TOP FIVE DEALS OF 2009 The Top Five: Despite over 400 transactions in 2009, it wasn’t hard choosing our Top Five transactions for 2009 (with a little bit of massaging). Our Top Five transactions are: Facebook’s $200 million D round, Twitter’s $100 million E round, the $2.25 billion acquisition of Skype, the almost $1 billion in financing/M&A for Social Gaming companies (including Zynga, Playdom and Playfish), and the incredible per unique visitor value ascribed in the financing for location-based social networking company Gowalla. • Facebook raises $200 million D round: In May 2009, Facebook announced a new financing round – raising $200 million from Digital Sky Technologies. The transaction gave Digital Sky a 1.96% stake, valuing Facebook at $10 billion. This financing brought the company’s total to $678.2 million. This was also the largest financing we recorded in 2009. • Twitter raises $100 million E round: The third largest financing round in 2009 belonged to Twitter – a $100 million Series E in September 2009. The financing reportedly valued Twitter at $1 billion – a remarkable valuation for a company that has not yet formalized a revenue model! More recently, it has been reported that Twitter was actually profitable in 2009 due to the $25 million in search deals it signed in October with Google and Microsoft. • Skype is acquired for $2.025 billion: By far the largest overall transaction in our database in 2009 was the acquisition of a majority position (65%) in Skype from eBay for $2.025 billion – announced in September 2009. The transaction was completed in November 2009. eBay had purchased Skype for $4.0 billion in 2005. • Social Gaming financing activity reaches ~$1 billion (Zynga, Playfish, Playdom, etc.): Perhaps the hottest sector overall in 2009 was Social Gaming. This segment of the Web 2.0 market had the third highest number of deals (39) and generated almost $1 billion in financing/M&A activity – the second highest total overall (Figure 1). Three transactions in particular stand out in the social gaming space – the $400 million acquisition of Playfish (by Electronic Arts, November 2009), the $180 million financing of Zynga (Series C, December 2009, by Digital Sky), and the $43 million first round of financing for Playdom (New Enterprise lead, November 2009, Series A). There has been much speculation as to how the larger social gaming companies will proceed, with potential IPO or further strategic M&A most likely. • Hottest new sector? Location-based social networks (Foursquare, Gowalla, etc.). Unique visitor value skyrockets: Financing activity for location-based social networks really heated up late in 2009. While the total financing raised in 2009 was quite small (~$15 million), the hype surrounding location-based SNS companies was substantial. In our opinion, this was highlighted by the $8.4 million December Series B financing for Gowalla. The reported valuation of $28.4 million implies a value of $568 for each of its 50,000 users (Figure 2). That compares to a $40 per user value we estimate for the Foursquare financing in September.

1. 5 January 2010
Web 2.0 Weekly – SPECIAL EDITION
David Shore, CFA, MBA
416.860.6784 2009 Review: A Strong Year for Web 2.0
david.shore@researchcapital.com
Damian Wojcichowsky, Associate
416.860.7652
damian.wojcichowsky@researchcapital.com SOFTWARE AND MEDIA

2. Page 2
TOP FIVE DEALS OF 2009
The Top Five: Despite over 400 transactions in 2009, it wasn’t hard choosing our Top Five transactions for 2009 (with a
little bit of massaging). Our Top Five transactions are: Facebook’s $200 million D round, Twitter’s $100 million E round, the
$2.25 billion acquisition of Skype, the almost $1 billion in financing/M&A for Social Gaming companies (including Zynga,
Playdom and Playfish), and the incredible per unique visitor value ascribed in the financing for location-based social
networking company Gowalla.
• Facebook raises $200 million D round: In May 2009, Facebook announced a new financing round – raising $200
million from Digital Sky Technologies. The transaction gave Digital Sky a 1.96% stake, valuing Facebook at $10
billion. This financing brought the company’s total to $678.2 million. This was also the largest financing we
recorded in 2009.
• Twitter raises $100 million E round: The third largest financing round in 2009 belonged to Twitter – a $100
million Series E in September 2009. The financing reportedly valued Twitter at $1 billion – a remarkable valuation
for a company that has not yet formalized a revenue model! More recently, it has been reported that Twitter was
actually profitable in 2009 due to the $25 million in search deals it signed in October with Google and Microsoft.
• Skype is acquired for $2.025 billion: By far the largest overall transaction in our database in 2009 was the
acquisition of a majority position (65%) in Skype from eBay for $2.025 billion – announced in September 2009. The
transaction was completed in November 2009. eBay had purchased Skype for $4.0 billion in 2005.
• Social Gaming financing activity reaches ~$1 billion (Zynga, Playfish, Playdom, etc.): Perhaps the hottest
sector overall in 2009 was Social Gaming. This segment of the W eb 2.0 market had the third highest number of
deals (39) and generated almost $1 billion in financing/M&A activity – the second highest total overall (Figure 1).
Three transactions in particular stand out in the social gaming space – the $400 million acquisition of Playfish (by
Electronic Arts, November 2009), the $180 million financing of Zynga (Series C, December 2009, by Digital Sky),
and the $43 million first round of financing for Playdom (New Enterprise lead, November 2009, Series A). There
has been much speculation as to how the larger social gaming companies will proceed, with potential IPO or further
strategic M&A most likely.
F inancing/M&A (2009)
B y S ector/Type
2, 500
2, 000
S eries E
S eries D
1, 500 S eries C
(US $ mm)
S eries B
S eries A
P IP E
Debt financing
1, 000
Angel/S eed
Acquis ition
500
0
C rowds ourced C ontent
Mobile P a yment
Microblog
Mobile A d
T ravel
Advertis ing
Online Dating
B log
Online L earning
C las s ified
P ublis hing
C ollaboration
S earch
Aggregation
V ideo
Internet R etail
W idget
G aming
Online C alendar
S MS /V oice
Mobile
C omment/R eputation
Advertis ing/Mobile
V irtual W orld
Mus ic
Infras tructure
E nterpris e
W iki
Media
S ocial C ommerce
V is ual C ommerce
Micromedia
S ocial Networks
Analytics
V irtual G oods
F inancial S ervices
V ertical C ommunities
Documents
RSS
Location-bas ed S NS
S AS
Figure 1. Capital Market Activity, 2009, By Sector
Source. Company reports

3. Page 3
• Hottest new sector? Location-based social networks (Foursquare, Gow alla, etc.). Unique visitor value
skyrockets: Financing activity for location-based social networks really heated up late in 2009. W hile the total
financing raised in 2009 was quite small (~$15 million), the hype surrounding location-based SNS companies was
substantial. In our opinion, this was highlighted by the $8.4 million December Series B financing for Gowalla. The
reported valuation of $28.4 million implies a value of $568 for each of its 50,000 users (Figure 2). That compares to
a $40 per user value we estimate for the Foursquare financing in September.
E s timated Value per Unique Vis itor
S ourc e : C ompany re ports , C ompe te . com
$600
$568
$500
$400
($)
$300
$200
$200
$113
$100 $88
$48 $42 $40
$32 $29 $29 $25 $22 $20 $19 $19 $16
$7 $6 $5 $2
$-
P la yfis h
Y elp
Y elp
MMC (P oynt)
F riendF eed
F riends R eunited
C lub P enguin
P laxo
Mint.com
B ebo
T witter
T witter
Linkedin
S tumbleU pon
F ours quare
P ageO nce
Zynga
G owa lla
P eople Media
F acebook
Dec-09 May-08 S ep-09 O ct-08 A ug-09 S ep-09 S ep-09 May-09 Aug-07 F eb-09 F eb-08 Mar-08 J ul-09 Dec-09 Dec-09 Dec-09 N ov-09 Dec-09 May-09 Aug-09
Figure 2. Unique Visitor Value
Source. Company reports, RCC estimates, Compete.com

4. Page 4
2009 FINANCING REVIEW
December – the year ends on a high note: Total transaction value in the W eb 2.0 universe for December is $449.4
million (Figure 3). The number of financings stands at 34, averaging $13.2 million each. In comparison, total capital raised
in November was $204.4 million, averaging $10.8 million (19 deals); October was $176.1 million, averaging $5.9 million (30
deals); and September was $232.8 million, averaging $9.0 million (26 deals).
Financing Activity Last Twelve Months
500.0 16.0
14.2
450.0
14.0
13.2
400.0
12.0
350.0 10.8
10.0
300.0 9.0
(US$m)
(US$m)
250.0 7.4 8.0
7.0 6.9
6.4 6.5
6.2
200.0 5.9
5.6 6.0
4.7
150.0
4.0
100.0
2.0
50.0
0.0 0.0
Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09
*May-09 includes $200m FB investment Total Average
Dec-09 includes $180m Zynga investment
Figure 3. Financings, Last Twelve Months
Source. Company reports

5. Page 5
September was biggest month: September was the biggest month for capital market activity, driven by the acquisition of
Skype for $2.025 billion (Figure 4). After a slow October, financing/M&A activity picked up in the last two months of the
year, with December being the largest month for financing (excluding M&A).
Total C apital Market Activity - L as t Twelve Months
3, 000
2, 500
2, 000 S eries E
S eries D
S eries C
S eries B
1, 500 S eries A
P IP E
Debt fina ncing
Angel/S eed
1, 000 Acquis ition
500
-
Dec-08 J an-09 F eb-09 Ma r-09 Apr-09 Ma y-09 J un-09 J ul-09 Aug-09 S ep-09 O ct-09 Nov-09 Dec-09
Figure 4. Capital Market Activity, by Sector, Last Twelve Months
Source. Company reports
$10 billion cumulative: W ith $2.8 billion in financing in 2009, total financing for our W eb 2.0 universe is now $9.7 billion
(Figure 5). The $2.8 billion raised in 2009 was down 17.2% from the $3.4 billion raised in 2008.
Web 2.0 F inanc ing (c umulative)
1,600.0 12, 000.0
1, 431. 6
1,400.0
10, 000.0
1,200.0
1, 067.3
8,000. 0
1,000.0 950.4
830.0
(US $m)
(US $m)
800. 0 6,000. 0
713.7
658. 0 662. 0
623.0
600. 0
492. 4 4,000. 0
426. 3
400. 0 338. 7
262. 9
240. 5 2,000. 0
182. 1
173.5 163.8
200. 0
112. 8 95. 9
41. 5 24. 7 59. 4 40.1 59. 7 43.3
- -
Q 1 Q2 Q 3 Q 4 Q 1 Q 2 Q 3 Q4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q3 Q 4 Q1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4
2004 2005 2006 2007 2008 2009
Figure 5. Web 2.0 Financing, by Quarter, Cumulative
Source. Company reports

6. Page 6
Smaller deal sizes: Deal size averages fell below long-term historical levels in 2009, with Series A-D rounds all below
long-term average levels (Figure 6). However, angel rounds were significantly larger than historical levels, averaging $3.0
million in 2009, above the $2.6 million long-term average.
Average financing round size
30.0
28.4 28.5 28.5
25.0 24.2
22.4
20.0
(US$m)
14.9
15.0
12.9
10.2
10.0
7.6
6.5 6.3 6.2
5.0 4.4
3.0 2.9
2.6
0.0
Angel/Seed Debt financing PIPE Series A Series B Series C Series D Series E
LTM Average Size Overall Average
Figure 6. Average Financing Round Size, LTM and Overall Average
Source. Company reports
Early rounds dominate: As Figures 7 and 8 show, early rounds (Angel/Series A) dominate our financing landscape, in
terms of number of deals with almost 50% of deals. Series C rounds raised the most overall (25.8% of dollars raised), just
ahead of Series B (25.2%).
F inanc ing by Type - 2009 F inanc ing by Type - 2009
(# deals ) S eries C (amount rais ed)
15.6% S eries E
5.0%
S eries D
18. 6%
S eries D Angel/S eed
6. 0% 7. 2%
Debt financing
S eries E 0. 9%
1. 4%
P IP E
1. 4%
S eries B
26. 2%
S eries A
15. 8%
Angel/S eed
18. 6%
S eries C
25. 6%
Debt fina ncing
2. 5%
S eries A P IP E
28.1% 1.6% S eries B
25. 5%
Figures 7 & 8. Capital Market Activity, by Type, Last Twelve Months
Source. Company reports

7. Page 7
Q4 largest for financing: Figures 9 and 10 show the financing activity by month and quarter for 2009, broken out by early-
stage (Angel/Series A), mid-stage (Series B&C), and late-stage (Series D, E, and PIPEs). Q4 was the largest quarter in
terms of amount raised, but the second lowest quarter for number of deals.
Financing by Type - 2009
(Amount raised)
900.0
828.0
800.0
131.0
700.0
653.2 657.3 660.0
600.0 94.2
222.3 227.3
500.0 Late Stage (D/E)
(US$m)
449.4 Mid-Stage (B/C)
532.3 Early Stage (Angel/A)
76.5 Total
400.0
390.3
321.7
241.4
300.0 281.8
301.1
19.0
222.4 230.8
205.0 206.9 203.4
193.7 189.6 312.4
200.0 177.7 31.0 63.2 175.1
5.3 52.5
187.1 48.2 27.0 146.0 133.1 2.0
12.0 105.2 99.8
123.8 96.0
100.0 100.0 103.3 68.6 193.6 121.2
168.7 67.6 164.7
80.2 131.7
75.7 65.4 79.1 76.1 60.5
45.6 47.4 49.1 38.1 49.3 54.9
- 17.5
Jan-09 Feb-09 Mar-09 Q1/09 Apr-09 May-09 Jun-09 Q2/09 Jul-09 Aug-09 Sep-09 Q3/09 Oct-09 Nov-09 Dec-09 Q4/09
Figure 9. Capital Market Activity, by Type, Last Twelve Months, Amount
Source. Company reports
Financing by Type - 2009
(Number of Deals)
100
91
90
86
9
5 81
80
6
70 67
7 35
60 42
37
Late Stage (D/E)
Mid-Stage (B/C)
(#)
50
Early Stage (Angel/A)
Total
40
40 39 1 37
3 34
30 3
28 17 29
30 2
13 1
2 24 24
21 22
2 46 4 12 16
20 18 2 15 40 18
3 38
2 8 2
19
10
11 14
9 21 22 21 9
10
14 16 15
13
10
7 7 7 6 7
-
Jan-09 Feb-09 Mar-09 Q1/09 Apr-09 May-09 Jun-09 Q2/09 Jul-09 Aug-09 Sep-09 Q3/09 Oct-09 Nov-09 Dec-09 Q4/09
Figure 10. Capital Market Activity, by Type, Last Twelve Months, # of Deals
Source. Company reports

8. Page 8
U.S. dominates financing landscape: Figures 11 and 12 show the financing/M&A activity by country (based on company
HQ). The U.S. had the most deals – over 75% of the total (by number of deals).
Financing/M&A by Country - 2009 ($) Financing/M&A by Country - LTM (#)
UK
7.8% Canada
China
4.6%
4.4%
Israel
4.1%
Canada UK
2.0% 4.1%
Luxembourg
31.2%
France China
1.3%
3.6%
ROW
2.4% Israel
2.9%
USA ROW
76.2% 8.5%
USA
46.7%
Figures 11 & 12. Capital Market Activity, by Geography, Last Twelve Months
Source. Company reports
TOP 10 LISTS
Top 10 funded companies: Facebook tops the financing list for 2009, having raised $200 million (Figure 13). Zynga, with
its $180 million round late in the year, came in second ($195 million total), followed by Twitter which raised $135.7 million.
No other company raised more than $100 million in 2009.
Top 10 Funded Companies - 2009
250.0
200.0
150.0
Series E
(US$ mm)
Series D
Series C
Series B
Series A
100.0
50.0
0.0
Facebook Zynga Twitter RockYou Turbine Playdom Youku Zoosk Pandora ChaCha
Media
Figure 13. Top 10 Financed companies, 2009
Source. Company reports

9. Page 9
Top 10 acquirers: As lead investor in the Skype acquisition, Silver Lake leads our Top 10 acquirers list for 2009 (Figure
14). Second was Electronic Arts with the $400 million (including earn-outs) acquisition of Playfish. One of the last deals
announced in 2009 drove O2 to the #3 spot with its $207 million acquisition of JaJah.
Top 10 Acquirers (2009)
B y Amount Inves ted
2500
2000
1500
(US $ mm)
1000
500
0
Intuit
K ongZhong
Ma tch. com
O2
Adknowledge
S ha nda Intera ctive
S ilver L ake
Hi-Media S . A.
E lectronic Arts
IT V
E ntertainment L td.
Network
Figure 14. Top 10 Acquirers, 2009, Amount invested
Source. Company reports
Top 10 lead investors (# deals): Accel Partners was the most active lead investor in 2009, leading nine transactions
(Figure 15). Benchmark Capital was second with seven lead investments, followed by Charles River Ventures with six.
Four firms were lead on five transactions.
Mos t Deals (2009)
B y L ead Inves tor
10
9
8
7
6
5
4
3
2
1
0
Accel B enchmark C harles R iver New Dra per F is her C ana an Augus t S equoia F irs t R ound B es s emer
P artners C apital V entures E nterpris e J urvets on P a rtners C a pital C a pital C apital V enture
As s ociates P artners
Figure 15. Top 10 Lead Investors, # of Deals
Source. Company reports

10. Page 10
Top 10 lead investors (amount invested): W hen analyzing amount invested, Digital Sky Technologies was the largest
lead investor in 2009, participating in $380 million of transactions (Figure 16). Insight Venture Partners was second ($100
million), followed closely by Benchmark Capital with $99.4 million.
Top 10 Inves tors (2009)
B y Amount Inves ted
400
350
300
250
(US $ mm)
200
380. 0
150
100
50 100.0 99. 4 91. 9
70.5
52. 5 50.0 50.0 49. 0 41.0
0
G ranite G lobal
B enchmark C a pita l
Morgentha ler
New E nterpris e
Ins ight V enture
S oftba nk
G reylock P artners
T echnologies
Accel P artners
C a naa n P artners
Digita l S ky
V entures
As s ociates
V entures
P a rtners
Figure 16. Top 10 Lead Investors, Amount Invested
Source. Company reports
Top 10 acquisitions: The largest acquisition in 2009 was the $2.025 billion acquisition of Skype (Figure 17). In second
place was the $400 million Playfish acquisition, followed by the $207 million JaJah acquisition.
Top 10 Acquisitions - 2009
2500
2000
1500
(US$ mm)
1000 2025
500
400
207 170
80 80 50 44 42 41
0
Skype PlayFish Jajah Mint Shanghai People Media Super Rewards Ku6 Friends AdLink Internet
Dacheng Reunited Media
Network
Figure 17. Top 10 Acquisitions, 2009
Source. Company reports

11. Page 11
C A P I T A L M A R K E T S A C T I V I T Y (P R I C E P E R F O R M A N C E )
Web 2.0 index outpaces NASDAQ in 2009: Our W eb 2.0 index (market-cap weighted) essentially mirrored the
performance of the NASDAQ composite index for the first three months of 2009. Since then, the index has diverged in a
much stronger recovery relative to the NASDAQ index (Figure 18).
Web 2.0 Index Price Performance
250
200
150
100
50
0
1/5/09
1/19/09
2/2/09
2/16/09
3/2/09
3/16/09
3/30/09
4/13/09
4/27/09
5/11/09
5/25/09
6/8/09
6/22/09
7/6/09
7/20/09
8/3/09
8/17/09
8/31/09
9/14/09
9/28/09
10/12/09
10/26/09
11/9/09
11/23/09
12/7/09
12/21/09
Index: Web 2.0 (Market Cap) ^COMP - Share Pricing
Figure 18. Web 2.0 Price Performance
Source. Capital IQ

12. Page 12
Strong 2009 performance: Fifty-three companies in our universe had positive stock price performances in 2009 (Figure
19), while 27 companies showed negative or flat returns. The performance for the group was led by Fluid Music Canada,
Inc. with a 400% return in 2009, followed by Chinese Gamer International with a 353% return. Twenty-five of the
companies saw their stock prices at least double in 2009. The worst performance was by Beyond Commerce, Inc. dropping
98.4% in 2009. BroadW ebAsia Inc. also fell more than 90% (-90.9%).
2009 P rice P erformance
Fluid M usic Canada, Inc. 400.0%
Chinese Gamer Internatio nal 353.5%
NEOWIZ Games Co rpo ratio n 277.2%
Openwave Systems Inc. 235.1%
M ultiplied M edia Co rpo ratio n 227.3%
Tencent Ho ldings Ltd. 221.6%
VOIS, Inc. 200.0%
M OKO.mo bi Limited 200.0%
Fro gster Interactive P ictures A G 1 %
98.1
Cyberplex Inc. 192.3%
iseemedia Inc. 184.6%
DigitalP o st Interactive, Inc. 1 .3%
81
Gravity Co ., Ltd 180.0%
OA O RB C Info rmatio n Systems 179.5%
SK Co mmunicatio ns Co ., Ltd. 172.7%
GungHo Online Entertainment, Inc. 155.8%
Webzen Inc. 1 %
53.1
Gamania Digital Entertainment Co ., Ltd. 150.3%
Tree.Co m, Inc. 1 %
45.1
Shutterfly, Inc. 143.7%
A Q Interactive, Inc. 1 32.3%
Kingso ft Co . Ltd. 1 %
30.1
P erfect Wo rld Co ., Ltd. 1 .6%
21
Gree, Inc. 1 2.6%
1
M o dern Times Gro up M tg A B 103.4%
A ccelerize New M edia, Inc. 85.7%
Netease.co m Inc. 82.6%
CDC Co rp. 80.6%
Changyo u.co m Limited 65.9%
A cto z So ft Co ., Ltd. 61.6%
Shanda Interactive Entertainment Ltd. 57.7%
DXN Ho ldings B hd 57.1 %
Uniserve Co mmunicatio ns Co rp. 50.0%
Extensio ns, Inc. 50.0%
NeuLio n Inco rpo rated 42.6%
ValueClick Inc. 42.4%
NetDrago n WebSo ft, Inc. 40.3%
M ixi, Inc. 33.8%
B igstring Co rp. 29.7%
Open Text Co rp. 28.8%
IA C/InterA ctiveCo rp. 28.6%
United Online Inc. 24.4%
Spark Netwo rks, Inc. 17.6%
So hu.co m Inc. 16.9%
YD Online Co rp. 1 %
6.1
XING A G 13.2%
Giant Interactive Gro up, Inc. 1 .2%
1
HanbitSo ft, Inc. 10.4%
P NI Digital M edia Inc. 9.2%
Quepasa Co rp. 5.3%
Eo lith Co . Ltd. 4.4%
B right Things plc 4.0%
SpectrumDNA , Inc. 3.3%
Geo Sentric Oyj 0.0%
Lingo M edia Co rpo ratio n -5.0%
DA DA SpA -14.4%
Jumbuck Entertainment Limited -20.5%
M yriad Gro up A G -24.2%
Ynk Ko rea Inc. -25.3%
A sknet A G -26.1%
M agnitude Info rmatio n Systems Inc. -28.0%
TheStreet.co m, Inc. -30.7%
So cialwise, Inc. -38.6%
GameOn Co Ltd. -40.0%
Lo o kSmart, Ltd. -40.5%
NeXplo re Co rpo ratio n -44.0%
SNA P Interactive, Inc. -45.7%
B etawave Co rpo ratio n -47.9%
The9 Limited -49.2%
GigaM edia Ltd. -50.5%
Ngi Gro up Inc. -52.2%
Wo rlds.co m Inc. -55.0%
DigitalTo wn, Inc. -55.6%
UOM O M edia, Inc -58.0%
No rthgate Techno lo gies Limited -59.4%
Wizzard So ftware Co rpo ratio n -64.2%
Do lphin Digital M edia, Inc. -74.4%
Co rnerWo rld Co rpo ratio n -88.0%
B ro adWebA sia Inc. -90.9%
B eyo nd Co mmerce, Inc. -98.4%
-200.0% -100.0% 0.0% 100.0% 200.0% 300.0% 400.0% 500.0%
Figure 19. 2009 Price Performance
Source. Capital IQ

13. (US $m)
-
Source. Capital IQ
10, 000
20, 000
30, 000
40, 000
50, 000
60, 000
70, 000
80, 000
90, 000
VALUATION
J an-05
F eb-05
Mar-05
Apr-05
May-05
J un-05
J ul-05
Figure 20. Total Market Capitalization, Monthly
Aug-05
S ep-05
Oct-05
Nov-05
Dec-05
J an-06
F eb-06
Mar-06
Apr-06
May-06
J un-06
J ul-06
Aug-06
S ep-06
Oct-06
Nov-06
Dec-06
J an-07
F eb-07
Mar-07
Apr-07
May-07
J un-07
J ul-07
Aug-07
S ep-07
Market C apitalization
Oct-07
Nov-07
Dec-07
J an-08
F eb-08
Mar-08
Apr-08
May-08
J un-08
J ul-08
Aug-08
S ep-08
Oct-08
Nov-08
Dec-08
J an-09
F eb-09
80 public companies we track hit an all-time high at the end of 2009, reaching $77.4 billion (Figure 20).
Mar-09
Apr-09
May-09
J un-09
J ul-09
Aug-09
S ep-09
Oct-09
Nov-09
Dec-09
Page 13
2009 ends at record high: After bottoming in November 2008 at $28.8 billion, the combined market capitalization of the