09-07-28 Web 2.0 Weekly

SOFTWARE & SERVICES

28 JULY 2009

DAVID SHORE, CFA, MBA 416.860.6784

WEB 2.O WEEKLY

[email protected] Arun Thomas (Associate) 416.860.7666

ARE ANGELS MO RE IN TUNE WITH IPO COMPANIES THAN VCS? UN D E RP RI CI N G O F I P O S L E S S L IK EL Y W IT H A N G EL IN V E ST OR S In a new research report, the University of New Hampshire’s Center for Venture Research suggests that IPO companies are less likely to be underpriced if backed by angels. This may be because the angels are more likely to sell shares as part of the IPO than venture capitalists. The research examined all companies that went public in the U.S from 2001 through 2007, having eliminated the bubble years of 1999-2000. The study determined that angel investors are more concentrated in their investments (and diversify less) compared to VCs. As a result, angels are more likely to sell some of their shares, aligning their interest with the company, i.e. to raise as much money as possible through the IPO. Venture capitalists typically claim market gains when they sell or distribute their stakes after the 6-month lockup and want to show a large run up. An apparent implication of this study for companies seeking investments is that it helps them evaluate investment options with angels and venture investors. In our opinion, the benefits that accrue to a company from each class of investor are different and should be evaluated based on the larger strategic context. Super Rewards fetches up to $50 million in acquisition: Canadian company Super Rewards (subsidiary of KITN Media) is rumoured to have fetched $50 million in its acquisition by Adknowledge. Thus far in July, online media company Pandora (Internet Radio) has secured the largest financing transaction ($35 million). In-text advertisement company Kontera Ltd. and social networking company Ning follow with $15.5 million and $15.0 million in financings, respectively. Total capital raised so far in July is $156.7 million through 21 transactions, averaging $7.1 million per transaction. June closed with $180 million in financing on 36 transactions. The averages for the months of May (excluding the Facebook transaction) and June were $6.6 million and $4.9 million, respectively. Financing Activity Last Three Months 250.0

8.0

7.1

7.0

6.6 200.0 6.0

(US$m)

4.0

(US$m)

5.0

4.9

150.0

100.0 3.0

2.0 50.0 1.0

0.0

0.0 May-09 (excl FB)

Jun-09 Total

Jul-09 Average

A strong price performance week: Most of the companies in our universe had strong stock price performances over the past week (for stocks with prices greater than $1) (Figure 6), with only 13 companies showing negative returns on the week. CDC Corp. (NasdaqGS:CHIN.A) led the group with a 65.9% return, while Gravity Co. Ltd. (NasdaqGS:GRVY) had the worst return, dropping 8.2% in the week.

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. T o ro n t o 4 1 6 . 8 6 0 . 7 6 0 0

Montreal 514.399.1500

w w w . r e s e a rc h c a p i t a l . c o m Vancouver 604.662.1800

Calgary 403.265.7400

Regina 306.566.7550

Page 2

THE WEB 2.0 UNIVERSE Ninety one public Web 2.0 companies identified: Our W eb 2.0 universe contains 91 companies, with a combined market cap of ~$59.9 billion (Figure 1). The average market cap for the group is ~$665.4 million (but a median of only $50.2 million), with average trailing revenue of $154.3 million (median $55.2 million). The companies are also generally profitable, with a median EBITDA margin of 13.2%. On a valuation basis, the overall average is 5.4x trailing revenue (median 1.9x) and 10.7x trailing EBITDA (median 9.5x). Twenty of the companies have more than 500 employees. C omparable C ompany A nalys is > W eb 2.0 C om pany Nam e

L TM as o f T icker

E xchange

Acce le riz e N ew Me dia, Inc. Actoz S of t C o., L td. AQ Inte ractive , Inc. As s ocia ted Media H oldings Inc. B igstring Co rp. B e tawave Corpora tion B e yond Commerce, Inc. B right T hings plc B roa dW ebAs ia Inc. C D C C orp. C ha ngyou. com Limite d C hina G ate wa y C orpo ra tion C hine s e G amer In ternation al C LIC K E R In c. C ornerW orld C orporation C yberplex Inc. DADA S pA DXN Holdings B hd Dibz Inte rnation al, Inc. DigitalP o st Inte ra ctive , Inc. DigitalT own, In c. Dolph in D igital Me dia, In c. E o lith C o. L td. E xte ns ions , Inc. F luid Mus ic Ca nada, Inc. F ro gs te r Interactive P ictu re s AG G a ma nia Digital E ntertainmen t C o., L td. G a me On C o L td. G e oS e ntric O yj G iant Intera ctive G roup, Inc. G iga Media Ltd. G ravity C o., L td G ree, Inc. G u ngH o O nline E n tertainment, In c. H anbitS of t, Inc. IAC /In terActiveC orp. IAS E nergy, Inc. is ee media Inc. J umbu ck E ntertainment P ty Ltd. K A B D is tribu tion In c. K in gs oft Co . Ltd. Lin go Media Co rporation Live World Inc. Lo okS mart, Ltd. Magn itude Information S ys tems Inc. Mixi, Inc. Mode rn Times G roup Mtg AB MOK O.mobi L imited Myriad G rou p AG N E OW IZ G ames C orpo ra tion N etDrago n W ebS oft, Inc. N ete as e.com I nc. N euLion Incorporate d N eXplore Co rpora tion N gi G roup Inc. N orthgate Te chno logies L imited Open T e xt Corp. Openwave S ys tems Inc. P e rfect W orld C o., Ltd. P N I D igital Media Inc. Qu epa s a C orp. OA O R B C Information S ys tems S h anda Interactive E ntertainme nt L td. S h utte rf ly, In c. S K C ommun ications Co ., Ltd. S N AP Inte ra ctive , Inc. S N M G lobal H oldings S o cia l Media V e nures , In c. S o cia lwis e, Inc. S o hu. com Inc. S park N etworks , Inc. S pectrumDN A, Inc. T en cent Ho ldin gs L td. T he P arent C ompany T he 9 L imited T he S treet.com, Inc. T otal S po rt Online A S T ree.C om, Inc. U nis erve C ommunications Co rp. U nited Online Inc. U OMO Media , Inc V a lueC lick Inc. V O IS , In c. W ebze n Inc. W iz za rd S of twa re Co rpora tion W orlds .com In c. W oozyF ly, Inc. W ynds to rm C orporation XIN G AG Y e dan gOnline Co rp. Y n k K orea Inc.

3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 6 /30 /200 7 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 9 /30 /200 8 9 /30 /200 8 3 /31 /200 9 3 /31 /200 9 9 /30 /200 8 3 /31 /200 9 5 /31 /200 9 1 /31 /200 9 3 /31 /200 9 3 /31 /200 9 2 /28 /200 9 NA 3 /31 /200 9 5 /31 /200 9 3 /31 /200 9 1 2/31 /200 8 3 /31 /200 9 3 /31 /200 9 1 2/31 /200 8 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 6 /30 /200 8 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 1 /31 /200 9 3 /31 /200 9 1 2/31 /200 8 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 6 /30 /200 9 1 2/31 /200 8 1 2/31 /200 8 1 2/31 /200 8 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 6 /30 /200 8 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 1 2/31 /200 7 3 /31 /200 9 3 /31 /200 9 1 2/31 /200 8 3 /31 /200 9 9 /30 /200 8 1 2/31 /200 8 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 8/2/2008 1 2/31 /200 8 3 /31 /200 9 3 /31 /200 6 3 /31 /200 9 2 /28 /200 9 3 /31 /200 9 1 /31 /200 9 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 3 /31 /200 9 NA 3 /31 /200 9 1 2/31 /200 7 3 /31 /200 9

OT C B B K OS E TSE OT C P K OT C B B OT C B B OT C B B AIM OT C P K N as da qG S N as da qG S OT C P K GT SM OT C B B OT C B B TSX CM KL S E OT C P K OT C B B OT C B B OT C B B K OS E OT C P K TSX XT R A GT SM TSE H LS E NY S E N as da qG S N as da qG M TSE OS E K OS E N as da qG S OT C B B T S XV AS X TSX S E HK T S XV OT C P K N as da qG M OT C B B TSE OM AS X SWX K OS E S E HK N as da qG S TSX OT C P K TSE BS E N as da qG S N as da qG S N as da qG S T S XV OT C B B R TS N as da qG S N as da qG S K OS E OT C B B OT C P K OT C P K OT C B B N as da qG S AME X OT C B B S E HK OT C P K N as da qG S N as da qG M OT C NO N as da qG M T S XV N as da qG S OT C B B N as da qG S OT C B B N as da qG M AME X OT C B B OT C B B OT C P K XT R A K OS E K OS E

H igh Lo w A vera ge Median

Figure 1. Web 2.0 Universe Summary Source. Capital IQ

AC LZ A0 527 90 38 38 AS MH BS GC B W AV B Y OC AIM:B G T BW BA C HIN .A C Y OU CGWY G T S M:308 3 C LK Z C WR L T S X:C X C M:D A DXN DIB Z DG LP DG T W DP DM A0 410 60 E XT I T S X:F MN FRG 61 80 38 12 G E O1 V GA G IG M GR VY T S E : 363 2 37 65 A0 470 80 IAC I IAS C.A IE E AS X:J MB T S X:K AB 38 88 T S XV : LM LV WD LOOK MA G Y 21 21 MT G B MK B MY R N A0 956 60 77 7 NT E S T S X:N LN N XP C 24 97 59 005 7 OT E X OP W V PW R D T S XV : P N QP S A R BCI S N DA S F LY A0 662 70 S T VI S N MN S MVI S C LW S OH U LOV S P XA 70 0 K IDS .Q N CT Y TSCM T OS O TR EE T S XV : US S U NT D U OMO V C LK V OIS W ZE N W ZE W DD D W ZY F W YND O1B C A0 527 70 A0 237 70

Trading Currenc y HQ USD KR W J PY USD USD USD USD G BP USD USD USD USD TWD USD USD C AD E UR MY R USD USD USD USD KR W USD C AD E UR TWD J PY E UR USD USD USD J PY J PY KR W USD USD C AD AU D C AD HKD C AD USD USD USD J PY S EK AU D C HF KR W HKD USD C AD USD J PY INR USD USD USD C AD USD USD USD USD KR W USD USD USD USD USD USD USD HKD USD USD USD NOK USD C AD USD USD USD USD USD USD USD USD USD E UR KR W KR W

U nited S ta tes S o uth K orea J apan U nited S ta tes U nited S ta tes U nited S ta tes U nited S ta tes U nited K ingdom U nited S ta tes H ong K ong C hina U nited S ta tes T aiwan U nited S ta tes U nited S ta tes C ana da Ita ly Ma la ys ia U nited S ta tes U nited S ta tes U nited S ta tes U nited S ta tes S o uth K orea U nited S ta tes U nited S ta tes G ermany T aiwan J apan F inland C hina T aiwan S o uth K orea J apan J apan S o uth K orea U nited S ta tes C ana da C ana da Au s tra lia C ana da C hina C ana da U nited S ta tes U nited S ta tes U nited S ta tes J apan S weden Au s tra lia S witz erla nd S o uth K orea C hina C hina C ana da U nited S ta tes J apan India C ana da U nited S ta tes C hina C ana da U nited S ta tes R us s ia C hina U nited S ta tes S o uth K orea U nited S ta tes U nited S ta tes U nited S ta tes U nited S ta tes C hina U nited S ta tes U nited S ta tes C hina U nited S ta tes C hina U nited S ta tes N orwa y U nited S ta tes C ana da U nited S ta tes C ana da U nited S ta tes U nited S ta tes S o uth K orea U nited S ta tes U nited S ta tes U nited S ta tes U nited S ta tes G ermany S o uth K orea S o uth K orea

Current Price 0 .58 26, 300 59, 500 0 .01 0 .04 0 .08 0 .31 0 .02 0 .23 3 .65 38 .17 0 .02 445 0 .01 0 .05 2 6 .28 0 .40 0 .00 0 .07 1 .40 0 .30 785 0 .08 0 .91 12 .80 60 .30 1 06, 400 0 .04 8 5 .00 1 .46 6, 860 2 17, 800 4, 485 18 .05 0 .15 0 .08 0 .35 1 8 1 .10 0 .04 1 .23 0 .01 685 000 .00 247 .50 0 .08 4 .10 32 500 .00 6 41 .19 0 .85 1 32 200 .00 38 .35 37 .23 2 .95 35 .39 1 .48 1 1 .15 52 .39 15 .01 9 520 .00 0 0 .00 0 0 .77 59 .07 2 0 103 0 .02 8 .35 2 .08 0 .03 10 .76 0 .07 8 .95 0 12 0 3 .58 0 .49 0 .11 0 .15 0 .10 30 .00 8, 060 5, 660

U S D Market C ap ($m)

U S D LT M To tal R ev ($m)

US D L TM T otal E B ITDA ($m)

E BITD A %

T E V/LT M R evenue

TE V /L TM E BITDA

E mplo yees

1 6.1 18 2.5 3 3.9 0 .6 1 .9 2 .3 1 3.7 6 .5 1 9.5 38 7.3 2,0 99.4 0 .3 1,1 38.4 0 .7 3 .2 10 2.9 14 4.7 2 6.2 0 .0 4 .9 3 7.9 1 5.5 4 5.8 3 .6 4 4.2 4 2.8 27 8.6 10 7.9 5 1.1 1,8 38.4 27 2.6 4 0.6 1,6 10.2 26 1.7 7 9.1 2,7 24.0 1 0.5 3 .8 1 4.0 8 1.5 1,0 89.9 1 2.7 1 .1 2 1.0 3 .4 1,1 04.4 2,1 93.9 5 .4 8 1.5 55 0.7 42 1.5 5,2 90.0 8 9.7 3 9.0 4 1.8 2 7.8 1,9 59.2 24 5.7 1,7 21.3 4 6.8 1 2.7 15 9.5 3,4 98.0 37 7.8 32 1.2 2 .2 0 .0 0 .0 3 3.4 2,2 60.3 4 9.4 6 .8 23,8 94. 9 0 .4 21 3.0 6 3.7 0 .1 11 6.2 1 .6 74 8.0 9 .4 1,0 17.5 5 .0 4 2.4 2 3.4 5 .8 2 .6 1 .8 22 5.0 10 1.8 2 4.3

4.1 93. 0 64. 8 0.1 0.1 8.4 7.1 0.3 0.0 389 .9 222 .5 6.7 56. 2 2.5 1.3 75. 3 239 .0 78. 6 NA 0.7 NM 0.8 14. 8 NM 5.0 3.3 126 .0 77. 2 6.0 219 .0 183 .6 46. 1 30. 8 108 .1 55. 6 1 ,40 6.4 0.0 1.6 14. 7 76. 1 129 .1 0.9 11. 4 60. 7 0.1 126 .4 1 ,84 6.6 1.2 40. 0 199 .3 87. 0 470 .7 18. 1 0.7 92. 6 116 .3 782 .6 197 .2 228 .2 20. 0 0.1 154 .2 570 .3 215 .2 185 .3 3.3 2.0 0.1 0.0 460 .0 54. 3 0.1 1 ,20 4.0 112 .0 250 .5 67. 0 2.2 215 .6 24. 1 811 .2 0.6 591 .7 0.0 23. 1 5.6 0.0 NM NA 53. 9 55. 2 10. 6

(4 .4) 2 0.2 4 .1 (2 .3) (2 .0) (1 2.6) (9 .5) (1 .9) (4 .6) 3 0.8 13 5.1 (6 .6) 3 1.5 (1 .2) NM 7 .8 3 5.0 1 0.9 NM (2 .6) (2 .5) (3 .7) (3 .5) NM (6 .9) (6 .2) 2 0.9 1 8.3 (1 5.6) NM NM 1 2.7 1 1.1 1 9.4 (1 4.9) 4 2.6 (0 .8) (5 .1) 5 .5 9 .0 5 2.0 (1 .6) (0 .0) (3 .8) (3 .1) 4 4.8 28 3.7 (2 .4) 0 .8 5 3.5 3 4.4 30 5.9 (1 1.8) (6 .2) 1 1.1 (2 7.3) 19 9.2 (2 .1) 12 4.6 0 .5 (1 0.8) 2 0.1 26 1.0 2 8.3 1 2.1 0 .9 (0 .7) (0 .1) (4 .8) 20 0.5 1 1.8 (2 .6) 58 3.1 (1 3.5) 8 5.4 1 .9 (1 .1) (1 3.3) 0 .1 17 7.3 (0 .5) 10 5.5 (1 .1) (0 .5) (5 .3) (0 .8) NM NM 1 6.8 1 1.9 (0 .8)

NM 21 .7% 6 .3% NM NM NM NM NM NM 7 .9% 60 .7% -9 8.9% 56 .0% -4 5.8% NM 10 .3% 14 .6% 13 .8% NM NM NM NM -2 3.6% NM NM NM 16 .6% 23 .7% NM NM NM 27 .5% 36 .0% 18 .0% -2 6.8% 3 .0% NM NM 37 .2% 11 .9% 40 .3% NM -0 .4% -6 .3% NM 35 .4% 15 .4% NM 1 .9% 26 .8% 39 .5% 65 .0% -6 5.2% NM 12 .0% -2 3.5% 25 .5% -1 .0% 54 .6% 2 .3% NM 13 .1% 45 .8% 13 .2% 6 .5% 28 .0% -3 4.8% -6 0.6% NM 43 .6% 21 .7% NM 48 .4% -1 2.0% 34 .1% 2 .9% -5 0.6% -6 .2% 0 .2% 21 .9% -7 8.2% 17 .8% NM -2 .4% -9 4.5% NM NM NM 31 .2% 21 .6% -7 .6%

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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 ) Super Rewards fetches up to $50 million in acquisition: Canadian company Super Rewards (subsidiary of KITN Media) is rumoured to have fetched $50 million in its acquisition by Adknowledge. Thus far in July, online media company Pandora (Internet Radio) has secured the largest financing transaction ($35 million). In-text advertisement company Kontera Ltd. and social networking company Ning follow with $15.5 million and $15.0 million in financings, respectively. Total capital raised so far in July is $156.7 million through 21 transactions, averaging $7.1 million per transaction. June closed with $180 million in financing on 36 transactions. The averages for the months of May (excluding the Facebook transaction) and June were $6.6 million and $4.9 million, respectively.

Financing Activity Last Three Months 250.0

8.0

7.1

7.0

6.6 200.0 6.0

(US$m)

4.0

100.0 3.0

2.0 50.0 1.0

0.0

0.0 May-09 (excl FB)

Jun-09 Total

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

Jul-09 Average

(US$m)

5.0

4.9

150.0

Facebook People Media Super Rewards AdLink Internet Media Pandora Media StumbleUpon One Net Entertainment xoopit ConnectEdu Sugar Inc. Kontera Ltd. Ning Tumri Boku Cyberplex QuickPlay Media Wimba Grab Networks Peer39 AdChina Causes OpenX Intent Media Imeem Goojet SAS Outspark EveryZing Acquia, Inc AdMeld Inc. beeTV SBNation I Love Rewards BlogHer Inc. WonderHill Gist blueKiwi Software SA Nokeena Metaversum Fuhu Inc. Bubble Motion Invodo Sense Networks Zoosk Azuki Systems Gather DocuSign OLX TimeBridge Taomee MojoPages Animoto GameGround OPEN Sports network Medialets Nexage StyleCaster RingRevenue TweetDeck Crowdcast YuMe eRepublik ClickFuel ProtonMedia Newser LLC Inigral AdEx Media GROU.PS my6sense Resonate Networks Yapta OneTXT Cliqset Lat49 Aloqa Mo'Minis VoxPop Tributes.com CoTweet AdWhirl Glubble LiquidPlanner Clikthrough TodaCell Picaboo Loop'd Network MashLogic People Capital Jaxtr

(US$m)

Page 4

Pandora raises $35 million and Super Rewards is acquired for up to $50 million: On the acquisition front, Super Rewards (subsidiary of KITN media) was acquired by AdKnowledge for a rumoured $50 million. On the capital raise front, Pandora had the largest raise so far in July, securing a $35 million round. Recently, copyright holders reached agreement with a group of webcasters regarding royalty rates. Pandora, which derives most of its revenue from advertising, indicated that it would be joining the new agreement as well. For additional details on financings, see Figures 23 and 24 (at end of note).

Financing & M/A Summary - Last Three Months

250.0

200.0

150.0 Jul-09

Jun-09

100.0 May-09

50.0

0.0

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

Page 5

Social Network remains the most active sector in dollars raised, while Ad Network remains the most active in number of transactions: Following recent trends, Social Networks as a sector saw the most activity in dollars raised ($265.5 million), largely attributed to the $200 million investment by Digital Sky Technologies in Facebook. However, it was the Ad Network sector that saw the most transactions (17), raising $153.2 million (Figure 4). Capital Market Activity by Sector - Last Three Months 300.0

250.0

(US$m)

200.0

150.0 265.5

100.0 153.2 50.0 80.0

76.6 51.5

35.0

31.0

29.8

Search

Mobile Payment

Aggregation

Widget

Vertical Communities

Microblog

Mobile Ad

Analytics

1.0

Media

1.0

Collaboration

3.2

Online Learning

5.2

Enterprise

6.3

Mobile

6.8

Video

13.0

Comment/Reputation

13.3

Gaming

16.5

Blog

17.0

Music

18.9

Infrastructure

19.3

Virtual World

21.5

Online Dating

26.4

17

1

5

8

1

3

6

1

4

4

6

3

3

3

2

1

1

1

2

1

1

1

# companies 13

29.0

Ad Network

Social Networks

0.0

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 outpaces NASDAQ recovery: Our W eb 2.0 index (market-cap weighted) essentially mirrored the performance of the NASDAQ composite index from mid-2008 until earlier this year. However, the index has recently had a much stronger recovery relative to the NASDAQ index (Figure 5).

Web 2.0 Index Price Performance

130

120

110

100

90

80

70

60

50

^COMP - Share Pricing Figure 5. Web 2.0 Price Performance Source. Capital IQ

Index: Web 2.0 X (Market Cap Weights) - Index Value

7/21/09

7/9/09

6/29/09

6/5/09

6/17/09

5/26/09

5/14/09

5/4/09

4/22/09

4/10/09

3/31/09

3/9/09

3/19/09

2/25/09

2/13/09

2/3/09

1/22/09

1/12/09

12/31/08

12/19/08

12/9/08

11/27/08

11/5/08

11/17/08

10/24/08

10/14/08

10/2/08

9/22/08

9/10/08

8/29/08

8/7/08

8/19/08

7/28/08

40

Page 7

A strong price performance week: Most of the companies in our universe had strong stock price performances over the past week (for stocks with prices greater than $1) (Figure 6), with only 13 companies showing negative returns on the week. CDC Corp. (NasdaqGS:CHIN.A) led the group with a 65.9% return, while Gravity Co. Ltd. (NasdaqGS:GRVY) had the worst return, dropping 8.2% in the week.

CDC Corp. K ings of t Co. Ltd. Cy berplex Inc. United Online Inc. LookS mart, Ltd. A Q Interactive, Inc. Tree.Com, Inc. Northgate Technologies S hutterf ly , Inc. Quepas a Corp. XING A G Giant Interactive G roup, Inc. DA DA S pA Frogs ter Interactive Pictures TheS treet.com, Inc. IA C/InterA ctiveCorp. Modern Times G roup Mtg A B V alueClick Inc. NetDragon WebS oft, Inc. NEOWIZ Games Corporation Y edangOnline Corp. G ree, Inc. Webz en Inc. Perfect World Co., Ltd. Open Tex t Corp. Openw ave S y s tems Inc. Netea s e.com Inc. G ameOn Co Ltd. Mix i, Inc. S K Communications Co., Ltd. Eolith Co. Ltd. S park Netw orks , Inc. PNI Digital Media Inc. Ngi G roup Inc. G igaMedia Ltd. A ctoz S of t Co., Ltd. HanbitS oft, Inc. Tencent Holdings Ltd. Y nk K orea Inc. The9 Limited Gravity Co., Ltd -20.0% Figure 6. 1-Week Price Performance Source. Capital IQ

1 Week P rice P erformance

65.9%

12.4% 11.0% 10.0% 9.8% 8.2% 7.8% 6.5% 6.4% 5.3% 5.3% 5.0% 4.9% 4.9% 4.5% 4.5% 4.0% 3.0% 2.7% 1.9% 1.5% 1.2% 1.1% 1.1% 1.1% 0.7% 0.5% 0.4% -0.1% -0.3% -0.6% -0.8% -1.3% -1.4% -2.2% -3.5% -3.5% -3.7% -4.4% -5.1% -8.2% -10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

Page 8

INDUSTRY NEWS (PARTNERSHIPS, FINANCIAL RESULTS, NEW PRODUCTS) K ey Developments C ompany

Headline

Notes

C LIC KE R Inc. (OT CB B: C L KZ)

Click er S eek s F unds

Clicker Inc . s aid in a S E C 10-Q filing, “C ash and cas h equiv alents were $1,355 at May 31, 2009 compa red to $36, 678 at May 31, 2008. W e recorded a los s of $2, 563,925 for the nine months ended M ay 31, 2009 compa red to a los s of $1,4 62,423 for the s a me period i n 2008. T hes e fac tors a nd our abili ty to meet our debt obliga tions from current opera tions , a nd the need to ra is e a dditiona l capita l to a cc omplish our objectives ra i ses doubt a bout our a bility to continue as a going c oncern. W e expect s ignifi cant c apita l expenditures during the next 12 months , contingent upon ra ising ca pi tal. T hese anticipated ex penditures a re for s oftwa re development, as sets additi ons, adminis trative overhea ds and work ing c apita l requirements. W e do not ha ve sufficient funds to c onduct our opera tions for more than a month and we will need an a dditiona l $2, 000,000 to fund our antic ipated opera tions for the nex t 12 months, depending on revenues from operations. W e have no contrac ts or commitments for a dditiona l funds and there ca n be no a ss urance that financing will be a va ila ble in a mounts or on terms a cc epta ble to us , if a t a ll. W e will need to obtain a dditional ca pita l in order to ex pa nd operations and become profita ble. I n order to obta in ca pi

B eyond Commerc e, Inc . (OT CB B: B Y OC)

B eyond Commerce I nc. B rings J ob O pportunities to Detroit

B eyond Commerce Inc . bring job opportunities to Detroit through its loc al bus ines s sea rc h directory a nd a dv ertis ing network, www.Loca lAdLink .com. L ocalAdLink hopes to initially employ 500 full & pa rt-time A ccount E xecutives a s independen t sa les repres enta tives in the D etroit area ; a nd up to 5, 000 people in the next s ix months . LocalAdLi nk will offer free online training, da ily webi na rs and regiona l & corpora te tra ining events. Acc ount E xec utives wil l be respons ible for ma rk eting adv ertis ing s erv ices to s mall to medium-s ize busines s es, either loca lly or na tiona lly. L oc alAdLink will be hos ting a free bus ines s overv iew a nd introduction for potentia l Acc ount E x ecutives in the Detroit a rea on J uly 23, 2009 from 6: 30 p. m. to 9: 30 p. m. a t the R a mada P la za Hotel in T roy. S pec ia l guests will inc lude D etroit na tiv e D a vid Moceri, Direc to r of S ales & P roduc t De velopment and D r. S cott E lliott, Advisory B oa rd.

T ree. Com, Inc . (Nas daqG M: TR E E )

L endingTree E mpowers C onsumers with New R a nge of P ersona l F inance Tools

T ree. Com Inc. launched a new fea ture-rich webs ite, including a suite of ea s y -to-us e, comprehens ive financia l services , ma king it the premier solution for a ll pers ona l fina nc ial needs . LendingT ree has a lready helped over 28 mil lion customers sea rc h for the right loans , a nd now the company is lev era ging its experience and k nowledge to help cons umers with other a s pec ts of their financ ial lives . T he redes igned s ite now offers produc ts and services in a ll financia l categories --from mortgages and insurance to credit c ards and money management. S ome of the new fea tures include: Money R ight: Money R ight a llows consumers to aggregate a ll of their pers ona l fina nc es and accounts in a sing le convenient inte rfa ce. Money R ight is a n online persona l fina nce guide with ea s y-to-understa nd, pra ctica l recommendations rega rding budgeting, credit s cores , s a vings a cc ounts , loa ns and more, a ll customized specifically to each user. Look B 4U Lock : T his feature provides cus tomers with a critical last-minute ch eck to mak e s ure they are getting the best deal pos sible before loc king into a loan. Us ers enter the terms of a mortga ge offer from a ny lender and rec eive a rating a nd poi nt-by -point recommendations for ea ch of the loa n's v ariables.

OA O R BC Info rm atio n S ys tem s (R TS : R B CI)

OAO R B C I nformation S y stems announce d it will receive OAO R B C I nformation S y stems (R T S : R B C I ) a nnounc ed a priva te placement of c ommon sha res for the gros s proceeds of $80 million on $80 million of funding from ON E XI M G roup. J uly 21, 2009. New inv estor O N E X IM G roup will gain 51% s ta k e in the c ompany and will ga in the ma jority seats in company's boa rd of directors.

L eadRelevanc e, L LC ; Tree.C om, In c. (Nas daqG M:TR E E ); webloyalty. c om, Inc.

T ree. Com, I nc. (Nas da qG M: T R E E ) a cquired L eadR elev ance, L LC from webloya lty. c om, Inc .

S pec trumDNA, Inc . (OTC BB :S PXA)

S pec trumDN A I nc . Appoints J eff Nola n to its B oa rd of S pectrumDN A I nc. a nnounced the appointment of J eff Nola n, entrepreneur, venture c apitalis t and prolific s ocia l media stra tegis t, to its board Direc tors of directors . Mos t recently , Mr. N olan was the V P Corporate D evelopment at N ews G ator T echnologies . L ooks mart L td. Announces Full R elea s e of S martR ota tion L ookS mart L td. a nnounc ed the full rele a se of S martR ota tion, a cos t-per-a ction (C P A) driven tool that automatic ally s erves the bes tperforming a d c reative in an a d group based on c onversion da ta from a tra ck ing pixel. T he new tool, a fea ture of LookS mart's ad rota tion, a llows a dv ertis ers to optimize ca mpa igns by convers ion events like s ales sign-ups , downloads, and regis trations to drive higher performanc e. S martR ota tion automa tic ally serves the ad crea tive with the best C P A in a c ampa ign, provides detailed informa tion about which key words a nd traffic s ources a re performing, ea s y to integra te into online ca mpaign management a nd is built on L ook S ma rt's AdC enter platform.

T ree. Com, I nc. (N asda qG M: T R E E ) a cquired L ea dR elevance, L LC from webloy a lty .com, Inc. on J uly 21, 2009.

T ree. Com, I nc. (N asda qG M: T R E E ) co mpleted the acquis ition of L ea dR elevance, L LC from webloy a lty .com, Inc. on J uly 21, 2009.

L o okS mart, Ltd. (Nas daqG M: LOOK )

V OIS , Inc . (OTC BB :VOIS )

V O IS I nc. La u nches V OI S Questions and Answers

Modern Times G ro up Mtg AB (OM: MTG Modern Times G roup Mtg A B R eports U na udited Cons olida ted E arnings R es ults for the S econd Quarter B) a nd S i x M onths E nded J une 30, 2009

V O IS I nc. announced it has la unched V OI S Q uestions and Answers (www.v ois. com/a ns wers), a n ans wers s ervic e tha t a llows its members to a sk their busines s-rela ted questions, and rec eive answers fro m the thousa nds of ex perts in the V O I S network. T he s ervice gives the site's 100,000 plus members a fa st and reliable wa y to get the industry specific ans wers they want ans wered and builds upon their profes sional reputation by res ponding to questions they a nswer releva nt to their ex pertis e. Q ues tions and ans wers a re tied to a member's profess ional profile, rather than a n a nony mous username as on other ans wer network s, offering more credible respons es. Q uestions ca n be ta rgeted to a specific member's network , or they may be opened up to the entire V OI S network from a round the world. E xperts benefit by res ponding to member questions with the hope of bei ng awarded the bes t a ns wer, a nd winning any credits a s soc ia ted with that awa rd. For those members who cons istently provide expert ans wers , V O I S will promote their ex pertis e to other members , providing a grea ter opportunity to build soc ial capita l a nd to a tta in more bus iness . Modern Times G roup Mtg AB reported una udited cons olida ted earnings res ults for the second qua rter a nd s ix months ended June 30, 2009. F or the quarter, the company reported net income a ttribu table to equity holders of the pa rent wa s S E K 425 million or S E K 6. 45 per diluted sha re on net sa le of S E K 3,584 million a ga ins t net income attributa ble to equity holders of the parent was S E K 1, 570 million or S E K 23. 68 per diluted s hare on net s ale of S E K 3,318 milli on in the same period of la st y ear. O pera ting inc ome wa s S E K 588 million a ga i nst S E K 1, 756 million in the sa me period of la s t y ear. Inc ome before tax was S E K 566 million agains t S E K 1, 785 million in the s ame period of las t yea r. N et cas h flow from operations was S E K 695 million aga ins t S E K 986 million in the s a me period of la s t year. R eturn on equity was 19% a ga inst 20% in the prev ious quarter. T he G roup's net debt posi tion, which is defined as cas h a nd ca s h equiva lents a nd interes t bea ring as s ets les s interes t bearing liabilities , a mounted to S E K 3, 603 (net c ash of 1, 675) million a t the end of the reporting period. T his c ompa red to a net debt position of S E K 3, 925 million as at M arch 31, 2009.

V OIS , Inc . (OTC BB :VOIS )

V O IS I nc. I ntroduces M icro. V OI S for Twitter

V O IS I nc. introduce d M icro. V OIS for T witter. M icro. V O I S , built on top of T witter, is the ea sies t way for T wi tter us ers to tell others that they wa nt work or ha ve work to offer. U sing Mic ro. V OIS is a s ea s y as a dding # wa ntwork or #havework in a T witter update (also k nown as a 'T weet'). As members Tweet jobs a nd oppo rtunities, M icro.V O I S monitors th e releva nt da ta and he lps T witter members find wh a t they a re looking for. T ry I t--Actual ly, us ing M icro. V OI S is easier than explaining it. T ry it right now: U sing Twitter, find s omeone who ha s work or wa nts work . Then T weet your projec t or idea with the ha shtag # ha vework or #wa ntwork (for work wa nted). T he M icro. V O I S robot a utoma tic ally a dds a ll of thos e T weets to the M icro. V O IS feed.

DigitalPo s t Interac tive, In c. (OT CB B: DG L P)

Digita lP os t Intera ctiv e I nc. to P rovide Additiona l S oftware Digita lP ost Intera ctive I nc. a greed to provide additiona l s oftwa re development a n d c onsulting services for Loca l. com C orporation, acc ording to the terms of a pre-exis ting profess ional services rel a tions hip with L oc al.com. P ursua nt to the current agreement, DigitalP os t will des ign, Development a nd C onsulting S ervices for Loca l.c om Corpora tion develop and deliv er s oftware a s pres cribed by the releva nt sta tement of work , with product deliv ery expec ted to be c ompleted during the third a nd fourth quarter of 2009. D igita l P ost will ea rn a total fee of $50,000 for the des ign, development and delivery of such s oftwa re.

Page 9

MOK O.mobi Limited (AS X: MKB )

MO K O . mobi Limited S igns Agreement with Airtel

C anpages , Inc .; ZipLoc al Inc. (T S XV: ZIP. H); ZipLocal Inc. , S ubs tantially All As s ets

Ca npages , I nc. completed the a cquisition of subs ta ntia lly Ca npages , Inc. agreed in principle to acquire s ubsta ntiall y all the a s s ets of Z ipL oca l I nc. (T S X V : Z IP ) for C AD 2.4 million on Ma y 6, 2009. a ll the a ss ets of ZipL oc al Inc. (T S X V : ZI P ). Ca npages , Inc. s igned a purc ha se agreement a cquire su bsta ntia lly a ll the as sets of Z ipL oc al I nc. on J une 19, 2009. As per the terms of the trans action, a n entity c ontrolled by John L . Albright, C hairman of the B oard of Zi pLoca l will acquire s ubsta ntially a ll the a s s ets of Z ipL oc al Inc . a nd then trans fer the a s sets to C anpa ges, Inc. J ohn L. Albright will pa y CAD 0. 45 million in ca s h and will cancel C AD 1. 93 million of sec ured debt currently in defa ult. C anpa ges will is s ue its common stock to J ohn L . Albright as cons ideration and va lue of stoc k will be equal to the va lue paid by John L . Albright. John L. Albright will provide a n a dditional C AD 1 mill ion ca sh indemnity to C anpa ges to fac ilitate the trans action.

E lec tronic Arts Inc . (Nas daqG S : E R TS ); E lectronic Arts I nc. a nd N etD ragon E nter Agreement to Develop U lti ma O nline NetDrago n W ebS oft, Inc. (S E HK :777)

MO K O . mo bi Limited has s igned an a greement with B harti Airtel Ltd. The Airtel contrac t joins previously ann ounced contracts with two other Indian mobile c arriers, R elia nc e M obile and I dea C ellular. T he s ervice with Airtel will be based on a us er pay s subs c ription and premium a ctivity bus iness model, where M O K O .mobi is pa id a s ha re of thes e rev enues from the mobile opera tor. T he Airtel deploy ment of MO K O will follow other c arrier l aunches in US A, B razil, I ndia, M alays ia and U K a nd is expected to be completed by the end of 2009.

T ermina tio n fee for the trans a ction pa y a ble by ZipLoca l is C AD 0. 15 million. T he deal is s ubject to regulatory a pprovals , incl uding the a pprova l of the T S X V enture E x cha nge and a pp rova l from s ha reholders of Z ipL oc al. T he B oa rd of ZipLoc al, upon recommenda tion of the independent committee, unanimous ly recommended the tra ns action. Corma rk S ecurities Inc. ac ted a s financia l a dvis or to the S pecia l C ommit E lectronic Arts Inc . a nd NetDragon W ebs oft I nc. , wi th its s ubs idiaries collectively k now a s the 'G roup' a nnounc ed a lic ensing agreement for the development of a new ma ss ively multi-player online role playi ng game (M MO R P G ) ba sed on 'U ltima O n line'( T M) from E lectronic Arts. As part of the agreement, N etDra gon will develop the new Ultima O nline(T M) in colla bora tion with E A's My thic E ntertainment, and hav e the exc lusiv e opera ting li cens e for C hina, H ong K ong, M ac au a nd India .

IB 3 Networks , Inc. (OT CB B: IB NW )

IB 3 N etwork s I nc. Announces N ew O nline R emote B a ck up S ervice

IB 3 Network s I nc. and its wholly owned s ubsidiary iB eam S olutions, a Mic ros oft G old Certified P artner a nd a C is co Certified S elec t P artner, a nnounced the avai lability of iB 3 B ac kup, it's online, s ecure, remote online hos ted bac kup solution. iB eam S olutions has developed this service, powered by 3X sta te of the a rt ba ck up appliances , to give customers the ability to back up their sy stems for da ta protection a nd disas ter recovery. T his s ervice a llows c ustomers to ma na ge their back ups a nd restores from an ea s y to us e web ba s ed interface, and includes dedup lication, vers ioning and ma ny adva nc ed features. T he serv ice is des igned for cus tomers with up to 10 0G B of data, and thos e with more da ta ca n purchas e and hos t thei r own a pplia nc e with iB eam S olutions . For thos e with under 100 G B of da ta , th e s ervice will c os t $0.50 per G B per month pl us nomina l s etup fees .

ZipL oc al Inc. (TS XV: ZIP.H)

ZipLoca l’s Lis ting T o T ra nsfer T o NE X

In acc orda nc e with the TS X V enture E x change P olic y 2.5, Z ipLoca l I nc. ha s not ma in tained the requirements for a T S X V enture E x change T ier 2 c ompa ny. T herefore, effective J uly 24, 2009, the c ompa ny 's listing will trans fer a nd resume tra ding on the N E X , the c ompany 's tier cla s sific ation will ch ange from Ti er 2 to NE X , and the filing and s ervic e office will change from T oronto to the NE X . As of July 24, 2009, the company is s ubject to restrictions on share is suances and certa in type s of payments a s s et out in the NE X policies .

C hang yo u. c om L imited (Nas daqG S : C YOU)

Changy ou.com E nters N orth America , T aiwa n and V ietn am Mark et a nd P lans to F ora y into E urope

Changy ou.com Limited a nnounc ed that the c ompany had ma de inroa ds into North A merica , T aiwa n, as well as V ietna m and would fora y into the E uropean ma rk et within two to three y ea rs. T he company als o forecas ted tha t the company would opera te four online games simultaneously at the beginning of 2010.

DigitalPo s t Interac tive, In c. (OT CB B: DG L P)

Digita lP os t Intera ctiv e W ins Additiona l Contract from Internet S earch C ompany

Digita lP ost Intera ctive I nc. s igned a n additional contra ct to de velop a content platform for a Internet s ea rch company . The new pla tform, scheduled for delivery by the end of S eptember 2009, will s upport the c ustomer's strategy to p rovide increas ingly higher levels of c ontent for its bus ines s cus tomers . T his is the third contrac t awarded to D igita l P ost by this comp a ny.

MOK O.mobi Limited (AS X: MKB )

MO K O . mobi Limited S ec ures D eal on AT& # 38;T M obiles MO K O . mo bi Limited has s ecured a dea l for its M O K O M usic on s elected AT &T mobile handsets . T he C ha t & S ha re platform's new development includes enha nc ed music community which ena bles us ers to s ea rch a nd dis c over, refer a nd buy, full-length trac ks , ring tones a nd a ns wer tones from their mobile.

B eyond Commerc e, Inc . (OT CB B: B Y OC)

B eyond Commerce I nc. Appoi nts P aul W . Morris on to the B eyond Commerce Inc . a nnounc ed tha t P aul W . Morris on ha s been a ppointed to its boa rd of direc tors . M r. Morris on is the six th me mber of B oard of Directors the boa rd of di rectors of B ey ond C ommerc e, whic h als o includes R on L oveles s, M ich a el W ars insk e, B a rry F alk, M urra y W illia ms, and R obert Mc Nulty. All are independent board members with the exceptions of Mr. W illiams and Mr. M cN ulty , C ha irma n of the B oa rd and C hief E xec utiv e O ffic er. P aul W . Morris on is currently the C hief E xecuti ve O fficer a nd P resident of O mniR elia nt H oldings Inc .

IAC /InterAc tiveC orp. (Nas daqG S : IAC I)

IAC /InterActiveC orp La unch of P roduction Compa ny, Notiona l; Appoints R i ck y V a n V een to H ea d N otiona l

Figure 7. Key Developments Source. Capital IQ

IAC /I nterA ctiveC orp. a nnounc ed the launc h of Notiona l, a video content c ompa ny born out of its enterta inment property CollegeH umor. com. CollegeH umor's origina l video s have been viewed over 300 million times a nd its viewers wa tch 100 y ea rs worth of video content eac h month. B uilding on this succ ess ful foundation the new production company will crea te programming of a ll genres for a ll demogra phic s , to be distributed ac ross multiple media platforms, inc luding television. T he new endeavor wa s conceiv ed a s a n ex tens ion of CollegeH umor. co m's industry-leading c ontent s ensi bility and production capabilities . B y building o n top of that ba s e, Notional hopes to bring the DN A of an internet compa ny to an in terna tiona l producti on compa ny . B ut unlik e CollegeH umor's y oung ma le-focus ed a udie nce, N otional's content will a ppeal to a much broa der bas e. N otiona l will be hea ded by R ick y V an V een, who will trans ition from his c urrent role a s E ditor-in-C hief of CollegeH umor.

Page 10

VALUATION Online Gaming companies lead market-cap charts: Thirteen companies in our W eb 2.0 universe top US$1 billion in market capitalization (Figure 8). Fifty-nine of the 92 companies have market caps under US$100 million, with 28 under US$10 million. Online gaming companies dominate the top of the list, led by Tencent Holdings with a market cap over US$20 billion.

Market C ap (US D m) Tenc ent Holdings L td. Neteas e.c om Inc . S handa Interac tive Entertainment L td. IA C/InterA c tiveCorp. S ohu.c om Inc . Modern Times G roup Mtg A B Changy ou. com L imited Open Tex t Corp. G iant Interac tive G roup, Inc . Perfect World Co., L td. G ree, Inc . Chines e Gamer International Mix i, Inc . K ings oft Co. L td. V alueClic k Inc . United Online Inc . NEOWIZ Games Corporation NetDragon WebS oft, Inc . CDC Corp. S hutterfly, Inc . S K Communic ations Co., L td. G amania Digital Entertainment Co. , G igaMedia L td. G ungHo Online Entertainment, Inc . Openw ave S ys tems Inc . XING A G The9 L imited A c toz S of t Co., L td. OA O R B C Information S y s tems DA DA S pA Tree.Com, Inc . G ameOn Co L td. Cy berplex Inc . Y edangOnline Corp. NeuLion Inc orporated My riad G roup A G K A B Dis tribution Inc . HanbitS oft, Inc . TheS treet.c om, Inc . G eoS entric Oy j S park Netw orks , Inc . PNI Digital Media Inc . Eolith Co. L td. Fluid Mus ic Canada, Inc . Frogs ter Interactive Pic tures A G Webz en Inc . Ngi G roup Inc . Gravity Co. , L td NeXplore Corporation DigitalTow n, Inc . A Q Interactive, Inc . S oc ialw is e, Inc . Northgate Tec hnologies L imited DXN Holdings B hd Y nk K orea Inc . W iz z ard S oftw are Corporation LookS mart, L td. B roadWebA s ia Inc . A c celeriz e New Media, Inc . Dolphin Digital Media, Inc . J umbuck Entertainment Pty L td. B eyond Commerc e, Inc . Quepas a Corp. L ingo Media Corporation IA S Energy, Inc . UOMO Media, Inc S pec trumDNA , Inc . B right Things plc Worlds .c om Inc . MOK O.mobi L imited V OIS , Inc . DigitalPos t Interactive, Inc . is eemedia Inc . Ex tens ions , Inc . Magnitude Information S ys tems Inc . CornerWorld Corporation Wooz y Fly, Inc . B etaw ave Corporation S NA P Interactive, Inc . B igs tring Corp. Wy nds torm Corporation Unis erve Communications Corp. L iveWorld Inc . CLICK ER Inc . A s s oc iated Media Holdings Inc . The Parent Company China G atew ay Corporation Total S port Online A S S NM G lobal Holdings S oc ial Media V enures , Inc . Dibz International, Inc .

2260.3 2193.9 2099.4 1959.2 1838.4 1721.3 1610.2

550. 7 421. 5 387.3 377.8 321.2 278.6 272.6 261.7 245. 7 225.0 213.0 182. 5 159.5 144.7 116. 2 107.9 102.9 101.8 89.7 81.5 81.5 79.1 63.7 51. 1 49. 4 46. 8 45. 8 44. 2 42. 8 42. 4 41. 8 40. 6 39. 0 37. 9 33. 9 33. 4 27.8 26.2 24.3 23.4 21.0 19.5 16.1 15.5 14.0 13.7 12.7 12.7 10.5 9.4 6.8 6.5 5.8 5.4 5.0 4.9 3.8 3.6 3.4 3.2 2.6 2.3 2.2 1.9 1.8 1.6 1.1 0.7 0.6 0.4 0.3 0.1 0.0 0.0 0.0 0

Figure 8. Market Cap Ranking Source. Capital IQ

500

748.0

2724. 0

3498. 0

1138.4 1104. 4 1089. 9 1017.5

1,000

1,500

2, 000

2,500

3, 000

3,500

4,000

Page 11

TEV/Revenue (LTM) averages 5.4x: The overall average TEV/Revenue (LTM) multiple for our group is 5.4x (versus 6.1x last week) (Figure 9). Two companies trade at more than 40x revenue – Bigstring Corp. (OTCBB:BSGC) at 49.6x, closely followed by Gree (TSE:3632) at 44.1x. The median is only 2.0x. Note that we exclude multiples greater than 50x. Twentyseven companies have multiples under 1.5x.

T E V/L T M R evenue (x) 60. 0 49.6

50. 0

44.1

40. 0

30. 0 23.6 21.321.7 19.1

20. 0

15.4 15.6 12.112.5

10. 0 A v erage, 5. 4 0. 0

8.3 8.6 8.8 6.8 7.8 7.8

AQ Intera ctive, Inc . U nis erve C ommunications C orp. S NAP Intera ctive, Inc. T he P a rent C ompany N orthgate T echnologies L imited C LIC K E R Inc. P erfect World C o., Ltd. T ree.C om, Inc. DXN Holdings B hd IAC /InterAc tiveC orp. G a meO n C o Ltd. J umbuck E nterta inment P ty L td. O penwave S y s tems Inc . DADA S pA S pa rk N etwork s , Inc . C DC C orp. S N M G loba l Holdings G igaMedia Ltd. H anbitS oft, Inc . K AB Dis tribution Inc . United O nline Inc . C y berplex Inc . S hutterfly , Inc . Modern T imes G roup Mtg AB V alueC lic k Inc . Ac toz S oft C o. , Ltd. S K C ommunica tions C o., Ltd. is eemedia Inc . G a mania Digital E ntertainment C o., Ltd. Y edangO nline C orp. G ungH o O nline E ntertainment, Inc. My riad G roup AG P N I Digital Media Inc. O pen T ex t C orp. B ey ond C ommerc e, Inc. N E O WIZ G ames C orporation Y nk K orea Inc . XIN G AG E olith C o. Ltd. NetDra gon WebS oft, Inc . MO K O .mobi L imited C ornerWorld C orporation S ohu.com Inc . NeuLion Inc orporated Wiz z ard S oftware C orporation S ocial Media V enures , Inc . T otal S port O nline AS Acceleriz e New Media , Inc . F luid Mus ic C a nada , Inc. G eoS entric O y j Mix i, Inc . K ings oft C o. Ltd. C ha ngy ou.com L imited DigitalP os t Intera ctive, Inc. Lingo Media C orporation F rogs ter Intera ctiv e P ic tures AG UO MO Media, Inc As s ociated Media Holdings Inc . C hines e G amer Interna tional Dolphin Digital Media, Inc. T encent Holdings Ltd. B right T hings plc B igs tring C orp. G ree, Inc .

5.1 3.5 3.6 4.1 4.2 4.4 4.6 4.6 2.6 2.6 2.7 3.1 3.2 3.2 3.4 1.1 1.1 1.3 1.3 1.5 1.5 1.5 1.6 1.7 1.8 2.0 2.0 2.2 2.2 2.3 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.5 0.5 0.6 0.6 0.6 0.7 0.8 0.9 1.0 1.1 1.1

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 (19), trading at an average multiple of 11.1x (versus. 11.9x last week). On a geographic basis, the United States has the most companies (39), trading at an average of 5.5x revenue (versus 4.8x last week) (Figure 11). Ten of the companies are Canadian (average 4.6x revenue). Average TEV/LTM Revenue - By Country

Average TEV/LTM Revenue - By Exchange 25.0 23.6

25.0 23.6

20.0

20.0

(x)

7.9

7.8 7.4

5.0

4.6 2.2 2.1 2.1 1.5

1.0 0.8

1

India

1

Russia

2

Italy

8

0.5 0.2 0.0 Malaysia

1

Sweden

10

Hong Kong

1

South

10 39

Australia

3

Canada

Norway

1

Switzerland

China

2

United

6

Finland

Germany

1

Taiwan

Japan

# Companies

United

1 5 19 3 2 2 1 1 4 11 4 2 1 1 6 2 14 1 1 1 5 1 1

6.7 5.5 4.6

0.0

RTS

BSE

0.5 0.2 0.0 NasdaqGM

CM

0.8 0.5 KLSE

OM

2.0 1.5 NasdaqGS

OSE

2.1

KOSE ASX

SWX

TSX

HLSE

XTRA

SEHK

GTSM

OTCBB

TSE

AIM # Companies

4.6 4.13.6 3.4 2.7 2.2 2.2 2.1 AMEX

7.8

5.0 0.0

10.0 10.0

OTCPK

(x) 10.0

15.0

OTCNO TSXV

11.6 11.3 11.1 10.6 7.9

15.0

1

1

1

1

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

TEV/EBITDA (LTM) averages 10.7x: The average multiple for the 34 companies with positive EBITDA (and multiples under 100x) is 10.7x LTM EBITDA (vs. 9.3x last week), led by Chinese Gamer International (3083-GTSM) 44.9x multiple (Figure 12). Thirteen of the companies have EBITDA multiples under 7x. The median multiple is 9.5x (vs. 8.8x last week).

Page 12

T E V/L T M E B IT DA (x) 50. 0 44. 9 45. 0 40. 0 34. 1

35. 0 30. 0

26. 7

25. 0 19. 7

20. 7

22. 0

20. 0

T encent Holdings L td.

C hines e G amer International

S K C ommunic ations C o. , L td.

Mix i, Inc .

K ings oft C o. L td.

IAC /InterAc tiveC orp.

C hangy ou. c om L imited

14. 2

C DC C orp.

C yberplex Inc.

G amania Digital E ntertainment C o. , Ltd.

G ungH o O nline E ntertainment, Inc .

S hutterfly , Inc.

G ameO n C o L td.

XING AG

J umbuck E ntertainment P ty Ltd.

O pen T ex t C orp.

AQ Interac tive, Inc .

NE O WIZ G ames C orporation

P erfec t World C o. , L td.

12. 2 12. 7 13. 0 11. 0 12. 0 9. 6 10. 1 10. 2 10. 2

Modern T imes G roup Mtg AB

S NAP Interac tive, Inc .

9.4

S ohu. c om Inc .

O AO R B C Information S y s tems

4. 2

9.4

K AB Dis tribution Inc.

Ngi G roup Inc .

0. 0

3. 7

8.7

Y edangO nline C orp.

1. 6

8.5

9. 6

7.6

V alueC lic k Inc .

1. 2

5.8

NetDragon WebS oft, Inc.

0. 8

5.6

Actoz S oft C o. , L td.

0. 3

S park Network s , Inc.

0. 1

0. 7

2. 5

0. 1 S handa Interactive E ntertainment L td.

5. 0

DXN Holdings B hd

10. 0

U nited O nline Inc .

A verage, 10. 7

DADA S pA

15. 0

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 (19), trading at an average multiple of 0.7x (vs. 1.9x last week). On a geographic basis, the United States has the most companies (39), trading at an average of 8.4x EBITDA (Figure 14). Ten of the companies are Canadian (average 10.8x EBITDA). Average TEV/LTM EBITDA - By Exchange

Average TEV/LTM EBITDA - By Country

30.0 24.7

25.0 23.1

25.0

20.0 23.1

# Companies

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

Switzerland

1

Russia

1

Australia

19

Malaysia

2

0.0

Italy

1

0.3

Japan

2

1.6 United States

1

1

3.7

Sweden

5

5.6

Germany

14

8.4 7.6

Canada

TSE

1

10.8 10.2 9.6

Hong Kong

NasdaqGS

2

RTS

OM

4

SWX

XTRA

1

OTCBB

TSX

6

0.0

ASX

OSE

2

5.0

KLSE

KOSE

3

0.0 0.0

CM

SEHK

GTSM

# Companies

4.2 3.7 1.6 0.7 0.3 AMEX

5.0 0.0

13.4 13.0 10.0

South Korea

6.4 5.6

China

10.0

14.1

15.0

Taiwan

13.4 12.0 11.1 10.2 9.6 9.3

(x)

15.0

BSE

(x)

20.0

3

10

8

1

10

2

1

39

6

1

1

2

1

1

Page 13

P/E (LTM) averages 10.0x: The average multiple for the 30 companies with positive earnings (and multiples under 100x) is 10.0x LTM EPS (versus 11.0x last week), led Tencent Holdings Ltd (SEHK-700) 57.3x multiple (Figure 15). Ten of the companies have P/E multiples under 10x. The median is just 13.7x.

P /E L T M (x) 70.0 60.0

54.7

50.0

57.3

44.0 37.5

40.0 30.0 21.0

T encent H oldings Ltd.

Mix i, Inc.

C hines e G amer International

Worlds .com Inc.

O pen T ex t C orp.

NE O W IZ G ames C orporation

G amania Digital E ntertainment C o., Ltd.

Actoz S oft C o., Ltd.

K ings oft C o. Ltd.

J umbuck E ntertainment P ty Ltd.

DADA S pA

DXN H oldings B hd

IAC /InterActiveC orp.

S NAP Interactive, Inc.

XING AG

Neteas e.com Inc.

S park Network s , Inc.

P erfect World C o., Ltd.

29.7 29.9 30.6

14.4 15.1 15.1

NetDragon W ebS oft, Inc.

5.6

S ohu.com Inc.

4.6

G ameO n C o Ltd.

3.3

Modern T imes G roup Mtg AB

3.1

G igaMedia Ltd.

2.9

Y edangO nline C orp.

2.8 S handa Interactive E ntertainment Ltd.

G ravity C o., Ltd

2.4 T he9 Limited

0.0 0.0

2.0 G iant Interactive G roup, Inc.

10.0

C y berplex Inc.

11.3 12.6 12.7 9.6 10.8 10.8

A verage, 10.0

C hangy ou.com Limited

20.0

23.2 24.1 24.5

27.1

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 (19), trading at an average multiple of 20.4x. On a geographic basis, the United States has the most companies (39), trading at an average of 19.8x earnings (Figure 17). Ten of the companies are Canadian (average 20.1x EPS).

Average P/E - By Exchange 40.0 36.8 35.0

35.0 30.0

33.6 32.3 21.0 20.4

20.1 19.8

15.0

16.9 13.7

10.0

5.6

SEHK

CM

KOSE

XTRA

OTCBB

AMEX

NasdaqGS

OM

TSX

ASX

KLSE

NYSE

NasdaqGM

5

3

1

6

2

19

2

14

1

4

2

1

1

5

# Companies

Switzerland

TSE

2

0.0 Malaysia

GTSM

0.0

4.6

0.0 Australia

2.0

Sweden

4.6

China

5.0

11.3

5.0 South Korea

5.6

United States

10.0

11.4 11.3 9.6

Canada

15.1

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

21.0

Germany

15.0

24.1

Italy

22.6

20.0

Taiwan

20.0

# Companies

28.1

25.0

24.1

(x)

(x)

25.0

0.0

33.6

Japan

30.0

Average P/E - By Country

40.0

6

3

1

2

10

39

8

10

1

2

1

1

Page 14

UPCOMING EVENTS

E arnings Calendar C ompany

D ate & T ime

Qu arter

C onf C a ll D etails

I AC /I nterAc tiveC orp. (Na s da qG S :I AC I) S hutterfly , Inc . (N a sda qG S : S F L Y )

W ednes da y, J uly 29, 2009 11:00 AM (E D T)

Q 2 2009

NA

W ednes da y, J uly 29, 2009 5:00 P M (E D T)

Q 2 2009

T heS treet. com, I nc. (Na s da qG M: TS C M)

913-312-0641

W ednes da y, J uly 29, 2009 4:30 P M (E D T)

Q 2 2009

NA 877-941-8416

Openwa ve S ys tems Inc . (Na s da qG S : O P W V )

T hursda y , J ul y 30, 2009 2: 00 P M (P DT )

Q 4 2009

T ree. C om, Inc . (N a sda qG M :T R E E )

T hursda y , J ul y 30, 2009 11: 00 A M (E DT )

Q 2 2009

877-723-9523

L ook S ma rt, L td. (N asda qG M :L O O K )

M onda y, Augus t 03, 2009 5:00 P M (E D T)

Q 2 2009

877-941-9205

V a lueClic k Inc . (N a sda qG S : V C L K )

T uesda y , Augus t 04, 2009 4:30 P M (E DT )

Q 2 2009

818-575-4677

P NI D igita l Media I nc. (T S X V :P N )

W ednes da y, Augus t 12, 2009 4: 30 P M (E D T)

Q 3 2009

888-300-8196

Open T ext C orp. (Na s da qG S : O TE X )

T hursda y , Augus t 20, 2009 5:00 P M (E DT )

Q 4 2009

416-644-3415

Figure 18. Earnings Calendar Source. Company reports

Page 15

C omparable C ompany Analys is > W eb 2 .0 P ric e P erformanc e C ompa ny Na me

C ur rency

T ic ker

E x change

U S D Ma rket C ap ($m)

Acce le riz e N ew Me dia, Inc. Actoz S of t C o., L td. AQ Inte ractive , Inc. As s ocia ted Media H oldings Inc. B igstring Corp. B e tawave Corpora tion B e yond Commerce, Inc. B right T hings plc B roa dW ebAs ia Inc. C DC C orp. C ha ngyou. com Limite d C hina G ate wa y C orpora tion C hine s e G amer International C LIC K E R Inc. C ornerW orld C orporation C yberplex Inc. D ADA S pA D XN Holdings B hd D ibz Inte rnational, Inc. D igitalP ost Inte ra ctive , Inc. D igitalT own, Inc. D olphin Digital Me dia, Inc. E olith C o. L td. E xte ns ions , Inc. F luid M us ic Ca nada, Inc. F rogs te r Interactive P icture s AG G a ma nia Digital E ntertainment C o., L td. G a me On C o L td. G e oS e ntric O yj G iant Intera ctive G roup, Inc. G iga Media Ltd. G ravity C o., L td G ree, Inc. G ungH o O nline E ntertainment, Inc. H anbitS oft, Inc. IAC /InterActiveC orp. IAS E nergy, Inc. is ee media Inc. J umbuck E ntertainment P ty Ltd. K A B Dis tribution Inc. K ings oft Co. Ltd. Lingo Media Corporation Live World Inc. LookS mart, Ltd. M agnitude Information S ys tems Inc. M ixi, Inc. M ode rn Times G roup Mtg AB M OK O.mobi L imited M yriad G roup AG N E OW IZ G ames C orpora tion N etDragon W ebS oft, Inc. N ete as e.com I nc. N euLion Incorporate d N eXplore Corpora tion N gi G roup Inc. N orthgate Te chnologies L imited Open T e xt Corp. Openwave S ys tems Inc. P e rfect W orld C o., Ltd. P N I D igital Media Inc. Quepa s a C orp. OA O R B C Information S ys tems S handa Interactive E ntertainme nt L td. S hutte rf ly, Inc. S K C ommunications Co., Ltd. S N AP Inte ra ctive , Inc. S N M G lobal H oldings S ocia l Media V e nures , Inc. S ocia lwis e, Inc. S ohu. com Inc. S park N etworks , Inc. S pectrumDN A, Inc. T encent Holdings L td. T he P arent C ompany T he 9 L imited T he S treet.com, Inc. T otal S port Online A S T ree.C om, Inc. U nis erve C ommunications Corp. U nited Online Inc. U OMO Media , Inc V a lueC lick Inc. V O IS , Inc. W ebze n Inc. W iz za rd S of twa re Corpora tion W orlds .com Inc. W oozyF ly, Inc. W ynds torm C orporation XIN G AG Y e dangOnline Corp. Y nk K orea Inc.

US D KR W JPY US D US D US D US D GBP US D US D US D US D TWD US D US D C AD E UR MY R US D US D US D US D KR W US D C AD E UR TWD JPY E UR US D US D US D JPY JPY KR W US D US D C AD AU D C AD HKD C AD US D US D US D JPY SE K AU D C HF KR W HKD US D C AD US D JPY IN R US D US D US D C AD US D US D US D US D KR W US D US D US D US D US D US D US D HKD US D US D US D N OK US D C AD US D US D US D US D US D US D US D US D US D E UR KR W KR W

A CL Z A 052 790 3 838 A S MH B S GC B W AV B Y OC A IM:B G T B W BA C H IN .A C Y OU CGWY G TS M:3 083 C L KZ CWR L T S X:CX C M :DA DXN DIB Z DG L P DG T W DP DM A 041 060 E XT I T S X:F MN FR G 6 180 3 812 G E O1V GA G IG M G RV Y T S E :36 32 3 765 A 047 080 I ACI I AS C .A IEE A S X:J M B T S X:K AB 3 888 T S XV :LM L VW D L OOK M AG Y 2 121 MT G B MKB MYR N A 095 660 7 77 NT E S T S X:NL N N XP C 2 497 5 900 57 O TE X O PW V P W RD T S XV :P N Q PSA R BC I S NDA S F LY A 066 270 S T VI S NM N S MVI S CL W S OH U L OV S P XA 7 00 K IDS .Q NC TY T S CM T OS O TR EE T S XV :U S S UNTD U OMO V CL K V OIS W ZE N W ZE W DDD W ZY F W YND O 1B C A 052 770 A 023 770

OT C B B KO SE TSE OT C P K OT C B B OT C B B OT C B B AI M OT C P K N as da qG S N as da qG S OT C P K GT S M OT C B B OT C B B TSX CM KL SE OT C P K OT C B B OT C B B OT C B B KO SE OT C P K TSX XT R A GT S M TSE H LS E NYS E N as da qG S N as da qG M TSE OS E KO SE N as da qG S OT C B B T S XV AS X TSX S E HK T S XV OT C P K N as da qG M OT C B B TSE OM AS X SWX KO SE S E HK N as da qG S TSX OT C P K TSE BS E N as da qG S N as da qG S N as da qG S T S XV OT C B B R TS N as da qG S N as da qG S KO SE OT C B B OT C P K OT C P K OT C B B N as da qG S AM E X OT C B B S E HK OT C P K N as da qG S N as da qG M OT C N O N as da qG M T S XV N as da qG S OT C B B N as da qG S OT C B B N as da qG M AM E X OT C B B OT C B B OT C P K XT R A KO SE KO SE

1 6.1 18 2.5 3 3.9 0 .6 1 .9 2 .3 1 3.7 6 .5 1 9.5 38 7.3 2,0 99. 4 0 .3 1,1 38. 4 0 .7 3 .2 10 2.9 14 4.7 2 6.2 0 .0 4 .9 3 7.9 1 5.5 4 5.8 3 .6 4 4.2 4 2.8 27 8.6 10 7.9 5 1.1 1,8 38. 4 27 2.6 4 0.6 1,6 10. 2 26 1.7 7 9.1 2,7 24. 0 1 0.5 3 .8 1 4.0 8 1.5 1,0 89. 9 1 2.7 1 .1 2 1.0 3 .4 1,1 04. 4 2,1 93. 9 5 .4 8 1.5 55 0.7 42 1.5 5,2 90. 0 8 9.7 3 9.0 4 1.8 2 7.8 1,9 59. 2 24 5.7 1,7 21. 3 4 6.8 1 2.7 15 9.5 3,4 98. 0 37 7.8 32 1.2 2 .2 0 .0 0 .0 3 3.4 2,2 60. 3 4 9.4 6 .8 23, 894 .9 0 .4 21 3.0 6 3.7 0 .1 11 6.2 1 .6 74 8.0 9 .4 1,0 17. 5 5 .0 4 2.4 2 3.4 5 .8 2 .6 1 .8 22 5.0 10 1.8 2 4.3

H igh Low A vera ge M edian

Figure 19. Price Performance Source. Capital IQ

665.4

C urrent Pric e 0.5 8 26 ,30 0 59 ,50 0 0.0 1 0.0 4 0.0 8 0.3 1 0.0 2 0.2 3 3.6 5 3 8.1 7 0.0 2 44 5.0 0 0.0 1 0.0 5 1.7 2 6.2 8 0.4 0 0.0 0 0.0 7 1.4 0 0.3 0 78 5.0 0 0.0 8 0.9 1 1 2.8 0 6 0.3 0 106 ,40 0 0.0 4 8.1 4 5.0 0 1.4 6 6 ,86 0 217 ,80 0 4 ,48 5 1 8.0 5 0.1 5 0.0 8 0.3 5 1 8 1.1 0 0.0 4 1.2 3 0.0 1 68 5,00 0.0 0 24 7.5 0 0.0 8 4.1 0 3 2,50 0.0 0 6.1 8 4 1.1 9 0.8 5 0.7 0 3 2,20 0.0 0 3 8.3 5 3 7.2 3 2.9 5 3 5.3 9 1.4 8 1.0 0 1.1 5 5 2.3 9 1 5.0 1 9,52 0.0 0 0 0.0 0 0.3 0 0.7 7 5 9.0 7 2 0 10 3 0.0 2 8.3 5 2.0 8 0.0 3 1 0.7 6 0.0 7 8.9 5 0.1 1 1 1.7 0 0.0 1 3.5 8 0.4 9 0.1 1 0.1 5 0.1 0 3 0.0 0 8 ,06 0 5 ,66 0

1 Wk

1 Mth

3 Mth

6 Mth

1 Yr

52 We ek

1.9 % -3.5 % 8.2 % -30. 0% -16. 7% -30. 4% -12. 6% 33.3 % -22. 8% 65.9 % -15. 7% -25. 0% -11. 2% -25. 0% 0.0 % 11.0 % 4.9 % -5.9 % -90. 0% 88.6 % -30. 0% -9.1 % -0.6 % -60. 0% 2.2 % 4.9 % -10. 0% 0.4 % 0.0 % 5.0 % -2.2 % -8.2 % 1.2 % 3.7 % -3.5 % 4.5 % 36.4 % -11. 1% -7.9 % 0.0 % 12.4 % 0.0 % -17. 8% 9.8 % -16. 7% -0.1 % 4.0 % 25.0 % -9.3 % 1.9 % 2.7 % 0.5 % -6.6 % 55.6 % -1.4 % 6.5 % 1.1 % 0.7 % 1.1 % -1.3 % 5.3 % 53.3 % -13. 0% 6.4 % -0.3 % -55. 6% 1 50. 0% -6.3 % -3.7 % -9.0 % -0.8 % -6.7 % -3.7 % -46. 4% -5.1 % 4.5 % 0.0 % 7.8 % -30. 0% 10.0 % 0.0 % 3.0 % 0.0 % 1.1 % 2.1 % -21. 4% 0.0 % 0.0 % 5.3 % 1.5 % -4.4 %

4 5.3 % 1 2.9 % -19. 6% -30. 0% 9.4% 0.0% -57. 6% 3 7.9 % -22. 8% 1 43.3 % -16. 1% 6 50.0 % 5.7% 2 33.3 % -16. 7% 0.0% 1.2% 3.9% -90. 0% 1 00.0 % -31. 7% -43. 4% -1.9 % -46. 7% 1 5.2 % 3 4.7 % -2.0 % -0.8 % 0.0% -7.5 % -13. 9% 3 3.9 % -2.1 % -4.3 % -0.1 % 1 3.3 % -25. 0% -20. 0% -10. 3% 0.0% 4 2.0 % 1 0.0 % -38. 3% 7.9% -37. 5% 2 2.3 % 1 7.3 % 0.0% -17. 8% -3.6 % 2 1.9 % 9.3% 1 3.3 % 1 4.8 % -13. 4% -4.2 % 2.4% 2 6.1 % 8.6% NM 4 2.9 % 1 5.0 % -13. 6% -0.4 % -4.7 % -69. 2% -42. 9% 29 00. 0% 1 1.6 % -12. 8% -4.0 % -39. 1% 1 0.3 % -40. 0% -21. 7% -3.7 % 0.0% 1 1.5 % 4 0.0 % 3 6.6 % -24. 1% -0.2 % -33. 3% 3.5% -3.9 % -8.3 % NM 1 50.0 % -2.6 % -3.7 % -18. 6%

18 .6% 93 .4% 28 .0% 83 3.3% 15 5.5% -2 7.3% -7 8.4% 14 .3% -5 4.9% 21 4.7% 36 .3% 65 0.0% 10 7.9% 14 3.2% -5 0.0% 42 .1% 9 .3% 33 .3% -9 0.0% 28 8.2% -4 0.4% -4 0.1% -6 .5% -4 6.7% 16 0.0% 36 .2% 76 .8% 9 .9% 0 .0% -4 .5% -2 3.2% 49 .0% 19 .9% 56 .7% 10 .1% 13 .1% -4 2.3% -2 0.0% -2 4.7% 6 .8% 12 7.5% 22 .2% -6 6.4% -8 .2% -5 0.0% 46 .1% 17 .3% -1 1.8% -1 0.5% 21 .7% 37 .3% 38 .9% 63 .5% 24 .8% -1 5.3% -7 .5% 11 .5% 15 4.3% 10 9.7% -1 .3% 20 .5% 76 .9% 13 .6% 50 .9% 5 .8% -6 9.2% -2 0.0% 290 0.0 % 75 .0% 19 .7% 4 .8% -3 3.3% 57 .5% 20 .0% -9 .8% -1 1.9% 0 .0% 87 .5% 75 .0% 83 .8% 37 .5% 20 .2% 10 0.0% 46 .1% -7 .5% -3 5.3% 0 .0% 11 .1% 3 .8% -5 .1% 22 .0%

66 .0% 14 3.5% 94 .4% 18 0.0% 10 5.9% -6 0.0 % -6 7.9 % 58 .7% -7 7.2 % 35 0.6% NM 65 0.0% 39 2.8% -7 0.0 % -8 7.8 % 36 4.9% -6.8% 12 .7% -9 8.0 % 23 0.0% -5 3.3 % -5 3.8 % 53 .9% -8 4.6 % 19 3.5% 16 3.9% 17 9.8% -1 8.2 % 0 .0% 31 .7% -2 5.1 % 89 .6% 18 .1% 12 1.1% 44 .7% 19 .5% 61 4.3% -1 1.1 % -2 7.1 % 50 .0% 19 2.5% 12 .2% -5 3.8 % -1 0.2 % -7 4.1 % 40 .1% 69 .2% 50 .0% -2 4.8 % 18 1.4% 13 3.2% 12 0.4% 14 6.4% -6.7% -2 4.7 % -6.3% 13 .2% 27 3.4% 13 7.2% -1 2.4 % -4 1.2 % 27 4.0% 77 .6% 12 6.7% 29 .7% -8 0.0 % 40 0.0% -7 7.4 % 40 .0% 41 .0% -2.8% 40 .0% 13 1.9% -5 0.0 % -4 7.8 % -2 9.3 % -2 5.0 % 13 3.9% -1 2.5 % 40 .7% 37 .5% 77 .5% -2 0.0 % 13 8.7% -3 3.0 % -4 5.0 % 0 .0% -2 0.0 % -3.2% 7 .8% 43 .7%

-10 .6% 2 28. 8% -59 .3% -30 .0% -62 .8% -68 .0% -90 .7% 25.0 % -84 .7% 34.2 % NM -50 .0% 4 50. 1% -98 .9% -87 .5% 2 44. 0% -42 .2% -7. 0% -98 .0% -17 .5% -60 .0% NM -8. 7% NM -46 .2% 1 53. 5% 1 36. 5% -31 .8% -33 .3% -11 .2% -58 .9% 36.4 % NM -9. 3% 6.8 % -47 .7% -34 .8% -68 .0% -37 .5% -16 .0% 1 30. 9% -38 .5% -79 .4% -59 .0% -62 .5% -2. 0% -27 .0% 82.9 % -59 .0% 1 54. 9% -33 .5% 78.2 % NM -12 .5% -60 .1% -87 .0% 20.8 % 1 15. 3% 33.5 % -56 .0% -58 .7% -84 .9% 91.6 % 74.7 % -33 .2% -63 .6% -99 .7% 20.0 % -69 .2% -25 .4% -41 .6% NM 43.0 % -99 .3% -63 .3% -67 .7% -40 .0% NM -65 .0% -18 .8% -72 .5% 3.7 % -85 .3% 33.1 % -71 .6% -68 .6% NM -83 .3% -0. 6% -15 .4% -42 .8%

-12. 0% -26. 9% -62. 3% -72. 0% -65. 0% -76. 5% -90. 8% -20. 0% -92. 1% 14.4 % -21. 1% -57. 1% -14. 3% -98. 9% -93. 7% -13. 6% -49. 6% -10. 1% -98. 0% -34. 0% -77. 0% -73. 5% -32. 3% -92. 1% -49. 4% 0.0 % -12. 4% -34. 9% -42. 9% -24. 5% -62. 7% -26. 6% -11. 0% -22. 2% -32. 5% -64. 3% -50. 0% -68. 0% -43. 5% -30. 8% 0.0 % -42. 7% -85. 2% -63. 5% -75. 0% -25. 6% -36. 6% -25. 0% -59. 0% -22. 6% -36. 9% -8.1 % -22. 0% -51. 7% -74. 7% -87. 8% -4.8 % -3.3 % -2.0 % -59. 1% -71. 1% -85. 4% -19. 4% -6.7 % -37. 4% -81. 5% -99. 8% -94. 0% -71. 5% -32. 9% -46. 2% -76. 7% -4.0 % -99. 3% -67. 5% -71. 7% -40. 0% -17. 7% -72. 0% -26. 9% -89. 6% -16. 4% -85. 9% -23. 5% -72. 2% -71. 1% -96. 3% -83. 3% -16. 6% -35. 0% -54. 4%

1 50. 0% -90. 0% -0. 5% 0.0 %

29 00. 0% -90. 0% 43.8% -0.1 %

290 0.0 % -9 0.0% 73.1% 15 .8%

65 0.0% -9 8.0 % 64.7% 29 .7%

4 50. 1% -99 .7% -10.7% -34 .2%

14.4 % -99. 8% -48.2% -44. 9%

Page 16

C omparable C ompany A nalys is > W eb 2.0 V aluatio n Multiples C om pany Nam e

S ec to r

Co untry

P rimary E xc hange

Tic ker

Acce le rize N ew Me dia, Inc. Actoz S of t C o., L td. AQ Inte ractive , Inc. As s ocia ted Media Holdings Inc. B igstring Corp. B e tawave Corpora tion B e yond Commerce, Inc. B right T hings plc B roa dW ebAs ia Inc. C D C C orp. C ha ngyou. com Limite d C hina G ate wa y C orpora tion C hine s e G amer International C LIC K E R Inc. C ornerW orld C orporation C yberplex Inc. D AD A S pA D XN Holdings B hd D ibz Inte rnational, Inc. D igitalP ost Inte ra ctive , Inc. D igitalT own, Inc. D olphin D igital Me dia, Inc. E olith C o. L td. E xte ns ions , Inc. F luid Mus ic Ca nada, Inc. F rogs te r Interactive P icture s AG G a ma nia D igital E ntertainment C o., L td. G a me On C o L td. G e oS e ntric O yj G iant Intera ctive G roup, Inc. G iga Media Ltd. G ravity C o., L td G ree, Inc. G ungH o O nline E ntertainment, Inc. H anbitS of t, Inc. IAC /InterActiveC orp. IAS E nergy, Inc. is ee media Inc. J umbuck E ntertainment P ty Ltd. K A B D is tribution Inc. K ings oft Co. Ltd. Lingo Media Corporation Live World Inc. LookS mart, Ltd. Magnitude Information S ys tems Inc. Mixi, Inc. Mode rn Times G roup Mtg AB MOK O.mobi L imited Myriad G roup AG N E OW IZ G ames C orpora tion N etD ragon W ebS oft, Inc. N ete as e.com I nc. N euLion Incorporate d N eXplore Corpora tion N gi G roup Inc. N orthgate Te chnologies L imited Open T e xt Corp. Openwave S ys tems Inc. P e rf ect W orld C o., Ltd. P N I D igital Media Inc. Quepa s a C orp. OA O R B C Information S ys tems S handa Interactive E ntertainme nt L td. S hutte rf ly, Inc. S K C ommunications Co., Ltd. S N AP Inte ra ctive , Inc. S N M G lobal H oldings S ocia l Media V e nures , Inc. S ocia lwis e, Inc. S ohu. com Inc. S park N etworks , Inc. S pectrumDN A, Inc. T encent Holdings L td. T he P arent C ompany T he 9 L imited T he S treet.com, Inc. T otal S port Online A S T ree.C om, Inc. U nis erve C ommunications Corp. U nited Online Inc. U OMO Media , Inc V a lueC lick Inc. V O IS , Inc. W ebze n Inc. W iz za rd S of twa re Corpora tion W orlds .com Inc. W oozyF ly, Inc. W ynds torm C orporation XIN G AG Y e dangOnline Corp. Y nk K orea Inc.

D irect Marketing G aming G aming Mobile Ins ta nt Mes s aging Me dia S ocia l Ne tworking S ocia l Ne tworking S ocia l Ne tworking G aming G aming Mobile G aming D irect Marketing C ontent Advertis ing S ocia l Ne tworking S ocia l Ne tworking S NS A pps C ontent S ocia l Ne tworking S ocia l Ne tworking G aming C ontent Me dia G aming G aming G aming Mobile G aming G aming G aming S ocia l Ne tworking Me dia G aming Me dia V ide o C ontent S ocia l Ne tworking C ontent G aming Le arning S ocia l Ne tworking D irect Marketing S ocia l Ne tworking S ocia l Ne tworking Me dia S ocia l Ne tworking Mobile G aming G aming G aming V ide o C ontent Me dia D irect Marketing C ollaboration Mobile G aming D igital Imaging S ocia l Ne tworking Me dia G aming D igital Imaging S e arch D ating Me dia S ocia l Ne tworking S ocia l Ne tworking G aming S ocia l Ne tworking Me dia P orta l Me dia G aming Me dia Me dia P orta l S ocia l Ne tworking Me dia Me dia Me dia S ocia l Ne tworking G aming P odcas ting C ontent S ocia l Ne tworking C ontent S ocia l Ne tworking G aming G aming

U nite d S tates S outh K ore a J a pan U nite d S tates U nite d S tates U nite d S tates U nite d S tates U nite d K ingdom U nite d S tates H ong K ong C hina U nite d S tates T a iwan U nite d S tates U nite d S tates C anada Italy Malays ia U nite d S tates U nite d S tates U nite d S tates U nite d S tates S outh K ore a U nite d S tates U nite d S tates G ermany T a iwan J a pan F inland C hina T a iwan S outh K ore a J a pan J a pan S outh K ore a U nite d S tates C anada C anada A us tralia C anada C hina C anada U nite d S tates U nite d S tates U nite d S tates J a pan S we den A us tralia S witz erland S outh K ore a C hina C hina C anada U nite d S tates J a pan India C anada U nite d S tates C hina C anada U nite d S tates R us s ia C hina U nite d S tates S outh K ore a U nite d S tates U nite d S tates U nite d S tates U nite d S tates C hina U nite d S tates U nite d S tates C hina U nite d S tates C hina U nite d S tates N orway U nite d S tates C anada U nite d S tates C anada U nite d S tates U nite d S tates S outh K ore a U nite d S tates U nite d S tates U nite d S tates U nite d S tates G ermany S outh K ore a S outh K ore a

OT C B B K OS E TSE OT C P K OT C B B OT C B B OT C B B AIM OT C P K N as da qG S N as da qG S OT C P K GTS M OT C B B OT C B B TSX CM KL SE OT C P K OT C B B OT C B B OT C B B K OS E OT C P K TSX XT R A GTS M TSE H LS E NYS E N as da qG S N as da qG M TSE OS E K OS E N as da qG S OT C B B T S XV AS X TSX S E HK T S XV OT C P K N as da qG M OT C B B TSE OM AS X SWX K OS E S E HK N as da qG S TSX OT C P K TSE BS E N as da qG S N as da qG S N as da qG S T S XV OT C B B R TS N as da qG S N as da qG S K OS E OT C B B OT C P K OT C P K OT C B B N as da qG S AME X OT C B B S E HK OT C P K N as da qG S N as da qG M OT C NO N as da qG M T S XV N as da qG S OT C B B N as da qG S OT C B B N as da qG M AME X OT C B B OT C B B OT C P K XT R A K OS E K OS E

AC LZ A 052 790 3 838 AS MH BS G C B WA V BYO C AIM:B G T B WB A C HIN .A CY OU CG W Y G T S M:308 3 C LK Z CWR L T S X:C X CM:DA D XN D IB Z DGL P D G TW DP DM A 041 060 E XT I T S X:F MN F RG 6 180 3 812 G E O1V GA G IG M GR VY T S E :3 632 3 765 A 047 080 IAC I IA S C .A IE E AS X:J MB TS X:K AB 3 888 TS XV :LM LV W D L OOK MAG Y 2 121 MT G B MK B MY R N A 095 660 777 NT E S T S X:N LN N XP C 2 497 59 005 7 O TE X OP W V PW R D T S XV :P N QP S A R B CI S NDA S FL Y A 066 270 S TVI S N MN S MV I S CL W S OH U L OV S P XA 700 K ID S .Q NC T Y TSCM T OS O TR E E T S XV :U S S U N TD U OMO VC LK VOIS W ZE N W ZE W DD D W ZY F W YND O 1B C A 052 770 A 023 770

H igh Low A vera ge Median

Figure 20. Valuation Comparison Source. Capital IQ

TE V/LT M R evenue

TE V/ N TM R evenue

TE V/LT M E BITDA

TE V/NTM E BITDA

P /LT M E P S

P /NT M E P S

P /TangBV

16. 1 1 82. 5 33. 9 0. 6 1. 9 2. 3 13. 7 6. 5 19. 5 3 87. 3 2,0 99. 4 0. 3 1,1 38. 4 0. 7 3. 2 1 02. 9 1 44. 7 26. 2 0. 0 4. 9 37. 9 15. 5 45. 8 3. 6 44. 2 42. 8 2 78. 6 1 07. 9 51. 1 1,8 38. 4 2 72. 6 40. 6 1,6 10. 2 2 61. 7 79. 1 2,7 24. 0 10. 5 3. 8 14. 0 81. 5 1,0 89. 9 12. 7 1. 1 21. 0 3. 4 1,1 04. 4 2,1 93. 9 5. 4 81. 5 5 50. 7 4 21. 5 5,2 90. 0 89. 7 39. 0 41. 8 27. 8 1,9 59. 2 2 45. 7 1,7 21. 3 46. 8 12. 7 1 59. 5 3,4 98. 0 3 77. 8 3 21. 2 2. 2 0. 0 0. 0 33. 4 2,2 60. 3 49. 4 6. 8 23,8 94. 9 0. 4 2 13. 0 63. 7 0. 1 1 16. 2 1. 6 7 48. 0 9. 4 1,0 17. 5 5. 0 42. 4 23. 4 5. 8 2. 6 1. 8 2 25. 0 1 01. 8 24. 3

5.1 x 1.6 x 0.1 x 15.6 x 44.1 x 2.6 x 23.6 x 1.0 x 8.6 x 0.0 x 19.1 x 0.3 x 3.6 x 1.3 x 0.8 x 0.5 x 8.8 x 21.3 x 3.2 x 6.8 x 12.5 x 2.0 x 0.6 x 7.8 x 1.1 x 49.6 x 2.2 x 1.1 x 0.6 x 1.8 x 0.6 x 1.1 x 8.3 x 12.1 x 0.0 x 7.8 x 1.5 x 3.5 x 2.2 x 2.7 x 3.4 x 4.2 x 0.0 x 0.2 x 2.6 x 0.7 x 0.4 x 2.3 x 0.0 x 0.0 x 1.5 x 1.7 x 0.2 x 1.1 x 4.6 x 4.1 x 0.9 x 21.7 x 0.2 x 4.6 x 0.5 x 0.2 x 1.3 x 15.4 x 1.5 x 4.4 x 3.2 x 2.0 x 3.1 x

1.1x 6.5x 1.0x 4.5x 1.0x 0.6x 1.1x 1.4x 4.3x 2.4x 0.8x 2.1x 1.6x 0.2x 1.4x 3.6x 0.2x 0.4x 1.0x 1.7x -

7.6 x 1.2 x 13.0 x 14.2 x 34.1 x 12.7 x 5.6 x 3.7 x 12.2 x 2.5 x 12.0 x 19.7 x 1.6 x 9.6 x 20.7 x 22.0 x 9.6 x 10.1 x 8.5 x 0.1 x 10.2 x 0.8 x 0.3 x 0.1 x 11.0 x 26.7 x 0.7 x 9.4 x 4.2 x 44.9 x 5.8 x 8.7 x 10.2 x 9.4 x -

1 6.0 x 1 1.2 x 8.3x 5.1x 5.4x 5.9x 1 0.8 x 7.9x 7.8x 4.0x 4.6x 0.4x 8.4x 8.2x 1 2.9 x 5.7x 4.3x 6.7x -

27 .1x 14 .4x 44 .0x 9. 6x 24 .1x 4. 6x 29 .7x 12 .6x 2. 0x 10 .8x 0. 0x 23 .2x 5. 6x 24 .5x 54 .7x 11 .3x 29 .9x 15 .1x 3. 1x 30 .6x 2. 9x 2. 8x 3. 3x 12 .7x 15 .1x 57 .3x 2. 4x 37 .5x 21 .0x 10 .8x -

3 8.4 x 1 3.8 x 1 1.2 x 1 3.5 x 1 0.1 x 3 7.1 x 1 2.3 x 1 8.1 x 1 3.7 x 4 6.8 x 1 3.5 x 1 4.6 x 1 6.3 x 1 1.5 x 1 1.9 x 1 8.6 x -

3 .1x 0 .5x 0 .3x 1 3.0x 1 6.5x 9 .5x 0 .6x 4 .3x 4 .2x 6 .3x 3 .6x 1 .4x 8 .6x 0 .4x 2 .3x 0 .0x 1 9.9x 3 7.0x 2 .4x 1 .2x 3 .1x 1 .4x 5 .9x 1 2.8x 0 .5x 0 .8x 8 .1x 3 .9x 3 .6x 1 5.1x 2 .3x 0 .9x 5 .0x 0 .9x 3 .5x 1 .1x 1 8.6x 1 .1x 2 .2x 1 .3x 4 3.4x 6 .1x 1 7.8x 2 3.9x 0 .1x 0 .8x 1 .5x 8 .3x 1 7.1x 0 .0x 7 .0x 3 .7x 1 .1x

23,8 94. 9 0. 0 665. 4 42. 6

49.6 x 0.0 x 5.4x 2.0 x

6.5x 0.2x 1.8x 1.3x

44.9 x 0.1 x 10.7x 9.5 x

1 6.0 x 0.4x 7.4x 7.2x

57 .3x 0. 0x 18.1x 13 .5x

4 6.8 x 1 0.1 x 18.8x 1 3.7 x

4 3.4x 0 .0x 6.9x 3 .6x

US D Market Cap ($m)

Page 17

C omparable C ompany A nalys is > W eb 2.0 Su mmary b y C ountry C om pany Nam e

U S D Market Cap ($m)

U nited S tates C anada

39 10

C hina U nited S tates

C hina

10

Avg US D Mar ket C ap ($m) 42, 326.7 5, 665.5

China S weden

U S D LT M T otal R ev ($m) 4,232. 7 2,193. 9

U S D LT M Total E B IT DA ($m)

C hina U nited S ta tes

3, 841. 3 3, 791. 6

C hina S weden

E B IT DA % 1,782. 0

48. 0%

283. 7

C hina Aus tral ia

37. 2%

J a pan

3, 160.0

Ta iwa n

563. 2

S weden

1, 846. 6

U nited S ta tes

241. 2

T aiwa n

36. 3%

S outh K orea

8

C anada

2, 318.1

Japan

526. 7

C a na da

999. 4

C a na da

196. 7

G ermany

31. 2%

J a pa n

6

S weden

2, 193.9

Hong K ong

387. 3

S outh K orea

672. 4

J apan

108. 8

J a pa n

21. 9%

T a iwa n

3

T a iwa n

1, 689.7

Ca na da

231. 8

J a pa n

499. 9

S outh K orea

S weden

15. 4%

A ustra lia

2

S outh K orea

1, 364.2

S outh K orea

170. 5

H ong K ong

389. 9

T a iwan

52. 4

I ta ly

14. 6%

G ermany

2

H ong K ong

387.3

R us sia

159. 5

T aiwan

365. 8

I taly

35. 0

M a la ys ia

13. 8%

S witz erla nd

1 1

G erma ny

267.8 159.5

United S tates

R uss ia

30. 8 20. 1

R uss ia

R uss ia

239. 0 154. 2

H ong K ong

Ita ly

145. 3 144. 7

I ta ly

R uss ia

H ong K ong

13. 1% 7.9%

144.7

G erma ny

133. 9

I ndia

H ong K ong

91. 4

F inla nd

1

I ta ly

116. 3

M alays ia

10. 9

S outh K orea

6.4%

I ta ly

1

S witz erla nd

81.5

S witzerland

81. 5

M a la ys ia

78. 6

G erma ny

10. 6

S witz erla nd

1.9%

U nited K ingdom

1

F inland

51.1

Finland

51. 1

G ermany

57. 1

Aus tralia

3. 0

C anada

-13.3%

I ndia

1

I ndia

27.8

India

27. 8

S witz erla nd

40. 0

S witz erland

0. 8

U nited S ta tes

-14.8%

S weden

1

M alays ia

26.2

Malay sia

26. 2

Aus tra l ia

15. 9

N orway

-1. 1

I ndia

-23.5%

R us sia

1

Aus tra lia

19.4

Australia

9. 7

F inla nd

6. 0

U nited K ingdom

-1. 9

N orway

-50.6%

M a la ys ia

1

U nited K ingdom

United K ingdom

6. 5

N orwa y

2. 2

F inland

-15. 6

U nited K ingdom

#DI V /0!

0. 3

I ndia

-27. 3

F inla nd

#DI V /0!

N orway G rand To tal

1 90

N orway G rand T otal

6.5 0.1 59,889.9

Norway G rand Total

0. 1 665.4

U nited K ingdom G rand T otal

13,116.6

G r and T otal

2,821.6

G rand T otal

6.8%

Figure 21. Comparison by Country Source. Capital IQ

C omparable C ompany A nalys is > W eb 2.0 Su mmary b y Ex c hange C om pany Nam e

U S D Market Cap ($m) 19

OT C B B N as da qG S

14

SE HK N asdaqG S

OT C P K

11

TSE

K OS E

6

OM

TSE

5

NYS E

N as da qG M

5

GTS M

TSX

4

K OS E

Avg US D Mar ket C ap ($m) 25, 406.4

U S D LT M T otal R ev ($m) 8,468. 8

U S D LT M Total E B IT DA ($m)

E B IT DA % S EHK AS X

42. 7%

669. 5

OM

283. 7

GT SM

36. 3%

239. 0

TSE

89. 4

XT R A

31. 2%

219. 0

K OS E

79. 3

N asdaqG S

30. 2%

154. 2

GT S M

52. 4

TSE

22. 7%

BSE

116. 3

CM

35. 0

OS E

18. 0%

22, 814.1

S E HK OM

2,193. 9

OM N a sda qG S

2, 898.3

NY S E

1,838. 4

S E HK

2, 193.9

Na s daqG S

1,629. 6

CM

1, 838.4

G TS M

708. 5

NYS E

1, 417.1

TS E

579. 7

R TS

1, 281.2

OS E

261. 7

1, 846. 6 484. 3

N a sdaqG S S E HK

473. 4

1,694. 2

37. 2%

T S XV

4

TSX

318.3

K OS E

213. 5

OS E

108. 1

R TS

20. 1

OM

15. 4%

S E HK

N asdaqG M

K LS E

19. 4 10. 9

CM

GT S M

100. 5 91. 1

OS E

CM

159. 5 144. 7

K OS E

XT R A

283.9 267.8

RT S

A ME X

3 2

K LS E

14. 6% 13. 8%

ASX

2

OS E

261.7

XT R A

133. 9

N a sda qG M

82. 5

XTR A

10. 6

R TS

13. 1%

XT R A

2

OT CB B

188.1

SWX

81. 5

K LS E

78. 6

AM E X

6. 4

K OS E

4.4%

GT SM

2

R TS

159.5

TS X

79. 6

TSE

78. 4

AS X

3. 0

N asdaqG M

3.1%

144.7

S WX

1

CM

H LS E

1

SWX

81.5

Na s daqG M

56. 8

TSX

43. 6

SWX

0. 8

SWX

1.9%

HL S E

51. 1

SWX

40. 0

NYS E

0. 0

T S XV

1.3%

CM

1

AM E X

72.8

AME X

36. 4

AM E X

29. 9

OT CN O

-1. 1

TSX

-14.3%

B SE

1

OT CP K

66.3

BS E

27. 8

XT RA

28. 6

TSX

-1. 8

BSE

-23.5%

NYS E

1

T S XV

64.9

KLS E

26. 2

OT CP K

16. 6

AI M

-1. 9

O T CB B

-32.0%

OS E

1

H LS E

51.1

TS X V

16. 2

T S XV

11. 7

N a sdaqG M

-3. 0

AM E X

-36.4%

A IM

1

BS E

27.8

O TC B B

9. 9

AS X

8. 0

T S XV

-6. 2

O T CP K

-41.3%

OM

1

KLS E

26.2

AS X

9. 7

HLS E

6. 0

HLS E

-15. 6

O T CN O

-50.6%

R TS

1

AS X

19.4

AIM

6. 5

OT CN O

2. 2

BSE

-27. 3

NYS E

#DI V /0!

K LS E

1

AI M

6.5

O TC P K

6. 0

OT CB B

1. 7

OT CP K

-34. 0

AI M

#DI V /0!

O T C NO

1

OT CN O

0.1

O TC NO

0. 1

AI M

0. 3

OT CB B

-62. 2

H LS E

#DI V /0!

G rand To tal

90

G rand T otal

Figure 22. Comparison by Exchange Source. Capital IQ

59,889.9

G rand Total

665.4

G rand T otal

154.3

G r and T otal

2,821.6

G rand T otal

6.8%

Page 18

Fin an c in g - L as t Th ree M on ths (U S $ m) Mo nth May-09

Co mpan y N ame Facebook

C ou ntr y USA

J u n -09 T otal

Debt finan c in g

P IP E

S eries A

S eries B

S eries C

S eries D 200. 0

G rand T otal 200. 0

One Net Entertainment

China

Cyberplex

Canada

Peer39

USA

10. 5

10.5

OpenX

UK

10. 0

10.0

Intent Media

USA

Imeem

USA

8.3

8. 8 8. 3

7.0

7. 0

10. 0

10. 0

20.0

12. 9

12.9

9. 0

EveryZing

USA USA

BlogHer Inc. WonderHill

USA USA

7. 0

Gist

USA

6. 8

Fuhu Inc.

USA

Azuki Systems

USA

I Love Rewards

Canada

DocuSign

USA

TimeBridge

USA

OLX

USA

Mediale ts

USA

Resonate Networks

USA

VoxPop

USA

Mo'Minis

Israel

Loop'd Network

USA

9. 0

8. 8

ConnectEdu

May-09 T otal J u n -09

An gel/S e ed

8.2

8. 2 7. 0 6. 8

6.3

6. 3

6. 0

6. 0 5.9

5. 9 5. 0

5.0 5.0

5. 0

4. 0

4. 0 2. 0

2. 0 1. 5

1.5 1. 5

1. 5

0. 8 13.6

5. 0 5. 0

0. 8 10. 0

22.9

32.3

26. 9

40.8

205. 0

16. 0

351.3 16.0

S ug ar Inc .

USA

Tu mri Boku

USA USA

Wimba

USA

G rab N etwo rks AdChina

USA China

Goojet SAS

France

8.5

8. 5

AdMeld Inc.

USA

8.0

8. 0

beeTV

USA

8.0

8. 0

Nokeena

USA

6.5

6. 5

Bubble Motion

USA

Sense N etworks

USA

Zoosk

USA

Gather MojoPages

USA USA

Taomee

China

Animoto

USA

GameGround

Israel

15. 0

15.0

13.0

13.0 12. 0

12.0

12. 0

12.0 10.0

10.0

6. 0

6. 0 6.0

6. 0 6. 0

6.0 5. 3 5. 0

5. 3 5. 0

5. 0

5. 0 4.4

4. 4

4. 1

4. 1

RingRevenue

USA

Crowdcast

USA

3. 0

YuMe

USA

2. 9

2. 9

eRepublik

Spain

2. 8

2. 8

3. 5

3. 5 3. 0

Newser LLC

USA

2. 5

2. 5

ClickFuel

USA

2. 5

2. 5

Inigral

USA

AdEx Media

USA

GROU.PS my6 sense

USA Israel

OneTXT

USA

Yapta

USA

2.0

2. 0

I Love Rewards

Canada

1.8

1. 8

Cliqset

USA

Glubble

Netherlands

Picaboo

USA

TodaCell

Israel

AdWhirl

USA

1. 0

Liq uidPlanner

USA

1. 0

1. 0

MashLogic

USA

0. 5

0. 5

2. 4

2. 4 2. 3

2. 3 2. 1

2. 1 2. 0

2. 0

2. 0

2. 0

1. 5

1. 5 1.0

1. 0

1. 0

1. 0 1. 0

45.3

1. 0 1. 0

15.3

28.5

67. 8

34.0

5.3

196.1

Page 19

Mo nth

Co mpany N ame

C ou ntry

J ul-09

P andora Media

US A

Ko ntera L td.

Is rael

Ning

US A

QuickP lay Media

C anada

Caus es

US A

An gel/S eed

D ebt finan cin g

PIP E

S eries A

S eries B

S eries C

S eries D

35. 0

G rand T otal 35.0

15.5

15.5 15.0

15.0

12.0

12.0 10.0

10.0

Outs park

US A

8.3

8. 3

Co nn ec tE du

US A

8.2

8. 2

Ac quia, In c

US A

S BNation

US A

Metavers um

German y

OP E N S ports n etwork

US A

S tyleCas ter

US A

Nexage

US A

4. 0

TweetD ec k

UK

3. 2

P ro ton Media

US A

Alo qa

German y

Lat49

C anada

Tributes . c om

US A

Co Tweet

US A

1. 1

Clikth ro ugh

US A

1. 0

P eople Capital

US A

8.0

8. 0 6.3

6. 3

4. 0

4. 0 4. 0

4. 0 4. 0 3. 2

2. 5

2. 5

1. 5

1. 5 1. 5

1. 5 1.2

1. 2 1. 1 1. 0

0.5

J ul-09 T otal

46.2

G ran d To tal

105.0

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

8. 0

8. 0

10. 0

38. 2

0. 5

10.1

22. 0

51. 5

27.0

156. 7

70.9

116.6

126.3

237. 3

704. 2

Page 20

C ompany Des c riptio ns - C urrent Mo nth C apital Market A c tivity C ompany

HQ

W ebs ite

Des criptio n

A c qu ia, Inc .

U nited S ta tes

www.acquia.com

Acqui a , Inc ., a n open source software compa ny, prov ides products , serv ices , a nd tec hnic a l s upport for the open sourc e Drupa l soc ia l publishi ng s ys tem. T he compa ny offers Ac quia D rupa l, a pa ck a ged dis tribution of the open sourc e D rupal soc ia l publi shing sy stem tha t is used by W eb developers to build c ommunity W ebsites, a s well as deliver v a rious W eb applic ations, s uc h as s ingle or multi-us er blogs, wikis , community network s , digital media porta ls , a nd ecommerce; Ac quia N etwork, whic h offers s ubs cription-ba sed a cces s to technica l support a nd remote network s ervic es for the dep loyment and operation of Drupa l W ebsites ; a nd Ac quia S ea rch, a tool to s ea rc h the content of a s ite. It a lso provides commercia l grade s upport for the open source Drupal social publishing sy s tem, inc luding modules , themes , and cus tom code. The compa ny was formerly k nown as Aquia , I nc. and cha nge d its na me to Acquia, I nc. in D ecember 2007. Acquia , Inc . wa s founded in 2007 and is bas ed in Andov er, Ma s sac hus etts.

A dL ink Interne t Media A G

G erma ny

www.adlink.net

AdL IN K Internet Media AG , through its s ubsidia ries , provides digital marketing solutions in E urope a nd interna tionally . The c ompany specializ es in dis pla y , a ffiliate, permis s ion, direct, a nd doma in ma rketing. I ts D is pla y Mark eting segment provides online, direc t a nd dia loguebased, and permiss ion/email ma rketing solutions. This s egment’s portfolio c omprises 4, 000 Web s ites with advertis ing env ironment for regiona l, na tional, a nd internationa l c ampa igns. T he c ompa ny’s Affilia te Mark eting s egment opera tes as a brok er between a dvertis ers and W eb s ite publis hers. This s egment a lso offers profess iona l cons ulta tion, promotion options, a nd works hops. A dLIN K I nternet Media ’s Doma in Ma rk eting segment operates a trading platform for the doma in ma rket, a s wel l as a cts as a brok er between domain owners a nd a dvertisers . T he c ompa ny was formerl y known as AdLI NK I nternet M edia G mbH E urope and cha nged its na me to AdL I NK Internet M edia AG in 2000. AdLIN K I nternet Media wa s founded i n 1996 and is he a dquartered in M ontaba ur, G erma ny . AdLIN K Internet Media AG is a subs idiary of U nited I nternet AG .

A lo qa

G erma ny

www.aloqa.com

Aloqa G mbH prov ides a mobile s ervice tha t notifies interes ting pla ces , events , a nd F ac ebook friends in real time. I t s upports v arious pos itionfinding proc ess es, suc h as cell ID , G P S , W LAN , and G S M fingerprinting; a nd enables applica tions and s ervic es to tra ck us er location in rea l time for moving or s ta tiona ry objec ts . Th e c ompa ny s erves publishers , a dv ertis ers, mobile operators , and developers . Aloqa G mbH wa s founded in 2007 a nd is ba s ed in Munic h, G ermany with an a dditiona l loc ation in P a lo Alto, C a lifornia .

C likthrough

U nited S ta tes

www.clikthrough.com

C onn ectE du

U nited S ta tes

www.connectedu.net

C lik thro ugh’s interac tive media tec hnology mak es videos interac tive a nd cha nges videos into online points of s a le to a cc ess un ta pped revenue. C onnec tE du, Inc., a technology c ompa ny, prov ides W eb-ba s ed s olution s to na viga te e duca tion a nd employment tra nsitions. It offers C onnec t! , a W eb-ba s ed s olution tha t provides users with information a nd guida nce in curric ulum, co llege, a nd c areer pl a nning, a s well as online tools and resourc es to nav iga te their high sc hool, c ollege, a nd career life c ycles; a nd P rep Hea dQ uarters, a s et of I nternet-based tool s to enha nc e high school guidance, and make college a nd ca reer prepa ra ti on. The company s erves s tudents , parents, guida nce couns elors, a dmiss ion officers , tra ns fer a dvisors , enrollment ma nagers, and employers . I t ha s strategic partners hips with Na tional C ollegia te Athleti c Ass ocia tion; a al S olutions; C ouncil of N orth C entral Two Y ear C olle ges; M arcia B renner Ass ociates ; Ma ine S tate G E AR UP ; W eidenha mmer; S k y wa rd; C o mputer M a na gement Tec hnologies ; S chools O P E N , L.L . C .; S chool Information S ys tems , Inc . ; and S oftwa re Tec hnology, Inc . C onnectE du, Inc. was founded in 2002 a nd is ba s ed in B oston, M ass achus etts .

C oT weet

U nited S ta tes

www.cotweet.com

C oT weet is a bus iness front-end for T witter, enabling companies to enga ge in proa ctive ma rk eting a nd respons e-oriented customer s ervice a ctivities .

H i-Media S .A.

F rance

wwww.hi-media.com

Invodo, Inc .

U nited S ta tes

www.invodo.com

Hi-M edia S . A. opera tes as a n advertising ma na gement compa ny in France. I t ma rk ets advertising s pa ce to advertis ers on the Internet. T he company als o offers a ra nge of s ervices to digital media publishers , including direc t ma rketing serv ices , which compris e direct marketing me dia pla nning, email, ma il, S M S addres s es leasing, a nd implementing intera ctive TV ca mpa igns ; and micro-pa y ment tec hnical platform a nd s ervic es . In a ddition, it provides serv ices for prospecting a nd ca nv ass ing of advertisers . H i-Media S .A. wa s founded by C yril Zimmerman n in 1996. It was formerly k nown as H i-Media Multimedia a nd changed its na me to H i-Media S .A . in 2000. T he company is ba s ed in P a ris , F ra nce. Inv odo, I nc. offers sec ure client-controlled a nd two-wa y ex cha nges of corporate a nd us er generated v ideo c ommunic a tions between companies , employees , and c us tomers . It prov ides s yndic a tion, reporting and s tats , and cus tomer s erv ices ; a nd a cc ount ma na gement services , including video production and editing, video product pod c reation, UP C /S K U mapping a nd integra tion, a nd v ideo c ontent review. The c ompa ny a ls o offers video produc tion serv ices that c omprise producing, directing, film and video photogra phy , HD TV , crew pla c ement, production ma nagement, location sound, non-linear editing, a udio pos t a nd music produc ti on, a nd s trea ming med ia. It s erves ma nufa c turers a nd retailers . The company wa s founded in 2006 and is bas ed in Austin, T exas .

K ontera

I s ra el

www.kontera.com

K ontera T echnologies , I nc. provides in-text a dv ertis ing a nd information s olutions. I t offers i n-text pa y per c lick and W eb site advertising solutions . The c ompany prov ides C ontentL ink, an in-text a dvertis ing s olution tha t identifies contextual ly releva nt k eywords on a publis her's W eb pa ge, as well a s matches them to releva nt a ds a nd information. T he ContentL ink als o provides a ds , whi ch ena ble W eb publis hers to displa y rel eva nt c ommercial offers on their W eb pa ges , a s well as offers in-text a ds for W eb s ites; a nd va rious forma ts for ads on W eb s ites , forums , a nd blogs . I t s erves online a dvertisers , publis hers, and us ers. The company wa s founded in 2003 a nd is based in S a n F rancis c o, C alifornia with a dditiona l offi ces in New Y ork , N ew Y ork; a nd H erz liya, Is ra el.

L at49 (Idealix s o ftware)

C a nada

www.lat49.com

ID E L I X S oftware , Inc. opera tes a n online a dvertis ing network of intera ctive ma ps . Its network of online ma p properties prov ides local and bra nd a dv ertis ers an intera c tive medium for delivering geo-targ eted and contex tual dis pla y advertisements. T he company s erves a dv ertis ers, W eb s ite publis hers, a nd us ers. I DE LIX S oftwa re, I nc. wa s formerly k nown a s Adv anced Numeric al M ethods , Ltd. and cha nged its na me to ID E L I X S oftware , Inc. in 2001. The company was founded in 1996 a nd is headqua rtered in V ancouv er, C a nada.

Metavers um

G erma ny

www.metaversum.com

Meta vers um G mbH devel ops and operates T winity, a 3D online platform. The Twinity a llows members to crea te a pers ona l a va ta r, ex plore virtua l c ities, mov e into a 3D home, c hat with friends, and work together in E urope and international ly. M etav ersum G mbH ha s a s tra tegic me dia pa rtnership with z itty ; a nd a stra tegic pa rtners hip with B igpoint. T he c ompany wa s founded in 2006 and is bas ed in B erlin, G ermany with a dditiona l offices in K iev a nd S ingapore.

N ing, Inc .

U nited S ta tes

www.ning.com

Ning, I nc. provides web hos ting s ervices . The compa ny ’s platform s upports online communities a nd offers I nternet network ing s olutions. Additi ona lly, it owns a nd opera tes online blogs and forums . The c ompany mark ets its produc t under the Ning brand na me. N ing, Inc. was founded in 2004 a nd is ba s ed in P alo A lto, C alifornia.

N exage

U nited S ta tes

www.nexage.com

NE X AG E , Inc . opera tes as a wireless a nd multi media software and s ervices company in the U nited S ta tes a nd interna tionally . It focuses on providing hos ted white la bel mobile v ideo entertai nment, a dvertis ement, and soc ia l network ing solutions for media companies , content providers , a nd carriers . The compa ny offers P honeCa s t-P ro, whic h prov ides for the a utoma tic c ontent ingestion, enc oding, ma na gement, publishi ng, and deliv ery of s treaming mobile video c ontent; P honeca st C lick -to-V ideo, a mobile advertisi ng s olution for a d agencies a nd a dvertisers to crea te mobile W eb pa ges and load videos for a mobile advertising campaign; a nd My C orner, a branded mobile v ideo s ervice with c ontent for opera tors . N E X AG E , Inc . wa s founded in 2005 a nd is ba s ed in F remont, Ca lifornia.

Ou tS park, Inc.

U nited S ta tes

www.outspark.com

O utS pa rk , I nc. , an enterta inment services compa ny, publishes a nd operates engaging onli ne multipl a yer ga mes . T he compa ny wa s founded in 2006 a nd is based in S a n F rancis c o, C alifornia with a subs idiary office in S eoul, K orea .

Page 21

P andora Media

U nited S ta tes

www.pandora.com

P andora M edia, I nc. , a n Internet ra dio compa ny, prov ides music discovery s ervic es in the Uni ted S tates . The compa ny taps music al collec tion to deliver s erv ice on computer, in the home, a nd on mobile devic es. I t collects melody, ha rmony , ins trumentation, rhy thm, voca ls , a nd ly rics of a s ong. P andora Media, I nc . was formerly known a s S a va ge B east T echnologies. T he compa ny wa s founded in 2000 and is based in Oa kland, C a lifornia .

P eople Capital

U nited S ta tes

www.people2capital.com

P eople Me dia

U nited S ta tes

www.peoplemedia.com

The P eople C apital peer-to-peer s tudent loan lendi ng platform fa c ilitates lending decis ions ba s ed on a student’s “potential” ra ther tha n credit payment his tory . The P eople C a pital platform genera tes liquidity i n the ma rk et by ma tc hing a ll lenders wi th a ll borrowers, not just “family and P eople Media opera tes more tha n 20 v ertic ally focus ed on line c ommunities primarily gea red towa rds da ting.

P ro ton Media

U nited S ta tes

www.protonmedia.com

P rotonM edia LL C provides 3D virtua l world technology , and corpora te tra ining and developi ng s oftware for enterpris es . It offers P rotoS phere, a priv ate virtual world environment for c olla bora tion a nd lea rning, and a s uite of c ommunica tions a nd s ocial networking tools designed to overc ome linear communica tions a nd creates a networked lea rning orga niza tion. The c ompa ny ’s tools a lso ena ble tra iners a nd employees to intera ct a nd collaborate using the s ys tem's built-in a pplica tion s ha ring, voic e ov er I P , text c ha t, and video broa dc a s ting fa c ilities. I ts clients include bus iness a nd educ a tion sectors. P rotonM edia L LC wa s founded in 1998 and is bas ed in L a nsda le, P ennsy lvania .

Qu ic kP lay Media

C a nada

www.quickplaymedi a.com

Q uick P lay M edia, Inc. prov ides media management a nd dis tribution solutions for mobile telev isi on (T V ) and video s ervic e compa nies. I t provides O p enV ideo, a pla tform that offers applic ation integra tion for mobile opera tors, media companies , a nd tec hnology pa rtners in N orth America a nd E urope. The compa ny als o offe rs mana ged s ervic es, inc luding ingestion and dis tribution of content, media mana gement, a pplica tion development, a nd reporting a nd s ettlemen t serv ices , a s well as li ve a nd on-dema nd c ontent serv ices . I n addition, it prov ides hosted solutions tha t integra te mobile TV /v ideo s ervic es into on-dec k and off-deck mobile Internet s ites , a nd content s yndica tion s ervic es. The c ompa ny was founded in 2004 a nd is headqua rtered in Toronto, C a na da. It ha s loca l s ales offices in N orth America a nd E urope.

S BN atio n (S po rts blog s Inc .)

U nited S ta tes

www.sbnation.com

S ports blogs , Inc . , doing bus ines s a s S B N a tion, engages in building s ports s ites on the W eb. I t offers ba seball, bas k etba ll, college, footba ll, a nd hoc k ey blogs, a s well as genera l blogs , s uch a s fanta s y s ports , cy cling, auto rac ing, golf, fitness , fighting, a nd miscella neous . The company was incorpora ted i n 2004 a nd is ba sed in W as hington, Dis trict O f C olumbia .

S tyleCas ter

U nited S ta tes

www.stylecaster.com

S ty leCa s ter M edia G roup, LL C provides online fa s hion-lifestyle information s ervi ces . The c ompany is ba sed in N ew Y ork , New Y ork . K IT N M edia enga ges in the development of fac ebook monetiz ation s oftwa re tool a nd i s based in the United S tates. As of J uly 21, 2009, K IT N M edia opera tes as a subs idia ry of Adk nowledge, I nc . Tributes , Inc. operates Tributes .c om, a n online resource for current loc a l a nd nationa l obi tuary news . T he company operates a s an online community to provide support during times of loss a nd griev ing. It a lso ena bles the v isitors to light c andles or pla ce online gifts on va rious current and his torica l obituaries a v ailable on the na tiona l o bituary news site, as well a s to sha re photos , v ideos, recollections , a nd other a rtifa cts . In addition, the c ompany ’s obituary and online memorial s ervic e information helps people to come together online a nd offline to remember a nd s hare the stories of the people in their lives who ha ve pa ss ed a way. I t has s tra tegic pa rtnerships with E ons , Inc . ; and D ow J ones & C ompa ny . T he company wa s founded in 2008 and is bas ed in B os ton, Ma s sa chusetts. T ributes , I nc. opera tes a s a s ubsidia ry of E ons, Inc .

S uper Rewards ( KITN Media)

C a nada

www.srpoints.com

T ribu tes

U nited S ta tes

www.tributes.com

T weetdeck

U nited K ingdom

www.tweetdeck.com

TweetD eck , I nc. offers a des k top a pplica tion to break twitter feeds into ma na gea ble bite s ized pieces . I ts applica tion ena bles users to split their main feed into topic or group spec ific columns a llowing a broader overview of the tweets . The compa ny wa s founded in 2008 a nd is based in London, the United K ingdom.

X oopit

U nited S ta tes

www.xoopit.com

X oopit, I nc. offers s ea rch engine tec hnologies tha t deliver sea rc h, productivity , a nd soc ia l media a pplica tions to I nternet users . T he company 's G raphica l Us er I nterfac e (G U I) allows users to see photos on a grid, such a s an iP hoto. X oopit, Inc . wa s incorporated in 2004 a nd is bas ed in S a n F ranc isc o, C a lifornia . As of J uly 22, 2009, X oopit, I nc. opera tes a s a s ubsidia ry of Y a hoo! I nc.

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

Page 22

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

www.researchcapital.com

C al gar y 40 3. 26 5. 740 0

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