Web 2.0 Weekly - Apr. 20, 2010
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Transcript of Web 2.0 Weekly - Apr. 20, 2010
www.mackieresearch.com
Web 2.0 Weekly
“DST cashes up and then spends more”
Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved
April 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� Tencent (SEHK:700) invests $300mm in Digital Sky Technologies (investor in Facebook, Zynga etc.)
� DST invests $135mm in Groupon at $1.2b valuation
� Frogster Interactive Pictures AG (XTRA:FRG) reported revenue for 2009 rose 6x to Euro16.7mm with net profit of Euro2.3mm
� Webzen Inc. (KOSE: A069080) signed an agreement to acquire NHN Games Co., Ltd. for approximately KRW 240b
� The9 Limited (NasdaqGS:NCTY) reported consolidated earnings results for the fourth quarter and full year ended December 31, 2009. For the quarter, the company reported loss from operations of RMB 220.2mm on revenue of RMB22.5mm
� NetDragon WebSoft, Inc. (SEHK:777) announced unaudited consolidated earnings results for the fourth quarter ended December 31, 2009. For the quarter, the company reported operating profit of RMB 1,584,000 on revenues of RMB 134,190,000.
www.mackieresearch.com3
Public Company Data
www.mackieresearch.com4
Aggregate Public Data
Web 2.0 Public Companies Total Median Max Min# Companies 98 - - -
Market Cap (US$ mm) 81,864.6 76.0 37,060.2 1.7
Revenue (US$ mm) 90,908.6 22.7 67,563.7 0.0
1 Year revenue growth 4.3% 1178.9% -91.4%
EBITDA as % of revenue - 5.9% 62.7% -91.9%
Net cash (US$ mm) 9,008.8 1.5 1,754.9 -732.7
TEV/Revenue - 1.9x 46.6x 0.1x
TEV/EBITDA - 8.7x 43.5x 0.1x
P/E - 14.1x 92.7x 0.0x
Relative to 52 week high -32.1% -1.9% -98.1%
Source: CapitalIQ
www.mackieresearch.com5
Public Company Distribution
26
16
10
6 65
43 3 3
2 2 2 21 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
Ma
rketin
g
Mobile
Ad
vert
isin
g
Infr
astr
uctu
re
SM
S/V
oic
e
Ente
rpris
e
Inte
rnet
Reta
il
Vir
tual W
orl
d
Datin
g
Mu
sic
Ve
rtic
al C
om
munit
ies
Co
llab
ora
tio
n
Po
dca
stin
g
Sea
rch
Vid
eo
Lea
rnin
g
Pay
ment
Fin
ancia
l S
erv
ices
By Sector By Country
0
5
10
15
20
25
30
35
40
45
Unit
ed S
tate
s
Cana
da
Chin
a
So
uth
Kore
a
Japa
n
Ta
iwa
n
Ge
rma
ny
Au
str
alia
Un
ited
Kin
gdom
Po
land
Mala
ysia
Ru
ssia
Fin
lan
d
Sw
ed
en
Hong K
ong
India
Italy
Sw
itz
erla
nd
Isra
el
Source: CapitalIQ
www.mackieresearch.com6
Valuation Dashboard – 1 Week
Rising
38%
Falling
52%
Flat
10%
Rising
53%
Falling
43%
Flat
4%
Rising
54%
Falling
41%
Flat
5%
Market Cap
Rising
57%
Falling
43%
Flat
0%
EV/Revenue
EV/EBITDA P/E
www.mackieresearch.com7
Median EV/Revenue
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x3
/2/2
00
93
/9/2
00
93
/16
/20
09
3/2
3/2
00
93
/30
/20
09
4/6
/20
09
4/1
3/2
00
94
/20
/20
09
4/2
7/2
00
95
/4/2
00
95
/11
/20
09
5/1
8/2
00
95
/25
/20
09
6/1
/20
09
6/8
/20
09
6/1
5/2
00
96
/22
/20
09
6/2
9/2
00
97
/6/2
00
97
/13
/20
09
7/2
0/2
00
97
/27
/20
09
8/3
/20
09
8/1
0/2
00
98
/17
/20
09
8/2
4/2
00
98
/31
/20
09
9/7
/20
09
9/1
4/2
00
99
/21
/20
09
9/2
8/2
00
91
0/5
/20
09
10
/12
/20
09
10
/19
/20
09
10
/26
/20
09
11
/2/2
00
91
1/9
/20
09
11
/16
/20
09
11
/23
/20
09
11
/30
/20
09
12
/7/2
00
91
2/1
4/2
00
91
2/2
1/2
00
91
2/2
8/2
00
91
/4/2
01
01
/11
/20
10
1/1
8/2
01
01
/25
/20
10
2/1
/20
10
2/8
/20
10
2/1
5/2
01
02
/22
/20
10
3/1
/20
10
3/8
/20
10
3/1
5/2
01
03
/22
/20
10
3/2
9/2
01
04
/5/2
01
04
/12
/20
10
4/1
9/2
01
0
373837393939404039414142434444444445474848484750535356585761636364616162666868697168646870716873717475777575747678788280
Mu
ltip
le (
x)
Median Long-term average
# companies
Source: CapitalIQ
Revenue multiples recovering but
below LT Average
www.mackieresearch.com8
Median EV/EBITDA
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
3/2
/2009
3/9
/2009
3/1
6/2
009
3/2
3/2
009
3/3
0/2
009
4/6
/2009
4/1
3/2
009
4/2
0/2
009
4/2
7/2
009
5/4
/2009
5/1
1/2
009
5/1
8/2
009
5/2
5/2
009
6/1
/2009
6/8
/2009
6/1
5/2
009
6/2
2/2
009
6/2
9/2
009
7/6
/2009
7/1
3/2
009
7/2
0/2
009
7/2
7/2
009
8/3
/2009
8/1
0/2
009
8/1
7/2
009
8/2
4/2
009
8/3
1/2
009
9/7
/2009
9/1
4/2
009
9/2
1/2
009
9/2
8/2
009
10/5
/2009
10/1
2/2
009
10/1
9/2
009
10/2
6/2
009
11/2
/2009
11/9
/2009
11/1
6/2
009
11/2
3/2
009
11/3
0/2
009
12/7
/2009
12/1
4/2
009
12/2
1/2
009
12/2
8/2
009
1/4
/2010
1/1
1/2
010
1/1
8/2
010
1/2
5/2
010
2/1
/2010
2/8
/2010
2/1
5/2
010
2/2
2/2
010
3/1
/2010
3/8
/2010
3/1
5/2
010
3/2
2/2
010
3/2
9/2
010
4/5
/2010
4/1
2/2
010
4/1
9/2
010
2120 2022 22 2323 2222 2324 2322 2424 26 2626 2626 2526 2628 30 2830 3334 3640 3738 3638 39 3837 3740 4140 4041 41 4143 4243 4342 4848 4748 49 4947 4745
Multip
le (
x)
Median Long-term average
# companies
Source: CapitalIQ
EV/EBITDA multiples remain depressed below LT average
www.mackieresearch.com9
Median P/E
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
3/2
/2009
3/9
/2009
3/1
6/2
009
3/2
3/2
009
3/3
0/2
009
4/6
/2009
4/1
3/2
009
4/2
0/2
009
4/2
7/2
009
5/4
/2009
5/1
1/2
009
5/1
8/2
009
5/2
5/2
009
6/1
/2009
6/8
/2009
6/1
5/2
009
6/2
2/2
009
6/2
9/2
009
7/6
/2009
7/1
3/2
009
7/2
0/2
009
7/2
7/2
009
8/3
/2009
8/1
0/2
009
8/1
7/2
009
8/2
4/2
009
8/3
1/2
009
9/7
/2009
9/1
4/2
009
9/2
1/2
009
9/2
8/2
009
10/5
/2009
10/1
2/2
009
10/1
9/2
009
10/2
6/2
009
11/2
/2009
11/9
/2009
11/1
6/2
009
11/2
3/2
009
11/3
0/2
009
12/7
/2009
12/1
4/2
009
12/2
1/2
009
12/2
8/2
009
1/4
/2010
1/1
1/2
010
1/1
8/2
010
1/2
5/2
010
2/1
/2010
2/8
/2010
2/1
5/2
010
2/2
2/2
010
3/1
/2010
3/8
/2010
3/1
5/2
010
3/2
2/2
010
3/2
9/2
010
4/5
/2010
4/1
2/2
010
4/1
9/2
010
1719 2019 18 1818 1919 1920 1918 1919 19 2021 2425 2525 2526 26 2629 3030 2932 3132 3235 36 3636 3637 3839 3737 37 3635 3632 3130 3332 3232 32 3232 3130
Multip
le (
x)
Median Long-term average
# companies
Source: CapitalIQ
P/E multiples also below LT average
www.mackieresearch.com10
Average Valuation – by Sector
-
5.0
10.0
15.0
20.0
25.0
Infr
astr
uctu
re
SM
S/V
oic
e
Socia
l N
etw
ork
ing
Div
ers
ifie
d
Music
Le
arn
ing
Mark
eti
ng
Mobile
Vert
ical
Com
mun
itie
s
Gam
ing
Podc
asti
ng
Colla
bora
tion
Se
arc
h
Vid
eo
Advert
isin
g
Inte
rnet
Re
tail
Ente
rpri
se
Dati
ng
Media
Fin
anc
ial S
erv
ice
s
Virtu
al
Wo
rld
2 3 7 4 2 1 5 4 1 20 1 1 1 1 4 2 3 2 9 1 1# Companies
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
Se
arc
h
Ente
rpris
e
Div
ers
ifie
d
Mobile
Me
dia
Colla
bora
tio
n
Inte
rnet
Re
tail
Socia
l N
etw
ork
ing
Fin
anc
ial S
erv
ice
s
Gam
ing
Mark
etin
g
Datin
g
Ad
vert
isin
g
1 2 4 1 6 1 2 5 1 12 3 1 1# Companies
EV/Revenue EV/EBITDA
www.mackieresearch.com11
EV/Revenue Ranking
0.10.20.20.20.40.40.40.40.40.40.50.50.50.50.6 0.70.70.80.80.80.90.90.9 1.0 1.0 1.0 1.2 1.2 1.2 1.3 1.3 1.5 1.6 1.6 1.6 1.7 1.8 1.9 1.9 2.12.12.22.22.32.32.32.42.6 2.73.03.23.23.23.33.34.14.54.7
5.4 5.45.56.06.47.88.4
9.39.49.9
12.4
15.4
20.020.6
22.2
31.4
46.6
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Perf
ect W
orld C
o., L
td.
Ngi G
roup Inc.
Asknet A
GC
yberp
lex Inc.
RealN
etw
ork
s Inc.
Jum
buck E
nte
rtain
ment Lim
ited
Beta
wave C
orp
ora
tion
Tre
e.C
om
, In
c.
Unis
erv
e C
om
munic
atio
ns C
orp
.A
cto
z S
oft C
o., L
td.
Glu
Mobile
, In
c.
Gam
eO
n C
o L
td.
Poin
ts Inte
rnatio
nal L
td.
Gig
aM
edia
Ltd
.O
penw
ave S
yste
ms Inc.
Nort
hgate
Technolo
gie
s L
imite
dD
AD
A S
pA
Inte
rnet G
roup S
AIA
C/Inte
rActiv
eC
orp
.T
heS
treet.com
, In
c.
AO
L, In
c.
CD
C C
orp
.U
nite
d O
nlin
e, In
c.
Corn
erW
orld C
orp
ora
tion
AQ
Inte
ractiv
e, In
c.
The N
ew
York
Tim
es C
om
pany
OA
O R
BC
Info
rmatio
n S
yste
ms
Beyond C
om
merc
e, In
c.
Gam
ania
Dig
ital E
nte
rtain
ment C
o., L
td.
info
GR
OU
P, In
c.
HanbitS
oft, In
c.
YD
Onlin
e C
orp
.V
alu
eC
lick, In
c.
Spark
Netw
ork
s, In
c.
NetD
ragon W
ebS
oft, In
c.
Ynk K
ore
a Inc.
Shutterf
ly, In
c.
Score
Media
Inc.
SN
AP
Inte
ractiv
e, In
c.
PN
I D
igita
l Media
Inc.
Velti
Plc
Modern
Tim
es G
roup M
tg A
BN
euLio
n Incorp
ora
ted
XIN
G A
GO
riente
d M
edia
Gro
up B
erh
ad
UO
MO
Media
, In
cG
ungH
o O
nlin
e E
nte
rtain
ment, Inc.
SK
Com
munic
atio
ns C
o., L
td.
Sohu.c
om
Inc.
Myriad G
roup A
GW
ebzen Inc.
Open T
ext C
orp
.is
eem
edia
Inc.
NE
OW
IZ G
am
es C
orp
ora
tion
Wiz
zard
Softw
are
Corp
ora
tion
Tale
o C
orp
.D
igita
lPost In
tera
ctiv
e, In
c.
WebM
edia
Bra
nds Inc
Kin
gsoft C
orp
ora
tion L
imite
dC
hangyou.c
om
Lim
ited
Lin
go M
edia
Corp
ora
tion
Accele
rize N
ew
Media
, In
c.
Mix
i, In
c.
Fro
gste
r In
tera
ctiv
e P
ictu
res A
GU
nila
va C
orp
ora
tion
HU
GH
ES
Tele
matic
s, In
c.
Flu
id M
usic
Canada, In
c.
Gre
e, In
c.
Chin
ese G
am
er
Inte
rnatio
nal
GeoS
entr
ic O
yj
Paid
Inc.
MO
KO
.mobi L
imite
dT
encent H
old
ings L
td.
Bright T
hin
gs p
lcS
pectr
um
DN
A, In
c.
Source: CapitalIQ
Spectrum has highest revenue multiple
www.mackieresearch.com12
EV/EBITDA Ranking
0.1 0.92.1 2.2 2.3 2.6
4.55.7 6.2 6.9 7.1 7.2 7.5 7.5 7.8 7.9 8.2 8.4 8.4 8.6 8.7
9.7 10.3 10.711.8 12.1 12.813.4 13.914.0 14.0
16.5 16.6 16.8
21.322.9
28.9
31.6
39.6
43.5
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Perf
ect W
orld C
o., L
td.
Jum
buck E
nte
rtain
ment Lim
ited
Gam
eO
n C
o L
td.
Acto
z S
oft C
o., L
td.
Cyberp
lex Inc.
AO
L, In
c.
Unite
d O
nlin
e, In
c.
Valu
eC
lick, In
c.
Sohu.c
om
Inc.
YD
Onlin
e C
orp
.
Gam
ania
Dig
ital E
nte
rtain
ment C
o., L
td.
DA
DA
SpA
info
GR
OU
P, In
c.
Spark
Netw
ork
s, In
c.
The N
ew
York
Tim
es C
om
pany
CD
C C
orp
.
Unis
erv
e C
om
munic
atio
ns C
orp
.
XIN
G A
G
PN
I D
igita
l Media
Inc.
Changyou.c
om
Lim
ited
NetD
ragon W
ebS
oft, In
c.
Tre
e.C
om
, In
c.
Velti
Plc
GungH
o O
nlin
e E
nte
rtain
ment, Inc.
Open T
ext C
orp
.
NE
OW
IZ G
am
es C
orp
ora
tion
Kin
gsoft C
orp
ora
tion L
imite
d
Score
Media
Inc.
Shutterf
ly, In
c.
IAC
/Inte
rActiv
eC
orp
.
Openw
ave S
yste
ms Inc.
Ynk K
ore
a Inc.
Modern
Tim
es G
roup M
tg A
B
Gre
e, In
c.
Mix
i, In
c.
Chin
ese G
am
er
Inte
rnatio
nal
TheS
treet.com
, In
c.
Tale
o C
orp
.
SK
Com
munic
atio
ns C
o., L
td.
Tencent H
old
ings L
td.
Excluding EV/EBITDA > 100xSource: CapitalIQ
Tencent has highest valuation
www.mackieresearch.com13
P/E Ranking
1.8 1.9 2.1 2.54.4
6.3 6.48.3
10.5 11.2 11.5 11.6 11.914.0 14.3
18.220.4 20.9 22.4
26.129.8
33.235.6
40.4
56.4 56.6
61.2
88.1
92.7
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
Perf
ect W
orld C
o., L
td.
Shanda Inte
ractiv
e E
nte
rtain
ment Ltd
.
Gia
nt In
tera
ctiv
e G
roup, In
c.
Nete
ase.c
om
Inc.
Jum
buck E
nte
rtain
ment Lim
ited
Cyberp
lex Inc.
Gig
aM
edia
Ltd
.
YD
Onlin
e C
orp
.
Unite
d O
nlin
e, In
c.
DA
DA
SpA
AO
L, In
c.
Changyou.c
om
Lim
ited
Gam
eO
n C
o L
td.
Sohu.c
om
Inc.
Valu
eC
lick, In
c.
Kin
gsoft C
orp
ora
tion L
imite
d
CD
C C
orp
.
Velti
Plc
Gam
ania
Dig
ital E
nte
rtain
ment C
o., L
td.
NetD
ragon W
ebS
oft, In
c.
Chin
ese G
am
er
Inte
rnatio
nal
Gre
e, In
c.
NE
OW
IZ G
am
es C
orp
ora
tion
Open T
ext C
orp
.
Tencent H
old
ings L
td.
Mix
i, In
c.
GungH
o O
nlin
e E
nte
rtain
ment, Inc.
HanbitS
oft, In
c.
Acto
z S
oft C
o., L
td.
Source: CapitalIQ
Actoz has highest P/E
www.mackieresearch.com14
Total Market Capitalization - $80B
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
4/2
7/2
009
5/4
/2009
5/1
1/2
009
5/1
8/2
009
5/2
5/2
009
6/1
/2009
6/8
/2009
6/1
5/2
009
6/2
2/2
009
6/2
9/2
009
7/6
/2009
7/1
3/2
009
7/2
0/2
009
7/2
7/2
009
8/3
/2009
8/1
0/2
009
8/1
7/2
009
8/2
4/2
009
8/3
1/2
009
9/7
/2009
9/1
4/2
009
9/2
1/2
009
9/2
8/2
009
10/5
/2009
10/1
2/2
009
10/1
9/2
009
10/2
6/2
009
11/2
/2009
11/9
/2009
11/1
6/2
009
11/2
3/2
009
11/3
0/2
009
12/7
/2009
12/1
4/2
009
12/2
1/2
009
12/2
8/2
009
1/4
/2010
1/1
1/2
010
1/1
8/2
010
1/2
5/2
010
2/1
/2010
2/8
/2010
2/1
5/2
010
2/2
2/2
010
3/1
/2010
3/8
/2010
3/1
5/2
010
3/2
2/2
010
3/2
9/2
010
4/5
/2010
4/1
2/2
010
4/1
9/2
010
94 94 94 94 93 94 94 94 94 94 94 94 94 94 94 94 94 94 94 93 94 94 94 94 94 94 94 94 94 95 95 97 97 97 97 97 97 97 97 97 97 97 97 98 98 98 98 98 98 98 98 98
(US
$m
)
# companies
Source: CapitalIQ
www.mackieresearch.com15
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
40,000.0
45,000.0D
ivers
ifie
d
Gam
ing
Media
Socia
l N
etw
ork
ing
Colla
bora
tion
Mark
eting
Ente
rprise
Inte
rnet
Reta
il
Searc
h
Mobile
SM
S/V
oic
e
Music
Fin
ancia
l S
erv
ices
Dating
Virtu
al W
orld
Vid
eo
Advert
isin
g
Vert
ical C
om
munitie
s
Paym
ent
Infr
astr
uctu
re
Podcasting
Learn
ing
6 26 10 16 1 6 3 2 1 5 3 2 1 2 2 1 4 1 1 3 1 1# Companies
26 Gaming companies totaling over $17b in market cap
www.mackieresearch.com16
Market Cap Ranking
0
1,000
2,000
3,000
4,000
5,000
6,000
Bro
adW
ebA
sia
Inc.
UO
MO
Media
, In
cC
orn
erW
orld C
orp
ora
tion
Unis
erv
e C
om
munic
atio
ns C
orp
.M
obile
Data
Corp
.B
eta
wave C
orp
ora
tion
Beyond C
om
merc
e, In
c.
Dig
italP
ost In
tera
ctiv
e, In
c.
En2G
o Inte
rnatio
nal,
Inc.
Kiw
ibox.C
om
, In
c.
Worlds.c
om
Inc.
Kent In
tern
atio
nal H
old
ings Inc.
Spectr
um
DN
A, In
c.
Real V
alu
e E
sta
tes, In
c.
Oriente
d M
edia
Gro
up B
erh
ad
Bright T
hin
gs p
lcS
ahara
Media
Hold
ings, In
c.
SN
AP
Inte
ractiv
e, In
c.
Lin
go M
edia
Corp
ora
tion
iseem
edia
Inc.
VO
IS, In
c.
MO
KO
.mobi L
imite
dJum
buck E
nte
rtain
ment Lim
ited
IAS
Energ
y, In
c.
Inte
rnet G
roup S
AN
ort
hgate
Technolo
gie
s L
imite
dW
izzard
Softw
are
Corp
ora
tion
Accele
rize N
ew
Media
, In
c.
LookS
mart
, Ltd
.D
olp
hin
Dig
ital M
edia
, In
c.
Ynk K
ore
a Inc.
Asknet A
GN
eX
plo
re C
orp
ora
tion
Socia
lwis
e, In
c.
Glu
Mobile
, In
c.
WebM
edia
Bra
nds Inc
Multi
plie
d M
edia
Corp
ora
tion
Unila
va C
orp
ora
tion
Cyberp
lex Inc.
GeoS
entr
ic O
yj
Dig
italT
ow
n, In
c.
Quepasa C
orp
.P
NI D
igita
l Media
Inc.
Gra
vity
Co., L
tdS
core
Media
Inc.
Poin
ts Inte
rnatio
nal L
td.
Fro
gste
r In
tera
ctiv
e P
ictu
res A
GN
gi G
roup Inc.
NeuLio
n Incorp
ora
ted
Spark
Netw
ork
s, In
c.
Moggle
, In
cY
D O
nlin
e C
orp
.A
Q Inte
ractiv
e, In
c.
HanbitS
oft, In
c.
Paid
Inc.
Tre
e.C
om
, In
c.
Flu
id M
usic
Canada, In
c.
DA
DA
SpA
Acto
z S
oft C
o., L
td.
Gam
eO
n C
o L
td.
TheS
treet.com
, In
c.
Webzen Inc.
Gig
aM
edia
Ltd
.T
he9 L
imite
dV
elti
Plc
Myriad G
roup A
GX
ING
AG
OA
O R
BC
Info
rmatio
n S
yste
ms
Openw
ave S
yste
ms Inc.
Gam
ania
Dig
ital E
nte
rtain
ment C
o.,
HU
GH
ES
Tele
matic
s, In
c.
NetD
ragon W
ebS
oft, In
c.
CD
C C
orp
.G
ungH
o O
nlin
e E
nte
rtain
ment, Inc.
info
GR
OU
P, In
c.
SK
Com
munic
atio
ns C
o., L
td.
RealN
etw
ork
s Inc.
Shutterf
ly, In
c.
Unite
d O
nlin
e, In
c.
NE
OW
IZ G
am
es C
orp
ora
tion
Valu
eC
lick, In
c.
Kin
gsoft C
orp
ora
tion L
imite
dC
hin
ese G
am
er
Inte
rnatio
nal
Mix
i, In
c.
Tale
o C
orp
.C
hangyou.c
om
Lim
ited
Perf
ect W
orld C
o., L
td.
The N
ew
York
Tim
es C
om
pany
Gia
nt In
tera
ctiv
e G
roup, In
c.
Sohu.c
om
Inc.
Open T
ext C
orp
.G
ree, In
c.
IAC
/Inte
rActiv
eC
orp
.A
OL, In
c.
Shanda Inte
ractiv
e E
nte
rtain
ment Ltd
.M
odern
Tim
es G
roup M
tg A
BN
ete
ase.c
om
Inc.
Tencent H
old
ings L
td.
Source: CapitalIQ
Tencent’s $37b market cap dominates group
www.mackieresearch.com17
Price Performance – 1 week
Rising
39%Flat
13%
Falling
48%
Price Momentum• Negative momentum with 61% of
stocks falling or flat over past week
www.mackieresearch.com18
Average Price Performance – 1 Week, By Sector
18.5%
9.7%
6.6%
2.8% 2.4%1.1% 0.3% 0.1% 0.0%
-0.4% -0.6%-2.1% -2.4% -2.5% -3.3% -3.5% -3.7%
-5.4%-7.2%
-11.2%-11.9%-12.9%-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Me
dia
Sea
rch
Vid
eo
Mo
bile
Ve
rtic
al
Co
mm
un
itie
sF
ina
nci
al
Se
rvic
es
Div
ers
ifie
d
Ga
min
g
Le
arn
ing
En
terp
rise
Co
llab
ora
tion
Ma
rketin
g
Inte
rnet R
eta
il
Infr
astru
ctu
re
Pa
ym
en
t
So
cia
l
Ne
two
rkin
g
Po
dca
stin
g
Mu
sic
Ad
vert
isin
g
SM
S/V
oic
e
Vir
tua
l W
orl
d
Datin
g
# companies
Source: CapitalIQ
Media shows biggest gains
www.mackieresearch.com19
Price Performance – 1 Week
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
BW
BA
OM
ED
IAS
TV
IIE
ET
SX
V:U
SS
SH
HD
WD
DD
UN
LA
GL
UU
SP
XA
CH
IN.A
RB
CI
DG
LP
UO
MO
PA
YD
CM
:DA
SO
HU
38
88
24
97
GIG
M7
77
PW
RD
A0
52
79
06
18
0G
TS
M:3
08
3S
FL
YF
RG
TS
E:3
63
25
90
05
7O
1B
C
WZ
EA
OL
SC
LW
NC
TY
70
0G
AT
SC
MN
TE
SM
YR
NS
ND
AV
CL
KT
SX
:FM
NR
NW
K2
12
1M
KB
OT
EX
TS
XV
:PN
KIW
BA
SX
:JM
BB
WA
VG
EO
1V
ET
GI
RV
LU
CW
RL
DB
:M0
CT
SX
:CX
TS
XV
:LM
TS
XV
:MM
CV
EL
VO
ISIU
SA
KN
TH
TR
EE
XT
RA
:A5
AL
OV
CY
OU
WS
E:IG
RA
IM:B
GT
LO
OK
HU
TC
A0
95
66
03
83
8A
04
70
80
WE
BM
MT
G B
IAC
IA
02
37
70
NX
PC
TL
EO
MB
YL
NY
TU
NT
DT
SX
:PT
ST
SX
:NL
NT
SX
:SC
RA
CL
ZQ
PS
AG
RV
YK
OS
E:A
06
90
80
A0
66
27
0A
05
27
70
38
12
DP
DM
37
65
OP
WV
DG
TW
IAS
C.A
BY
OC
Source: CapitalIQ
www.mackieresearch.com20
Price Performance (Top 10)
1 Month
0%
20%
40%
60%
80%
100%
120%
140%
160%
IAS
En
erg
y,
Inc.
Be
yo
nd
Co
mm
erc
e,
Inc.
Dig
ita
lTo
wn
,
Inc.
Ga
me
On
Co
Ltd
.
Do
lph
in
Dig
ital
Me
dia
, In
c.
Inte
rne
t
Gro
up
SA
Ha
nb
itSo
ft,
Inc.
Qu
ep
asa
Co
rp.
Mo
bile
Da
ta
Co
rp.
Op
en
wa
ve
Syst
em
s
Inc.
3 Month
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
OA
O R
BC
Info
rmation
Syste
ms
IAS
Energ
y,
Inc.
Beyond
Com
merc
e,
Inc.
Unila
va
Corp
ora
tion
SN
AP
Inte
ractive,
Inc.
Ngi G
roup I
nc.
AQ
Inte
ractive,
Inc.
TheS
treet.
com
,
Inc.
Worlds.c
om
Inc.
Quepasa C
orp
.
6 Month
0%
500%
1000%
1500%
2000%
2500%
3000%
OA
O R
BC
Info
rmation
Syste
ms
AQ
Inte
ractive,
Inc.
Quepasa C
orp
.
Oriente
d M
edia
Gro
up B
erh
ad
SN
AP
Inte
ractive,
Inc.
VO
IS,
Inc.
Ngi G
roup I
nc.
Beta
wave
Corp
ora
tion
SK
Com
munic
ations
Co.,
Ltd
.
Velti P
lc1 Year
0%
1000%
2000%
3000%
4000%
5000%
6000%
OA
O R
BC
Info
rma
tion
Syst
em
s
Qu
ep
asa
Co
rp.
Dig
ita
lPo
st
Inte
ract
ive
,
Inc.
Flu
id M
usi
c
Ca
na
da
,
Inc.
AQ
Inte
ract
ive
,
Inc.
VO
IS,
Inc.
Op
en
wa
ve
Syst
em
s
Inc.
Ve
lti P
lc
Te
nce
nt
Ho
ldin
gs
Ltd
.
Pa
id I
nc.
Source: CapitalIQ
www.mackieresearch.com21
Price Performance (Bottom 10)
1 Week
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Spec
trum
DN
A,
Inc
.
Glu
Mo
bile
, In
c.
Unila
va
Corp
ora
tion
Wo
rlds.c
om
In
c.
Sa
hara
Me
dia
Hold
ing
s, In
c.
Unis
erv
e
Com
munic
atio
ns
Co
rp.
iseem
edia
Inc.
SN
AP
Inte
ractiv
e, In
c.
Orien
ted
Med
ia
Gro
up B
erh
ad
Bro
adW
eb
Asia
Inc
.
1 Month
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
World
s.c
om
Inc.
Cyb
erp
lex I
nc.
isee
med
ia I
nc.
UO
MO
Me
dia
,
Inc
Spec
trum
DN
A,
Inc
.
Sah
ara
Me
dia
Hold
ing
s, In
c.
Un
ise
rve
Co
mm
unic
atio
ns
Corp
.
Bro
adW
ebA
sia
Inc
.
En2G
o
Inte
rna
tion
al,
Inc.
Co
rne
rWo
rld
Corp
ora
tion
6 Month
-100.0%
-90.0%
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
DA
DA
SpA
Gig
aM
edia
Ltd
.
Wiz
zard
Soft
ware
Co
rpora
tion
Cyb
erp
lex I
nc.
No
rthg
ate
Te
ch
nolo
gie
s
Lim
ited
Corn
erW
orld
Corp
ora
tion
En2G
o
Inte
rnatio
na
l,
Inc.
UO
MO
Me
dia
,
Inc
Bro
adW
eb
Asia
Inc
.
Saha
ra M
edia
Ho
ldin
gs
, In
c.
1 Year
-120.0%
-100.0%
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
Wiz
zard
Softw
are
Corp
ora
tion
Gig
aM
edia
Ltd
.
Nort
hgate
Technolo
gie
s
Lim
ited
Mobile
Data
Corp
.
UO
MO
Media
,
Inc
Corn
erW
orld
Corp
ora
tion
En2G
o
Inte
rnatio
nal,
Inc.
Sahara
Media
Hold
ings, In
c.
Beyond
Com
merc
e,
Inc.
Bro
adW
ebA
sia
Inc.
Source: CapitalIQ
www.mackieresearch.com22
Capital Market Activity (Financing, M&A)
www.mackieresearch.com23
Financing Momentum
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Oct-
04
De
c-0
4
Fe
b-0
5
Ap
r-0
5
Ju
n-0
5
Au
g-0
5
Oct-
05
De
c-0
5
Fe
b-0
6
Ap
r-0
6
Ju
n-0
6
Au
g-0
6
Oct-
06
De
c-0
6
Fe
b-0
7
Ap
r-0
7
Ju
n-0
7
Au
g-0
7
Oct-
07
De
c-0
7
Fe
b-0
8
Ap
r-0
8
Ju
n-0
8
Au
g-0
8
Oct-
08
De
c-0
8
Fe
b-0
9
Ap
r-0
9
Ju
n-0
9
Au
g-0
9
Oct-
09
De
c-0
9
Fe
b-1
0
Ap
r-1
0
(US
$m
)
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
(US
$m
)
Total (LTM) Average Size (LTM)
Sharp rise driven by large DST transactions
www.mackieresearch.com24
Financing activity – Current MonthMonth Company Name Country Sector Angel/Seed PIPE Series A Series B Series C Series D Grand Total
Apr-10 Digital Sky Technologies Russia Diversif ied 300.0 300.0
Groupon USA Social Commerce 135.0 135.0
Vidyo USA Video 25.0 25.0
LendingClub USA Financial Services 24.5 24.5
MokaFive USA Enterprise 21.0 21.0
BlackArrow USA Advertising 20.0 20.0
Xobni USA Social Netw orks 16.2 16.2
Box.net USA Collaboration 15.0 15.0
Prosper.com USA Financial Services 14.6 14.6
Knew ton USA Online Learning 12.5 12.5
Brightcove USA Video 12.0 12.0
EdgeCast CDN USA Media 10.0 10.0
Tynt Canada Infrastructure 8.0 8.0
PubMatic USA Advertising 7.5 7.5
Searchandise Commerce USA Advertising 7.0 7.0
Stitcher USA Media 6.0 6.0
Cramster USA Vertical Communities 6.0 6.0
quirky USA Social Netw orks 6.0 6.0
TellApart USA Analytics 4.8 4.8
Daily Grommet USA Social Commerce 3.4 3.4
gdgt USA Vertical Communities 3.2 3.2
TweetPhoto USA Micromedia 2.6 2.6
Assistly USA Enterprise 2.2 2.2
Spredfast USA Analytics 1.6 1.6
FreshPlanet USA Gaming 1.5 1.5
NearVerse USA Location-based SNS 1.0 1.0
ZoomSafer USA Mobile 1.0 1.0
Kontagent USA Analytics 1.0 1.0
DIYSEO USA Search 1.0 1.0
MyLikes USA Advertising 0.6 0.6
Plyce France Location-based SNS 0.4 0.4
Apr-10 Total 4.0 300.0 23.1 30.2 286.7 26.6 670.5
www.mackieresearch.com25
Financing activity – Current Month, By Sector
Diversified
3%
Social
Commerce
6%
Media
9%
Financial
Services
6%
Video
6%
Advertising
12%
Enterprise6%Social
Networks
6%
Collaboration
3%
Online
Learning
3%
Vertical
Communities
6%
Infrastructure
3%
Analytics
9%
Gaming
6%
Micromedia
3%
Location-
based SNS
6%
Search
3%
Mobile
3%
Travel
3%
Other
29%
Diversified
38%
Social
Commerce
18%
Media
15%
# Deals $ Raised
www.mackieresearch.com26
Financing Activity – last three months
12.8
4.75.5
6.8
8.9
5.7
10.2
12.5
9.18.2
5.4
21.6
5.8
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10
(US
$m
)
0.0
5.0
10.0
15.0
20.0
25.0
(US
$m
)
Total Average*May-09 includes $200m FB investment
Dec-09 includes $180m Zynga investment
Apr-10 includes $300m DST investment
$370mm excl DST, average $13.2m
www.mackieresearch.com27
Capital Market Activity Ranking – by Sector, last three months
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
Div
ers
ifie
d
Me
dia
Vid
eo
So
cia
l
Co
mm
erc
e
Ad
ve
rtis
ing
Se
arc
h
Ga
min
g
So
cia
l
Ne
two
rks
Fin
an
cia
l
Se
rvic
es
Mo
bile
Mo
bile
Ad
Cro
wd
sou
rce
d
Co
nte
nt
En
terp
rise
An
aly
tics
On
lin
e
Le
arn
ing
Inte
rne
t Re
tail
Ve
rtic
al
Co
mm
un
itie
s
Mu
sic
Mo
bile
Pa
ym
en
t
Co
llab
ora
tion
Lo
catio
n-
ba
se
d S
NS
Vir
tua
l W
orl
d
Mic
rob
log
Infr
astr
uctu
re
Wid
ge
t
Tra
ve
l
SM
S/V
oic
e
On
line
Ca
len
da
r
Blo
g
Mic
rom
ed
ia
On
lin
e D
atin
g
Ag
gre
ga
tio
n
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# companies
Advertising has most deals in last 3 months
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Top 10 Deals (2010 YTD)
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Networks
Mochi
Media
Aardvark StudioNow Saf-T-Net C&C
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Red 5
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Multicast
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AdMarvel NuConomy
Financings Acquisitions
DST involved in 2 largest deals YTD
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Upcoming events/earnings
Company Date Time Quarter Conf Call Details
Modern Times Group Mtg AB (OM:MTG B) 20-Apr-10 3:00 PM (CET) Q1/10 N/A
Changyou.com Limited (NasdaqGS:CYOU) 26-Apr-10 7:00 AM (EDT) Q1/10 852-3002-1672
Sohu.com Inc. (NasdaqGS:SOHU) 26-Apr-10 8:30 AM (EDT) Q1/10 1-877-941-6009
Shutterf ly, Inc. (NasdaqGS:SFLY) 28-Apr-10 2:00 PM (PDT) Q1/10 970-315-0490
Openw ave Systems Inc. (NasdaqGS:OPWV) 28-Apr-10 2:00 PM (PDT) Q3/10 877-941-1427
IAC/InterActiveCorp. (NasdaqGS:IACI) 28-Apr-10 11:00 a.m. EST Q1/10 http://w w w .iac.com/Investors
Open Text Corp. (NasdaqGS:OTEX) 29-Apr-10 5:00 PM (EDT) Q3/10 800-814-4860
Tree.Com, Inc. (NasdaqGM:TREE) 30-Apr-10 11:00 a.m. EST Q1/10 866-564-7440
Source: CapitalIQ
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Public Company ListingCompany Name Ticker Exchange
Trading
Currency HQ
Current
Price
US$ Market
Cap (mm) Employees
Accelerize New M edia, Inc. ACLZ OTCBB USD United States 0.59 18.0 NA
Actoz Soft Co., Ltd. A052790 KOSE KRW South Korea 13,200 104.1 NA
AOL, Inc. AOL NYSE USD United States 27.09 2,886.0 6,700
AQ Interactive, Inc. 3838 TSE JPY Japan 150,000 88.4 NA
Asknet AG XTRA:A5A XTRA EUR Germany 3.90 26.5 NA
Betawave Corporation BWAV OTCPK USD United States 0 2.6 NA
Beyond Commerce, Inc. BYOC OTCBB USD United States 0.08 4.5 86
Bright Things plc AIM :BGT AIM GBP United Kingdom 0 6.8 9
BroadWebAsia Inc. BWBA OTCPK USD United States 0.02 1.7 46
CDC Corp. CHIN.A NasdaqGS USD Hong Kong 3 303.5 NA
Changyou.com Limited CYOU NasdaqGS USD China 32.50 1,675.9 1,308
Chinese Gamer International GTSM :3083 GTSM TWD Taiwan 352 945.9 NA
CornerWorld Corporation CWRL OTCBB USD United States 0.02 1.9 16
Cyberplex Inc. TSX:CX TSX CAD Canada 1 46.4 NA
DADA SpA CM :DA CM EUR Italy 4.77 103.4 NA
DigitalPost Interactive, Inc. DGLP OTCBB USD United States 0 4.5 NA
DigitalTown, Inc. DGTW OTCBB USD United States 1.80 49.3 3
Dolphin Digital M edia, Inc. DPDM OTCBB USD United States 0 21.3 NA
En2Go International, Inc. ETGI OTCBB USD United States 0.20 4.8 NA
Fluid M usic Canada, Inc. TSX:FM N TSX CAD United States 2 102.3 NA
Frogster Interactive P ictures AG FRG XTRA EUR Germany 20.48 70.7 NA
Gamania Digital Entertainment Co., Ltd. 6180 GTSM TWD Taiwan 47 228.3 NA
GameOn Co Ltd. 3812 TSE JPY Japan 102,000.00 106.9 NA
GeoSentric Oyj GEO1V HLSE EUR Finland 0 48.4 NA
Giant Interactive Group, Inc. GA NYSE USD China 7.85 1,780.5 NA
GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 3 162.5 751
Glu M obile, Inc. GLUU NasdaqGM USD United States 1.01 30.9 NA
Gravity Co., Ltd GRVY NasdaqGM USD South Korea 2 60.6 469
Gree, Inc. TSE:3632 TSE JPY Japan 5,540.00 2,715.3 NA
GungHo Online Entertainment, Inc. 3765 OSE JPY Japan 254,100 316.0 NA
HanbitSoft, Inc. A047080 KOSE KRW South Korea 4,820.00 94.4 NA
HUGHES Telematics, Inc. HUTC OTCBB USD United States 3 230.0 276
IAC/InterActiveCorp. IACI NasdaqGS USD United States 23.64 2,755.4 3,200
IAS Energy, Inc. IASC.A OTCPK USD Canada 0 12.0 NA
infoGROUP, Inc. IUSA NasdaqGS USD United States 8.00 463.2 3,146
Internet Group SA WSE:IGR WSE PLN Poland 1 13.2 NA
iseemedia Inc. IEE TSXV CAD Canada 0.12 8.2 NA
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Public Company Listing cont.Company Name Ticker Exchange
Trading
Currency HQ
Current
Price
US$ Market
Cap (mm) Employees
Jumbuck Entertainment Limited ASX:JM B ASX AUD Australia 0.25 11.2 79
Kent International Holdings Inc. KNTH OTCPK USD United States 1.81 6.4 NA
Kingsoft Corporation Limited 3888 SEHK HKD China 6.12 874.2 NA
Kiwibox.Com, Inc. KIWB OTCBB USD United States 0.01 4.9 NA
Lingo M edia Corporation TSXV:LM TSXV CAD Canada 0.65 8.0 NA
LookSmart, Ltd. LOOK NasdaqGM USD United States 1.06 18.2 NA
M ixi, Inc. 2121 TSE JPY Japan 609,000.00 1,020.3 NA
M obile Data Corp. M BYL OTCBB USD United States 0.08 2.0 NA
M odern Times Group M tg AB M TG B OM SEK Sweden 425.00 3,895.2 NA
M oggle, Inc DB:M 0C DB EUR United States 1.29 81.2 2
M OKO.mobi Limited M KB ASX AUD Australia 0.10 10.8 NA
M ultiplied M edia Corporation TSXV:M M C TSXV CAD Canada 0.19 42.5 NA
M yriad Group AG M YRN SWX CHF Switzerland 4.16 189.8 405
NEOWIZ Games Corporation A095660 KOSE KRW South Korea 38,800.00 731.9 NA
NetDragon WebSoft, Inc. 777 SEHK HKD China 4.32 294.2 NA
Netease.com Inc. NTES NasdaqGS USD China 35.16 4,554.0 NA
NeuLion Incorporated TSX:NLN TSX CAD Canada 0.65 74.5 NA
NeXplore Corporation NXPC OTCPK USD United States 0.50 27.9 NA
Ngi Group Inc. 2497 TSE JPY Japan 53,100.00 71.3 NA
Northgate Technologies Limited 590057 BSE INR India 18.45 14.4 160
OAO RBC Information Systems RBCI M ICEX RUB Russia 44.21 204.6 2,523
Open Text Corp. OTEX NasdaqGS USD Canada 47.14 2,661.7 3,700
Openwave Systems Inc. OPWV NasdaqGS USD United States 2.69 225.4 590
Oriented M edia Group Berhad OM EDIA KLSE M YR M alaysia 0.16 6.7 NA
Paid Inc. PAYD OTCBB USD United States 0.36 95.5 20
Perfect World Co., Ltd. PWRD NasdaqGS USD China 34.78 1,732.9 NA
PNI Digital M edia Inc. TSXV:PN TSXV CAD Canada 1.72 56.9 NA
Points International Ltd. TSX:PTS TSX CAD Canada 0.45 66.2 NA
Quepasa Corp. QPSA OTCBB USD United States 4.15 53.8 71
Real Value Estates, Inc. RVLU OTCBB USD Israel 1.03 6.6 NA
RealNetworks Inc. RNWK NasdaqGS USD United States 4.40 594.6 1,754
Sahara M edia Holdings, Inc. SHHD OTCBB USD United States 0.25 7.8 15
Score M edia Inc. TSX:SCR TSX CAD Canada 0.80 63.8 220
Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 44.05 2,962.6 NA
Shutterfly, Inc. SFLY NasdaqGS USD United States 23.69 634.5 519
SK Communications Co., Ltd. A066270 KOSE KRW South Korea 14,150.00 530.3 NA
SNAP Interactive, Inc. STVI OTCBB USD United States 0.24 7.9 NA
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Public Company Listing cont.
Company Name Ticker Exchange
Trading
Currency HQ
Current
Price
US$ Market
Cap (mm) Employees
Socialwise, Inc. SCLW OTCBB USD United States 0.58 28.1 NA
Sohu.com Inc. SOHU NasdaqGS USD China 49.76 1,879.3 3,997
Spark Networks, Inc. LOV AM EX USD United States 3.76 77.4 NA
SpectrumDNA, Inc. SPXA OTCBB USD United States 0.10 6.5 7
Taleo Corp. TLEO NasdaqGM USD United States 26.87 1,065.6 916
Tencent Ho ldings Ltd. 700 SEHK HKD China 157.30 37,060.2 7,515
The New York Times Company NYT NYSE USD United States 12.11 1,762.6 7,665
The9 Limited NCTY NasdaqGS USD China 6.84 174.5 1,626
TheStreet.com, Inc. TSCM NasdaqGM USD United States 3.61 113.9 NA
Tree.Com, Inc. TREE NasdaqGM USD United States 9.14 100.6 700
Unilava Corporation UNLA OTCBB USD United States 0.44 44.0 39
Uniserve Communications Corp. TSXV:USS TSXV CAD Canada 0.08 1.9 NA
United Online, Inc. UNTD NasdaqGS USD United States 8.11 702.0 1,699
UOM O M edia, Inc UOM O OTCBB USD Canada 0.02 1.7 NA
ValueClick, Inc. VCLK NasdaqGS USD United States 10.09 820.5 1,086
Velti Plc VEL AIM GBP United Kingdom 3.11 178.4 450
VOIS, Inc. VOIS OTCBB USD United States 0.01 9.0 2
WebM ediaBrands Inc WEBM NasdaqGS USD United States 1.00 37.4 NA
Webzen Inc. KOSE:A069080 KOSE KRW South Korea 13,450 142.6 NA
Wizzard Software Corporation WZE AM EX USD United States 0.24 15.9 NA
Worlds.com Inc. WDDD OTCBB USD United States 0.10 5.4 1
XING AG O1BC XTRA EUR Germany 27.39 191.5 NA
YD Online Corp. A052770 KOSE KRW South Korea 6,240 83.8 NA
Ynk Korea Inc. A023770 KOSE KRW South Korea 3,230 23.0 NA
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Disclaimer
RELEVANT DISCLOSURES APPLICABLE TO: NONE
1. None applicable.
ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.
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.Information about Mackie Research Capital Corporation’s Rating System, the distribution of our research to clients and the percentage of recommendations which are in each of our rating categories is available on our web site at www.mackieresearch.com. The information contained in this report has been drawn from sources believed to be reliable but its accuracy or completeness is not guaranteed, nor in providing it does Mackie Research Capital Corporation assume any responsibility or liability. Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein. Contents of this report cannot be reproduced in whole or in part without the expressed permission of Mackie Research Capital Corporation. (U.S. Institutional Clients — Research Capital U.S.A. Inc. (a wholly owned subsidiary of Mackie Research Capital Corporation) accepts responsibility for the contents of this report subject to the terms & limitations set out above. Firms orinstitutions receiving this report should effect transactions in securities discussed in the report through Research Capital U.S.A. Inc., a Broker-Dealer Registered with the United States Securities and Exchange Commission).
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