April 2010 a record month for Web 2.0 Financing: Total transaction value (excluding M&A) in the Web 2.0 universe for April was $808.2 million - the highest monthly total we have recorded. The number of financings was also a record, at 48, averaging $16.8 million each. Note that this includes the $300 million investment in DST by Tencent. Excluding this transaction, the average is $9.6 million. In comparison, total capital raised in March was $168.1 million, averaging $5.4 million over 31 deals. Deal round-up for April: The large deal highlights for the month include: Tencent invested $300mm in DST (investor in Facebook, Zynga, Groupon). Apple acquired Siri, a mobile local search developer for a rumoured $225 mm. DST acquired ICQ, the instant messaging company, for $187.5 mm. Warner Bros. acquired gaming company, Turbine, for $160 mm. DST invested $135mm in social-shopping service Groupon. Salesforce.com acquired crowd-sourced personal contact service, Jigsaw, for $142 mm. Ankeena Networks, media infrastructure solution provider was acquired by Juniper for $100mm. Bearish week: Price performance was largely negative in our Web 2.0 universe, with prices dropping for over 60% of the companies.

1. Web 2.0 Weekly
“Apple+Siri=Mobile Search Madness”
May 4, 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) – Apple Delves into Content, DST at It Again
Siri (mobile personal assistant app developer) was acquired by Apple for a rumoured
$225 mm – initiating a flurry of prognosticating over what this means for Apple –
potentially building a mobile search business around its market leading mobile devices?
DST, the Russian diversified Web and telecom concern, acquired instant messaging
company, ICQ, for $187.5 mm.
Tremor Media (online Hollywood media source) raised $40 mm in late-stage financing.
Crowdsourced retail competitor to Groupon, LivingSocial, raised $14 mm – this
following on the heels of Groupon’s $135 mm injection from DST.
Financial Results/Guidance
Open Text Corp. (NasdaqGS:OTEX) reported Q3/F10 revenue of $212.8 mm (vs.
$192.0 mm in Q3/F09) and Adjusted EPS of $0.70 (vs. consensus: $0.74 and Q3/F09 of
$0.59). Management noted its comfort with current Q4/F10 consensus estimates, which
pegs Q4/F10 revenue expectations at $246-$278 mm.
Sohu.com (NasdaqGS:SOHU) reported Q1/F10 revenue of $129.5 mm vs. $115.7 mm
a year ago (+12% Y/Y), with $0.86/share non-GAAP EPS compared with $1.13/share in
the same period last year.
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 99 - - -
Market Cap (US$ mm) 83,388.0 78.4 38,745.0 1.4
Revenue (US$ mm) 22,599.1 60.2 3,057.7 0.0
1 Year revenue growth 4.2% 857.0% -91.4%
EBITDA as % of revenue - 13.4% 67.7% -75.0%
Net cash (US$ mm) 8,523.1 1.8 1,754.4 -732.7
TEV/Revenue - 2.0x 46.4x 0.0x
TEV/EBITDA - 9.0x 49.6x 0.1x
P/E - 17.4x 96.9x 0.0x
Relative to 52 week high -32.7% 1.9% -98.5%
Source: CapitalIQ
4 www.mackieresearch.com

5. 5
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

6. Valuation Dashboard – 1 Week
Market Cap EV/Revenue
Flat Flat
12% 3%
Rising
24% Falling Rising
46% 51%
Falling
64%
EV/EBITDA P/E
Flat Flat
2% 0%
Falling
41%
Falling Rising
47% 51%
Rising
59%
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
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
6/29/2009
Median EV/Revenue
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
Median
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
2/15/2010
recovering, but
2/22/2010
below LT Average
Revenue multiples
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
383738394039403940424344444645444647484949485253545858585963636362636367676767706969647170707471747476787777777979808280
www.mackieresearch.com

8. 8
Source: CapitalIQ
Multiple (x )
# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
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
Median EV/EBITDA
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
Median
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009
Long-term average
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
remain depressed
2/22/2010
EV/EBITDA multiples
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
20 19 21 22 23 23 22 22 22 24 23 25 23 24 24 26 27 27 26 25 25 26 28 29 28 31 32 33 35 37 37 37 38 37 39 40 37 37 37 41 40 40 40 42 41 42 42 42 43 43 46 48 48 50 50 50 50 49 48 47
www.mackieresearch.com

9. 9
Source: CapitalIQ
Multiple (x )
# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
3/16/2009
3/23/2009
3/30/2009
Median P/E
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
9/14/2009
Median
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009
Long-term average
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010
2/22/2010
below LT average
P/E multiples also
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
17 19 19 18 18 19 18 19 18 20 20 19 18 19 19 20 21 22 25 24 24 25 26 27 26 29 30 30 28 32 31 30 34 35 37 37 36 37 37 37 39 36 37 37 38 36 36 35 31 31 31 33 33 34 33 33 34 33 32 34
www.mackieresearch.com

10. 10
-
5.0
10.0
15.0
20.0
25.0
# Companies 2
Infrastructure
3
SMS/Voice
7
Social Networking
1
Vertical Communities
2
Music
5
Diversified
1
Learning
4
Mobile
6
Marketing
Gaming
21
1
Search
1
Podcasting
EV/Revenue
9
Media
3
Advertising
1
Collaboration
1
Video
2
Internet Retail
3
Enterprise
2
Dating
1
Financial Services
1
Virtual World
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
Average Valuation – By Sector
# Companies
2
Mobile
2
Enterprise
5
Diversified
6
Media
2
Internet Retail
Gaming
14
5
Social Networking
1
Collaboration
EV/EBITDA
1
Financial Services
3
Marketing
1
Dating
1
Advertising
Vertical
0
Communities
www.mackieresearch.com

11. 11
0. 0
5. 0
10. 0
15. 0
20. 0
25. 0
30. 0
35. 0
40. 0
45. 0
50. 0
C yberplex Inc .
As k net AG
Ngi G roup Inc.
J umbuck E ntertainment L imited
Source: CapitalIQ
T ree.C om, Inc .
R ealNetwork s Inc .
G ameO n C o L td.
O penwav e S ys tems Inc.
U nis erv e C ommunic ations C orp.
Ac toz S oft C o. , L td.
G igaMedia L td.
G lu Mobile, Inc.
Northgate T ec hnologies L imited
DADA S pA
AO L, Inc.
P oints International L td.
IAC /InterAc tiveC orp.
0.10.10.3 0.40.40.40.4 0.50.50.50.50.6 0.70.70.70.70.80.8
Internet G roup S A
C DC C orp.
T he New Y ork T imes C ompany
U nited O nline, Inc.
T heS treet. com, Inc.
C ornerWorld C orporation
AQ Interac tive, Inc .
O AO R B C Information S y s tems
infoG R O UP , Inc.
EV/Revenue Ranking
H anbitS oft, Inc.
G amania Digital E ntertainment C o. , L td.
Hutchis on T elec ommunications H ong K ong
Y D O nline C orp.
S park Network s , Inc .
NetDragon WebS oft, Inc .
Y nk K orea Inc.
0.80.90.90.91.0 1.2 1.2 1.3 1.3 1.4 1.4 1.5 1.5 1.5 1.7 1.7
V alueC lick , Inc .
1.8
S hutterfly, Inc .
UO MO Media, Inc
S core Media Inc .
S NAP Interactiv e, Inc.
XING AG
P NI Digital Media Inc.
V elti P lc
Modern T imes G roup Mtg AB
NeuL ion Incorporated
O riented Media G roup B erhad
S ohu. c om Inc .
Webz en Inc.
G ungH o O nline E ntertainment, Inc.
Myriad G roup AG
O pen T ex t C orp.
2.02.0 2.12.22.2 2.32.32.42.4 2.52.6 2.72.72.7
F rogs ter Interactiv e P ictures AG
is eemedia Inc .
Wiz z ard S oftware C orporation
NE O WIZ G ames C orporation
S K C ommunications C o. , L td.
3.0 3.23.2 3.43.4
4.0
T aleo C orp.
Lingo Media C orporation
revenue multiple at 46.4x
SpectrumDNA has highest
DigitalP os t Interac tive, Inc .
C hangy ou.c om L imited
4.9 5.0 5.1 5.4
K ings oft C orporation L imited
Acc eleriz e New Media, Inc .
WebMediaB rands Inc
5.6 5.7 5.7
Unilava C orporation
6.3
Mix i, Inc .
7.5
G ree, Inc .
F luid Mus ic C anada, Inc .
9.1
H U G HE S T elematic s , Inc.
T rans G aming, Inc .
11.211.5
C hines e G amer International
13.6
B eyond C ommerce, Inc .
14.3
G eoS entric O yj
15.4
MO K O .mobi L imited
18.2
P aid Inc .
19.2
T encent H oldings L td.
23.3
B right T hings plc
27.8
S pectrumDNA, Inc.
46.4
www.mackieresearch.com

12. 12
0.0
10.0
20.0
30.0
40.0
50.0
60.0
G ameO n C o L td.
AO L , Inc .
Source: CapitalIQ
Ac toz S oft C o., L td.
1. 9 2.2 2. 4
United O nline, Inc .
T he New Y ork T imes C ompany
H utc his on T elec ommunications H ong K ong H oldings
4.5 5. 3 5.6
L td.
V alueC lic k , Inc.
S ohu.c om Inc.
DADA S pA
Y D O nline C orp.
S park Network s , Inc.
C DC C orp.
5. 9 6. 0 6. 6 6. 8 7.0 7. 2
infoG R O U P , Inc .
EV/EBITDA Ranking
G amania Digital E ntertainment C o., L td.
C hangy ou.c om L imited
XING AG
NetDragon WebS oft, Inc.
U nis erve C ommunic ations C orp.
7.5 7. 9 8.1 8. 1 8. 1 8. 9
P NI Digital Media Inc.
T ree. C om, Inc.
O pen T ex t C orp.
IAC /InterAc tiveC orp.
9. 0 9.1 9. 7 9.8
V elti P lc
G ungH o O nline E ntertainment, Inc .
11.1 12. 0
NE O WIZ G ames C orporation
S c ore Media Inc.
K ings oft C orporation L imited
G ree, Inc.
group at 49.6x
S hutterfly , Inc.
12.6 12.9 12. 9 13.0 13. 7
Myriad Group leads the
H anbitS oft, Inc .
14.5
Y nk K orea Inc .
Modern T imes G roup Mtg AB
15. 9 16.6
O penwave S y s tems Inc .
F rogs ter Interactive P ic tures AG
17. 5 18. 5
Mix i, Inc.
20. 9
C hines e G amer International
25. 2
T aleo C orp.
29.6
T heS treet.c om, Inc .
32. 4
T enc ent H oldings L td.
45.5
My riad G roup AG
49. 6
www.mackieresearch.com
Excluding EV/EBITDA > 100x