June financing ahead of average: Financing in the Web 2.0 universe in June continued to be strong with total transaction value (excluding M&A) month-to-date of $291.8 million from 29 transactions, averaging $10.1 million each - led by the Zynga financing. In comparison, total capital raised in June 2009 was $225.2 million, averaging $4.6 million over 49 deals. Excluding Dec 09 and Apr 10, the average monthly total is $260 million. Deals (M&A, Finance) 888 Holdings acquired online gaming company Mytopia for $18 mm. In the second largest financing overall this year, Zynga (online gaming) raised another $147 mm from Softbank, bringing its total financing to $381 mm. Financial Results/Guidance Cyberplex Inc. (TSX:CX) completed the acquisition of Tsavo Media, Inc. from Fountainhead Estate Holding Corp., American Capital Equity I of American Capital Equity Management LLC, and others on June 8, 2010. NetDragon WebSoft, Inc. (SEHK:777), announced first quarter revenues of RMB 139,476,000 compared to RMB 173,898,000 for the same period a year ago. Profit before taxation was RMB 21,379,000 compared to RMB 53,502,000 for the same period a year ago. Profit for the period attributable to owners of the company was RMB 21,215,000 compared to RMB 48,943,000 for the same period a year ago. Diluted EPS was 4.03 cents compared to 9.31 cents for the same period a year ago. Gravity Co., Ltd (NasdaqGM:GRVY) reported net income attributable to parent company was $337 million or $0.05 per share on total net revenues of $9,840 million compared to net income attributable to parent company of $4,649 million or $0.67 per share on total net revenues of $14,696 million for the same period a year ago. Positive price performance The Web 2.0 public company universe rose this week, with 56% of companies seeing their market cap rise vs. 36% falling and 8% flat.

1. Web 2.0 Weekly
“Funds for Online Gaming Appear Endless”
June 16, 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) – Online Gaming Continues to Attract Significant Money
888 Holdings acquired online gaming company Mytopia for $18 mm.
In the second largest financing overall this year, Zynga (online gaming) raised another
$147 mm from Softbank, bringing its total financing to $381 mm.
Financial Results/Guidance
Cyberplex Inc. (TSX:CX) completed the acquisition of Tsavo Media, Inc. from
Fountainhead Estate Holding Corp., American Capital Equity I of American Capital
Equity Management LLC, and others on June 8, 2010.
NetDragon WebSoft, Inc. (SEHK:777), announced first quarter revenues of RMB
139,476,000 compared to RMB 173,898,000 for the same period a year ago. Profit
before taxation was RMB 21,379,000 compared to RMB 53,502,000 for the same period
a year ago. Profit for the period attributable to owners of the company was RMB
21,215,000 compared to RMB 48,943,000 for the same period a year ago. Diluted EPS
was 4.03 cents compared to 9.31 cents for the same period a year ago.
Gravity Co., Ltd (NasdaqGM:GRVY) reported net income attributable to parent
company was $337 million or $0.05 per share on total net revenues of $9,840 million
compared to net income attributable to parent company of $4,649 million or $0.67 per
share on total net revenues of $14,696 million for the same period a year ago.
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) 75,829.5 69.8 29,926.5 1.7
Revenue (US$ mm) 23,428.4 56.6 3,057.7 0.0
1 Year revenue growth 6.7% 8961.6% -100.0%
EBITDA as % of revenue - 12.8% 63.1% -63.7%
Net cash (US$ mm) 8,998.7 2.3 1,825.8 -670.8
TEV/Revenue - 1.9x 45.2x 0.0x
TEV/EBITDA - 8.5x 43.7x 0.0x
P/E - 16.4x 89.2x 0.0x
Relative to 52 week high -39.2% -2.0% -95.6%
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
8%
4%
Falling
Falling 59%
36% Rising
56% Rising
37%
EV/EBITDA P/E
Flat
Flat
4%
0%
Falling
Falling 55%
53%
Rising
43% Rising
45%
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
4/28/2009
5/5/2009
5/12/2009
5/19/2009
5/26/2009
6/2/2009
6/9/2009
6/16/2009
6/23/2009
6/30/2009
7/7/2009
7/14/2009
7/21/2009
7/28/2009
8/4/2009
8/11/2009
Median EV/Revenue
8/18/2009
8/25/2009
9/1/2009
9/8/2009
9/15/2009
9/22/2009
9/29/2009
10/6/2009
10/13/2009
10/20/2009
10/27/2009
Median
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009
12/22/2009
12/29/2009
1/5/2010
Long-term average
1/12/2010
1/19/2010
1/26/2010
2/2/2010
2/9/2010
2/16/2010
2/23/2010
3/2/2010
3/9/2010
3/16/2010
LT average
3/23/2010
flat with prior
3/30/2010
week, well below
4/6/2010
Revenue multiples
4/13/2010
4/20/2010
4/27/2010
5/4/2010
5/11/2010
5/18/2010
5/25/2010
6/1/2010
6/8/2010
6/15/2010
384040414141414343454646474747485051505150535656616161646666676464666970717174717168707472757679798180818080828285838584
www.mackieresearch.com

8. 8
Source: CapitalIQ
Multiple (x )
# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
4/28/2009
5/5/2009
5/12/2009
5/19/2009
5/26/2009
6/2/2009
6/9/2009
6/16/2009
6/23/2009
6/30/2009
7/7/2009
7/14/2009
7/21/2009
7/28/2009
Median EV/EBITDA
8/4/2009
8/11/2009
8/18/2009
8/25/2009
9/1/2009
9/8/2009
9/15/2009
9/22/2009
9/29/2009
10/6/2009
10/13/2009
10/20/2009
10/27/2009
Median
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009
12/22/2009
12/29/2009
1/5/2010
1/12/2010
Long-term average
1/19/2010
1/26/2010
2/2/2010
2/9/2010
2/16/2010
2/23/2010
3/2/2010
3/9/2010
3/16/2010
below LT average
3/23/2010
3/30/2010
and remain depressed
4/6/2010
EV/EBITDA multiples drop
4/13/2010
4/20/2010
4/27/2010
5/4/2010
5/11/2010
5/18/2010
5/25/2010
6/1/2010
6/8/2010
6/15/2010
20 21 22 23 23 22 22 23 24 23 25 23 24 26 26 26 26 26 25 26 27 28 33 29 34 35 37 38 40 40 39 38 41 41 41 39 39 42 43 42 43 42 43 43 43 43 46 45 44 50 51 50 52 53 53 51 51 49 53 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
4/28/2009
5/5/2009
5/12/2009
Median P/E
5/19/2009
5/26/2009
6/2/2009
6/9/2009
6/16/2009
6/23/2009
6/30/2009
7/7/2009
7/14/2009
7/21/2009
7/28/2009
8/4/2009
8/11/2009
8/18/2009
8/25/2009
9/1/2009
9/8/2009
9/15/2009
9/22/2009
9/29/2009
10/6/2009
10/13/2009
10/20/2009
10/27/2009
Median
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009
12/22/2009
12/29/2009
1/5/2010
1/12/2010
Long-term average
1/19/2010
1/26/2010
2/2/2010
2/9/2010
2/16/2010
2/23/2010
3/2/2010
3/9/2010
3/16/2010
3/23/2010
3/30/2010
4/6/2010
below LT average
P/E multiples also
4/13/2010
4/20/2010
4/27/2010
5/4/2010
5/11/2010
5/18/2010
5/25/2010
6/1/2010
6/8/2010
6/15/2010
20 19 18 18 19 19 19 19 20 20 19 18 19 19 20 21 24 24 25 25 26 27 29 27 30 32 33 31 34 34 35 36 38 39 39 39 40 40 41 42 40 40 40 39 38 38 34 33 32 35 35 35 36 35 35 33 35 32 34 33
www.mackieresearch.com

10. 10
-
5.0
10.0
15.0
20.0
25.0
# Companies 2
Infrastructure
2
Music
7
Social Networking
1
Learning
5
Diversified
1
Vertical Communities
4
Mobile
3
SMS/Voice
6
Marketing
Gaming
21
1
Search
1
Collaboration
EV/Revenue
9
Media
3
Advertising
1
Podcasting
1
Video
2
Internet Retail
3
Enterprise
2
Dating
1
Financial Services
1
Virtual World
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
Average Valuation – by Sector
# Companies
1
Mobile
2
Enterprise
5
Diversified
2
Internet Retail
6
Media
1
Collaboration
5
Social Networking
EV/EBITDA
Gaming
14
3
Marketing
1
Dating
1
Advertising
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
NeXplore C orporation
45.2
Worlds .c om Inc.
33.0
B right T hings plc
29.2
S pectrumDNA, Inc .
23.7
Source: CapitalIQ
MO K O . mobi Limited
17.9
T enc ent H oldings L td.
15.6
G eoS entric O y j
15.2
P aid Inc.
12.7
B ey ond C ommerc e, Inc.
11.4
G ree, Inc.
10.1
C hines e G amer International
L ingo Media C orporation
9.69.5
Dena C o. L td.
T rans G aming, Inc.
7.9 7.6 7.4
DigitalP os t Interactiv e, Inc.
HU G H E S T elematic s , Inc .
Ac celeriz e New Media, Inc .
5.5 5.3
WebMediaB rands Inc
F luid Mus ic C anada, Inc.
C hangyou. com Limited
S K C ommunic ations C o. , Ltd.
4.84.74.4 4.1
3.8
T aleo C orp.
Mix i, Inc.
is eemedia Inc.
K ings oft C orporation Limited
Wiz z ard S oftware C orporation
F rogs ter Interac tiv e P ic tures AG
3.53.23.2 3.13.0
eP ro Ltd.
EV/Revenue Ranking
U O MO Media, Inc
O pen T ex t C orp.
NE O WIZ G ames C orporation
Modern T imes G roup Mtg AB
P NI Digital Media Inc.
S ohu.c om Inc.
XING AG
V elti P lc
Webz en Inc .
S c ore Media Inc.
2.82.62.62.42.32.22.22.12.12.12.0
S hutterfly , Inc .
V alueC lick , Inc.
G ungHo O nline E ntertainment, Inc.
U nilav a C orporation
My riad G roup AG
P latforma Mediowa P oint G roup S . A.
Y D O nline C orp.
NeXplore has highest
S park Network s , Inc.
NeuLion Inc orporated
revenue multiple at 45.2x
H anbitS oft, Inc .
G amania Digital E ntertainment C o., Ltd.
H utc his on T elecommunic ations H ong
S NAP Interac tive, Inc .
O riented Media G roup B erhad
1.9 1.9 1.8 1.8 1.7 1.7 1.5 1.5 1.5 1.51.4 1.4 1.4 1.3 1.3
infoG R O U P , Inc .
O AO R B C Information S ys tems
C ornerWorld C orporation
Internet G roup S A
T he New Y ork T imes C ompany
AQ Interactive, Inc.
T heS treet.c om, Inc .
IAC /InterActiv eC orp.
NetDragon WebS oft, Inc.
United O nline, Inc .
Y nk K orea Inc .
C DC C orp.
Unis erv e C ommunications C orp.
AO L, Inc .
P oints International L td.
DADA S pA
G igaMedia L td.
G lu Mobile, Inc .
1.0 1.0 1.0 0.90.80.80.80.80.80.80.8 0.70.70.70.60.60.60.6
Northgate T echnologies Limited
O penwav e S y s tems Inc .
T ree. C om, Inc.
Actoz S oft C o. , Ltd.
C y berplex Inc.
J umbuc k E ntertainment L imited
R ealNetwork s Inc.
G ameO n C o Ltd.
As k net AG
L ook S mart, L td.
0.40.40.30.30.30.20.20.10.0
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