June financing well ahead of average: Financing in the Web 2.0 universe in June was the third highest month (over the past 12) with total transaction value (excluding M&A) of $459.6 million from 51 transactions, averaging $9.0 million each - led by the $147 million Zynga financing. In comparison, total capital raised in June 2009 was $226.3 million, averaging $4.5 million over 50 deals. Excluding Dec 09 and Apr 10, the average monthly total is ~$260 million. Deals (M&A, Finance) Alloy, a provider of news and commentary concerning New Media, was acquired by ZelnickMedia for $127 mm. Facebook’s implied valuation rose to $24 bn as Elevation Partners purchased 5 mm shares of the company for $120 mm in the secondary market. Danish Skype competitor, Vopium, received $16.5 mm in financing from Indian financier, Raghuvinder Kataria. Social networking software developer based in France, Pearltrees, raised $1.6 mm. PapayaMobile, mobile application software company based in China, raised $4 mm. Two Israeli mobile developers received funding this week, including Perfecto Mobile ($4 mm) and Snaptu ($6 mm). Negative price performance The Web 2.0 public company universe fell this week, with 68% of companies seeing their market cap fall vs. 25% rising and 7% flat.

1. Web 2.0 Weekly
“World Cup of Financings as ROW Participates”
June 29, 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) – Worldwide Financings – World Cup Related?
Alloy, a provider of news and commentary concerning New Media, was acquired by
ZelnickMedia for $127 mm.
Facebook’s implied valuation rose to $24 bn as Elevation Partners purchased 5 mm
shares of the company for $120 mm in the secondary market.
Danish Skype competitor, Vopium, received $16.5 mm in financing from Indian
financier, Raghuvinder Kataria.
Social networking software developer based in France, Pearltrees, raised $1.6 mm.
PapayaMobile, mobile application software company based in China, raised $4 mm.
Two Israeli mobile developers received funding this week, including Perfecto Mobile ($4
mm) and Snaptu ($6 mm).
Financial Results/Guidance/Partnerships/Product
Multiplied Media (TSXV:MMC) announced the availability of local weather functionality
for the iPhone version of its Poynt local search mobile application.
2 www.mackieresearch.com

3. Public Company Data
3 www.mackieresearch.com

4. Aggregate Public Data
Web 2.0 Public Companies Total Median Max Min
# Companies 101 - - -
Market Cap (US$ mm) 76,167.1 73.3 30,613.7 1.2
Revenue (US$ mm) 23,488.2 56.7 3,057.7 0.0
1 Year revenue growth 5.7% 8961.6% -100.0%
EBITDA as % of revenue - 13.3% 63.1% -99.5%
Net cash (US$ mm) 9,046.6 2.3 1,836.0 -670.8
TEV/Revenue - 1.9x 47.4x 0.0x
TEV/EBITDA - 8.8x 49.3x 0.5x
P/E - 16.8x 94.5x 0.0x
Relative to 52 week high -40.9% -1.6% -95.6%
Source: CapitalIQ
4 www.mackieresearch.com

5. 5
0
5
10
15
20
25
30
Gaming
28
Social Networking
16
Media
10
8
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
Hong Kong
Germany
Poland
Australia
United Kingdom
By Country
Italy
Finland
Sweden
India
Russia
Malaysia
Switzerland
www.mackieresearch.com

6. Valuation Dashboard – 1 Week
Market Cap EV/Revenue
Flat
7% Flat
2%
Rising
25% Rising
23%
Falling
75%
Falling
68%
EV/EBITDA P/E
Flat Flat
4% 0%
Rising
28% Rising
32%
Falling
68%
Falling
68%
6 www.mackieresearch.com

7. 7
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
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
Median EV/Revenue
8/31/2009
9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
Median
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
Long-term average
1/25/2010
2/1/2010
2/8/2010
2/15/2010
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
average
3/29/2010
4/5/2010
well below LT
4/12/2010
4/19/2010
down slightly, still
Revenue multiples
4/26/2010
5/3/2010
5/10/2010
5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
383839393940394042424445464646464749515151535456616161616366666666666670717073747069727272747476807880808181808282858384
www.mackieresearch.com

8. 8
Source: CapitalIQ
Multiple (x )
# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
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
Median EV/EBITDA
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
Median
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
Long-term average
2/1/2010
2/8/2010
2/15/2010
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
EV/EBITDA multiples down,
depressed below LT average
5/10/2010
5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
20 20 22 22 23 23 22 22 24 24 23 23 24 24 26 26 26 26 25 25 26 28 30 30 34 33 36 36 38 38 39 40 39 41 41 39 39 39 43 43 41 42 43 43 42 43 43 45 46 45 50 50 50 53 52 52 51 51 49 51
www.mackieresearch.com

9. 9
Source: CapitalIQ
Multiple (x )
# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
35. 0x
5/11/2009
5/18/2009
5/25/2009
Median P/E
6/1/2009
6/8/2009
6/15/2009
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
Median
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
Long-term average
2/1/2010
2/8/2010
2/15/2010
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
and below LT average
4/19/2010
P/E multiples also down
4/26/2010
5/3/2010
5/10/2010
5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
19 18 19 18 19 19 19 19 20 20 19 18 19 19 20 20 21 25 24 25 25 27 28 27 30 31 32 32 32 33 33 35 37 39 39 39 40 39 40 41 42 40 40 40 38 37 38 34 33 32 35 35 35 35 35 35 35 34 34 34
www.mackieresearch.com

10. 10
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
# Companies 1
Virtual World
36.3
2
Infrastructure
13.4
7
Diversified
9.9
1
Learning
8.4
8
Social Networking
5.3
2
Music
4.7
1
Vertical Communities
4.3
1
Search
4.2
Gaming
21
3.7
4
Mobile
3.5
3
SMS/Voice
3.3
6
Marketing
3.2
Average EV/Revenue – by Sector
1
Podcasting
2.8
3
Advertising
2.7
1
Collaboration
2.5
9
Media
2.3
2
Internet Retail
2.0
1
Video
1.9
3
Enterprise
1.8
2
Dating
1.4
1
Financial Services
0.4
www.mackieresearch.com

11. Average EV/EBITDA – by Sector
60.0
49.3
50.0
45.4
40.0
30.0
20.0 18.2
15.6
11.7 11.7 11.7 11.0
9.7 9.3 8.9
10.0
-
Diversified
Advertising
Financial Services
Internet Retail
Search
Enterprise
Mobile
Gaming
Social Networking
Media
Collaboration
# Companies 1 1 2 2 14 2 5 6 1 6 1
11 www.mackieresearch.com

12. Average P/E – by Sector
100.0
93.0
90.0
80.0
70.0
60.0 56.3
50.0
39.1
40.0
34.9
29.0
30.0
25.5
20.0
15.0
13.6 13.2
10.0
-
Internet Retail Enterprise Collaboration Diversified Marketing Social Advertising Media Gaming
Networking
2 3 1 8 6 16 3 10 28
# Companies
12 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
NeXplore C orporation
47
Source: CapitalIQ
36
Worlds .com Inc.
33
S oc ialG O P L C
26
S pectrumDNA, Inc.
16
T encent H oldings Ltd.
13
P aid Inc.
G eoS entric O yj
B ey ond C ommerce, Inc .
11 11 11
G ree, Inc.
10
MO K O .mobi Limited
9
C hines e G amer International
8
Lingo Media C orporation
F luid Mus ic C anada, Inc .
DigitalP os t Interactive, Inc .
7 7 7
Dena C o. Ltd.
T rans G aming, Inc .
7 6
Ac celeriz e New Media, Inc.
5
HU G H E S T elematics , Inc .
WebMediaB rands Inc
S K C ommunications C o. , L td.
C hangy ou.c om Limited
4 4 4 4
T aleo C orp.
Mix i, Inc.
4 3
F rogs ter Interactiv e P ic tures AG
K ings oft C orporation L imited
Wiz z ard S oftware C orporation
3 3 3
is eemedia Inc.
O pen T ex t C orp.
EV/Revenue Ranking
NE O WIZ G ames C orporation
eP ro Ltd.
Modern T imes G roup Mtg AB
XING AG
G ungH o O nline E ntertainment, Inc .
S hutterfly, Inc.
S ohu.com Inc.
V elti P lc
S core Media Inc.
U O MO Media, Inc
P NI Digital Media Inc .
NeuLion Incorporated 2 2 2 2 2 2 2 2 2 2 2 2 2
V alueC lic k , Inc.
Myriad G roup AG
H anbitS oft, Inc.
Webz en Inc.
U nilav a C orporation
P latforma Mediowa P oint G roup S . A.
S park Network s , Inc.
Y D O nline C orp.
NeXplore has highest
revenue multiple at 47x
G amania Digital E ntertainment C o. , L td.
2 2 2 2 2 2 1 1 1 1
H utchis on T elec ommunic ations Hong
infoG R O U P , Inc .
S NAP Interac tiv e, Inc.
NetDragon WebS oft, Inc.
Y nk K orea Inc.
O riented Media G roup B erhad
C ornerWorld C orporation
O AO R B C Information S ys tems
Internet G roup S A
AQ Interac tiv e, Inc.
T he New Y ork T imes C ompany
C DC C orp.
T heS treet. com, Inc.
Northgate T echnologies Limited
IAC /InterAc tiv eC orp.
P oints International L td.
C yberplex Inc.
United O nline, Inc.
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
U nis erv e C ommunic ations C orp.
AO L, Inc.
DADA S pA
G lu Mobile, Inc.
G igaMedia Ltd.
Ac toz S oft C o., Ltd.
T ree.C om, Inc.
O penwav e S y s tems Inc.
G ameO n C o L td.
R ealNetwork s Inc.
J umbuc k E ntertainment Limited
1 1 1 1 0 0 0 0 0 0 0
As k net AG
0
Look S mart, L td.
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