive Group, Inc. (NYSE:GA) 25-Nov-09 8:00 p.m. EST Q3/09 866-510-0712
NetDragon WebSoft, Inc. (SEHK:777) 25-Nov-09 7:00 a.m. EST Q3/09 800-130-0399
Shanda Interactive Entertainment Ltd. (NasdaqGS:SNDA) 1-Dec-09 9:30 a.m. EST Q3/09 866-271-6130
Figure 18. Earnings Calendar
Source. Company reports
 Page 16

C omparable C ompany Analys is > Web 2.0

Pric e P erformanc e
C ompany Name C urrenc y Tic ker E xc hange US D Market C ap ($m) C urrent P ric e 1 Wk 1 Mth 3 Mth 6 Mth 1 Yr 52 Week

A ccelerize New Media, Inc. US D AC L Z OT C B B 15.8 0.55 -24.7% 0.0% -3.5% 5. 8% 37.5% -31.3%
A ctoz S oft C o. , L td. KR W A052790 K OS E 121.3 16, 700 1. 5% 3.7% -15.2% -25.8% 60.6% -53.6%
A Q Interactive, Inc. JPY 3838 TS E 24.3 40, 000 -9.1% -18.3% -21.7% -35.5% 14.3% -51.8%
A s s ociated Media H oldings Inc. US D AS MH OT C P K 32.9 0.76 8344.4% 5328. 6% 5328. 6% 50566. 7% 25233.3% 0.0%
B igs tring C orp. US D BSGC OT C B B 2.0 0.03 -3.1% -8.8% 67.6% 29.2% 19.2% -45.6%
B eta wave C orpora tion US D B W AV OT C B B 0.9 0.03 -14.0% -24.9% -62.4% -66.6% -88. 4% -89.6%
B eyond C ommerce, Inc. US D B Y OC OT C B B 3.0 0.05 -10.8% -50.0% -68.5% -94.6% -94. 7% -97.2%
B right T hings plc GB P AIM:B G T A IM 5.1 0.01 0. 0% -14.5% -16.1% -21.7% 29.1% -52.4%
B roadW ebA s ia Inc. US D BWBA OT C P K 7.6 0.09 28.6% 200.0% -60.9% -69.8% -91. 1% -96.9%
C DC C orp. US D C H IN.A Nas da qG S 271.3 2.56 0. 8% 3.2% -1.5% 45.5% 181. 3% -34.7%
C ha ngyou.com Limited US D C Y OU Nas da qG S 1, 868.9 33.98 -1.5% -2.8% -9.0% 6. 2% NM -29.7%
C hina G a tewa y C orporation US D CGWY OT C P K 0.0 0.00 -86.7% -86.7% -86.7% 0. 0% -80. 0% -93.3%
C hines e G a mer International TWD G T S M:3083 GTS M 1, 185.2 457.00 -0.1% 2.5% 14.8% 21.4% 471. 3% -11.9%
C LIC K E R Inc. US D CLK Z OT C B B 0.4 0.01 -21.4% -31.3% 10.0% 83.3% -93. 1% -96.6%
C ornerW orld C orpora tion US D CW R L OT C B B 3.8 0.04 -33.3% -33.3% -33.3% -55.6% -80. 0% -91.5%
C yberplex Inc. C AD T S X: C X TS X 76.7 1.27 -5.9% -2.3% -17.5% -20.6% 323. 3% -36.2%
DADA S pA E UR C M:DA CM 162.5 6.85 -3.4% -9.6% 6.3% 16.2% 7.0% -16.4%
DXN Holdings B hd MY R DXN K LS E 40.1 0.62 -1.6% -3.9% 16.0% 50.0% 68.5% -10.9%
Dibz Interna tional, Inc. US D DIB Z OT C P K 0.0 0.00 20.0% NM 20.0% -88.0% -97. 6% -97.6%
DigitalP os t Intera ctive, Inc. US D DG LP OT C B B 4.4 0.05 -15.3% -16.7% -23.1% 127.3% 66.7% -49.5%
DigitalT own, Inc. US D DG T W OT C B B 38.3 1.40 16.7% -30.0% 3.7% 7. 7% -30. 0% -60.0%
Dolphin Digital Media, Inc. US D DP DM OT C B B 16.1 0.30 -9.1% -34.8% -17.8% -50.0% -62. 5% -64.7%
E olith C o. L td. KR W A041060 K OS E 34.9 575.00 0. 9% 1.8% -41.6% -18.4% 10.6% -50.4%
E xtens ions , Inc. US D E XT I OT C P K 13.3 0.30 20.0% -14.3% 275.0% 100.0% 471. 4% -70.3%
F luid Mus ic C anada, Inc. C AD T S X: F MN TS X 94.1 1.95 8. 3% 2.6% 39.3% 160.0% 413. 2% -9.3%
F rogs ter Intera ctive P ictures AG E UR FR G XT R A 62.2 16.57 -8.2% -17.6% 2.3% 107.1% 299. 3% -22.9%
G amania Digita l E ntertainment C o., L td. TWD 6180 GTS M 217.8 46.50 0. 0% -5.9% -4.1% -20.6% 253. 6% -32.4%
G ameO n C o L td. JPY 3812 TS E 70.4 65, 100 -4.4% -28.0% -38.1% -28.5% -56. 6% -57.2%
G eoS entric Oyj E UR G E O1V H LS E 52.6 0.04 -33.3% -20.0% -20.0% -20.0% 33.3% -33.3%
G ia nt Interactive G roup, Inc. US D GA NY S E 1, 551.1 6.85 -2.3% -8.9% -9.7% -9.7% 12.5% -28.4%
G igaMedia L td. US D G IG M Nas da qG S 220.8 4.05 -7.1% -13.1% -15.6% -33.3% -17. 3% -47.6%
G ra vity C o., Ltd US D GR VY Nas da qG M 40.0 1.44 -1.4% -12.7% -36.0% 22.0% 121. 5% -45.2%
G ree, Inc. JPY T S E :3632 TS E 2, 182.9 4, 360 -15.7% -12.8% 1.3% 62.4% NM -23.6%
G ungH o Online E ntertainment, Inc. JPY 3765 OS E 201.8 157, 500 -6.8% -27.6% -35.2% 1. 6% 55.0% -43.7%
H anbitS oft, Inc. KR W A047080 K OS E 64.4 3, 510 1. 9% -3.8% -9.9% -32.4% 18.8% -47.1%
IAC /InterA ctiveC orp. US D IA C I Nas da qG S 2, 635.4 19.97 0. 2% 5.1% 4.1% 24.6% 35.0% -6.2%
IAS E nergy, Inc. US D IA S A. E OT C B B 7.8 0.11 -7.6% 5.7% -7.5% -57.3% 270. 0% -60.4%
is eemedia Inc. C AD IE E T S XV 9.7 0.20 17.6% 42.9% 300.0% 122.2% 263. 6% -25.9%
J umbuck E ntertainment Limited AU D AS X: J MB AS X 14.2 0.34 -1.5% -1.5% -9.5% -25.6% -22. 1% -33.0%
K AB Dis tribution Inc. C AD T S X: K AB TS X 0.6 0.01 -50.0% -99.2% -99.2% -98.6% -99. 4% -99.4%
K ings oft C o. L td. HK D 3888 S E HK 1, 001.5 7.10 -3.1% -5.5% -18.7% 25.9% 219. 8% -25.0%
L ingo Media C orpora tion C AD T S XV :LM T S XV 11.3 0.99 1. 0% 5.3% 5.3% -5.7% -16. 1% -30.8%
L iveW orld Inc. US D LV W D OT C P K 1.0 0.03 -3.1% -24.4% -38.0% -48.3% -38. 0% -87.6%
L ookS mart, L td. US D LO OK Nas da qG M 19.4 1.13 0. 9% -13.1% -8.9% -12.4% -35. 4% -37.6%
Ma gnitude Information S ys tems Inc. US D MAG Y OT C B B 10.6 0.02 26.3% 166.7% 200.0% 118.2% 41.2% -38.5%
Mixi, Inc. JPY 2121 TS E 1, 204.6 699,000.00 3. 9% -2.9% 14.6% 53.3% 19.1% -11.6%
Modern T imes G roup Mtg AB SEK MT G B OM 3, 099.3 327.50 -2.2% -1.7% 7.4% 48.9% 132. 3% -3.7%
MO K O .mobi L imited AU D MK B AS X 11.5 0.13 38.9% 58.2% 78.6% 89.4% 212. 5% 0.0%
Myriad G roup AG C HF MY R N S WX 207.1 4.83 3. 2% 7.6% 7.3% -11.4% -31. 2% -32.1%
NE O W IZ G ames C orporation KR W A095660 K OS E 730.5 41,350.00 -0.5% 10.0% 40.6% 17.3% 378. 0% -7.9%
NetDra gon W ebS oft, Inc. HK D 777 S E HK 338.3 4.96 -1.8% -3.3% -27.1% -8.3% 88.6% -30.6%
Netea s e. com Inc. US D NT E S Nas da qG S 4, 898.8 37.85 -8.8% 1.2% -11.1% 19.7% 105. 7% -22.0%
NeuLion Incorpora ted C AD T S X: NL N TS X 89.9 0.84 16.7% 10.5% -27.6% 5. 0% 112. 7% -35.4%
NeXplore C orpora tion US D NXP C OT C P K 41.3 0.74 7. 2% -7.5% 23.3% 5. 7% -41. 7% -49.0%
Ngi G roup Inc. JPY 2497 TS E 33.9 24,480.00 -1.5% -14.7% -23.7% -18.4% -55. 7% -60.3%
Northgate T echnologies Limited INR 590057 BSE 19.7 27.05 -7.2% -27.7% -31.3% -33.6% -51. 4% -63.7%
O pen T ext C orp. US D OT E X Nas da qG S 2, 068.1 36.68 -4.1% -6.6% 3.4% 9. 2% 37.8% -11.5%
O penwa ve S ys tems Inc. US D OP W V Nas da qG S 208.8 2.50 0. 4% -10.1% -11.3% 38.9% 363. 0% -20.1%
P erfect W orld C o., Ltd. US D PWRD Nas da qG S 2, 172.9 43.67 -3.7% -6.3% 9.3% 114.8% 150. 3% -13.5%
P NI Digital Media Inc. C AD T S XV :P N T S XV 53.5 1.70 -2.3% 4.3% -4.5% 6. 2% 47.8% -20.9%
Q uepa s a C orp. US D QP S A OT C B B 15.8 1.24 -4.6% -8.1% -17.3% 22.8% -44. 6% -47.2%
O AO R B C Information S ys tems US D R BCI R TS 222.0 1.60 0. 0% 6.7% 52.4% 62.4% 6.7% -5.9%
S ha nda Interactive E nterta inment L td. US D S NDA Nas da qG S 3, 323.7 49.42 0. 6% 6.6% 3.0% -7.3% 130. 3% -24.0%
S hutterfly, Inc. US D S F LY Nas da qG S 381.8 14.87 -5.6% 1.7% -1.5% 4. 2% 117. 4% -18.0%
S K C ommunications C o. , L td. KR W A066270 K OS E 280.7 8,000.00 9. 7% 3.1% -14.9% -35.0% 72.0% -37.7%
S NA P Intera ctive, Inc. US D S TVI OT C B B 2.2 0.20 -50.0% -42.9% -50.0% -62.3% -73. 2% -81.5%
S NM G loba l H oldings US D S NMN OT C P K 0.0 0.00 0. 0% -33.3% -77.8% -60.0% -98. 0% -98.0%
S ocial Media V entures Inc. US D S MV I OT C P K 0.0 0.01 -24.2% -78.6% -93.2% -25.0% -99. 5% -99.9%
S ocialwis e, Inc. US D S CLW OT C B B 19.2 0.41 -19.6% -29.3% -31.7% -39.7% -77. 8% -78.1%
S ohu.com Inc. US D S O HU Nas da qG S 2, 071.3 53.86 -5.4% -24.5% -17.6% -6.8% 11.0% -25.5%
S pa rk Networks , Inc. US D LO V A ME X 51.2 2.49 -4.2% -2.7% 11.2% 11.2% -14. 1% -17.0%
S pectrumDNA, Inc. US D S P XA OT C B B 6.8 0.14 -6.7% 0.0% -39.1% -56.3% -41. 7% -68.9%
T encent H oldings Ltd. HK D 700 S E HK 34,711. 8 148 -0.1% -0.4% 25.1% 83.5% 248. 5% -3.2%
T he P a rent C ompany US D K IDS . Q OT C P K 0.2 0.01 0. 0% 0.0% -64.5% 600.0% -99. 1% -99.2%
T he9 L imited US D NC T Y Nas da qG S 189.4 7.55 1. 9% -6.3% -11.2% -15.6% -41. 2% -54.6%
T heS treet.com, Inc. US D TS CM Nas da qG M 72.5 2.37 -4.4% -18.0% -2.5% 22.8% -30. 1% -36.6%
T ree.C om, Inc. US D TR E E Nas da qG M 76.4 7.01 -4.0% -8.1% -19.5% -39.7% 283. 1% -46.4%
U nis erve C ommunica tions C orp. C AD T S XV :US S T S XV 1.1 0.05 42.9% 0.0% 11.1% 0. 0% -72. 2% -50.0%
U nited O nline Inc. US D UNT D Nas da qG S 599.7 7.09 -13.7% -20.0% -3.3% 9. 9% 6.9% -25.1%
U OMO Media, Inc US D UO MO OT C B B 5.7 0.07 -2.9% -34.0% -56.0% -71.6% -49. 2% -93.8%
V alueC lick Inc. US D V CLK Nas da qG S 871.2 10.17 -1.3% -20.9% -6.1% -0.8% 64.8% -27.0%
V OIS , Inc. US D V O IS OT C B B 9.9 0.01 41.2% 166.7% 100.0% 33.3% 60.0% -47.8%
W ebzen Inc. US D W ZE N Nas da qG M 33.7 2.84 -4.1% -2.1% 3.3% -30.4% 242. 2% -39.3%
W izzard S oftwa re C orporation US D W ZE A ME X 24.6 0.46 -5.6% 12.2% 0.0% -16.4% -54. 0% -73.4%
W orlds .com Inc. US D W DDD OT C B B 5.4 0.10 0. 0% 0.0% -9.1% -33.3% -54. 5% -56.5%
W ynds torm C orpora tion US D W Y ND OT C P K 1.8 0.10 0. 0% 0.0% 0.0% -80.4% -16. 7% -80.4%
XING A G E UR O1B C XT R A 251.3 32.55 -0.5% -12.3% 18.4% -2.8% 38.0% -14.3%
Y D Online C orp. KR W A052770 K OS E 77.3 6,150.00 -5.7% -22.0% -26.4% -39.7% -4.1% -50.4%
Y nk K orea Inc. KR W A023770 K OS E 18.0 4,035.00 -7.9% -12.7% -2.1% -45.5% -27. 9% -53.6%
H igh 8344.4% 5328. 6% 5328. 6% 50566. 7% 25233.3% 0.0%
L ow -86.7% -99.2% -99.2% -98.6% -99. 5% -99.9%
Average 796.6 90.7% 56.0% 58.4% 576.2% 343.4% -45.0%
Media n -2.2% -6.3% -8.9% -2.8% 14.3% -39.3%

Figure 19. Price Performance

Source. Capital IQ
 Page 17

C omparable C ompany Analys is > Web 2.0

Valuation Multiples
P rimary US D Market TE V/L TM TE V/ NTM TE V/L TM TE V/NTM
C ompany Name S ec tor C ountry E xc hange Ticker C ap ($m) R evenue R evenue E B ITDA E B ITDA P /L TM E P S P /NTM E P S P /TangB V
Accelerize New Media, Inc. Direct Marketing U nited S ta tes OTCB B AC LZ 15.8 5.0x - - - - - -
Actoz S oft C o., Ltd. G aming S outh K orea K OS E A052790 121.3 0.8x - 3. 4x - 17.2x - 1.9x
AQ Intera ctive, Inc. G aming J apan TS E 3838 24.3 0.0x - 0. 4x - - - 0.4x
As s ocia ted Media Holdings Inc. Mobile U nited S ta tes OTCP K AS MH 32.9 - - - - - - -
B igs tring C orp. Ins ta nt Mes s aging U nited S ta tes OTCB B BSGC 2.0 48.4x - - - - - -
B etawave C orpora tion Media U nited S ta tes OTCB B B W AV 0.9 - - - - - - 0.2x
B eyond C ommerce, Inc. S ocial Networking U nited S ta tes OTCB B B YOC 3.0 0.8x - - - - - -
B right T hings plc S ocial Networking U nited K ingdom AIM AIM:B G T 5.1 - - - - - - -
B roadW ebAs ia Inc. S ocial Networking U nited S ta tes OTCP K BWBA 7.6 - - - - - - -
C DC C orp. G aming H ong K ong N as da qG S C HIN.A 271.3 0.7x 0.8x 10.6x 7.4x - - -
C hangyou.com Limited G aming C hina N as da qG S C Y OU 1,868.9 6.1x 5.0x 9. 9x 7.8x 12.6x 10.9x 9.8x
C hina G atewa y C orpora tion Mobile U nited S ta tes OTCP K CGW Y 0.0 0.0x - - - - - -
C hines e G amer Interna tional G aming T a iwa n GTS M G T S M:3083 1,185.2 16.2x 16.5x 27.9x 26.7x 36.3x 22.6x 17.4x
C L IC K E R Inc. Direct Marketing U nited S ta tes OTCB B C LK Z 0.4 0.2x - - - - - -
C ornerW orld C orporation C ontent U nited S ta tes OTCB B CW R L 3.8 2.1x - - - - - -
C yberplex Inc. A dvertis ing C ana da TS X T S X: C X 76.7 0.5x 0.5x 4. 9x 3.9x 7.3x 7.6x 2.9x
DA DA S pA S ocial Networking Italy CM C M:DA 162.5 0.9x 0.8x 6. 7x 5.8x - 16.0x -
DXN Holdings B hd S ocial Networking Mala ys ia K LS E DXN 40.1 0.7x - - - 5.9x - 0.8x
Dibz Interna tiona l, Inc. S NS Apps U nited S ta tes OTCP K DIB Z 0.0 - - - - - - -
DigitalP os t Interactive, Inc. C ontent U nited S ta tes OTCB B DG L P 4.4 6.4x - - - - - -
DigitalT own, Inc. S ocial Networking U nited S ta tes OTCB B DG T W 38.3 - - - - - - -
Dolphin Digital Media, Inc. S ocial Networking U nited S ta tes OTCB B DP DM 16.1 29.3x 1.1x - - - 1.2x -
E olith C o. L td. G aming S outh K orea K OS E A041060 34.9 2.4x - - - - - 3.2x
E xtens ions , Inc. C ontent U nited S ta tes OTCP K E XT I 13.3 - - - - - - -
F luid Mus ic C a nada, Inc. Media U nited S ta tes TS X T S X:F MN 94.1 16.9x 16.1x - - - - 8.8x
F rogs ter Interactive P ictures A G G aming G erma ny XT R A FR G 62.2 6.3x - - - - - 7.6x
G amania Digital E ntertainment C o., Ltd. G aming T a iwa n GTS M 6180 217.8 1.3x 1.6x 7. 8x - 23.2x - 2.8x
G ameO n C o Ltd. G aming J apan TS E 3812 70.4 - - - - 7.1x 7.3x 0.8x
G eoS entric Oyj Mobile F inland H LS E G E O1V 52.6 9.7x - - - - - 43.5x
G iant Interactive G roup, Inc. G aming C hina NY S E GA 1,551.1 - - - - 1.8x 14.3x 0.3x
G igaMedia Ltd. G aming T a iwa n N as da qG S G IG M 220.8 0.8x 0.8x - 3.8x 8.7x 8.1x 1.9x
G ravity C o., Ltd G aming S outh K orea N as da qG M GR VY 40.0 - - - - 0.0x - 0.0x
G ree, Inc. S ocial Networking J apan TS E T S E : 3632 2,182.9 9.9x 5.8x 17.0x 10.3x 36.9x 20.6x 17.5x
G ungH o O nline E nterta inment, Inc. Media J apan OS E 3765 201.8 1.4x 1.2x 6. 3x - 43.6x 13.6x 15.0x
Ha nbitS oft, Inc. G aming S outh K orea K OS E A047080 64.4 0.8x - 36.0x - 11.5x - 1.8x
IAC /InterActiveC orp. Media U nited S ta tes N as da qG S IAC I 2,635.4 0.7x 0.7x 12.0x 5.1x 11.2x 29.2x 1.3x
IAS E nergy, Inc. V ideo C ana da OTCB B IAS A.E 7.8 - - - - - - -
is eemedia Inc. C ontent C ana da T S XV IE E 9.7 5.5x - - - - - 19.1x
J umbuck E ntertainment Limited S ocial Networking Aus tra lia AS X AS X:J MB 14.2 0.5x 0.5x 1. 1x 1.2x 4.1x 3.0x 1.3x
K A B Dis tribution Inc. C ontent C ana da TS X T S X:K AB 0.6 - - - - - - 0.0x
K ings oft C o. Ltd. G aming C hina S E HK 3888 1,001.5 7.1x 5.8x 16.1x 11.2x 19.9x 15.0x 5.6x
Lingo Media C orpora tion L earning C ana da T S XV T S XV : LM 11.3 8.7x - - - - - 20.3x
LiveW orld Inc. S ocial Networking U nited S ta tes OTCP K LV W D 1.0 - - - - 63.3x - 0.4x
LookS ma rt, L td. Direct Marketing U nited S ta tes N as da qG M L OOK 19.4 - - - - - - 0.8x
Magnitude Information S ys tems Inc. S ocial Networking U nited S ta tes OTCB B MA G Y 10.6 - - - - - - -
Mixi, Inc. S ocial Networking J apan TS E 2121 1,204.6 7.7x 6.3x 23.2x 19.6x 60.2x 46.4x 7.7x
Modern T imes G roup Mtg AB Media S weden OM MT G B 3,099.3 1.8x 1.7x 12.9x 12.6x 16.7x 15.0x -
MOK O .mobi Limited S ocial Networking Aus tra lia AS X MK B 11.5 15.3x - - - - - 11.9x
Myriad G roup AG Mobile S witzerla nd SWX MY R N 207.1 3.2x - - - - - -
NE OW IZ G ames C orporation G aming S outh K orea K OS E A095660 730.5 3.5x 2.6x 12.9x 9.1x 38.0x 13.1x 19.2x
NetDra gon W ebS oft, Inc. G aming C hina S E HK 777 338.3 2.1x 1.5x 7. 5x 4.1x 13.8x 11.0x 1.8x
Netea s e.com Inc. G aming C hina N as da qG S NT E S 4,898.8 - - - - 2.6x 14.2x 0.7x
NeuLion Incorporated V ideo C ana da TS X T S X:NL N 89.9 3.2x - - - - - 12.5x
NeXplore C orporation C ontent U nited S ta tes OTCP K NXP C 41.3 26.6x - - - - - -
Ngi G roup Inc. Media J apan TS E 2497 33.9 - - - - - - 0.7x
Northgate T echnologies Limited Direct Marketing India BS E 590057 19.7 0.4x - - - - 1.1x -
O pen T ext C orp. C ollabora tion C ana da N as da qG S OT E X 2,068.1 2.6x 2.3x 10.1x 8.4x 45.1x 12.3x -
O penwave S ys tems Inc. Mobile U nited S ta tes N as da qG S OP W V 208.8 0.5x 0.5x 16.7x 5.2x - 35.2x 2.9x
P erfect W orld C o., Ltd. G aming C hina N as da qG S PWRD 2,172.9 0.5x 2.6x 0. 9x 4.9x 2.7x 13.3x 1.2x
P N I Digital Media Inc. Digita l Ima ging C ana da T S XV T S XV :P N 53.5 2.5x 2.0x 22.3x 6.7x - 13.6x 18.7x
Q uepa s a C orp. S ocial Networking U nited S ta tes OTCB B QP S A 15.8 - - - - - - -
O AO R B C Information S ys tems Media R us s ia R TS R BCI 222.0 0.0x 1.0x 0. 4x 5.7x - 6.5x -
S handa Interactive E nterta inment Ltd. G aming C hina N as da qG S S NDA 3,323.7 - - - - 2.4x 13.8x 0.9x
S hutterfly, Inc. Digita l Ima ging U nited S ta tes N as da qG S S FLY 381.8 1.2x 1.1x 10.0x 5.7x - 88.0x 2.3x
S K C ommunications C o., Ltd. S earch S outh K orea K OS E A066270 280.7 1.5x - 22.4x - - - -
S N AP Interactive, Inc. Dating U nited S ta tes OTCB B S TVI 2.2 0.2x - 0. 6x - 3.8x - 1.2x
S N M G lobal Holdings Media U nited S ta tes OTCP K S NMN 0.0 1.1x - - - - - -
S ocial Media V entures Inc. S ocial Networking U nited S ta tes OTCP K S MV I 0.0 4.5x - - - - - -
S ocialwis e, Inc. S ocial Networking U nited S ta tes OTCB B S CLW 19.2 - - - - - - -
S ohu.com Inc. G aming C hina N as da qG S S O HU 2,071.3 3.1x 2.6x 7. 0x 5.9x 12.6x 13.9x 3.8x
S park N etworks , Inc. S ocial Networking U nited S ta tes AME X L OV 51.2 1.0x - 4. 7x - 17.0x - 23.1x
S pectrumDN A, Inc. Media U nited S ta tes OTCB B S P XA 6.8 - - - - - - 68.0x
T encent Holdings Ltd. P orta l C hina S E HK 700 34,711.8 24.0x 15.8x 46.9x 30.8x 60.3x 40.5x 26.8x
T he P a rent C ompany Media U nited S ta tes OTCP K K IDS .Q 0.2 0.2x 0.2x - 12.8x - - -
T he9 L imited G aming C hina N as da qG S NC T Y 189.4 - - - - 2.2x - 0.1x
T heS treet.com, Inc. Media U nited S ta tes N as da qG M TS CM 72.5 0.1x 0.1x 4. 1x - - - 0.9x
T ree.C om, Inc. P orta l U nited S ta tes N as da qG M TREE 76.4 0.2x 0.2x 5. 2x 6.1x - 88.2x 1.1x
Unis erve C ommunications C orp. S ocial Networking C ana da T S XV T S XV :US S 1.1 0.4x - 38.7x - - - -
United Online Inc. Media U nited S ta tes N as da qG S U NT D 599.7 0.9x 0.9x 4. 0x 3.5x - 5.3x -
UO MO Media, Inc Media C ana da OTCB B UO MO 5.7 7.8x - - - - - -
V a lueC lick Inc. Media U nited S ta tes N as da qG S V CLK 871.2 1.3x 1.4x 5. 4x 5.3x - 16.6x 4.7x
V O IS , Inc. S ocial Networking U nited S ta tes OTCB B V OIS 9.9 - - - - - - 63.2x
W ebzen Inc. G aming S outh K orea N as da qG M W ZE N 33.7 - - - - 0.0x - 0.0x
W izzard S oftware C orporation P odca s ting U nited S ta tes AME X W ZE 24.6 4.8x - - - - - -
W orlds .com Inc. C ontent U nited S ta tes OTCB B W DDD 5.4 - - - - 20.0x - -
W ynds torm C orporation C ontent U nited S ta tes OTCP K W Y ND 1.8 - - - - - - -
XIN G AG S ocial Networking G erma ny XT R A O1B C 251.3 3.1x 2.4x 11.6x 6.7x 33.1x 16.2x 7.1x
Y D Online C orp. G aming S outh K orea K OS E A052770 77.3 1.5x 1.1x 7. 0x 4.1x 8.2x 5.9x 2.6x
Y nk K orea Inc. G aming S outh K orea K OS E A023770 18.0 1.4x - 13.7x - - - 0.9x
High 34,711.8 48.4x 16.5x 46.9x 30.8x 63.3x 88.2x 68.0x
Low 0.0 0.0x 0.1x 0. 4x 1.2x 0.0x 1.1x 0.0x
Average 796.6 5.1x 3.1x 12.1x 8.6x 19.1x 19.4x 8.9x
Median 40.1 1.5x 1.4x 9. 9x 6.0x 12.6x 13.8x 2.6x

Figure 20. Valuation Comparison

Source. Capital IQ
 Page 18

C omparable C ompany Analys is > Web 2.0

S ummary by C ountry
C ompany Name US D Market C ap ($m) Avg US D Market C ap ($m) US D L TM Total R ev ($m) US D L TM Total E B ITDA ($m) E B ITDA %

United S tates 38 C hina 49, 633. 4 C hina 4,963. 3 C hina 4,152. 4 C hina 2, 070. 2 C hina 48. 8%
C a na da 10 U nited S ta tes 5, 811. 3 S weden 2,974. 2 United S tates 3,887. 3 S weden 304. 6 A us tralia 42. 8%
C hina 10 J a pan 3, 871. 5 J apan 645. 3 S weden 1,982. 6 United S tates 290. 0 T aiwan 37. 1%
S outh K orea 8 S weden 2, 974. 2 T aiwan 577. 9 C a na da 1,015. 0 C a na da 200. 0 J apan 24. 2%
J a pa n 6 C anada 2, 488. 2 Hong K ong 294. 6 S outh K orea 707. 3 J a pa n 186. 0 S weden 15. 4%
T a iwa n 3 T a iwa n 1, 733. 6 C anada 248. 8 J a pa n 634. 4 S outh K orea 121. 9 Mala ys ia 14. 4%
Aus tralia 2 S outh K orea 1, 527. 4 S outh K orea 190. 9 T a iwa n 385. 8 T a iwa n 59. 8 Italy 13. 1%
G erma ny 2 G ermany 317. 0 Ita ly 165. 4 Hong K ong 361. 6 Ita ly 31. 9 R us s ia 13. 1%
S witzerla nd 1 Hong K ong 294. 6 R us s ia 160. 9 Ita ly 242. 6 Hong K ong 25. 1 S outh K orea 12. 7%
Hong K ong 1 Ita ly 165. 4 G ermany 158. 5 R us s ia 156. 2 R us s ia 20. 4 Hong K ong 6. 9%
F inla nd 1 R us s ia 160. 9 U nited S ta tes 152. 9 India 82. 8 G erma ny 12. 5 S witzerla nd 1. 9%
Ita ly 1 S witzerla nd 92. 0 S witzerla nd 92. 0 Ma lays ia 77. 1 Ma lays ia 11. 1 C anada -8. 5%
United K ingdom 1 F inland 65. 9 F inland 65. 9 G erma ny 68. 7 Aus tralia 4. 5 G ermany -9. 1%
India 1 Malays ia 39. 8 Malays ia 39. 8 S witzerla nd 40. 0 S witzerla nd 0. 8 U nited S ta tes -21. 9%
S weden 1 India 31. 0 India 31. 0 Aus tralia 17. 8 Norwa y -1. 1 India -50. 0%
R us s ia 1 Aus tralia 22. 1 Aus tralia 11. 0 F inla nd 5. 5 United K ingdom -2. 7 Norway -50. 6%
Ma lays ia 1 U nited K ingdom 6. 0 U nited K ingdom 6. 0 Norwa y 2. 3 F inla nd -17. 5 U nited K ingdom NA
Norwa y 1 Norway 0. 1 Norway 0. 1 United K ingdom 0. 0 India -41. 4 F inland NA

G rand Total 89 G rand Total 69,234.6 G rand Total 777.9 G rand Total 13,819.5 G rand Total 3,276.1 G rand Total 5.1%

Figure 21. Comparison by Country

Source. Capital IQ

C omparable C ompany Analys is > Web 2.0

S ummary by E xc hange
C ompany Name US D Market C ap ($m) Avg US D Market C ap ($m) US D L TM Total R ev ($m) US D L TM Total E B ITDA ($m) E B ITDA %

OT C B B 18 S E HK 31, 520. 4 S E HK 10,506. 8 OM 1,982. 6 Na s daqG S 1, 796. 0 NY S E 62. 5%

Na s daqG S 14 Nas da qG S 24, 385. 7 OM 2,974. 2 S E HK 540. 0 S E HK 767. 5 AS X 42. 8%
OT C P K 11 TS E 3, 569. 2 NY S E 1,750. 4 Na s daqG S 498. 6 OM 304. 6 S E HK 40. 6%
K OS E 6 OM 2, 974. 2 Nas da qG S 1,741. 8 CM 242. 6 TS E 160. 2 GTS M 37. 1%
TS E 5 NY S E 1, 750. 4 GTS M 715. 0 NY S E 198. 5 NY S E 124. 1 Nas da qG S 30. 4%
Na s daqG M 5 K OS E 1, 437. 0 TSE 713. 8 RTS 156. 2 K OS E 103. 2 TSE 24. 6%
TS X 4 GTS M 1, 430. 0 OS E 302. 3 OS E 116. 1 GTS M 59. 8 OS E 22. 2%
T S XV 4 XT R A 317. 0 K OS E 239. 5 K OS E 106. 0 CM 31. 9 OM 15. 4%
S E HK 3 OS E 302. 3 CM 165. 4 TS E 103. 7 OS E 25. 8 K LS E 14. 4%
AME X 2 Nas da qG M 279. 7 R TS 160. 9 GTS M 101. 1 RTS 20. 4 CM 13. 1%
AS X 2 TS X 243. 6 XT R A 158. 5 BSE 82. 8 Na s daqG M 15. 6 R TS 13. 1%
XT R A 2 OT C B B 230. 9 SWX 92. 0 Na s daqG M 82. 4 XT R A 12. 5 K OS E 9. 6%
GTS M 2 CM 165. 4 HLS E 65. 9 K LS E 77. 1 K LS E 11. 1 Nas da qG M 7. 7%
SWX 1 R TS 160. 9 TSX 60. 9 TS X 46. 4 AME X 6. 2 T S XV 5. 6%
HL S E 1 SWX 92. 0 Nas da qG M 55. 9 SWX 40. 0 AS X 4. 5 S WX 1. 9%
CM 1 T S XV 76. 6 K LS E 39. 8 XT R A 34. 3 SWX 0. 8 XT R A -9. 1%
BS E 1 AME X 68. 5 AME X 34. 2 AME X 27. 9 OT C NO -1. 1 A ME X -31. 8%
NY S E 1 HLS E 65. 9 BS E 31. 0 OT C P K 16. 5 AIM -2. 7 TSX -34. 7%
OS E 1 OT C P K 65. 8 T S XV 19. 1 T S XV 12. 0 TS X -4. 3 OTCB B -38. 8%
AIM 1 K LS E 39. 8 OT C B B 12. 8 AS X 8. 9 T S XV -4. 6 OTCP K -41. 5%
OM 1 BS E 31. 0 AS X 11. 0 HL S E 5. 5 HL S E -17. 5 BSE -50. 0%
RTS 1 AS X 22. 1 AIM 6. 0 OT C B B 2. 3 OT C P K -34. 1 O T C NO -50. 6%
K LS E 1 AIM 6. 0 OT C P K 6. 0 OT C NO 2. 3 BSE -41. 4 A IM NA
OT C NO 1 OT C NO 0. 1 OT C NO 0. 1 AIM 0. 0 OT C B B -62. 4 HLS E NA

G rand Total 89 G rand Total 69,234.6 G rand Total 777.9 G rand Total 13,819.5 G rand Total 3,276.1 G rand Total 5.1%

Figure 22. Comparison by Exchange

Source. Capital IQ
 Page 19

F inanc ing - L as t Three Months (US $ m)

F in. Amount (Million) Type of financing
Month C ompany Name C ountry Angel/S eed Debt financing S eries A S eries B S eries C S eries D S eries E G rand Total
S ep-09 Twitter 100.0 100.0
E ns equence US A 20.0 20.0
L ivebookings UK 16. 0 16.0
Mzinga US A 10. 0 10.0
InXpo US A 9.0 9. 0
J obvite US A 8.3 8. 3
R iot Games US A 8.0 8. 0
NextB io US A 8. 0 8. 0
Imeem US A 6.0 6. 0
Vuclip US A 6.0 6. 0
Y uMe US A 5. 0 5. 0
B ooyah US A 5.0 5. 0
NeoE dge US A 4. 0 4. 0
Alliance Health Networks US A 3. 3 3. 3
Unis fair US A 3.1 3. 1
C onduit L abs US A 3.0 3. 0
Moc apay US A 3. 0 3. 0
F wix US A 2.8 2. 8
Vantrix C ana da 2. 6 2. 6
Mas hL ogic US A 2.5 2. 5
G reys tripe US A 2. 0 2. 0
L oomia US A 1. 5 1. 5
F ourS quare US A 1.4 1. 4
E duF ire US A 1.3 1. 3
F luther US A 0.6 0. 6
Trans G aming Inc. C ana da 0. 5 0. 5
OnL ive US A
S ep-09 Total 0.6 2.0 16.9 52.3 27.9 23.1 110.0 232.8

Oct-09 DailyMotion F rance 25. 3 25.3

P opC ap Games US A 22.5 22.5
E ngine Yard US A 19. 0 19.0
HubS pot US A 16. 0 16.0
J ive S oftware US A 12. 0 12.0
S pigit US A 10. 0 10.0
Ooyala US A 10. 0 10.0
S c anS cout US A 8.5 8. 5
B ox.net US A 7. 1 7. 1
R eality Mobile US A 6.5 6. 5
W atercooler US A 5.5 5. 5
Vdopia US A 4.7 4. 7
S ometric s US A 4.0 4. 0
Amie S treet US A 3.9 3. 9
ViVu US A 3.0 3. 0
F izzbac k UK 2.6 2. 6
Technorati US A 2.0 2. 0
Onehub US A 1.3 1. 3
DataS ync US A 1.2 1. 2
DailyB ooth US A 1.0 1. 0
Hot P otato US A 1.0 1. 0
L inkedex UK 1.0 1. 0
S tatus Net C a na da 0.9 0. 9
IngB oo US A 0.8 0. 8
C hango C a na da 0.7 0. 7
C redit K arma US A 0.5 0. 5
L is tia US A 0.4 0. 4
Oct-09 Total 4.5 40.9 56.5 67.4 2.0 171.3

Nov-09 R oc kY ou US A 50.0 50.0

P layfire UK 2.1 2. 1
US A 43.0 43.0
S ezmi US A 25. 0 25.0
Millennial Media US A 16. 0 16.0
Zynga US A 15. 0 15.0
E vernote US A 10. 0 10.0
C ubeTree US A 8.0 8. 0
Alic e.c om US A 6.0 6. 0
E ventbrite US A 6. 0 6. 0
P lac ecas t US A 5.0 5. 0
AppNexus US A 5. 0 5. 0
Altruik US A 4.7 4. 7
C redit K arma US A 2.5 2. 5
B lekko US A 2.5 2. 5
Adfonic UK 0.6 0. 6
S c oopler US A 0.5 0. 5
Nov-09 Total 1.1 52.3 29.0 67.0 52.5 201.9

G rand Total 6.2 2.0 110.1 137.7 162.3 77.6 110.0 606.0

Figure 23. Financing, Last Three Months

Source. Company reports
 Page 20

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

C ompany HQ Webs ite Des cription
Adfonic UK www. adfonic.com Adfonic Ltd. operates as a W eb-bas ed ma rketplace for advertis ing on mobile phones . T he company provides tools that enable advertis ers to
build, execute, monitor, and control campaigns ; and publis hers to monetize their mobile s ites and applications . It s erves a dvertis ers and
a gencies , as well as publis hers and developers in Aus tralia , B runei, C anada, C os ta R ica, India, the United Arab E mirates , and the United
K ingdom. T he company was founded in 2008 a nd is hea dquartered in London, the United K ingdom. It has operations in F ra nce, S pain, and
the United S tates .
Alice.com United S ta tes www. alice. com Alice. com, Inc. owns and operates an online reta il platform that offers hous ehold products . T he company wa s founded in 2008 and is bas ed
in Middleton, W is cons in.
Altruik United S ta tes www. altuik. com Altruik , Inc. provides s earch engine optimization s olutions for optimiz ing the W ebs ite content to ens ure vis ibility and page rank ing. T he
company was founded in 2006 and is bas ed in New Y ork, New Y ork.
AppNexus United S ta tes www. appnexus . com AppNexus , Inc. develops and manages online ad exchange in the United S tates and the United K ingdom. It provides on-dema nd production
infras tructure. It als o offers AppNexus cloud, an ecos ys tem in which enterpris es collaborate a nd s hare indus try-s pecific information without
the latency, bandwidth, and s ecurity is s ues of the public Internet. T he company was founded in 2007 and is bas ed in New Y ork, New Y ork.
B lekko United S ta tes www. blekko.com B lek ko, Inc. provides internet s earch s olutions . B lekk o, Inc. was founded in 2007 a nd is bas ed in United S tates .
C redit K arma United S ta tes www. creditkarma. com C redit K arma is the cons umer’s advoca te for demys tifying credit and has a ra nge of tools a nd information res ources to help them monitor
a nd manage the credit as pect of their financial hea lth. C redit K a rma’s goal is to help cons umers eas ily diges t the contents of their credit
report and unders tand what makes up their credit s core. C redit K arma works with a range of partners , including mortgage lenders , credit
card providers , bank s , and wireles s providers .
C ubeTree United S ta tes www. cubetree. com C ubeT ree, Inc. provides s ocial networking s oftware. It offers C ubeT ree AP I, a R E S T W eb s ervices AP I, which allows applications to query
a nd manipulate the res ources provided by the C ubeT ree W eb application. C ubeT ree provides its s oftware as s ervice. T he compa ny was
founded in 2008 and is bas ed in R edwood C ity, C alifornia.
E ventbrite United S ta tes www. eventbrite. com Mollyguard C orpora tion, doing bus ines s as E ventbrite, provides online regis tra tion s olutions to event organizers . It offers online event
management and ticketing s ervices . T he company a ls o engages in publis hing branded event pages ; promoting events online; and s elling
event tick ets through the pers onalized event regis tration W eb page. In addition, it offers an online events marketplace that enables
individuals , bus ines s es , and organiza tions of various s izes mana ge, promote, and s ell their events . T he compa ny s erves event organizers ,
a s well as various non-profits , univers ities , libra ries , and organiz ations . Mollyguard C orporation was founded in 2006 and is ba s ed in S an
F rancis co, C alifornia.
E vernote United S ta tes www. evernote. com E vernote C orporation offers handwriting recognition and digital ink s oftware and technologies for us ers , s ys tem integrators , va lue added
res ellers , and original equipment ma nufacturers in C alifornia. T he company was formerly known as E vernote, LL C and changed its name to
E vernote C orporation in S eptember 2004, as a res ult of the merger between
P en& Internet, Inc. and E vernote, LLC . E vernote C orpora tion is ba s ed in Mountain V iew, C alifornia.
Imeem United S ta tes www. imeem. com Imeem, Inc. operates as an online community for mus icia ns , directors , photographers , and groups . It enables us ers to create a udio, video,
a nd photo playlis ts ; s hare their fa vorites ; dis cover new content; track their films ; create a nd view playlis ts of their favorite s hots ; track their
photos ; s hare a lbums with their friends ; hold group dis cus s ions ; change their profile info; upload new photo albums ; pos t new videos , or
mus ic; and write blogs , or comments . T he company was founded in 2004 is bas ed in S an F rancis co, C a lifornia . As of November 18, 2009,
Imeem, Inc. operates as a s ubs idiary of MyS pa ce, Inc.
Millennial Media United S ta tes www. millennialmedia. com Millennial Media , Inc. operates as a mobile media networks company. Its products a nd s olutions include MB rand, a mobile advertis ing
network; Decktrade, a performance-bas ed mobile advertis ing network, which enables us ers to build, adjus t, a nalyze, and mana ge their
campaigns on cos t-per-click bas is ; Motion, a media mobile a dvertis ing; and Decktrade network that enables us ers to target by content,
geography, carrier, device capability, and hands et, for various mobile products or s ervices . T he company was founded in 2006 and is ba s ed
in B altimore, Maryland. It has offices in New Y ork, New Y ork; C hicago, Illinois ; a nd Los Angeles , C a lifornia .
Motley F ool United S ta tes www. fool. com T he Motley F ool, Inc. operates as a multimedia financial-s ervices company. T he compa ny provides financia l s olutions for various inves tors . It
reaches people each month through its W ebs ite, books , news paper column, televis ion appea rances , and s ubs cription news letter s ervices .
T T he Motley F ool was founded in 1994 and is bas ed in Alexandria, V irginia .
P hoenix New Media C hina NA P hoenix New Media Ltd. operates Internet portals which provide news and entertainment content. P hoenix New Media Ltd. was founded in
2005 and is bas ed in C hina. P hoenix New Media Ltd. operates as a s ubs idiary of P hoenix S atellite T elevis ion Holdings Ltd.
P lacecas t United S ta tes www. 1020. com 1020, Inc. develops online a dvertis ing s olutions . It develops a nd owns P lacecas t Media, an online advertis ing s olution to ta rget highly s ought-
a fter a udiences us ing location-bas ed information acros s the W eb, mobile, a nd W i-F i. Its platform als o manages a publis her's W eb and
mobile inventory, a s well as s erves targeted ads and mes s ages into outgoing emails . T he company s erves compa nies in marketing,
branding, a dvertis ing, and P R indus tries . 1020, Inc. was founded in 2005 and is bas ed in S an F ra ncis co, C alifornia with an a dditional office in
P laydom United S ta tes www. playdom. com New
P Y ork,Inc.
laydom, New Y ork.s ocial games through the Internet. T he company delivers games on F acebook, MyS pace, hi5, T agged, and iP hone.
offers
P laydom, Inc. was founded in 2008 and is bas ed in Mountain V iew, C alifornia.
P layfire UK www. playfire. com P layfire is a s ocial networking application des igned for video gamers . It allows us ers to crea te profiles , track fa vorite games , be notified of
new developments . P layfire was founded in 2007 by K ieran O ’Neill, S eb Hayes & B en P hillips .
P layF is h UK www. playfis h. com P layfis h Limited, a s ocial games company, develops and publis hes video games for s ocial networks . It creates games for people to play
together us ing s ocial networks , s uch as F acebook, MyS pace, B ebo, Y ahoo! , iP hone, and iP od touch. T he company als o offers a dvertis ing
opportunities , including in-game video ads and s pons ors hips packages . P layfis h Limited wa s founded in 2007 and is headquartered in
L ondon, the United K ingdom with additional offices in B eijing, C hina; S an F rancis co, C alifornia; and T roms o, Norway. As of November 9,
2009, P layfis h Limited operates as a s ubs idia ry of E A Interactive. As of November 9, 2009, P la yfis h Limited operates as a s ubs idiary of
United S ta tes www. pros per. com EP ros
lectronic
per is Arts Nederland B . V .lending marketpla ce that attempts to make cons umer lending more financially and s ocially rewarding. At
a people-to-people
P ros per.com
P ros per, people lis t and bid on loans us ing P ros per’s online auction platform. P ros pective lenders s et their minimum interes t ra te and bid in
increments of $50 to $25, 000 on loan lis tings they s elect. P ros per generates revenue by collecting a one-time 1% or 2% fee on funded loans
from borrowers , and as s es s es a 0. 5% or 1. 0% annual loa n s ervicing fee to lenders .
Qunar.com C hina www. qunar. com Q unar. com, Inc. operates a multi-la nguage price comparis on s earch engine. T he company’s s earch engine s earches C hines e-language
travel W eb s ites to provide real-time pricing information and other des criptive details from airlines and hotels s ervicing C hina; and allows
cons umers to compare prices for air tickets , hotels , car rentals , and tour packages . It s erves online travel indus try. T he company was
founded in 2005 and is bas ed in B eijing, C hina .
R ockYou United S ta tes www. rockyou. com Netpickle maker of R ockY ou (originally named R ockMyS pace) crea tes and dis tributes s elf-expres s ion widgets . T he widgets can be us ed to
enhance the look and feel of blogs , pers ona l webs ites a nd pers onal pages on s ocia l networks s uch as F acebook, MyS pa ce and B ebo.
R ockY ou ha s over 10 million regis tered us ers and gets over 150 million widget views from over 200 countries per day.
S coopler United S ta tes www. s coopler. com S coopler, Inc. , a real-time s earch engine, aggregates and organiz es content being s ha red on the internet as it happens . It offers s earch
options on entertainment, technology, s ports , world a nd bus ines s , s cience, gaming, politics , and lifes tyle topics . T he company wa s
incorporated in 2008 and is ba s ed in S an F rancis co, C a lifornia .
S ezmi United S ta tes www. s ezmi. com S ez mi C orporation markets and dis tributes digita l broadca s t and broadband s olutions to the cons umer s ector. T he company provides digita l
media receivers and home entertainment content s ervices . It offers equipment and s olutions to integrate cable network programming, on
demand movies , Internet bas ed videos , and live broa dcas ting s ervices . S ez mi C orporation wa s founded in 2003 as B uilding B , Inc. and
changed its name to S ezmi C orporation in May 2008. T he company is bas ed in B elmont, C alifornia with additiona l offices in S anta Monica,
C alifornia and F ort L auderda le, F lorida.
S ocialMedia United S ta tes www. s ocialmedia. com S ocial Media Networks , Inc. operates as a s ocia l media advertis ing network. T he compa ny’s S ocialmedia advertis ing platform ena bles
a dvertis ers to reach various us ers through its network; and developers of s ocial media applica tions to monetiz e their traffic from advertis ing.
T he company wa s founded in 2007 and is bas ed in P alo Alto, C a lifornia with additional offices in P alo Alto and S an F rancis co, C alifornia .
wooga G ermany www. wooga. net wooga G mbH develops and markets cas ua l games for s ocial networks . T he company wa s founded in 2009 and is bas ed in B erlin, G erma ny.
Zynga United S ta tes www. zynga. com Zynga, Inc. operates as an online s ocial ga ming company. It offers cas ino games , word games , boa rd games , role playing games , and pa rty
games , as well as cas ual online games . T he company was founded in 2007 and is ba s ed in S an F rancis co, C a lifornia .

Figure 24. Company Descriptions

Source. Company reports, Capital IQ, Crunchbase
 Page 21

RELEVANT DISCLOSURES APPLICABLE TO: NONE

LIST OF DISCLOSURE TERMS:

1. None applicable.

ANALYST CERTIFICATION
Each analyst of Research Capital Corporation whose name appears in this report hereby certifies that (i) the
recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii)
no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or
recommendations expressed in this research report.

I n f o r ma t i o n a b o u t Re s e a r ch C a p i t a l C o r p o r a t i o n ’ s Ra t i n g S y s t e m, t h e d i s t r i b u t i o n o f o u r r e s e a r ch t o cl i e n t s a n d t h e p e r ce n t a g e o f r e c o m me n d a t i o n s wh i c h a r e i n e a c h
o f o u r r a t i n g c a t e g o r i e s i s a v a i l a b l e o n o u r we b si t e a t ww w. r e s e a r ch c a p i t a l . c o m.

T h e i n f o r ma t i o n c o n t a i n e d i n t h i s r e p o r t h a s b e e n d r a wn f r o m s o u r c e s b e l i e ve d t o b e r e l i a b l e b u t i t s a c cu r a c y o r co mp l e t e n e ss i s n o t g u a r a n t e e d , n o r i n p r o vi d i n g i t
d o e s R e s e a r c h Ca p i t a l C o r p o r a t i o n a s s u me a n y r e sp o n si b i l i t y o r l i a b i l i t y . R e s e a r ch C a p i t a l C o r p o r a t i o n , i t s d i r e ct o r s , o f f i c e r s a n d o t h e r e mp l o y e e s ma y , f r o m t i me t o
t i me , h a v e p o si t i o n s i n t h e s e cu r i t i e s me n t i o n e d h e r e i n . Co n t e n t s o f t h i s r e p o r t c a n n o t b e r e p r o d u c e d i n wh o l e o r i n p a r t wi t h o u t t h e e xp r e ss e d p e r mi s si o n o f R e se a r ch
C a p i t a l C o r p o r a t i o n . ( U . S . I n s t i t u t i o n a l Cl i e n t s — Re s e a r ch C a p i t a l U . S. A . I n c. ( a wh o l l y o wn e d s u b si d i a r y o f R e s e a r c h C a p i t a l Co r p o r a t i o n ) a cc e p t s r e s p o n si b i l i t y f o r
t h e c o n t e n t s o f t h i s r e p o r t s u b je c t t o t h e t e r ms & l i mi t a t i o n s s e t o u t a b o v e . F i r ms o r i n s t i t u t i o n s r e ce i vi n g t h i s r e p o r t s h o u l d e f f e ct t r a n s a ct i o n s i n s e c u r i t i e s d i sc u s se d
i n t h e r e p o r t t h r o u g h R e s e a r ch C a p i t a l U . S . A . I n c. , a B r o k e r - D e a l e r R e g i s t e r e d wi t h t h e U n i t e d S t a t e s S e cu r i t i e s a n d E xc h a n g e C o m mi s si o n ) .

Tor on to 4 16. 8 60. 76 00 M ontr eal 51 4. 39 9. 150 0 V anco u ver 60 4. 66 2. 180 0 C al gar y 40 3. 26 5. 740 0 R egi na 306. 566. 7550

www.researchcapital.com