April on track to be record month?: Total transaction value in the Web 2.0 universe April-to-date is $726.1 million. The number of financings stands at 40 averaging $18.2 million each. Note that this includes the $300 million investment in DST by Tencent. Even excluding this transaction, the average is $15.2 million. In comparison, total capital raised in March was $168.1 million, averaging $5.4 million over 31 deals. The highest monthly total in our Web 2.0 financing database was April 2008 with a total of $765.5 million raised in 47 transactions. Deal round-up for April: The large deal highlights for the month include: § •Tencent invested $300mm in DST (investor in Facebook, Zynga, Groupon). DST invested $135mm in social-shopping service Groupon. Salesforce.com acquired crowd-sourced personal contact service, Jigsaw, for $142 mm. •Warner Bros. acquired gaming company, Turbine, for $160 mm. •Ankeena Networks, media infrastructure solution provider was acquired by Juniper for $100mm. Bullish week for Web 2.0: Sixty-nine percent of the companies in our universe had increased or flat market caps over the past week, sixty-nine percent had increased EV/Revenue multiples, 75% had increased or flat EV/EBITDA multiples and 73% had increased or flat P/E mutliples .

1. Web 2.0 Weekly
“Financing on pace for record month”
April 27, 2010
David Shore, CFA, MBA 416.860.6784
dshore@mackieresearch.com
Damian Wojcichowsky, CFA 416.860.7652
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.
www.mackieresearch.com
Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved www.mackieresearch.com

2. Key Developments (past week)
Deals (M&A, Finance)
Salesforce.com acquired crowd-sourced personal contact service, Jigsaw, for $142
mm.
Warner Bros. acquired gaming company, Turbine, for $160 mm.
Diapers.com, internet retailer, received $20 mm in funding (lifetime financing total = $59
mm).
Financial Results/Guidance
Points International Ltd. (TSX:PTS) revised 2010 revenue guidance. The company
expects 2010 revenue in the range of $85-$95 mm (following on a prior guidance
increase from $60-$70 mm to $75-$85 mm).
CDC Corp. (NasdaqGS:CHIN.A) announced preliminary Q1/10 application sales to
increase by approximately 14% to $8.2 mm from $7.2 mm in Q1/09. Total Non-GAAP
recurring revenue (which CDC defines as Non-GAAP maintenance plus SaaS revenue)
is expected to increase by ~13% to $27.4 mm in Q1/10 from $24.2 mm in Q1/09. First
quarter 2010 license revenue is expected to be $7.9 mm, and Total Contract Value for
new SaaS contracts secured in the quarter is expected to be about $300,000.
2 www.mackieresearch.com

3. Key Developments cont.
Financial Results cont.
Fiscal Period
Company (ended) Revenue (current/prior year) Y/Y % EPS (current/prior year) Y/Y %
Modern Times Group Mtg AB (OM:MTG B) Q1/10 (Mar. 2010) SEK 3,524mm (SEK 3,336mm) 5.6% SEK 4.60 (SEK 2.19) 110.0%
Multiplied Media Corporation (TSXV:MMC) F2009 (Dec. 2009) $288,537 ($69,768) 313.6% ($0.04) (loss $0.011) NM
The New York Times Company (NYSE:NYT) Q1/10 (Mar. 2010) $587.9mm ($607.1mm) -3.2% $0.08 (loss $0.52) NM
Frogster Interactive Pictures AG (XTRA:FRG) F2009 (Dec. 2009) €14.7mm NA €0.96 per share NA
Sohu.com Inc. (NasdaqGS:SOHU) Q1/10 (Mar. 2010) $129.5mm ($115.6mm) 12.0% $0.73 NA
Changyou.com Limited (NasdaqGS:CYOU) Q1/10 (Mar. 2010) $72.0mm ($61.6mm) 16.9% $0.80 per ADS ($0.72 per ADS) 11.1%
3 www.mackieresearch.com

4. Public Company Data
4 www.mackieresearch.com

5. Aggregate Public Data
Web 2.0 Public Companies Total Median Max Min
# Companies 99 - - -
Market Cap (US$ mm) 86,002.5 80.2 38,752.5 1.7
Revenue (US$ mm) 22,695.3 60.4 3,257.4 0.0
1 Year revenue growth 4.8% 1178.9% -91.4%
EBITDA as % of revenue - 11.4% 67.7% -91.9%
Net cash (US$ mm) 8,270.2 1.2 1,754.9 -732.7
TEV/Revenue - 2.0x 45.2x 0.1x
TEV/EBITDA - 9.6x 46.2x 0.1x
P/E - 14.8x 76.6x 0.0x
Relative to 52 week high -29.5% 5.6% -98.1%
Source: CapitalIQ
5 www.mackieresearch.com

6. 6
0
5
10
15
20
25
30
Gaming
27
Social Networking
16
Media
10
7
Diversified
6
Marketing
5
Mobile
Source: CapitalIQ
3
Infrastructure
3
SMS/Voice
3
Enterprise
3
Advertising
2
Internet Retail
2
Virtual World
By Sector
2
Dating
2
Music
1
Vertical Communities
1
Collaboration
1
Podcasting
1
Learning
1
Video
1
Search
1
Payment
1
Financial Services
Public Company Distribution
0
5
10
15
20
25
30
35
40
45
United States
Canada
China
South Korea
Japan
Taiwan
Germany
Australia
United Kingdom
Hong Kong
Poland
Russia
By Country
Finland
Sweden
Malaysia
India
Italy
Switzerland
Israel
www.mackieresearch.com

7. Valuation Dashboard – 1 Week
Market Cap EV/Revenue
Flat
Flat
4%
11%
Falling
31%
Falling
31% Rising
58%
Rising
65%
EV/EBITDA P/E
Flat Flat
2% 0%
Falling
Falling
27%
25%
Rising Rising
73% 73%
7 www.mackieresearch.com

8. 8
Source: CapitalIQ
Multiple (x)
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x
# companies
3/9/2009
3/16/2009
3/23/2009
3/30/2009
4/6/2009
4/13/2009
4/20/2009
4/27/2009
5/4/2009
5/11/2009
5/18/2009
5/25/2009
6/1/2009
6/8/2009
6/15/2009
6/22/2009
Median EV/Revenue
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
Median
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
Long-term average
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
recovering but
2/15/2010
below LT Average
Revenue multiples
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
373838393939404039424243444545444546484949485051545558585860636363626363676867697168646969697172747776797777787779818381
www.mackieresearch.com

9. 9
Source: CapitalIQ
Multiple (x)
# companies
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
3/9/2009
3/16/2009
3/23/2009
3/30/2009
4/6/2009
4/13/2009
4/20/2009
4/27/2009
5/4/2009
5/11/2009
5/18/2009
5/25/2009
6/1/2009
6/8/2009
Median EV/EBITDA
6/15/2009
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
Median
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
Long-term average
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
below LT average
remain depressed
2/8/2010
2/15/2010
EV/EBITDA multiples
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
2120 2022 22 2323 2222 2424 2323 2424 26 2626 2625 2526 2628 28 2930 3334 3639 3738 3738 39 3737 3740 4139 4041 41 4041 4245 4443 4949 4850 50 5049 4846
www.mackieresearch.com

10. 10
Source: CapitalIQ
Multiple (x)
# companies
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
3/9/2009
3/16/2009
3/23/2009
Median P/E
3/30/2009
4/6/2009
4/13/2009
4/20/2009
4/27/2009
5/4/2009
5/11/2009
5/18/2009
5/25/2009
6/1/2009
6/8/2009
6/15/2009
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
Median
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
Long-term average
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
below LT average
2/15/2010
P/E multiples also
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
1719 1919 18 1819 1919 2020 1918 1919 20 2021 2524 2525 2526 26 2729 3029 3031 3032 3435 36 3636 3637 3839 3737 37 3635 3632 3130 3333 3333 33 3333 3231
www.mackieresearch.com

11. 11
-
5.0
10.0
15.0
20.0
25.0
# Companies 2
Infrastructure
6
Diversified
3
SMS/Voice
7
Social Networking
2
Music
1
Vertical Communities
4
Mobile
5
Marketing
1
Learning
Gaming
21
1
Podcasting
1
Collaboration
EV/Revenue
1
Search
3
Advertising
1
Video
2
Internet Retail
3
Enterprise
2
Dating
9
Media
1
Financial Services
1
Virtual World
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Average Valuation – by Sector
# Companies
1
Search
2
Enterprise
5
Diversified
1
Mobile
6
Media
1
Collaboration
2
Internet Retail
5
Social Networking
EV/EBITDA
Gaming
13
1
Financial Services
3
Marketing
1
Dating
1
Advertising
www.mackieresearch.com

12. 12
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Ngi Group Inc.
Cyberplex Inc.
Jumbuck Entertainment Limited
RealNetworks Inc.
Source: CapitalIQ
Tree.Com, Inc.
GameOn Co Ltd.
Actoz Soft Co., Ltd.
Uniserve Communications Corp.
GigaMedia Ltd.
Glu Mobile, Inc.
Openwave Systems Inc.
Northgate Technologies Limited
DADA SpA
Points International Ltd.
Internet Group SA
IAC/InterActiveCorp.
AOL, Inc.
0.20.2 0.40.40.4 0.50.50.50.6 0.60.70.70.70.80.80.80.90.9
CDC Corp.
United Online, Inc.
CornerWorld Corporation
The New York Times Company
TheStreet.com, Inc.
Beyond Commerce, Inc.
OAO RBC Information Systems
AQ Interactive, Inc.
Hutchison Telecommunications Hong
EV/Revenue Ranking
HanbitSoft, Inc.
infoGROUP, Inc.
Gamania Digital Entertainment Co., Ltd.
Spark Networks, Inc.
YD Online Corp.
ValueClick, Inc.
NetDragon WebSoft, Inc.
1.0 1.0 1.0 1.0 1.2 1.2 1.2 1.3 1.3 1.3 1.4 1.4 1.5 1.6 1.6 1.7
Ynk Korea Inc.
Score Media Inc.
Shutterfly, Inc.
1.9 2.02.0
SNAP Interactive, Inc.
PNI Digital Media Inc.
Oriented Media Group Berhad
XING AG
Velti Plc
UOMO Media, Inc
Modern Times Group Mtg AB
NeuLion Incorporated
Webzen Inc.
GungHo Online Entertainment, Inc.
2.22.22.3 2.32.32.4 2.42.6 2.72.9
Sohu.com Inc.
SK Communications Co., Ltd.
Myriad Group AG
Open Text Corp.
NEOWIZ Games Corporation
Wizzard Software Corporation
3.0 3.13.23.2 3.4 3.5
iseemedia Inc.
Taleo Corp.
4.34.8
NeXplore has highest
Lingo Media Corporation
DigitalPost Interactive, Inc.
revenue multiple at 45.2x
WebMediaBrands Inc
5.0 5.1 5.5
Kingsoft Corporation Limited
Accelerize New Media, Inc.
Changyou.com Limited
5.7 5.86.4
Unilava Corporation
6.6
Mixi, Inc.
7.8
Frogster Interactive Pictures AG
9.1
Fluid Music Canada, Inc.
Gree, Inc.
10.3
TransGaming, Inc.
12.0
HUGHES Telematics, Inc.
12.0
Chinese Gamer International
13.4
15.4
GeoSentric Oyj
Paid Inc.
18.1
MOKO.mobi Limited
19.5
Tencent Holdings Ltd.
23.3
Bright Things plc
30.7
SpectrumDNA, Inc.
44.1
NeXplore Corporation
45.2
www.mackieresearch.com

13. 13
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Cyberplex Inc.
GameOn Co Ltd.
Source: CapitalIQ
AOL, Inc.
Actoz Soft Co., Ltd.
1.9 2.0 2.7 2.7
United Online, Inc.
Hutchison Telecommunications Hong Kong Holdings
Ltd.
ValueClick, Inc.
The New York Times Company
4.7 5.1 5.7 5.7
Sohu.com Inc.
Spark Networks, Inc.
DADA SpA
YD Online Corp.
infoGROUP, Inc.
EV/EBITDA Ranking
Gamania Digital Entertainment Co., Ltd.
6.7 6.9 6.9 7.0 7.6 7.8
CDC Corp.
XING AG
NetDragon WebSoft, Inc.
PNI Digital Media Inc.
8.0 8.4 8.4 8.9
Changyou.com Limited
Tree.Com, Inc.
Uniserve Communications Corp.
9.3 9.8 10.1
Velti Plc
11.1
Score Media Inc.
Open Text Corp.
NEOWIZ Games Corporation
GungHo Online Entertainment, Inc.
11.9 11.9 12.0 12.3
Kingsoft Corporation Limited
IAC/InterActiveCorp.
13.2 13.9
the group at 46.2x
HanbitSoft, Inc.
Shutterfly, Inc.
14.6 14.9
SK Communications leads
Openwave Systems Inc.
15.1
Ynk Korea Inc.
Modern Times Group Mtg AB
16.3 17.2
Gree, Inc.
17.5
Mixi, Inc.
21.7
Chinese Gamer International
24.7
Taleo Corp.
32.4
TheStreet.com, Inc.
35.1
Tencent Holdings Ltd.
SK Communications Co., Ltd.
45.5 46.2
www.mackieresearch.com
Excluding EV/EBITDA > 100x