Web 2.0 Weekly - July 20, 2010: "DST Cashing Up"

www.mackieresearch.com

Web 2.0 Weekly

“DST Cashing Up”

Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved

July 20, 2010

David Shore, CFA, MBA [email protected]

Damian Wojcichowsky, CFA 416.860.7652

This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer.For further disclosures, please see last page of this report.

www.mackieresearch.com

www.mackieresearch.com2

Key Developments (past week)

Deals (M&A, Finance) – Major DST Financing

� Naspers, a South African media and print conglomerate, invested $388 mm in Digital Sky Technologies, the Russian digital media holding company with significant stakes in Facebook, Groupon, Mail.ru, and Zynga.

� The next biggest raise of the week was Australian enterprise software developer, Atlassian, receiving $60 mm in Series A funds from Accel Partners.

� Social Commerce continues to garner attention – this week BlueSwarm ($0.8 mm angel round) and Shopkick ($15 mm Series B round) raised money.

� Another $31 mm in venture funds found their way to Advertising-related start-ups, including Israel-based Adsmarket ($17 mm), as well as a pair of India-based companies – Komli Media ($6 mm) and InMobi ($8 mm).

Financial Results/Guidance/Partnerships/Product� Score Media (TSX:SCR, BUY, FTM price target: $1.25), Canadian sports

entertainment media concern and developer of the popular Score Mobile application for iPhone, BlackBerry, and Android, reported strong Q3/F10 results, including total revenue of $12.0 million (+10.8% Y/Y, +20.4% Q/Q, MRCC estimate: $11.5 million), EBITDA of $2.0 million (+16.6% Y/Y, +79.1% Q/Q, MRCC: $1.8 million), EBITDA margin of 17.0% (MRCC: 16.0%), and EPS of $0.01 – inline with our $0.01 estimate.


688.0

247.0

135.0

60.0 50.0 50.0 44.0 40.0 38.5 35.0

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0D

igita

l S

ky

Te

ch

no

log

ies

Zyn

ga

Gro

up

on

Atla

ssia

n

Gla

m M

ed

ia

Qiy

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Liv

ing

So

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resp

ace

Gilt G

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Chart of the Week: DST Continues to Cash Up

DST has raised almost $700 mm this year as it continues to make large investments in

Web 2.0 companies


Public Company Data


Aggregate Public Data

Web 2.0 Public Companies Total Median Max Min# Companies 102 - - -

Market Cap (US$ mm) 81,684.2 56.0 32,832.1 0.0

Revenue (US$ mm) 28,443.7 47.9 6,736.1 0.0

1 Year revenue growth 1.9% 8961.6% -100.0%

EBITDA as % of revenue - 8.3% 63.1% -99.5%

Net cash (US$ mm) 17,042.9 2.8 6,535.8 -670.8

TEV/Revenue - 1.9x 43.5x 0.1x

TEV/EBITDA - 8.3x 48.9x 0.3x

P/E - 15.0x 94.5x 0.0x

Relative to 52 week high -42.2% -1.6% -93.3%

Source: CapitalIQ


Public Company Distribution

By Sector By Country

Source: CapitalIQ

28

17

109

5 5

3 3 3 32 2 2 2

1 1 1 1 1 1 1 1

0

5

10

15

20

25

30

Ga

min

g

So

cia

l N

etw

ork

ing

Me

dia

Div

ers

ifie

d

Mobile

Ma

rketin

g

Infr

astr

uctu

re

SM

S/V

oic

e

Ente

rpris

e

Ad

vert

isin

g

Inte

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Reta

il

Vir

tual W

orl

d

Datin

g

Mu

sic

Ve

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om

munit

ies

Sea

rch

Po

dca

stin

g

Lea

rnin

g

Vid

eo

Co

llab

ora

tio

n

Pay

ment

Fin

ancia

l S

erv

ices

0

5

10

15

20

25

30

35

40

45

Unit

ed S

tate

s

Cana

da

Chin

a

So

uth

Kore

a

Japa

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Ta

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Hong K

ong

Ge

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Po

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Au

str

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Un

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Kin

gdom

Italy

Fin

lan

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Sw

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India

Ru

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Mala

ysia

Sw

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Valuation Dashboard – 1 Week

Rising

43%

Falling

48%

Flat

9%

Rising

47%

Falling

51%

Flat

2%

Rising

56%

Falling

42%

Flat

2%

Market Cap

Rising

59%

Falling

38%

Flat

3%

EV/Revenue

EV/EBITDA P/E


Median EV/Revenue

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

5.0x6

/1/2

00

96

/8/2

00

96

/15

/20

09

6/2

2/2

00

96

/29

/20

09

7/6

/20

09

7/1

3/2

00

97

/20

/20

09

7/2

7/2

00

98

/3/2

00

98

/10

/20

09

8/1

7/2

00

98

/24

/20

09

8/3

1/2

00

99

/7/2

00

99

/14

/20

09

9/2

1/2

00

99

/28

/20

09

10

/5/2

00

91

0/1

2/2

00

91

0/1

9/2

00

91

0/2

6/2

00

91

1/2

/20

09

11

/9/2

00

91

1/1

6/2

00

91

1/2

3/2

00

91

1/3

0/2

00

91

2/7

/20

09

12

/14

/20

09

12

/21

/20

09

12

/28

/20

09

1/4

/20

10

1/1

1/2

01

01

/18

/20

10

1/2

5/2

01

02

/1/2

01

02

/8/2

01

02

/15

/20

10

2/2

2/2

01

03

/1/2

01

03

/8/2

01

03

/15

/20

10

3/2

2/2

01

03

/29

/20

10

4/5

/20

10

4/1

2/2

01

04

/19

/20

10

4/2

6/2

01

05

/3/2

01

05

/10

/20

10

5/1

7/2

01

05

/24

/20

10

5/3

1/2

01

06

/7/2

01

06

/14

/20

10

6/2

1/2

01

06

/28

/20

10

7/5

/20

10

7/1

2/2

01

07

/19

/20

10

373939394040394242444546464646474951515150535656606161646666676464656971717274716770727370767578788179807878808084818484

Mu

ltip

le (

x)

Median Long-term average

# companies

Source: CapitalIQ

Revenue multiples down slightly, still

well below LT average


Median EV/EBITDA

0. 0x

5. 0x

10. 0x

15. 0x

20. 0x

25. 0x

30. 0x

6/1/2009

6/8/2009

6/15/2009

6/22/2009

6/29/2009

7/6/2009

7/13/2009

7/20/2009

7/27/2009

8/3/2009

8/10/2009

8/17/2009

8/24/2009

8/31/2009

9/7/2009

9/14/2009

9/21/2009

9/28/2009

10/5/2009

10/12/2009

10/19/2009

10/26/2009

11/2/2009

11/9/2009

11/16/2009

11/23/2009

11/30/2009

12/7/2009

12/14/2009

12/21/2009

12/28/2009

1/4/2010

1/11/2010

1/18/2010

1/25/2010

2/1/2010

2/8/2010

2/15/2010

2/22/2010

3/1/2010

3/8/2010

3/15/2010

3/22/2010

3/29/2010

4/5/2010

4/12/2010

4/19/2010

4/26/2010

5/3/2010

5/10/2010

5/17/2010

5/24/2010

5/31/2010

6/7/2010

6/14/2010

6/21/2010

6/28/2010

7/5/2010

7/12/2010

7/19/2010

19 21 21 22 22 2121 2223 22 21 2323 25 25 25 25 25 2425 26 28 3129 32 3435 37 40 3839 37 39 4039 38 3841 42 41 4141 41 41 43 43 45 4444 50 49 4849 5050 48 49 47 4949

Multiple (x)


# companies

Source: CapitalIQ

EV/EBITDA multiples up-tick slightly, but still depressed

below LT average


Median P/E

0. 0x

5. 0x

10. 0x

15. 0x

20. 0x

25. 0x

30. 0x

35. 0x

40. 0x

6/1/2009

6/8/2009

6/15/2009

6/22/2009

6/29/2009

7/6/2009

7/13/2009

7/20/2009

7/27/2009

8/3/2009

8/10/2009

8/17/2009

8/24/2009

8/31/2009

9/7/2009

9/14/2009

9/21/2009

9/28/2009

10/5/2009

10/12/2009

10/19/2009

10/26/2009

11/2/2009

11/9/2009

11/16/2009

11/23/2009

11/30/2009

12/7/2009

12/14/2009

12/21/2009

12/28/2009

1/4/2010

1/11/2010

1/18/2010

1/25/2010

2/1/2010

2/8/2010

2/15/2010

2/22/2010

3/1/2010

3/8/2010

3/15/2010

3/22/2010

3/29/2010

4/5/2010

4/12/2010

4/19/2010

4/26/2010

5/3/2010

5/10/2010

5/17/2010

5/24/2010

5/31/2010

6/7/2010

6/14/2010

6/21/2010

6/28/2010

7/5/2010

7/12/2010

7/19/2010

20 19 18 18 18 1919 1920 19 18 1919 18 19 20 23 24 2424 25 26 2626 30 3132 30 33 3334 34 37 3838 38 3839 40 41 3939 39 37 36 37 34 3332 35 35 3535 3535 36 36 32 3333

Multiple (x)


# companies

Source: CapitalIQ

P/E multiples also tick up and still below LT

average


Average EV/Revenue – by Sector

33.0

13.4

9.2 9.07.6

4.94.3 4.0 3.7 3.4 3.3 3.3 2.8 2.5 2.3 2.3 1.9 1.8 1.5 1.3

0.4

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0V

irtu

al W

orld

Infr

astr

uctu

re

Socia

l N

etw

ork

ing

Div

ers

ifie

d

Learn

ing

Mobile

Music

Searc

h

Gam

ing

Mark

eting

SM

S/V

oic

e

Vert

ical C

om

munitie

s

Podcasting

Colla

bora

tion

Media

Advert

isin

g

Inte

rnet

Reta

il

Ente

rprise

Vid

eo

Dating

Fin

ancia

l S

erv

ices

1 2 9 7 1 4 2 1 21 5 3 1 1 1 9 3 2 3 1 2 1# Companies


Average EV/EBITDA – by Sector

41.3

18.3

16.4

12.7 12.210.8 10.1

9.2 9.0

6.9 6.6

4.0

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

Searc

h

Mobile

Ente

rprise

Gam

ing

Div

ers

ifie

d

Inte

rnet

Reta

il

Socia

l N

etw

ork

ing

Colla

bora

tion

Media

Mark

eting

Dating

Advert

isin

g

1 3 2 13 5 2 6 1 6 2 1 1# Companies


Average P/E – by Sector

87.6

56.5

40.3

35.9

23.3

19.2

14.3 13.1 13.0

7.3

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

Internet

Retail

Enterprise Collaboration Diversified Social

Networking

Marketing Advertising Gaming Media Virtual World

2 3 1 9 17 5 3 28 10 2# Companies


43

36

2625

17

15 15

1211

9 9 9

77

6 6 5 54 4 4 4 4 3 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

Accredited Members Holding Corporation

Worlds.com Inc.

SpectrumDNA, Inc.

SocialGO PLC

Tencent Holdings Ltd.

MOKO.mobi Limited

GeoSentric Oyj

Paid Inc.

Beyond Commerce, Inc.

Lingo Media Corporation

Chinese Gamer International

Gree, Inc.

DigitalPost Interactive, Inc.

Mood Media Corporation

Dena Co. Ltd.

TransGaming, Inc.

Accelerize New Media, Inc.

HUGHES Telematics, Inc.

Frogster Interactive Pictures AG

Changyou.com Limited

Mixi, Inc.

SK Communications Co., Ltd.

Taleo Corp.

Kingsoft Corporation Limited

WebMediaBrands Inc

Motricity, Inc.

iseemedia Inc.

Wizzard Software Corporation

Open Text Corp.

ePro Ltd.

Modern Times Group Mtg AB

HanbitSoft, Inc.

XING AG

NEOWIZ Games Corporation

Sohu.com Inc.

Score Media Inc.

UOMO Media, Inc

Velti Plc

Shutterfly, Inc.

PNI Digital Media Inc.

ValueClick, Inc.

GungHo Online Entertainment, Inc.

Platforma Mediowa Point Group S.A.

Myriad Group AG

NeuLion Incorporated

Webzen Inc.

Gamania Digital Entertainment Co., Ltd.

Hutchison Telecommunications Hong

YD Online Corp.

Spark Networks, Inc.

Unilava Corporation

SNAP Interactive, Inc.

Ynk Korea Inc.

NetDragon WebSoft, Inc.

AQ Interactive, Inc.

Points International Ltd.

Internet Group SA

OAO RBC Information Systems

Oriented Media Group Berhad

The New York Times Company

IAC/InterActiveCorp.

DADA SpA

Northgate Technologies Limited

TheStreet.com, Inc.

United Online, Inc.

Uniserve Communications Corp.

AOL, Inc.

CDC Corp.

Glu Mobile, Inc.

GigaMedia Ltd.

Tree.Com, Inc.

Actoz Soft Co., Ltd.

Cyberplex Inc.

Openwave Systems Inc.

RealNetworks Inc.

Jumbuck Entertainment Limited

GameOn Co Ltd.

Asknet AG

LookSmart, Ltd.

DigitalTown, Inc.

EV/Revenue Ranking

Source: CapitalIQ

Accredited Members Holding Co. has highest revenue multiple at 43x


48.9

41.3

33.0

27.227.025.8

18.016.916.516.315.9

14.614.112.812.612.2

11.110.79.6 9.2 9.1 8.4 8.3 7.7 7.6 7.5 7.3 7.3 7.3 7.1 6.6 6.3 6.3 5.8 5.7 5.1 4.9 4.0 3.6

2.1 1.90.6 0.3 0.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

HanbitSoft, Inc.

SK Communications Co., Ltd.


Motricity, Inc.

Taleo Corp.



Myriad Group AG

Mixi, Inc.

Modern Times Group Mtg AB

Gree, Inc.

AQ Interactive, Inc.

Shutterfly, Inc.

TheStreet.com, Inc.

Score Media Inc.

Dena Co. Ltd.

YD Online Corp.

Openwave Systems Inc.

IAC/InterActiveCorp.

Open Text Corp.

DADA SpA


XING AG

GungHo Online Entertainment, Inc.

Velti Plc

PNI Digital Media Inc.





Spark Networks, Inc.


ValueClick, Inc.

CDC Corp.

Hutchison Telecommunications Hong Kong Holdings Ltd.


Sohu.com Inc.

Cyberplex Inc.

United Online, Inc.

AOL, Inc.

Actoz Soft Co., Ltd.

GameOn Co Ltd.


Mood Media Corporation

EV/EBITDA Ranking

Excluding EV/EBITDA > 100xSource: CapitalIQ

HanbitSoft leads the group at 48.9x


94.5

87.6

64.6

50.3 48.4

43.940.3

31.7 31.2 30.5 29.227.2

24.4 23.6

17.8 17.215.1 14.9 14.8 14.3 13.4 12.6 10.8 9.3 8.5 8.5 7.3

5.12.9 2.3 2.0 1.9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

ePro Ltd.

Shutterfly, Inc.

Points International Ltd.

Mixi, Inc.

CDC Corp.


Open Text Corp.


Gree, Inc.



Dena Co. Ltd.


Velti Plc

Hutchison Telecommunications Hong Kong Holdings Ltd.


DADA SpA


ValueClick, Inc.

Cyberplex Inc.

Sohu.com Inc.


AOL, Inc.


GameOn Co Ltd.

United Online, Inc.

Ngi Group Inc.



Netease.com Inc.

Giant Interactive Group, Inc.

Shanda Interactive Entertainment Ltd.

P/E Ranking

Source: CapitalIQ

ePro has the highest P/E at 94.5x


Total Market Capitalization

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

7/27/2009

8/3/2009

8/10/2009

8/17/2009

8/24/2009

8/31/2009

9/7/2009

9/14/2009

9/21/2009

9/28/2009

10/5/2009

10/12/2009

10/19/2009

10/26/2009

11/2/2009

11/9/2009

11/16/2009

11/23/2009

11/30/2009

12/7/2009

12/14/2009

12/21/2009

12/28/2009

1/4/2010

1/11/2010

1/18/2010

1/25/2010

2/1/2010

2/8/2010

2/15/2010

2/22/2010

3/1/2010

3/8/2010

3/15/2010

3/22/2010

3/29/2010

4/5/2010

4/12/2010

4/19/2010

4/26/2010

5/3/2010

5/10/2010

5/17/2010

5/24/2010

5/31/2010

6/7/2010

6/14/2010

6/21/2010

6/28/2010

7/5/2010

7/12/2010

7/19/2010

97 97 97 97 97 97 96 97 97 97 97 98 98 98 98 98 98 98 99 99 99 99 99 99 99 99 99 99 99 99100101101101101101101101101101101101101101101101101102102102101102

(US$m)

# companies

Source: CapitalIQ

Total market cap at $81.7 bn with 102 companies

now represented in our Web 2.0

index


Total Market Cap – by Sector

-

5,000.0

10,000.0

15,000.0

20,000.0

25,000.0

30,000.0

35,000.0

40,000.0D

ivers

ifie

d

Gam

ing

Media

Socia

l N

etw

ork

ing

Mobile

Colla

bora

tion

Ente

rprise

Mark

eting

Inte

rnet

Reta

il

Searc

h

SM

S/V

oic

e

Fin

ancia

l S

erv

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Dating

Music

Advert

isin

g

Vid

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Virtu

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orld

Vert

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munitie

s

Paym

ent

Podcasting

Infr

astr

uctu

re

Learn

ing

9 28 10 17 5 1 3 5 2 1 3 1 2 2 3 1 2 1 1 1 3 1# Companies

Nine Diversified companies totaling $36 bn in market cap


Market Cap Ranking

0

1,000

2,000

3,000

4,000

5,000

6,000

Tencent H

old

ings L

td.

Fro

gste

r In

tera

ctiv

e P

ictu

res A

GN

ete

ase.c

om

Inc.

Dena C

o. Ltd

.IA

C/Inte

rActiv

eC

orp

.S

handa Inte

ractiv

e E

nte

rtain

ment Ltd

.O

pen T

ext C

orp

.A

OL, In

c.

GeoS

entr

ic O

yj

Sohu.c

om

Inc.

Gia

nt In

tera

ctiv

e G

roup, In

c.

GungH

o O

nlin

e E

nte

rtain

ment, Inc.

Changyou.c

om

Lim

ited

The N

ew

York

Tim

es C

om

pany

Perf

ect W

orld C

o., L

td.

Tale

o C

orp

.V

alu

eC

lick, In

c.

Chin

ese G

am

er

Inte

rnatio

nal

SK

Com

munic

atio

ns C

o., L

td.

NE

OW

IZ G

am

es C

orp

ora

tion

Shutterf

ly, In

c.

Unite

d O

nlin

e, In

c.

RealN

etw

ork

s Inc.

Motr

icity

, In

c.

Hutc

his

on T

ele

com

munic

atio

ns H

ong K

ong H

old

ings

Gre

e, In

c.

NetD

ragon W

ebS

oft, In

c.

Velti

Plc

CD

C C

orp

.G

am

ania

Dig

ital E

nte

rtain

ment C

o., L

td.

Myriad G

roup A

GX

ING

AG

Openw

ave S

yste

ms Inc.

OA

O R

BC

Info

rmatio

n S

yste

ms

MO

KO

.mobi L

imite

dG

igaM

edia

Ltd

.T

he9 L

imite

dA

Q Inte

ractiv

e, In

c.

Webzen Inc.

Poin

ts Inte

rnatio

nal L

td.

DA

DA

SpA

TheS

treet.com

, In

c.

HU

GH

ES

Tele

matic

s, In

c.

Tre

e.C

om

, In

c.

Acto

z S

oft C

o., L

td.

Score

Media

Inc.

Spark

Netw

ork

s, In

c.

Paid

Inc.

Mood M

edia

Corp

ora

tion

NeuLio

n Incorp

ora

ted

YD

Onlin

e C

orp

.Y

ippy, In

c.

Quepasa C

orp

.P

latform

a M

edio

wa P

oin

t G

roup S

.A.

PN

I D

igita

l Media

Inc.

Ngi G

roup Inc.

Cyberp

lex Inc.

Glu

Mobile

, In

c.

Gra

vity

Co., L

tdD

igita

lTow

n, In

c.

eP

ro L

td.

Multi

plie

d M

edia

Corp

ora

tion

Tra

nsG

am

ing, In

c.

WebM

edia

Bra

nds Inc

LookS

mart

, Ltd

.N

eX

plo

re C

orp

ora

tion

Socia

lwis

e, In

c.

Accre

dite

d M

em

bers

Hold

ing C

orp

ora

tion

Asknet A

GY

nk K

ore

a Inc.

VO

IS, In

c.

Accele

rize N

ew

Media

, In

c.

YouB

last G

lobal,

Inc.

Wiz

zard

Softw

are

Corp

ora

tion

Moggle

, In

cN

ort

hgate

Technolo

gie

s L

imite

dD

olp

hin

Dig

ital M

edia

, In

c.

iseem

edia

Inc.

Dig

italP

ost In

tera

ctiv

e, In

c.

Kent In

tern

atio

nal H

old

ings Inc.

Unila

va C

orp

ora

tion

Jum

buck E

nte

rtain

ment Lim

ited

Worlds.c

om

Inc.

Socia

lGO

PLC

SN

AP

Inte

ractiv

e, In

c.

Modern

Tim

es G

roup M

tg A

BB

eyond C

om

merc

e, In

c.

Spectr

um

DN

A, In

c.

IAS

Energ

y, In

c.

Kiw

ibox.C

om

, In

c.

Unis

erv

e C

om

munic

atio

ns C

orp

.In

tern

et G

roup S

AO

riente

d M

edia

Gro

up B

erh

ad

En2G

o Inte

rnatio

nal,

Inc.

Mobile

Data

Corp

.U

OM

O M

edia

, In

cLiv

eW

orld Inc.

Lin

go M

edia

Corp

ora

tion

Kin

gsoft C

orp

ora

tion L

imite

dG

am

eO

n C

o L

td.

HanbitS

oft, In

c.

Source: CapitalIQ

Tencent’s $32.8 bn market cap dominates group


Price Performance – 1 Week

Price Momentum• Moderately negative price momentum,

with 51% of stocks falling over the past week.

• The market is see-sawing – this week down, last week up, and the prior week down.

Rising

38%

Flat

11%

Falling

51%


Average Price Performance – 1 Week, by Sector

23.0%22.5%

16.2%

6.8%5.2% 5.2%

2.5% 1.7% 1.1% 1.0%

-0.4% -0.5% -0.7% -1.6% -1.9% -2.2% -2.6% -3.2% -3.8%-4.9% -5.3%

-11.1%-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Mu

sic

Le

arn

ing

Infr

astr

uctu

re

Vid

eo

Vir

tua

l W

orl

d

Mo

bile

Po

dca

stin

g

Co

lla

bo

ratio

n

Da

tin

g

Div

ers

ifie

d

Pa

ym

en

t

Me

dia

Ma

rke

tin

g

En

terp

rise

Fin

an

cia

l

Se

rvic

es

Inte

rne

t R

eta

il

Ga

min

g

So

cia

l

Ne

two

rkin

g

Se

arc

h

Ve

rtic

al

Co

mm

un

itie

s

Ad

ve

rtis

ing

SM

S/V

oic

e

Source: CapitalIQ

Music sector shows highest weekly returns


Price Performance – 1 Week

-60.0%

-40.0%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

AC

CM

ET

GI

UN

LA

DP

DM

AIM

:SG

OY

IPI

YB

LT

OM

ED

IAA

SX

:JM

BK

IWB

XT

RA

:A5

AT

SX

:CX

GT

SM

:30

83

TS

XV

:US

SG

RV

YP

AY

DT

SX

V:T

NG

38

38

38

12

21

21

A0

47

08

0S

EH

K:2

15

NY

TW

EB

MK

OS

E:A

06

90

80

TS

CM

HU

TC

A0

66

27

0C

HIN

.A6

18

0A

09

56

60

SN

DA

RB

CI

A0

23

77

0S

FL

YP

WR

DG

AIA

SC

.AT

RE

ED

GL

PM

TG

BT

SX

V:P

N3

76

5V

EL

A0

52

77

0T

LE

O5

90

05

7W

SE

:PG

M2

49

7S

CL

WF

RG

NT

ES

IEE

ST

VI

MY

RN

77

7T

SX

:PT

ST

SX

V:M

MC

DB

:M0

CS

EH

K:8

08

6B

YO

CL

VW

DG

EO

1V

O1

BC

T

SE

:36

32

70

0IA

CI

TS

X:M

MN

CT

YG

IGM

OP

WV

38

88

WS

E:IG

RQ

PS

AS

OH

UO

TE

XV

CL

KA

OL

LO

VU

NT

DW

ZE

KN

TH

TS

E:2

43

2R

NW

KC

YO

UA

05

27

90

LO

OK

DG

TW

TS

X:S

CR

CM

:DA

AC

LZ

TS

X:N

LN

WD

DD

GL

UU

MB

YL

TS

XV

:LM

MO

TR

SP

XA

VO

ISM

KB

UO

MO

NX

PC

Source: CapitalIQ


Price Performance (Top 10)

1 Month

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Wo

rld

s.co

m

Inc.

Ha

nb

itSo

ft,

Inc.

Fro

gste

r

Inte

ract

ive

Pic

ture

s A

G

DA

DA

Sp

A

Ne

Xp

lore

Co

rpo

ratio

n

MO

KO

.mo

bi

Lim

ited

Po

ints

Inte

rna

tion

al

Ltd

.

Th

e9

Lim

ited

Ne

tea

se.c

om

Inc.

Glu

Mo

bile

,

Inc.

3 Month

0%

10%

20%

30%

40%

50%

60%

YouB

last

Glo

bal,

Inc.

Poin

ts

Inte

rnational Ltd

.

eP

ro L

td.

SK

Com

munic

ations

Co.,

Ltd

.

LookS

mart

, Ltd

.

Glu

Mobile

, In

c.

Unis

erv

e

Com

munic

ations

Corp

.

Velti P

lc

HanbitS

oft

, In

c.

Yip

py,

Inc.

6 Month

0%

500%

1000%

1500%

2000%

2500%

OA

O R

BC

Info

rmation

Syste

ms

Beyond

Com

merc

e,

Inc.

eP

ro L

td.

AQ

Inte

ractive,

Inc.

SN

AP

Inte

ractive,

Inc.

Poin

ts

Inte

rnational

Ltd

.

HanbitS

oft

,

Inc.

Velti P

lc

YouB

last

Glo

bal, I

nc.

Liv

eW

orld

Inc.

1 Year

0%

500%

1000%

1500%

2000%

2500%

3000%

OA

O R

BC

Info

rma

tio

n

Sys

tem

s

Yip

py,

In

c.

eP

ro L

td.

Qu

ep

asa

Co

rp.

AQ

In

tera

ctiv

e,

Inc. Ve

lti P

lc

De

na

Co

. L

td.

Fro

gste

r

Inte

ract

ive

Pic

ture

s A

G

SK

Co

mm

un

ica

tion

s

Co

., L

td.

Gre

e,

Inc.

Source: CapitalIQ


Price Performance (Bottom 10)

1 Week

-50.0%

-45.0%

-40.0%

-35.0%

-30.0%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

Kiw

ibo

x.C

om

,

Inc

.

Ju

mb

uck

Ente

rtain

ment

Lim

ited

Oriente

d

Media

Gro

up

Berh

ad

YouB

last

Glo

bal,

Inc.

Yip

py,

Inc

.

Socia

lGO

PLC

Dolp

hin

Dig

ital

Media

, In

c.

Unila

va

Co

rpo

ratio

n

En2

Go

Inte

rna

tion

al,

Inc.

Acc

red

ited

Mem

bers

Hold

ing

Co

rpo

ratio

n

1 Month

-70.0%

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

De

na C

o.

Ltd

.

So

cia

lGO

PLC

Do

lphin

Dig

ital

Media

, In

c.

Ng

i Gro

up I

nc.

Kiw

ibo

x.C

om

,

Inc.

We

bM

edia

Bra

nds

Inc

Bey

ond

Com

me

rce,

Inc

.

Un

ilav

a

Corp

ora

tion

Ac

cre

dite

d

Mem

bers

Hold

ing

Corp

ora

tion

En2G

o

Inte

rnatio

nal,

Inc.

6 Month

-100.0%

-90.0%

-80.0%

-70.0%

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

Cyb

erp

lex

Inc

.

Tra

ns

Gam

ing

,

Inc.

Th

e9 L

imite

d

Sp

ectr

um

DN

A,

Inc

.

UO

MO

Media

,

Inc

Lin

go M

edia

Corp

ora

tion

Kiw

ibox

.Co

m,

Inc.

Unila

va

Corp

ora

tion

Mobile

Data

Corp

.

En2G

o

Inte

rnatio

nal,

Inc.

1 Year

-100.0%-90.0%-80.0%-70.0%-60.0%-50.0%-40.0%-30.0%-20.0%-10.0%

0.0%

Dolp

hin

Dig

ital

Media

, In

c.

Wiz

zard

Softw

are

Corp

ora

tion

Moggle

, In

c

Cyberp

lex Inc.

IAS

Energ

y,

Inc.

Spectr

um

DN

A,

Inc.

Beyond

Com

merc

e,

Inc.

UO

MO

Media

,

Inc

En2G

o

Inte

rnatio

nal,

Inc.

YouB

last

Glo

bal,

Inc.

Source: CapitalIQ


Capital Market Activity (Financing, M&A)


Capital Market Activity – Current MonthCompany Name Country Sector Acquis ition Ange l/Seed Ser ies A Series B Ser ies C NA Grand Total

ITA Software US A S earch 700.0 700.0

infoGROUP US A Advertis ing 644.9 644.9

Digital Sky Technologies Rus s ia Divers if ied 388.0 388.0

Zynga US A Gaming 100.0 100.0

Atlas s ian Aus tra lia Enterpris e 60.0 60.0

Squares pace US A B log 38.5 38.5

Sys omos Canada Analy tics 35.0 35.0

Ads market Is rael Advertis ing 17.0 17.0

BuyWithMe US A S ocia l Commerce 16.0 16.0

Shopk ick US A S ocia l Commerce 15.0 15.0

hi5 US A S oc ia l Netw orks 14.0 14.0

Pixazza US A V is ual Commerce 12.0 12.0

Beyond The Rack Canada S ocia l Commerce 12.0 12.0

OCTANE360 US A Advertis ing 10.9 10.9

7 S tar Entertainment US A Media 10.0 10.0

Flirtomatic UK S oc ia l Netw orks 9.0 9.0

My-wardrobe .com UK Internet R etail 9.0 9.0

InMobi India Advertis ing 8.0 8.0

AdSafe Media US A Advertis ing 7.3 7.3

Kom li Media India Advertis ing 6.0 6.0

Aurora Fe int US A Gaming 5.0 5.0

Xgraph US A Analy tics 3.8 3.8

Vivox US A SMS /V oice 2.0 2.0

ThredUP US A S ocia l Commerce 1.7 1.7

GroupSpaces UK V ertica l Communities 1.3 1.3

Maven Res earch US A Comment/Reputation 1.0 1.0

Gendai Games US A Gaming 1.0 1.0

iGuiders US A S earch 1.0 1.0

Matomy Is rael Widget 1.0 1.0

Soho OS US A Enterpris e 1.0 1.0

Hive7 US A Gaming 0.9 0.9

BlueSwarm US A S ocia l Commerce 0.8 0.8

L ive fyre US A Comment/Reputation 0.8 0.8

Ze Frank Games US A Gaming 0.5 0.5

1391.7 3.3 110.3 58.3 9.0 561.8 2134.3


Capital Market Activity – Current Month, by Sector

Other

9%

Search

36%

Advertising

35%

Diversified

20%

$ Raised # Deals

Other

73%

Search

6%

Advertising

18%

Diversified

3%


6.3

8.5

6.4

9.6

12.2

7.4

10.1

5.7

13.7

5.5

8.1

25.6

5.2

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1000.0

Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10

(US

$m

)

0.0

5.0

10.0

15.0

20.0

25.0

30.0

(US

$m

)

Total Average per Deal LTM Total Average***Dec-09 includes $180m Zynga investment

Apr-10 includes $300m DST investment

Jun-10 includes $147m Zynga investment**Excludes Dec-09, Apr-

10

Financing Activity

Large transactions drive July financing to near record levels


0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1,000.0

Searc

h

Advert

isin

g

Gam

ing

Div

ers

ified

Media

Socia

l Com

merc

e

Analy

tics

Inte

rnet R

eta

il

Ente

rprise

Colla

bora

tion

Mobile

Socia

l Netw

ork

s

Music

Virtu

al W

orld

Blo

g

Vert

ical C

om

muniti

es

Locatio

n-b

ased S

NS

Infr

astr

uctu

re

Vid

eo

SM

S/V

oic

e

Com

ment/R

eputa

tion

Mobile

Ad

Virtu

al G

oods

Fin

ancia

l Serv

ices

Vis

ual C

om

merc

e

Wid

get

Aggre

gatio

n

Publis

hin

g

Tra

vel

Mic

roblo

g

Onlin

e L

earn

ing

Cro

wdsourc

ed

Conte

nt

7 24 17 1 7 12 12 7 6 3 10 8 2 5 1 6 3 6 4 2 4 2 2 3 1 2 3 2 3 1 1 1

(US

$m

)

# companies

Capital Market Activity Ranking – by Sector, last three months

Advertising the biggest area of interest in the past three months (24

deals, $851 mm)


Top 5 Sectors (2008-present)

$ Raised # Deals

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

Ja

n-0

8

Fe

b-0

8

Mar-

08

Ap

r-08

May-0

8

Ju

n-0

8

Jul-

08

Aug-0

8

Sep-0

8

Oc

t-08

No

v-0

8

Dec-0

8

Ja

n-0

9

Fe

b-0

9

Mar-

09

Ap

r-09

May-0

9

Ju

n-0

9

Jul-

09

Aug-0

9

Sep-0

9

Oc

t-09

No

v-0

9

Dec-0

9

Ja

n-1

0

Fe

b-1

0

Mar-

10

Ap

r-10

May-1

0

Ju

n-1

0

Jul-

10

(US

$ m

m)

Social Networks Gaming Advertising Video Diversified

0

5

10

15

20

25

30

Ja

n-0

8

Fe

b-0

8

Mar-

08

Ap

r-08

May-0

8

Ju

n-0

8

Jul-

08

Aug-0

8

Sep-0

8

Oc

t-08

No

v-0

8

Dec-0

8

Ja

n-0

9

Fe

b-0

9

Mar-

09

Ap

r-09

May-0

9

Ju

n-0

9

Jul-

09

Aug-0

9

Sep-0

9

Oc

t-09

No

v-0

9

Dec-0

9

Ja

n-1

0

Fe

b-1

0

Mar-

10

Ap

r-10

May-1

0

Ju

n-1

0

Jul-

10

(# D

eals

)

Social Networks Advertising Gaming Virtual World Video

75% of financing comes from Top 5 sectorsTop 5 sectors average $175 mm & 16 deals per month (aggregate)


Top 10 (2010 YTD)

Financing Acquisitions

688.0

247.0

135.0

60.0 50.0 50.0 44.0 40.0 38.5 35.0

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

Dig

ita

l S

ky

Te

ch

no

log

ies

Zyn

ga

Gro

up

on

Atla

ssia

n

Gla

m M

ed

ia

Qiy

i

Liv

ing

So

cia

l

Tre

mo

r M

ed

ia

Sq

ua

resp

ace

Gilt G

rou

pe

700.0

644.9

225.0

187.5161.5 160.0

142.0126.5

110.0 100.0

0

100

200

300

400

500

600

700

800

ITA

So

ftw

are

info

GR

OU

P

Sir

i

ICQ

Exa

lea

d

Tu

rbin

e

Jig

sa

w

Allo

y

Wo

ot

An

ke

en

a N

etw

ork

s

DST soars to top with almost $700 million in financing this year


Upcoming Events/Earnings

Source: CapitalIQ

Earnings C alendarCompany Date / Time Quarter Conf Call Details

Modern Times Group Mtg AB (OM:MTG B) Jul-20-2010 9:00 AM Q2/10 46-0-8-5051-3785

The New York Times Company (NYSE:NYT) Jul-22-2010 11:00 AM Q2/10 888-293-6979

Changyou.com Limited (NasdaqGS:CYOU) Jul-26-2010 7:00 AM Q2/10 1-866-804-6927

Sohu.com Inc. (NasdaqGS:SOHU) Jul-26-2010 8:30 AM Q2/10 1-877-941-6009

IAC/InterActiveCorp. (NasdaqGS:IACI) Jul-28-2010 11:00 AM Q2/10 NA

Shutterf ly, Inc. (NasdaqGS:SFLY) Jul-28-2010 5:00 PM Q2/10 970-315-0490

Taleo Corp. (NasdaqGM:TLEO) Jul-28-2010 5:30 PM Q2/10 NA

Tree.Com, Inc. (NasdaqGM:TREE) Jul-29-2010 11:00 AM Q2/10 877-874-1588

RealNetw orks Inc. (NasdaqGS:RNWK) Jul-29-2010 5:00 PM Q2/10 800-857-5305

LookSmart, Ltd. (NasdaqGM:LOOK) 2-Aug-10 Q2/10 NA

Glu Mobile, Inc. (NasdaqGM:GLUU) Aug-03-2010 4:30 PM Q2/10 877-311-0653

Motricity, Inc. (NasdaqGM:MOTR) Aug-03-2010 5:00 PM Q2/10 1-877-941-8416

TheStreet.com, Inc. (NasdaqGM:TSCM) Aug-04-2010 5:00 PM Q2/10 866-730-5767

AOL, Inc. (NYSE:AOL) Aug-04-2010 8:00 AM Q2/10 866-362-4820

ValueClick, Inc. (NasdaqGS:VCLK) Aug-05-2010 4:30 PM Q2/10 818-575-4677

Openw ave Systems Inc. (NasdaqGS:OPWV) Aug-05-2010 5:00 PM Q4/10 877-941-2068

Open Text Corp. (NasdaqGS:OTEX) Aug-18-2010 5:00 PM Q4/10 416-644-3414

The9 Limited (NasdaqGS:NCTY) Aug-24-2010 9:00 PM Q2/10 1-866-788-0538


Public Company ListingCompany Name Ticker Exchange

Trading

Currency HQ

Current

Price

US$ Market

C ap (mm) Employees

Accelerize New M edia, Inc. ACLZ OTCBB USD United States 0.51 15.9 10

Accredited M embers Holding Corporation ACCM OTCBB USD United States 0.75 21.9 8

Actoz Soft Co., Ltd. A052790 KOSE KRW South Korea 10,800 78.8 NA

AOL, Inc. AOL NYSE USD United States 21.09 2,250.7 6,700

AQ Interactive, Inc. 3838 TSE JPY Japan 164,900 103.5 NA

Asknet AG XTRA:A5A XTRA EUR Germany 2.90 19.0 NA

Beyond Commerce, Inc. BYOC OTCBB USD United States 0.08 5.3 16

CDC Corp. CHIN.A NasdaqGS USD Hong Kong 2.07 218.6 2,810

Changyou.com Limited CYOU NasdaqGS USD China 26.60 1,371.7 1,308

Chinese Gamer International GTSM :3083 GTSM TWD Taiwan 267.00 712.8 NA

Cyberplex Inc. TSX:CX TSX CAD Canada 0.61 42.0 NA

DADA SpA CM :DA CM EUR Italy 4.56 95.9 597

Dena Co. Ltd. TSE:2432 TSE JPY Japan 2,168 3,565.1 NA

DigitalPost Interactive, Inc. DGLP OTCBB USD United States 0.05 6.8 6

DigitalTown, Inc. DGTW OTCBB USD United States 1.15 32.1 4

Dolphin Digital M edia, Inc. DPDM OTCBB USD United States 0.15 9.3 NA

En2Go International, Inc. ETGI OTCBB USD United States 0.08 1.9 NA

ePro Ltd. SEHK:8086 SEHK HKD Hong Kong 0.70 30.3 707

Frogster Interactive P ictures AG FRG XTRA EUR Germany 24.70 10,661.3 NA

Gamania Digital Entertainment Co., Ltd. 6180 GTSM TWD Taiwan 51.80 206.3 NA

GameOn Co Ltd. 3812 TSE JPY Japan 68,700 0.3 NA

GeoSentric Oyj GEO1V HLSE EUR Finland 0.03 2,059.3 130

Giant Interactive Group, Inc. GA NYSE USD China 6.99 1,588.0 1,575

GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 2.20 121.7 NA

Glu M obile, Inc. GLUU NasdaqGM USD United States 1.35 41.3 479

Gravity Co., Ltd GRVY NasdaqGM USD South Korea 1.35 37.5 455

Gree, Inc. TSE:3632 TSE JPY Japan 6,300 245.2 NA

GungHo Online Entertainment, Inc. 3765 OSE JPY Japan 185,300 1,547.1 NA

HanbitSoft, Inc. A047080 KOSE KRW South Korea 6,120 0.1 NA

HUGHES Telematics, Inc. HUTC OTCBB USD United States 2.50 84.3 276

Hutchison Telecommunications Hong Kong Holdings Ltd.SEHK:215 SEHK HKD Hong Kong 1.73 322.5 1,732

IAC/InterActiveCorp. IACI NasdaqGS USD United States 22.61 2,507.1 3,200

IAS Energy, Inc. IASC.A OTCPK USD Canada 0.05 3.5 NA

Internet Group SA WSE:IGR WSE PLN Poland 0.76 2.7 NA

iseemedia Inc. IEE TSXV CAD Canada 0.12 7.6 NA

Jumbuck Entertainment Limited ASX:JM B ASX AUD Australia 0.17 5.9 79

Kent International Holdings Inc. KNTH OTCPK USD United States 1.90 6.8 NA


Public Company Listing cont.

Company Name Ticke r Exchange

Trading

Currency HQ

Current

Price

US$ Market

Cap (mm ) Employees

Kingsoft Corporation Limited 3888 SEHK HKD China 4.07 0.4 2,735

Kiwibox.Com, Inc. KIWB OTCBB USD United States 0.01 3.3 6

Lingo M edia Corporation TSXV:LM TSXV CAD Canada 0.49 1.2 NA

LiveWorld Inc. LVWD OTCPK USD United States 0.04 1.2 NA

LookSmart, Ltd. LOOK NasdaqGM USD United States 1.50 25.7 65

M ixi, Inc. 2121 TSE JPY Japan 423,500 0.0 NA

M obile Data Corp. M BYL OTCBB USD United States 0.06 1.4 NA

M odern Times Group M tg AB M TG B OM SEK Sweden 442.00 5.4 2,936

M oggle, Inc DB:M 0C DB EUR United States 0.85 12.3 2

M OKO.mobi Limited M KB ASX AUD Australia 0.08 147.3 NA

M ood M edia Corporation TSX:M M TSX CAD Canada 1.61 60.0 NA

M otricity, Inc. M OTR NasdaqGM USD United States 8.49 337.4 355

M ultiplied M edia Corporation TSXV:M M C TSXV CAD Canada 0.11 27.7 NA

M yriad Group AG M YRN SWX CHF Switzerland 4.30 198.6 778

NEOWIZ Games Corporation A095660 KOSE KRW South Korea 36,900 640.1 NA

NetDragon WebSoft, Inc. 777 SEHK HKD China 3.58 242.3 2,901

Netease.com Inc. NTES NasdaqGS USD China 33.53 4,351.0 4,624

NeuLion Incorporated TSX:NLN TSX CAD Canada 0.47 52.1 224

NeXplore Corporation NXPC OTCPK USD United States 0.45 25.1 NA

Ngi Group Inc. 2497 TSE JPY Japan 30,400 45.1 NA

Northgate Technologies Limited 590057 BSE INR India 16.05 11.9 NA

OAO RBC Information Systems RBCI M ICEX RUB Russia 33.90 150.1 2,523

Open Text Corp. OTEX NasdaqGS USD Canada 39.72 2,255.3 3,700

Openwave Systems Inc. OPWV NasdaqGS USD United States 1.96 164.4 590

Oriented M edia Group Berhad OM EDIA KLSE M YR M alaysia 0.07 2.7 NA

Paid Inc. PAYD OTCBB USD United States 0.24 65.1 20

Perfect World Co., Ltd. PWRD NasdaqGS USD China 23.95 1,199.0 2,896

Platfo rma M ediowa Point Group S.A. WSE:PGM WSE PLN Poland 1.47 47.9 NA

PNI Digital M edia Inc. TSXV:PN TSXV CAD Canada 1.41 45.8 NA

Points International Ltd. TSX:PTS TSX CAD Canada 0.70 99.5 93

Quepasa Corp. QPSA OTCBB USD United States 3.75 48.6 71

RealNetworks Inc. RNWK NasdaqGS USD United States 3.42 462.6 1,754

Score M edia Inc. TSX:SCR TSX CAD Canada 0.91 70.1 220

Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 38.98 2,314.6 5,721

Shutterfly, Inc. SFLY NasdaqGS USD United States 23.80 639.1 519

SK Communications Co., Ltd. A066270 KOSE KRW South Korea 19,250 652.3 NA


Public Company Listing cont.

Company Name Ticker Exchange

Trading

Currency HQ

Current

Pr ice

US$ Market

Cap (mm) Employees

SNAP Interactive, Inc. STVI OTCBB USD United States 0.17 5.6 15

SocialGO PLC AIM :SGO AIM GBP United Kingdom 0.01 5.6 9

Socialwise, Inc. SCLW OTCBB USD United States 0.46 22.9 NA

Sohu.com Inc. SOHU NasdaqGS USD China 42.13 1,593.3 3,997

Spark Networks, Inc. LOV AM EX USD United States 3.19 65.7 155

SpectrumDNA, Inc. SPXA OTCBB USD United States 0.07 4.8 8

Taleo Corp. TLEO NasdaqGM USD United States 24.62 978.9 916

Tencent Holdings Ltd. 700 SEHK HKD China 139.60 32,832.1 7,845

The New York Times Company NYT NYSE USD United States 8.88 1,292.9 7,665

The9 Limited NCTY NasdaqGS USD China 4.28 109.2 1,010

TheStreet.com, Inc. TSCM NasdaqGM USD United States 2.75 86.8 274

TransGaming, Inc. TSXV:TNG TSXV CAD Canada 0.49 27.6 28

Tree.Com, Inc. TREE NasdaqGM USD United States 7.16 80.2 700

Unilava Corporation UNLA OTCBB USD United States 0.06 6.0 40

Uniserve Communications Corp. TSXV:USS TSXV CAD Canada 0.11 3.0 NA

United Online, Inc. UNTD NasdaqGS USD United States 5.94 517.6 1,699

UOM O M edia, Inc UOM O OTCBB USD Canada 0.02 1.4 NA

ValueClick, Inc. VCLK NasdaqGS USD United States 10.95 890.5 1,086

Velti P lc VEL AIM GBP United Kingdom 4.09 233.7 459

VOIS, Inc. VOIS OTCBB USD United States 0.01 18.0 2

WebM ediaBrands Inc WEBM NasdaqGS USD United States 0.72 27.0 83

Webzen Inc. KOSE:A069080 KOSE KRW South Korea 10,450 101.9 326

Wizzard Software Corporation WZE AM EX USD United States 0.20 13.2 80

Worlds.com Inc. WDDD OTCBB USD United States 0.10 5.7 1

XING AG O1BC XTRA EUR Germany 28.40 190.0 293

YD Online Corp. A052770 KOSE KRW South Korea 4,150 51.2 NA

Yippy, Inc. YIPI OTCBB USD United States 2.23 50.6 NA

Ynk Korea Inc. A023770 KOSE KRW South Korea 2,805 18.4 NA

YouBlast Global, Inc. YBLT OTCBB USD United States 0.39 13.4 6


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