Deals (M&A, Finance) AOL is reported to have sold Bebo, the UK-based social network it bought just two years ago for $850 mm, to private equity firm Criterion Partners for under $10 mm. Based on our calculations, AOL paid the equivalent of $38 per Unique Visitor (UV) for Bebo, and sold it for under $1 per UV. Positive price performance The Web 2.0 public company universe rose again this week, with 60% of companies seeing their market cap rise vs. 33% falling and 7% flat.

1. Web 2.0 Weekly
“AOL Sells Bebo For Massive Loss”
June 22, 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) – Bebo a Disastrous Investment for AOL
AOL is reported to have sold Bebo, the UK-based social network it bought just two
years ago for $850 mm, to private equity firm Criterion Partners for under $10 mm.
Based on our calculations, AOL paid the equivalent of $38 per Unique Visitor (UV) for
Bebo, and sold it for under $1 per UV.
Financial Results/Guidance/Partnerships/Product
Multiplied Media (TSXV:MMC) announced it would be adding Telus Live Agents to its
popular location-based search application, Poynt
Mobile Data Corp. (OTCBB:MBYL) reported unaudited earnings results for the third
quarter and nine months ended April 30, 2010. For the quarter, the company has
reported net loss of $24,096 compared to $20,504 for the same period a year ago. For
the nine months, the company has reported net loss of $137,531 compared to $129,675
for the same period a year ago. Net cash used in operations was $84,802 compared to
$69,666 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) 77,334.7 73.1 30,367.3 1.2
Revenue (US$ mm) 23,508.7 56.9 3,057.7 0.0
1 Year revenue growth 5.7% 8961.6% -100.0%
EBITDA as % of revenue - 13.4% 63.1% -63.7%
Net cash (US$ mm) 9,036.9 2.3 1,835.9 -670.8
TEV/Revenue - 2.0x 37.2x 0.0x
TEV/EBITDA - 8.8x 45.0x 0.6x
P/E - 17.0x 91.3x 0.0x
Relative to 52 week high -38.4% -1.8% -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% Falling Flat
44% 1%
Falling
33%
Rising
60%
Rising
55%
EV/EBITDA P/E
Flat Flat
2% 0%
Falling
Falling 33%
35%
Rising
63% Rising
67%
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
5/4/2009
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
Median EV/Revenue
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
Median
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
Long-term average
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
but remain well
increase slightly
4/12/2010
below LT average
Revenue multiples
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
394040404141404343454647474747485051515050535656606161646666676564667071717274736871737372747679808280818081828286838584
www.mackieresearch.com

8. 8
Source: CapitalIQ
Multiple (x)
# companies
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
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
Median EV/EBITDA
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
Median
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
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
3/29/2010
4/5/2010
EV/EBITDA multiples
4/12/2010
4/19/2010
4/26/2010
increase slightly but remain
depressed below LT average
5/3/2010
5/10/2010
5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
2022 2223 23 2222 2324 2322 2424 2626 26 2626 2526 2728 3129 33 3536 3842 3940 3840 4139 39 3942 4342 4143 4343 45 4347 4545 5151 5052 5253 51 5249 5251
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
5/4/2009
5/11/2009
5/18/2009
Median P/E
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
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
Median
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
Long-term average
1/25/2010
2/1/2010
2/8/2010
2/15/2010
2/22/2010
3/1/2010
average
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
but also are below LT
P/E multiples increase
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
1919 1818 19 1919 1920 1918 1919 1920 21 2424 2525 2627 2727 31 3233 3133 3335 3538 3939 39 3941 4142 4040 4038 37 3834 3332 3535 3535 3535 35 3531 3433
www.mackieresearch.com

10. 10
-
5.0
10.0
15.0
20.0
25.0
30.0
# Companies 1
Virtual World
26.5
2
Infrastructure
10.1
1
Learning
9.7
8
Social Networking
5.7
2
Music
4.8
1
Vertical Communities
4.7
1
Search
4.2
Gaming
21
4.0
6
Diversified
3.7
4
Mobile
3.6
3
SMS/Voice
3.5
6
Marketing
3.1
Average EV/Revenue – by Sector
1
Podcasting
2.8
9
Media
2.6
1
Collaboration
2.5
3
Advertising
2.3
2
Internet Retail
2.0
3
Enterprise
1.8
1
Video
1.8
2
Dating
1.3
1
Financial Services
0.4
www.mackieresearch.com

11. Average EV/EBITDA – by Sector
50.0
45.0
45.0
40.0
35.0
30.0
25.0
20.0 17.6
15.8
15.0
11.7 11.6 11.5 11.2
9.8 9.5
10.0 9.0
7.4
5.0
-
Diversified
Advertising
Internet Retail
Search
Enterprise
Mobile
Gaming
Social Networking
Media
Collaboration
Dating
# Companies 1 2 2 5 2 14 6 1 6 1 1
11 www.mackieresearch.com

12. Average P/E – by Sector
100.0
91.3
90.0
80.0
70.0
60.0
54.2
50.0
39.3
40.0
29.7
30.0 25.8
19.9
20.0
15.3 14.3 13.3
10.0
-
Internet Retail Enterprise Collaboration Marketing Social Diversified Advertising Media Gaming
Networking
2 3 1 6 16 8 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
37
SocialGO PLC
Source: CapitalIQ
27
Worlds.com Inc.
19
SpectrumDNA, Inc.
16
Tencent Holdings Ltd.
Beyond Commerce, Inc.
MOKO.mobi Limited
13 13 13
Paid Inc.
Gree, Inc.
11 11
GeoSentric Oyj
Chinese Gamer International
10 10
Lingo Media Corporation
9
TransGaming, Inc.
Dena Co. Ltd.
Fluid Music Canada, Inc.
8 7 7
DigitalPost Interactive, Inc.
6
HUGHES Telematics, Inc.
Accelerize New Media, Inc.
5 5
WebMediaBrands Inc
Changyou.com Limited
SK Communications Co., Ltd.
4 4 4
Taleo Corp.
Mixi, Inc.
4 3
Kingsoft Corporation Limited
Frogster Interactive Pictures AG
iseemedia Inc.
Wizzard Software Corporation
3 3 3 3
ePro Ltd.
Open Text Corp.
EV/Revenue Ranking
NEOWIZ Games Corporation
Modern Times Group Mtg AB
Sohu.com Inc.
UOMO Media, Inc
XING AG
Velti Plc
Unilava Corporation
PNI Digital Media Inc.
Score Media Inc.
Shutterfly, Inc.
ValueClick, Inc.
Webzen Inc.
2 2 2 2 2 2 2 2 2 2 2 2 2 2
GungHo Online Entertainment, Inc.
Myriad Group AG
NeuLion Incorporated
Platforma Mediowa Point Group S.A.
HanbitSoft, Inc.
YD Online Corp.
Spark Networks, Inc.
SocialGo has highest
Gamania Digital Entertainment Co., Ltd.
revenue multiple at 37x
2 2 2 2 2 2 2 1
Hutchison Telecommunications Hong Kong Holdings Ltd.
infoGROUP, Inc.
Oriented Media Group Berhad
SNAP Interactive, Inc.
OAO RBC Information Systems
NetDragon WebSoft, Inc.
CornerWorld Corporation
Internet Group SA
The New York Times Company
IAC/InterActiveCorp.
TheStreet.com, Inc.
Ynk Korea Inc.
AQ Interactive, Inc.
Points International Ltd.
Cyberplex Inc.
CDC Corp.
United Online, Inc.
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
AOL, Inc.
Uniserve Communications Corp.
DADA SpA
Northgate Technologies Limited
Glu Mobile, Inc.
GigaMedia Ltd.
Actoz Soft Co., Ltd.
Tree.Com, Inc.
Openwave Systems Inc.
GameOn Co Ltd.
RealNetworks Inc.
1 1 1 1 1 0 0 0 0 0 0
Jumbuck Entertainment Limited
Asknet AG
LookSmart, Ltd.
0 0 0
Dolphin Digital Media, Inc.
www.mackieresearch.com

14. 14
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Source: CapitalIQ
SK Communications Co., Ltd.
45.0
HanbitSoft, Inc.
35.3
Tencent Holdings Ltd.
30.3
Taleo Corp.
28.4
Frogster Interactive Pictures AG
Chinese Gamer International
Gree, Inc.
19.819.419.2
Myriad Group AG
17.8
Modern Times Group Mtg AB
16.7
Dena Co. Ltd.
16.1
Mixi, Inc.
Shutterfly, Inc.
15.414.9
TheStreet.com, Inc.
Openwave Systems Inc. 14.213.7
EV/EBITDA Ranking
Score Media Inc.
YD Online Corp.
12.812.6
AQ Interactive, Inc.
12.4
IAC/InterActiveCorp.
Cyberplex Inc.
10.5 9.8
Platforma Mediowa Point Group S.A.
Gamania Digital Entertainment Co., Ltd.
Open Text Corp.
GungHo Online Entertainment, Inc.
9.3 9.0 9.0 8.7
the group at 45.0x
NEOWIZ Games Corporation
Velti Plc
SK Communications leads
XING AG
PNI Digital Media Inc.
DADA SpA
Kingsoft Corporation Limited
8.4 8.3 8.3 8.2 8.1 7.9
Uniserve Communications Corp.
Spark Networks, Inc.
ValueClick, Inc.
Changyou.com Limited
CDC Corp.
NetDragon WebSoft, Inc.
infoGROUP, Inc.
7.4 7.4 7.1 7.0 6.8 6.7 6.7
Hutchison Telecommunications Hong Kong Holdings Ltd.
The New York Times Company
Sohu.com Inc.
5.6 5.6 5.3
United Online, Inc.
3.8
Actoz Soft Co., Ltd.
AOL, Inc.
2.5 2.3
GameOn Co Ltd.
Jumbuck Entertainment Limited
1.3 0.6
www.mackieresearch.com
Excluding EV/EBITDA > 100x