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www.mackieresearch.com
Web 2.0 Weekly
“DST Cashing Up”
Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved
July 20, 2010
David Shore, CFA, MBA 416.860.6784dshore@mackieresearch.com
Damian Wojcichowsky, CFA 416.860.7652
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer.For further disclosures, please see last page of this report.
www.mackieresearch.com
www.mackieresearch.com2
Key Developments (past week)
Deals (M&A, Finance) – Major DST Financing
� Naspers, a South African media and print conglomerate, invested $388 mm in Digital Sky Technologies, the Russian digital media holding company with significant stakes in Facebook, Groupon, Mail.ru, and Zynga.
� The next biggest raise of the week was Australian enterprise software developer, Atlassian, receiving $60 mm in Series A funds from Accel Partners.
� Social Commerce continues to garner attention – this week BlueSwarm ($0.8 mm angel round) and Shopkick ($15 mm Series B round) raised money.
� Another $31 mm in venture funds found their way to Advertising-related start-ups, including Israel-based Adsmarket ($17 mm), as well as a pair of India-based companies – Komli Media ($6 mm) and InMobi ($8 mm).
Financial Results/Guidance/Partnerships/Product� Score Media (TSX:SCR, BUY, FTM price target: $1.25), Canadian sports
entertainment media concern and developer of the popular Score Mobile application for iPhone, BlackBerry, and Android, reported strong Q3/F10 results, including total revenue of $12.0 million (+10.8% Y/Y, +20.4% Q/Q, MRCC estimate: $11.5 million), EBITDA of $2.0 million (+16.6% Y/Y, +79.1% Q/Q, MRCC: $1.8 million), EBITDA margin of 17.0% (MRCC: 16.0%), and EPS of $0.01 – inline with our $0.01 estimate.
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688.0
247.0
135.0
60.0 50.0 50.0 44.0 40.0 38.5 35.0
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0D
igita
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ky
Te
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no
log
ies
Zyn
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Gro
up
on
Atla
ssia
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Gla
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Liv
ing
So
cia
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Tre
mo
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Sq
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resp
ace
Gilt G
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Chart of the Week: DST Continues to Cash Up
DST has raised almost $700 mm this year as it continues to make large investments in
Web 2.0 companies
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Public Company Data
www.mackieresearch.com5
Aggregate Public Data
Web 2.0 Public Companies Total Median Max Min# Companies 102 - - -
Market Cap (US$ mm) 81,684.2 56.0 32,832.1 0.0
Revenue (US$ mm) 28,443.7 47.9 6,736.1 0.0
1 Year revenue growth 1.9% 8961.6% -100.0%
EBITDA as % of revenue - 8.3% 63.1% -99.5%
Net cash (US$ mm) 17,042.9 2.8 6,535.8 -670.8
TEV/Revenue - 1.9x 43.5x 0.1x
TEV/EBITDA - 8.3x 48.9x 0.3x
P/E - 15.0x 94.5x 0.0x
Relative to 52 week high -42.2% -1.6% -93.3%
Source: CapitalIQ
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Public Company Distribution
By Sector By Country
Source: CapitalIQ
28
17
109
5 5
3 3 3 32 2 2 2
1 1 1 1 1 1 1 1
0
5
10
15
20
25
30
Ga
min
g
So
cia
l N
etw
ork
ing
Me
dia
Div
ers
ifie
d
Mobile
Ma
rketin
g
Infr
astr
uctu
re
SM
S/V
oic
e
Ente
rpris
e
Ad
vert
isin
g
Inte
rnet
Reta
il
Vir
tual W
orl
d
Datin
g
Mu
sic
Ve
rtic
al C
om
munit
ies
Sea
rch
Po
dca
stin
g
Lea
rnin
g
Vid
eo
Co
llab
ora
tio
n
Pay
ment
Fin
ancia
l S
erv
ices
0
5
10
15
20
25
30
35
40
45
Unit
ed S
tate
s
Cana
da
Chin
a
So
uth
Kore
a
Japa
n
Ta
iwa
n
Hong K
ong
Ge
rma
ny
Po
land
Au
str
alia
Un
ited
Kin
gdom
Italy
Fin
lan
d
Sw
ed
en
India
Ru
ssia
Mala
ysia
Sw
itz
erla
nd
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Valuation Dashboard – 1 Week
Rising
43%
Falling
48%
Flat
9%
Rising
47%
Falling
51%
Flat
2%
Rising
56%
Falling
42%
Flat
2%
Market Cap
Rising
59%
Falling
38%
Flat
3%
EV/Revenue
EV/EBITDA P/E
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Median EV/Revenue
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x6
/1/2
00
96
/8/2
00
96
/15
/20
09
6/2
2/2
00
96
/29
/20
09
7/6
/20
09
7/1
3/2
00
97
/20
/20
09
7/2
7/2
00
98
/3/2
00
98
/10
/20
09
8/1
7/2
00
98
/24
/20
09
8/3
1/2
00
99
/7/2
00
99
/14
/20
09
9/2
1/2
00
99
/28
/20
09
10
/5/2
00
91
0/1
2/2
00
91
0/1
9/2
00
91
0/2
6/2
00
91
1/2
/20
09
11
/9/2
00
91
1/1
6/2
00
91
1/2
3/2
00
91
1/3
0/2
00
91
2/7
/20
09
12
/14
/20
09
12
/21
/20
09
12
/28
/20
09
1/4
/20
10
1/1
1/2
01
01
/18
/20
10
1/2
5/2
01
02
/1/2
01
02
/8/2
01
02
/15
/20
10
2/2
2/2
01
03
/1/2
01
03
/8/2
01
03
/15
/20
10
3/2
2/2
01
03
/29
/20
10
4/5
/20
10
4/1
2/2
01
04
/19
/20
10
4/2
6/2
01
05
/3/2
01
05
/10
/20
10
5/1
7/2
01
05
/24
/20
10
5/3
1/2
01
06
/7/2
01
06
/14
/20
10
6/2
1/2
01
06
/28
/20
10
7/5
/20
10
7/1
2/2
01
07
/19
/20
10
373939394040394242444546464646474951515150535656606161646666676464656971717274716770727370767578788179807878808084818484
Mu
ltip
le (
x)
Median Long-term average
# companies
Source: CapitalIQ
Revenue multiples down slightly, still
well below LT average
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Median EV/EBITDA
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
6/1/2009
6/8/2009
6/15/2009
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
5/10/2010
5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
7/5/2010
7/12/2010
7/19/2010
19 21 21 22 22 2121 2223 22 21 2323 25 25 25 25 25 2425 26 28 3129 32 3435 37 40 3839 37 39 4039 38 3841 42 41 4141 41 41 43 43 45 4444 50 49 4849 5050 48 49 47 4949
Multiple (x)
Median Long-term average
# companies
Source: CapitalIQ
EV/EBITDA multiples up-tick slightly, but still depressed
below LT average
www.mackieresearch.com10
Median P/E
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
35. 0x
40. 0x
6/1/2009
6/8/2009
6/15/2009
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
5/10/2010
5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
7/5/2010
7/12/2010
7/19/2010
20 19 18 18 18 1919 1920 19 18 1919 18 19 20 23 24 2424 25 26 2626 30 3132 30 33 3334 34 37 3838 38 3839 40 41 3939 39 37 36 37 34 3332 35 35 3535 3535 36 36 32 3333
Multiple (x)
Median Long-term average
# companies
Source: CapitalIQ
P/E multiples also tick up and still below LT
average
www.mackieresearch.com11
Average EV/Revenue – by Sector
33.0
13.4
9.2 9.07.6
4.94.3 4.0 3.7 3.4 3.3 3.3 2.8 2.5 2.3 2.3 1.9 1.8 1.5 1.3
0.4
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0V
irtu
al W
orld
Infr
astr
uctu
re
Socia
l N
etw
ork
ing
Div
ers
ifie
d
Learn
ing
Mobile
Music
Searc
h
Gam
ing
Mark
eting
SM
S/V
oic
e
Vert
ical C
om
munitie
s
Podcasting
Colla
bora
tion
Media
Advert
isin
g
Inte
rnet
Reta
il
Ente
rprise
Vid
eo
Dating
Fin
ancia
l S
erv
ices
1 2 9 7 1 4 2 1 21 5 3 1 1 1 9 3 2 3 1 2 1# Companies
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Average EV/EBITDA – by Sector
41.3
18.3
16.4
12.7 12.210.8 10.1
9.2 9.0
6.9 6.6
4.0
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
Searc
h
Mobile
Ente
rprise
Gam
ing
Div
ers
ifie
d
Inte
rnet
Reta
il
Socia
l N
etw
ork
ing
Colla
bora
tion
Media
Mark
eting
Dating
Advert
isin
g
1 3 2 13 5 2 6 1 6 2 1 1# Companies
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Average P/E – by Sector
87.6
56.5
40.3
35.9
23.3
19.2
14.3 13.1 13.0
7.3
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
Internet
Retail
Enterprise Collaboration Diversified Social
Networking
Marketing Advertising Gaming Media Virtual World
2 3 1 9 17 5 3 28 10 2# Companies
www.mackieresearch.com14
43
36
2625
17
15 15
1211
9 9 9
77
6 6 5 54 4 4 4 4 3 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Accredited Members Holding Corporation
Worlds.com Inc.
SpectrumDNA, Inc.
SocialGO PLC
Tencent Holdings Ltd.
MOKO.mobi Limited
GeoSentric Oyj
Paid Inc.
Beyond Commerce, Inc.
Lingo Media Corporation
Chinese Gamer International
Gree, Inc.
DigitalPost Interactive, Inc.
Mood Media Corporation
Dena Co. Ltd.
TransGaming, Inc.
Accelerize New Media, Inc.
HUGHES Telematics, Inc.
Frogster Interactive Pictures AG
Changyou.com Limited
Mixi, Inc.
SK Communications Co., Ltd.
Taleo Corp.
Kingsoft Corporation Limited
WebMediaBrands Inc
Motricity, Inc.
iseemedia Inc.
Wizzard Software Corporation
Open Text Corp.
ePro Ltd.
Modern Times Group Mtg AB
HanbitSoft, Inc.
XING AG
NEOWIZ Games Corporation
Sohu.com Inc.
Score Media Inc.
UOMO Media, Inc
Velti Plc
Shutterfly, Inc.
PNI Digital Media Inc.
ValueClick, Inc.
GungHo Online Entertainment, Inc.
Platforma Mediowa Point Group S.A.
Myriad Group AG
NeuLion Incorporated
Webzen Inc.
Gamania Digital Entertainment Co., Ltd.
Hutchison Telecommunications Hong
YD Online Corp.
Spark Networks, Inc.
Unilava Corporation
SNAP Interactive, Inc.
Ynk Korea Inc.
NetDragon WebSoft, Inc.
AQ Interactive, Inc.
Points International Ltd.
Internet Group SA
OAO RBC Information Systems
Oriented Media Group Berhad
The New York Times Company
IAC/InterActiveCorp.
DADA SpA
Northgate Technologies Limited
TheStreet.com, Inc.
United Online, Inc.
Uniserve Communications Corp.
AOL, Inc.
CDC Corp.
Glu Mobile, Inc.
GigaMedia Ltd.
Tree.Com, Inc.
Actoz Soft Co., Ltd.
Cyberplex Inc.
Openwave Systems Inc.
RealNetworks Inc.
Jumbuck Entertainment Limited
GameOn Co Ltd.
Asknet AG
LookSmart, Ltd.
DigitalTown, Inc.
EV/Revenue Ranking
Source: CapitalIQ
Accredited Members Holding Co. has highest revenue multiple at 43x
www.mackieresearch.com15
48.9
41.3
33.0
27.227.025.8
18.016.916.516.315.9
14.614.112.812.612.2
11.110.79.6 9.2 9.1 8.4 8.3 7.7 7.6 7.5 7.3 7.3 7.3 7.1 6.6 6.3 6.3 5.8 5.7 5.1 4.9 4.0 3.6
2.1 1.90.6 0.3 0.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
HanbitSoft, Inc.
SK Communications Co., Ltd.
Tencent Holdings Ltd.
Motricity, Inc.
Taleo Corp.
Frogster Interactive Pictures AG
Chinese Gamer International
Myriad Group AG
Mixi, Inc.
Modern Times Group Mtg AB
Gree, Inc.
AQ Interactive, Inc.
Shutterfly, Inc.
TheStreet.com, Inc.
Score Media Inc.
Dena Co. Ltd.
YD Online Corp.
Openwave Systems Inc.
IAC/InterActiveCorp.
Open Text Corp.
DADA SpA
Gamania Digital Entertainment Co., Ltd.
XING AG
GungHo Online Entertainment, Inc.
Velti Plc
PNI Digital Media Inc.
NEOWIZ Games Corporation
Kingsoft Corporation Limited
Uniserve Communications Corp.
NetDragon WebSoft, Inc.
Spark Networks, Inc.
Changyou.com Limited
ValueClick, Inc.
CDC Corp.
Hutchison Telecommunications Hong Kong Holdings Ltd.
The New York Times Company
Sohu.com Inc.
Cyberplex Inc.
United Online, Inc.
AOL, Inc.
Actoz Soft Co., Ltd.
GameOn Co Ltd.
Jumbuck Entertainment Limited
Mood Media Corporation
EV/EBITDA Ranking
Excluding EV/EBITDA > 100xSource: CapitalIQ
HanbitSoft leads the group at 48.9x
www.mackieresearch.com16
94.5
87.6
64.6
50.3 48.4
43.940.3
31.7 31.2 30.5 29.227.2
24.4 23.6
17.8 17.215.1 14.9 14.8 14.3 13.4 12.6 10.8 9.3 8.5 8.5 7.3
5.12.9 2.3 2.0 1.9
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
ePro Ltd.
Shutterfly, Inc.
Points International Ltd.
Mixi, Inc.
CDC Corp.
Tencent Holdings Ltd.
Open Text Corp.
NetDragon WebSoft, Inc.
Gree, Inc.
Gamania Digital Entertainment Co., Ltd.
Frogster Interactive Pictures AG
Dena Co. Ltd.
Chinese Gamer International
Velti Plc
Hutchison Telecommunications Hong Kong Holdings Ltd.
NEOWIZ Games Corporation
DADA SpA
The New York Times Company
ValueClick, Inc.
Cyberplex Inc.
Sohu.com Inc.
Kingsoft Corporation Limited
AOL, Inc.
Changyou.com Limited
GameOn Co Ltd.
United Online, Inc.
Ngi Group Inc.
Uniserve Communications Corp.
Jumbuck Entertainment Limited
Netease.com Inc.
Giant Interactive Group, Inc.
Shanda Interactive Entertainment Ltd.
P/E Ranking
Source: CapitalIQ
ePro has the highest P/E at 94.5x
www.mackieresearch.com17
Total Market Capitalization
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
5/10/2010
5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
7/5/2010
7/12/2010
7/19/2010
97 97 97 97 97 97 96 97 97 97 97 98 98 98 98 98 98 98 99 99 99 99 99 99 99 99 99 99 99 99100101101101101101101101101101101101101101101101101102102102101102
(US$m)
# companies
Source: CapitalIQ
Total market cap at $81.7 bn with 102 companies
now represented in our Web 2.0
index
www.mackieresearch.com18
Total Market Cap – by Sector
-
5,000.0
10,000.0
15,000.0
20,000.0
25,000.0
30,000.0
35,000.0
40,000.0D
ivers
ifie
d
Gam
ing
Media
Socia
l N
etw
ork
ing
Mobile
Colla
bora
tion
Ente
rprise
Mark
eting
Inte
rnet
Reta
il
Searc
h
SM
S/V
oic
e
Fin
ancia
l S
erv
ices
Dating
Music
Advert
isin
g
Vid
eo
Virtu
al W
orld
Vert
ical C
om
munitie
s
Paym
ent
Podcasting
Infr
astr
uctu
re
Learn
ing
9 28 10 17 5 1 3 5 2 1 3 1 2 2 3 1 2 1 1 1 3 1# Companies
Nine Diversified companies totaling $36 bn in market cap
www.mackieresearch.com19
Market Cap Ranking
0
1,000
2,000
3,000
4,000
5,000
6,000
Tencent H
old
ings L
td.
Fro
gste
r In
tera
ctiv
e P
ictu
res A
GN
ete
ase.c
om
Inc.
Dena C
o. Ltd
.IA
C/Inte
rActiv
eC
orp
.S
handa Inte
ractiv
e E
nte
rtain
ment Ltd
.O
pen T
ext C
orp
.A
OL, In
c.
GeoS
entr
ic O
yj
Sohu.c
om
Inc.
Gia
nt In
tera
ctiv
e G
roup, In
c.
GungH
o O
nlin
e E
nte
rtain
ment, Inc.
Changyou.c
om
Lim
ited
The N
ew
York
Tim
es C
om
pany
Perf
ect W
orld C
o., L
td.
Tale
o C
orp
.V
alu
eC
lick, In
c.
Chin
ese G
am
er
Inte
rnatio
nal
SK
Com
munic
atio
ns C
o., L
td.
NE
OW
IZ G
am
es C
orp
ora
tion
Shutterf
ly, In
c.
Unite
d O
nlin
e, In
c.
RealN
etw
ork
s Inc.
Motr
icity
, In
c.
Hutc
his
on T
ele
com
munic
atio
ns H
ong K
ong H
old
ings
Gre
e, In
c.
NetD
ragon W
ebS
oft, In
c.
Velti
Plc
CD
C C
orp
.G
am
ania
Dig
ital E
nte
rtain
ment C
o., L
td.
Myriad G
roup A
GX
ING
AG
Openw
ave S
yste
ms Inc.
OA
O R
BC
Info
rmatio
n S
yste
ms
MO
KO
.mobi L
imite
dG
igaM
edia
Ltd
.T
he9 L
imite
dA
Q Inte
ractiv
e, In
c.
Webzen Inc.
Poin
ts Inte
rnatio
nal L
td.
DA
DA
SpA
TheS
treet.com
, In
c.
HU
GH
ES
Tele
matic
s, In
c.
Tre
e.C
om
, In
c.
Acto
z S
oft C
o., L
td.
Score
Media
Inc.
Spark
Netw
ork
s, In
c.
Paid
Inc.
Mood M
edia
Corp
ora
tion
NeuLio
n Incorp
ora
ted
YD
Onlin
e C
orp
.Y
ippy, In
c.
Quepasa C
orp
.P
latform
a M
edio
wa P
oin
t G
roup S
.A.
PN
I D
igita
l Media
Inc.
Ngi G
roup Inc.
Cyberp
lex Inc.
Glu
Mobile
, In
c.
Gra
vity
Co., L
tdD
igita
lTow
n, In
c.
eP
ro L
td.
Multi
plie
d M
edia
Corp
ora
tion
Tra
nsG
am
ing, In
c.
WebM
edia
Bra
nds Inc
LookS
mart
, Ltd
.N
eX
plo
re C
orp
ora
tion
Socia
lwis
e, In
c.
Accre
dite
d M
em
bers
Hold
ing C
orp
ora
tion
Asknet A
GY
nk K
ore
a Inc.
VO
IS, In
c.
Accele
rize N
ew
Media
, In
c.
YouB
last G
lobal,
Inc.
Wiz
zard
Softw
are
Corp
ora
tion
Moggle
, In
cN
ort
hgate
Technolo
gie
s L
imite
dD
olp
hin
Dig
ital M
edia
, In
c.
iseem
edia
Inc.
Dig
italP
ost In
tera
ctiv
e, In
c.
Kent In
tern
atio
nal H
old
ings Inc.
Unila
va C
orp
ora
tion
Jum
buck E
nte
rtain
ment Lim
ited
Worlds.c
om
Inc.
Socia
lGO
PLC
SN
AP
Inte
ractiv
e, In
c.
Modern
Tim
es G
roup M
tg A
BB
eyond C
om
merc
e, In
c.
Spectr
um
DN
A, In
c.
IAS
Energ
y, In
c.
Kiw
ibox.C
om
, In
c.
Unis
erv
e C
om
munic
atio
ns C
orp
.In
tern
et G
roup S
AO
riente
d M
edia
Gro
up B
erh
ad
En2G
o Inte
rnatio
nal,
Inc.
Mobile
Data
Corp
.U
OM
O M
edia
, In
cLiv
eW
orld Inc.
Lin
go M
edia
Corp
ora
tion
Kin
gsoft C
orp
ora
tion L
imite
dG
am
eO
n C
o L
td.
HanbitS
oft, In
c.
Source: CapitalIQ
Tencent’s $32.8 bn market cap dominates group
www.mackieresearch.com20
Price Performance – 1 Week
Price Momentum• Moderately negative price momentum,
with 51% of stocks falling over the past week.
• The market is see-sawing – this week down, last week up, and the prior week down.
Rising
38%
Flat
11%
Falling
51%
www.mackieresearch.com21
Average Price Performance – 1 Week, by Sector
23.0%22.5%
16.2%
6.8%5.2% 5.2%
2.5% 1.7% 1.1% 1.0%
-0.4% -0.5% -0.7% -1.6% -1.9% -2.2% -2.6% -3.2% -3.8%-4.9% -5.3%
-11.1%-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Mu
sic
Le
arn
ing
Infr
astr
uctu
re
Vid
eo
Vir
tua
l W
orl
d
Mo
bile
Po
dca
stin
g
Co
lla
bo
ratio
n
Da
tin
g
Div
ers
ifie
d
Pa
ym
en
t
Me
dia
Ma
rke
tin
g
En
terp
rise
Fin
an
cia
l
Se
rvic
es
Inte
rne
t R
eta
il
Ga
min
g
So
cia
l
Ne
two
rkin
g
Se
arc
h
Ve
rtic
al
Co
mm
un
itie
s
Ad
ve
rtis
ing
SM
S/V
oic
e
Source: CapitalIQ
Music sector shows highest weekly returns
www.mackieresearch.com22
Price Performance – 1 Week
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
AC
CM
ET
GI
UN
LA
DP
DM
AIM
:SG
OY
IPI
YB
LT
OM
ED
IAA
SX
:JM
BK
IWB
XT
RA
:A5
AT
SX
:CX
GT
SM
:30
83
TS
XV
:US
SG
RV
YP
AY
DT
SX
V:T
NG
38
38
38
12
21
21
A0
47
08
0S
EH
K:2
15
NY
TW
EB
MK
OS
E:A
06
90
80
TS
CM
HU
TC
A0
66
27
0C
HIN
.A6
18
0A
09
56
60
SN
DA
RB
CI
A0
23
77
0S
FL
YP
WR
DG
AIA
SC
.AT
RE
ED
GL
PM
TG
BT
SX
V:P
N3
76
5V
EL
A0
52
77
0T
LE
O5
90
05
7W
SE
:PG
M2
49
7S
CL
WF
RG
NT
ES
IEE
ST
VI
MY
RN
77
7T
SX
:PT
ST
SX
V:M
MC
DB
:M0
CS
EH
K:8
08
6B
YO
CL
VW
DG
EO
1V
O1
BC
T
SE
:36
32
70
0IA
CI
TS
X:M
MN
CT
YG
IGM
OP
WV
38
88
WS
E:IG
RQ
PS
AS
OH
UO
TE
XV
CL
KA
OL
LO
VU
NT
DW
ZE
KN
TH
TS
E:2
43
2R
NW
KC
YO
UA
05
27
90
LO
OK
DG
TW
TS
X:S
CR
CM
:DA
AC
LZ
TS
X:N
LN
WD
DD
GL
UU
MB
YL
TS
XV
:LM
MO
TR
SP
XA
VO
ISM
KB
UO
MO
NX
PC
Source: CapitalIQ
www.mackieresearch.com23
Price Performance (Top 10)
1 Month
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Wo
rld
s.co
m
Inc.
Ha
nb
itSo
ft,
Inc.
Fro
gste
r
Inte
ract
ive
Pic
ture
s A
G
DA
DA
Sp
A
Ne
Xp
lore
Co
rpo
ratio
n
MO
KO
.mo
bi
Lim
ited
Po
ints
Inte
rna
tion
al
Ltd
.
Th
e9
Lim
ited
Ne
tea
se.c
om
Inc.
Glu
Mo
bile
,
Inc.
3 Month
0%
10%
20%
30%
40%
50%
60%
YouB
last
Glo
bal,
Inc.
Poin
ts
Inte
rnational Ltd
.
eP
ro L
td.
SK
Com
munic
ations
Co.,
Ltd
.
LookS
mart
, Ltd
.
Glu
Mobile
, In
c.
Unis
erv
e
Com
munic
ations
Corp
.
Velti P
lc
HanbitS
oft
, In
c.
Yip
py,
Inc.
6 Month
0%
500%
1000%
1500%
2000%
2500%
OA
O R
BC
Info
rmation
Syste
ms
Beyond
Com
merc
e,
Inc.
eP
ro L
td.
AQ
Inte
ractive,
Inc.
SN
AP
Inte
ractive,
Inc.
Poin
ts
Inte
rnational
Ltd
.
HanbitS
oft
,
Inc.
Velti P
lc
YouB
last
Glo
bal, I
nc.
Liv
eW
orld
Inc.
1 Year
0%
500%
1000%
1500%
2000%
2500%
3000%
OA
O R
BC
Info
rma
tio
n
Sys
tem
s
Yip
py,
In
c.
eP
ro L
td.
Qu
ep
asa
Co
rp.
AQ
In
tera
ctiv
e,
Inc. Ve
lti P
lc
De
na
Co
. L
td.
Fro
gste
r
Inte
ract
ive
Pic
ture
s A
G
SK
Co
mm
un
ica
tion
s
Co
., L
td.
Gre
e,
Inc.
Source: CapitalIQ
www.mackieresearch.com24
Price Performance (Bottom 10)
1 Week
-50.0%
-45.0%
-40.0%
-35.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
Kiw
ibo
x.C
om
,
Inc
.
Ju
mb
uck
Ente
rtain
ment
Lim
ited
Oriente
d
Media
Gro
up
Berh
ad
YouB
last
Glo
bal,
Inc.
Yip
py,
Inc
.
Socia
lGO
PLC
Dolp
hin
Dig
ital
Media
, In
c.
Unila
va
Co
rpo
ratio
n
En2
Go
Inte
rna
tion
al,
Inc.
Acc
red
ited
Mem
bers
Hold
ing
Co
rpo
ratio
n
1 Month
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
De
na C
o.
Ltd
.
So
cia
lGO
PLC
Do
lphin
Dig
ital
Media
, In
c.
Ng
i Gro
up I
nc.
Kiw
ibo
x.C
om
,
Inc.
We
bM
edia
Bra
nds
Inc
Bey
ond
Com
me
rce,
Inc
.
Un
ilav
a
Corp
ora
tion
Ac
cre
dite
d
Mem
bers
Hold
ing
Corp
ora
tion
En2G
o
Inte
rnatio
nal,
Inc.
6 Month
-100.0%
-90.0%
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Cyb
erp
lex
Inc
.
Tra
ns
Gam
ing
,
Inc.
Th
e9 L
imite
d
Sp
ectr
um
DN
A,
Inc
.
UO
MO
Media
,
Inc
Lin
go M
edia
Corp
ora
tion
Kiw
ibox
.Co
m,
Inc.
Unila
va
Corp
ora
tion
Mobile
Data
Corp
.
En2G
o
Inte
rnatio
nal,
Inc.
1 Year
-100.0%-90.0%-80.0%-70.0%-60.0%-50.0%-40.0%-30.0%-20.0%-10.0%
0.0%
Dolp
hin
Dig
ital
Media
, In
c.
Wiz
zard
Softw
are
Corp
ora
tion
Moggle
, In
c
Cyberp
lex Inc.
IAS
Energ
y,
Inc.
Spectr
um
DN
A,
Inc.
Beyond
Com
merc
e,
Inc.
UO
MO
Media
,
Inc
En2G
o
Inte
rnatio
nal,
Inc.
YouB
last
Glo
bal,
Inc.
Source: CapitalIQ
www.mackieresearch.com25
Capital Market Activity (Financing, M&A)
www.mackieresearch.com26
Capital Market Activity – Current MonthCompany Name Country Sector Acquis ition Ange l/Seed Ser ies A Series B Ser ies C NA Grand Total
ITA Software US A S earch 700.0 700.0
infoGROUP US A Advertis ing 644.9 644.9
Digital Sky Technologies Rus s ia Divers if ied 388.0 388.0
Zynga US A Gaming 100.0 100.0
Atlas s ian Aus tra lia Enterpris e 60.0 60.0
Squares pace US A B log 38.5 38.5
Sys omos Canada Analy tics 35.0 35.0
Ads market Is rael Advertis ing 17.0 17.0
BuyWithMe US A S ocia l Commerce 16.0 16.0
Shopk ick US A S ocia l Commerce 15.0 15.0
hi5 US A S oc ia l Netw orks 14.0 14.0
Pixazza US A V is ual Commerce 12.0 12.0
Beyond The Rack Canada S ocia l Commerce 12.0 12.0
OCTANE360 US A Advertis ing 10.9 10.9
7 S tar Entertainment US A Media 10.0 10.0
Flirtomatic UK S oc ia l Netw orks 9.0 9.0
My-wardrobe .com UK Internet R etail 9.0 9.0
InMobi India Advertis ing 8.0 8.0
AdSafe Media US A Advertis ing 7.3 7.3
Kom li Media India Advertis ing 6.0 6.0
Aurora Fe int US A Gaming 5.0 5.0
Xgraph US A Analy tics 3.8 3.8
Vivox US A SMS /V oice 2.0 2.0
ThredUP US A S ocia l Commerce 1.7 1.7
GroupSpaces UK V ertica l Communities 1.3 1.3
Maven Res earch US A Comment/Reputation 1.0 1.0
Gendai Games US A Gaming 1.0 1.0
iGuiders US A S earch 1.0 1.0
Matomy Is rael Widget 1.0 1.0
Soho OS US A Enterpris e 1.0 1.0
Hive7 US A Gaming 0.9 0.9
BlueSwarm US A S ocia l Commerce 0.8 0.8
L ive fyre US A Comment/Reputation 0.8 0.8
Ze Frank Games US A Gaming 0.5 0.5
1391.7 3.3 110.3 58.3 9.0 561.8 2134.3
www.mackieresearch.com27
Capital Market Activity – Current Month, by Sector
Other
9%
Search
36%
Advertising
35%
Diversified
20%
$ Raised # Deals
Other
73%
Search
6%
Advertising
18%
Diversified
3%
www.mackieresearch.com28
6.3
8.5
6.4
9.6
12.2
7.4
10.1
5.7
13.7
5.5
8.1
25.6
5.2
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1000.0
Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10
(US
$m
)
0.0
5.0
10.0
15.0
20.0
25.0
30.0
(US
$m
)
Total Average per Deal LTM Total Average***Dec-09 includes $180m Zynga investment
Apr-10 includes $300m DST investment
Jun-10 includes $147m Zynga investment**Excludes Dec-09, Apr-
10
Financing Activity
Large transactions drive July financing to near record levels
www.mackieresearch.com29
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1,000.0
Searc
h
Advert
isin
g
Gam
ing
Div
ers
ified
Media
Socia
l Com
merc
e
Analy
tics
Inte
rnet R
eta
il
Ente
rprise
Colla
bora
tion
Mobile
Socia
l Netw
ork
s
Music
Virtu
al W
orld
Blo
g
Vert
ical C
om
muniti
es
Locatio
n-b
ased S
NS
Infr
astr
uctu
re
Vid
eo
SM
S/V
oic
e
Com
ment/R
eputa
tion
Mobile
Ad
Virtu
al G
oods
Fin
ancia
l Serv
ices
Vis
ual C
om
merc
e
Wid
get
Aggre
gatio
n
Publis
hin
g
Tra
vel
Mic
roblo
g
Onlin
e L
earn
ing
Cro
wdsourc
ed
Conte
nt
7 24 17 1 7 12 12 7 6 3 10 8 2 5 1 6 3 6 4 2 4 2 2 3 1 2 3 2 3 1 1 1
(US
$m
)
# companies
Capital Market Activity Ranking – by Sector, last three months
Advertising the biggest area of interest in the past three months (24
deals, $851 mm)
www.mackieresearch.com30
Top 5 Sectors (2008-present)
$ Raised # Deals
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
Ja
n-0
8
Fe
b-0
8
Mar-
08
Ap
r-08
May-0
8
Ju
n-0
8
Jul-
08
Aug-0
8
Sep-0
8
Oc
t-08
No
v-0
8
Dec-0
8
Ja
n-0
9
Fe
b-0
9
Mar-
09
Ap
r-09
May-0
9
Ju
n-0
9
Jul-
09
Aug-0
9
Sep-0
9
Oc
t-09
No
v-0
9
Dec-0
9
Ja
n-1
0
Fe
b-1
0
Mar-
10
Ap
r-10
May-1
0
Ju
n-1
0
Jul-
10
(US
$ m
m)
Social Networks Gaming Advertising Video Diversified
0
5
10
15
20
25
30
Ja
n-0
8
Fe
b-0
8
Mar-
08
Ap
r-08
May-0
8
Ju
n-0
8
Jul-
08
Aug-0
8
Sep-0
8
Oc
t-08
No
v-0
8
Dec-0
8
Ja
n-0
9
Fe
b-0
9
Mar-
09
Ap
r-09
May-0
9
Ju
n-0
9
Jul-
09
Aug-0
9
Sep-0
9
Oc
t-09
No
v-0
9
Dec-0
9
Ja
n-1
0
Fe
b-1
0
Mar-
10
Ap
r-10
May-1
0
Ju
n-1
0
Jul-
10
(# D
eals
)
Social Networks Advertising Gaming Virtual World Video
75% of financing comes from Top 5 sectorsTop 5 sectors average $175 mm & 16 deals per month (aggregate)
www.mackieresearch.com31
Top 10 (2010 YTD)
Financing Acquisitions
688.0
247.0
135.0
60.0 50.0 50.0 44.0 40.0 38.5 35.0
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
Dig
ita
l S
ky
Te
ch
no
log
ies
Zyn
ga
Gro
up
on
Atla
ssia
n
Gla
m M
ed
ia
Qiy
i
Liv
ing
So
cia
l
Tre
mo
r M
ed
ia
Sq
ua
resp
ace
Gilt G
rou
pe
700.0
644.9
225.0
187.5161.5 160.0
142.0126.5
110.0 100.0
0
100
200
300
400
500
600
700
800
ITA
So
ftw
are
info
GR
OU
P
Sir
i
ICQ
Exa
lea
d
Tu
rbin
e
Jig
sa
w
Allo
y
Wo
ot
An
ke
en
a N
etw
ork
s
DST soars to top with almost $700 million in financing this year
www.mackieresearch.com32
Upcoming Events/Earnings
Source: CapitalIQ
Earnings C alendarCompany Date / Time Quarter Conf Call Details
Modern Times Group Mtg AB (OM:MTG B) Jul-20-2010 9:00 AM Q2/10 46-0-8-5051-3785
The New York Times Company (NYSE:NYT) Jul-22-2010 11:00 AM Q2/10 888-293-6979
Changyou.com Limited (NasdaqGS:CYOU) Jul-26-2010 7:00 AM Q2/10 1-866-804-6927
Sohu.com Inc. (NasdaqGS:SOHU) Jul-26-2010 8:30 AM Q2/10 1-877-941-6009
IAC/InterActiveCorp. (NasdaqGS:IACI) Jul-28-2010 11:00 AM Q2/10 NA
Shutterf ly, Inc. (NasdaqGS:SFLY) Jul-28-2010 5:00 PM Q2/10 970-315-0490
Taleo Corp. (NasdaqGM:TLEO) Jul-28-2010 5:30 PM Q2/10 NA
Tree.Com, Inc. (NasdaqGM:TREE) Jul-29-2010 11:00 AM Q2/10 877-874-1588
RealNetw orks Inc. (NasdaqGS:RNWK) Jul-29-2010 5:00 PM Q2/10 800-857-5305
LookSmart, Ltd. (NasdaqGM:LOOK) 2-Aug-10 Q2/10 NA
Glu Mobile, Inc. (NasdaqGM:GLUU) Aug-03-2010 4:30 PM Q2/10 877-311-0653
Motricity, Inc. (NasdaqGM:MOTR) Aug-03-2010 5:00 PM Q2/10 1-877-941-8416
TheStreet.com, Inc. (NasdaqGM:TSCM) Aug-04-2010 5:00 PM Q2/10 866-730-5767
AOL, Inc. (NYSE:AOL) Aug-04-2010 8:00 AM Q2/10 866-362-4820
ValueClick, Inc. (NasdaqGS:VCLK) Aug-05-2010 4:30 PM Q2/10 818-575-4677
Openw ave Systems Inc. (NasdaqGS:OPWV) Aug-05-2010 5:00 PM Q4/10 877-941-2068
Open Text Corp. (NasdaqGS:OTEX) Aug-18-2010 5:00 PM Q4/10 416-644-3414
The9 Limited (NasdaqGS:NCTY) Aug-24-2010 9:00 PM Q2/10 1-866-788-0538
www.mackieresearch.com33
Public Company ListingCompany Name Ticker Exchange
Trading
Currency HQ
Current
Price
US$ Market
C ap (mm) Employees
Accelerize New M edia, Inc. ACLZ OTCBB USD United States 0.51 15.9 10
Accredited M embers Holding Corporation ACCM OTCBB USD United States 0.75 21.9 8
Actoz Soft Co., Ltd. A052790 KOSE KRW South Korea 10,800 78.8 NA
AOL, Inc. AOL NYSE USD United States 21.09 2,250.7 6,700
AQ Interactive, Inc. 3838 TSE JPY Japan 164,900 103.5 NA
Asknet AG XTRA:A5A XTRA EUR Germany 2.90 19.0 NA
Beyond Commerce, Inc. BYOC OTCBB USD United States 0.08 5.3 16
CDC Corp. CHIN.A NasdaqGS USD Hong Kong 2.07 218.6 2,810
Changyou.com Limited CYOU NasdaqGS USD China 26.60 1,371.7 1,308
Chinese Gamer International GTSM :3083 GTSM TWD Taiwan 267.00 712.8 NA
Cyberplex Inc. TSX:CX TSX CAD Canada 0.61 42.0 NA
DADA SpA CM :DA CM EUR Italy 4.56 95.9 597
Dena Co. Ltd. TSE:2432 TSE JPY Japan 2,168 3,565.1 NA
DigitalPost Interactive, Inc. DGLP OTCBB USD United States 0.05 6.8 6
DigitalTown, Inc. DGTW OTCBB USD United States 1.15 32.1 4
Dolphin Digital M edia, Inc. DPDM OTCBB USD United States 0.15 9.3 NA
En2Go International, Inc. ETGI OTCBB USD United States 0.08 1.9 NA
ePro Ltd. SEHK:8086 SEHK HKD Hong Kong 0.70 30.3 707
Frogster Interactive P ictures AG FRG XTRA EUR Germany 24.70 10,661.3 NA
Gamania Digital Entertainment Co., Ltd. 6180 GTSM TWD Taiwan 51.80 206.3 NA
GameOn Co Ltd. 3812 TSE JPY Japan 68,700 0.3 NA
GeoSentric Oyj GEO1V HLSE EUR Finland 0.03 2,059.3 130
Giant Interactive Group, Inc. GA NYSE USD China 6.99 1,588.0 1,575
GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 2.20 121.7 NA
Glu M obile, Inc. GLUU NasdaqGM USD United States 1.35 41.3 479
Gravity Co., Ltd GRVY NasdaqGM USD South Korea 1.35 37.5 455
Gree, Inc. TSE:3632 TSE JPY Japan 6,300 245.2 NA
GungHo Online Entertainment, Inc. 3765 OSE JPY Japan 185,300 1,547.1 NA
HanbitSoft, Inc. A047080 KOSE KRW South Korea 6,120 0.1 NA
HUGHES Telematics, Inc. HUTC OTCBB USD United States 2.50 84.3 276
Hutchison Telecommunications Hong Kong Holdings Ltd.SEHK:215 SEHK HKD Hong Kong 1.73 322.5 1,732
IAC/InterActiveCorp. IACI NasdaqGS USD United States 22.61 2,507.1 3,200
IAS Energy, Inc. IASC.A OTCPK USD Canada 0.05 3.5 NA
Internet Group SA WSE:IGR WSE PLN Poland 0.76 2.7 NA
iseemedia Inc. IEE TSXV CAD Canada 0.12 7.6 NA
Jumbuck Entertainment Limited ASX:JM B ASX AUD Australia 0.17 5.9 79
Kent International Holdings Inc. KNTH OTCPK USD United States 1.90 6.8 NA
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Public Company Listing cont.
Company Name Ticke r Exchange
Trading
Currency HQ
Current
Price
US$ Market
Cap (mm ) Employees
Kingsoft Corporation Limited 3888 SEHK HKD China 4.07 0.4 2,735
Kiwibox.Com, Inc. KIWB OTCBB USD United States 0.01 3.3 6
Lingo M edia Corporation TSXV:LM TSXV CAD Canada 0.49 1.2 NA
LiveWorld Inc. LVWD OTCPK USD United States 0.04 1.2 NA
LookSmart, Ltd. LOOK NasdaqGM USD United States 1.50 25.7 65
M ixi, Inc. 2121 TSE JPY Japan 423,500 0.0 NA
M obile Data Corp. M BYL OTCBB USD United States 0.06 1.4 NA
M odern Times Group M tg AB M TG B OM SEK Sweden 442.00 5.4 2,936
M oggle, Inc DB:M 0C DB EUR United States 0.85 12.3 2
M OKO.mobi Limited M KB ASX AUD Australia 0.08 147.3 NA
M ood M edia Corporation TSX:M M TSX CAD Canada 1.61 60.0 NA
M otricity, Inc. M OTR NasdaqGM USD United States 8.49 337.4 355
M ultiplied M edia Corporation TSXV:M M C TSXV CAD Canada 0.11 27.7 NA
M yriad Group AG M YRN SWX CHF Switzerland 4.30 198.6 778
NEOWIZ Games Corporation A095660 KOSE KRW South Korea 36,900 640.1 NA
NetDragon WebSoft, Inc. 777 SEHK HKD China 3.58 242.3 2,901
Netease.com Inc. NTES NasdaqGS USD China 33.53 4,351.0 4,624
NeuLion Incorporated TSX:NLN TSX CAD Canada 0.47 52.1 224
NeXplore Corporation NXPC OTCPK USD United States 0.45 25.1 NA
Ngi Group Inc. 2497 TSE JPY Japan 30,400 45.1 NA
Northgate Technologies Limited 590057 BSE INR India 16.05 11.9 NA
OAO RBC Information Systems RBCI M ICEX RUB Russia 33.90 150.1 2,523
Open Text Corp. OTEX NasdaqGS USD Canada 39.72 2,255.3 3,700
Openwave Systems Inc. OPWV NasdaqGS USD United States 1.96 164.4 590
Oriented M edia Group Berhad OM EDIA KLSE M YR M alaysia 0.07 2.7 NA
Paid Inc. PAYD OTCBB USD United States 0.24 65.1 20
Perfect World Co., Ltd. PWRD NasdaqGS USD China 23.95 1,199.0 2,896
Platfo rma M ediowa Point Group S.A. WSE:PGM WSE PLN Poland 1.47 47.9 NA
PNI Digital M edia Inc. TSXV:PN TSXV CAD Canada 1.41 45.8 NA
Points International Ltd. TSX:PTS TSX CAD Canada 0.70 99.5 93
Quepasa Corp. QPSA OTCBB USD United States 3.75 48.6 71
RealNetworks Inc. RNWK NasdaqGS USD United States 3.42 462.6 1,754
Score M edia Inc. TSX:SCR TSX CAD Canada 0.91 70.1 220
Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 38.98 2,314.6 5,721
Shutterfly, Inc. SFLY NasdaqGS USD United States 23.80 639.1 519
SK Communications Co., Ltd. A066270 KOSE KRW South Korea 19,250 652.3 NA
www.mackieresearch.com35
Public Company Listing cont.
Company Name Ticker Exchange
Trading
Currency HQ
Current
Pr ice
US$ Market
Cap (mm) Employees
SNAP Interactive, Inc. STVI OTCBB USD United States 0.17 5.6 15
SocialGO PLC AIM :SGO AIM GBP United Kingdom 0.01 5.6 9
Socialwise, Inc. SCLW OTCBB USD United States 0.46 22.9 NA
Sohu.com Inc. SOHU NasdaqGS USD China 42.13 1,593.3 3,997
Spark Networks, Inc. LOV AM EX USD United States 3.19 65.7 155
SpectrumDNA, Inc. SPXA OTCBB USD United States 0.07 4.8 8
Taleo Corp. TLEO NasdaqGM USD United States 24.62 978.9 916
Tencent Holdings Ltd. 700 SEHK HKD China 139.60 32,832.1 7,845
The New York Times Company NYT NYSE USD United States 8.88 1,292.9 7,665
The9 Limited NCTY NasdaqGS USD China 4.28 109.2 1,010
TheStreet.com, Inc. TSCM NasdaqGM USD United States 2.75 86.8 274
TransGaming, Inc. TSXV:TNG TSXV CAD Canada 0.49 27.6 28
Tree.Com, Inc. TREE NasdaqGM USD United States 7.16 80.2 700
Unilava Corporation UNLA OTCBB USD United States 0.06 6.0 40
Uniserve Communications Corp. TSXV:USS TSXV CAD Canada 0.11 3.0 NA
United Online, Inc. UNTD NasdaqGS USD United States 5.94 517.6 1,699
UOM O M edia, Inc UOM O OTCBB USD Canada 0.02 1.4 NA
ValueClick, Inc. VCLK NasdaqGS USD United States 10.95 890.5 1,086
Velti P lc VEL AIM GBP United Kingdom 4.09 233.7 459
VOIS, Inc. VOIS OTCBB USD United States 0.01 18.0 2
WebM ediaBrands Inc WEBM NasdaqGS USD United States 0.72 27.0 83
Webzen Inc. KOSE:A069080 KOSE KRW South Korea 10,450 101.9 326
Wizzard Software Corporation WZE AM EX USD United States 0.20 13.2 80
Worlds.com Inc. WDDD OTCBB USD United States 0.10 5.7 1
XING AG O1BC XTRA EUR Germany 28.40 190.0 293
YD Online Corp. A052770 KOSE KRW South Korea 4,150 51.2 NA
Yippy, Inc. YIPI OTCBB USD United States 2.23 50.6 NA
Ynk Korea Inc. A023770 KOSE KRW South Korea 2,805 18.4 NA
YouBlast Global, Inc. YBLT OTCBB USD United States 0.39 13.4 6
www.mackieresearch.com36
Disclaimer
RELEVANT DISCLOSURES APPLICABLE TO: NONE
1. None applicable.
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Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.Information about Mackie Research Capital Corporation’s Rating System, the distribution of our research to clients and the percentage of recommendations which are in each of our rating categories is available on our web site at www.mackieresearch.com. The information contained in this report has been drawn from sources believed to be reliable but its accuracy or completeness is not guaranteed, nor in providing it does Mackie Research Capital Corporation assume any responsibility or liability. Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein. Contents of this report cannot be reproduced in whole or in part without the expressed permission of Mackie Research Capital Corporation. (U.S. Institutional Clients — Research Capital U.S.A. Inc. (a wholly owned subsidiary of Mackie Research Capital Corporation) accepts responsibility for the contents of this report subject to the terms & limitations set out above. Firms orinstitutions receiving this report should effect transactions in securities discussed in the report through Research Capital U.S.A. Inc., a Broker-Dealer Registered with the United States Securities and Exchange Commission).
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