Deals (M&A, Finance) – Disney Gets In To Social/Mobile Video Games Disney acquired social and mobile game developer, Playdom, for $563 mm in upfront consideration and the potential for $200 mm in further earn-out based consideration. Disney management notes that the company continues to be on the acquisition war path. The largest deals in the week involved (wait for it…) the advertising sector, with $15 mm in follow-on financings to eXelate and AdMeld, and $8 mm to BuzzLogic. Four different social network/media companies received financing in the week, including, Hot Potato (acquired for $10 mm by Facebook), PlacePop ($1.4 mm round), Rapportive ($1 mm seed round), and dating site, Triangulate ($0.75 seed round). Price Performance - Web 2.0 Valuation Reverse Course and Head Upward The Web 2.0 public company universe was positive this week with 47% of stocks rising, 46% falling, and 7% flat.

1. Web 2.0 Weekly
“Playdom Is Going To Disney World!”
August 4, 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) – Disney Gets In To Social/Mobile Video Games
Disney acquired social and mobile game developer, Playdom, for $563 mm in upfront
consideration and the potential for $200 mm in further earn-out based consideration.
Disney management notes that the company continues to be on the acquisition warpath.
The largest deals in the week involved (wait for it…) the advertising sector, with $15 mm
in follow-on financings to eXelate and AdMeld, and $8 mm to BuzzLogic.
Four different social network/media companies received financing in the week, including,
Hot Potato (acquired for $10 mm by Facebook), PlacePop ($1.4 mm round),
Rapportive ($1 mm seed round), and dating site, Triangulate ($0.75 mm seed round).
Financial Results/Guidance/Partnerships/Product
Multiplied Media (TSXV:MMC) announced a partnership with U.S. wireless carrier,
Cricket Communication, to have the company’s geo-location mobile app, Poynt, pre-
installed on several of the smartphones that Cricket currently markets or intends to
launch in the near future. In other MMC news, the latest version of Poynt, now for the
Android OS, was launched last week. Poynt is now available on iPhone, BlackBerry, and
Android.
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 102 - - -
Market Cap (US$ mm) 86,339.9 49.9 35,575.0 0.0
Revenue (US$ mm) 28,921.6 43.9 6,869.8 0.0
1 Year revenue growth 2.5% 8961.6% -100.0%
EBITDA as % of revenue - 8.8% 63.2% -99.5%
Net cash (US$ mm) 17,182.1 2.9 6,665.5 -670.8
TEV/Revenue - 1.8x 37.6x 0.0x
TEV/EBITDA - 8.4x 39.9x 0.1x
P/E - 16.8x 97.2x 0.0x
Relative to 52 week high -41.6% -0.9% -93.5%
Source: CapitalIQ
4 www.mackieresearch.com

5. 5
0
5
10
15
20
25
30
Gaming
28
Social Networking
16
10
Media
9
Diversified
6
Mobile
5
Marketing
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
Search
1
Podcasting
1
Learning
1
Video
1
Collaboration
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
11% Flat
0%
Rising
Falling 25%
Falling Rising
33% 56% 75%
EV/EBITDA P/E
Flat Flat
0% 0%
Rising Rising
31% 41%
Falling Falling
69% 59%
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
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
Median EV/Revenue
10/6/2009
10/13/2009
10/20/2009
10/27/2009
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009
Median
12/22/2009
12/29/2009
1/5/2010
1/12/2010
1/19/2010
1/26/2010
2/2/2010
2/9/2010
2/16/2010
2/23/2010
Long-term average
3/2/2010
3/9/2010
3/16/2010
3/23/2010
3/30/2010
4/6/2010
4/13/2010
4/20/2010
4/27/2010
average
5/4/2010
5/11/2010
well below LT
5/18/2010
5/25/2010
down slightly, still
Revenue multiples
6/1/2010
6/8/2010
6/15/2010
6/22/2010
6/29/2010
7/6/2010
7/13/2010
7/20/2010
7/27/2010
8/3/2010
383940394038404243454547464547485051515054555661616162666666656666707070707372726672727276737676778078797880808183828383
www.mackieresearch.com

8. 8
Source: CapitalIQ
Multiple (x )
# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
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
Median EV/EBITDA
9/22/2009
9/29/2009
10/6/2009
10/13/2009
10/20/2009
10/27/2009
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009
Median
12/22/2009
12/29/2009
1/5/2010
1/12/2010
1/19/2010
1/26/2010
2/2/2010
2/9/2010
2/16/2010
2/23/2010
3/2/2010
L ong-term average
3/9/2010
3/16/2010
3/23/2010
3/30/2010
4/6/2010
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
EV/EBITDA multiples down,
depressed below LT average
6/15/2010
6/22/2010
6/29/2010
7/6/2010
7/13/2010
7/20/2010
7/27/2010
8/3/2010
20 21 22 22 21 21 21 23 22 24 22 23 23 25 26 26 25 24 24 25 27 29 29 33 34 34 36 38 37 38 39 38 40 41 38 38 38 42 41 41 41 42 41 42 43 43 43 44 47 49 48 50 50 50 49 49 48 46 48 49
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
6/16/2009
6/23/2009
6/30/2009
Median P/E
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
11/3/2009
11/10/2009
11/17/2009
11/24/2009
12/1/2009
12/8/2009
12/15/2009
Median
12/22/2009
12/29/2009
1/5/2010
1/12/2010
1/19/2010
1/26/2010
2/2/2010
2/9/2010
2/16/2010
2/23/2010
3/2/2010
L ong-term average
3/9/2010
3/16/2010
3/23/2010
3/30/2010
4/6/2010
4/13/2010
4/20/2010
4/27/2010
5/4/2010
below LT average
P/E multiples shift
5/11/2010
5/18/2010
5/25/2010
upwards though remain
6/1/2010
6/8/2010
6/15/2010
6/22/2010
6/29/2010
7/6/2010
7/13/2010
7/20/2010
7/27/2010
8/3/2010
19 18 18 19 18 19 18 20 20 19 18 19 19 19 20 21 24 23 23 24 25 27 26 30 31 31 30 33 32 32 36 37 39 39 38 39 39 39 41 38 39 39 40 37 37 36 33 33 33 35 35 36 35 35 36 36 32 35 33 34
www.mackieresearch.com

10. 10
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
# Companies 2
Virtual World
11.6
9
Social Networking
9.0
2
Infrastructure
9.0
1
Learning
8.9
4
Mobile
5.1
2
Music
4.8
6
Diversified
4.2
1
Search 3.6
Gaming
21
3.5
5
Marketing
3.3
1
Vertical Communities
3.2
3
SMS/Voice
2.6
Average EV/Revenue – by Sector
1
Podcasting
2.6
1
Collaboration
2.5
3
Advertising
2.3
9
Media
2.2
2
Internet Retail
2.0
3
Enterprise
1.7
1
Video
1.6
2
Dating
1.2
1
Financial Services
0.5
www.mackieresearch.com

11. Average EV/EBITDA – by Sector
45.0
40.0 38.5
35.0
30.0
25.0
20.0 18.8
17.1
15.0 13.0
12.2 11.7
10.3
9.4 9.2
10.0
7.2 6.9
5.0 4.0
-
Diversified
Advertising
Internet Retail
Search
Mobile
Enterprise
Gaming
Social Networking
Media
Collaboration
Marketing
Dating
# Companies 1 3 2 5 13 2 6 6 1 2 1 1
11 www.mackieresearch.com

12. Average P/E – by Sector
120.0
100.0 96.3
80.0
60.0 54.9
40.2
38.3
40.0
23.8
19.8
20.0
14.3 14.1 13.6
7.7
-
Internet Enterprise Collaboration Diversified Social Marketing Advertising Media Gaming Virtual World
Retail Networking
2 3 1 9 16 5 3 10 28 2
# 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
38
Ac c redited Members H olding C orporation
Source: CapitalIQ
28
S oc ialG O P L C
23
Worlds .c om Inc.
19
T encent H oldings Ltd.
17
S pec trumDNA, Inc.
15
G eoS entric O yj
14
MO K O .mobi L imited
12
P aid Inc.
G ree, Inc.
C hines e G amer International
10 10 10
B ey ond C ommerc e, Inc.
9
Lingo Media C orporation
Mood Media C orporation
8 8
DigitalP os t Interac tiv e, Inc.
7
T rans G aming, Inc.
6
Acc eleriz e New Media, Inc .
H U G H E S T elematics , Inc .
Dena C o. Ltd.
Mix i, Inc.
F rogs ter Interac tiv e P ictures AG
5 5 5 4 4
C hangyou.com L imited
T aleo C orp.
S K C ommunications C o., L td.
K ings oft C orporation L imited
4 4 4 3
WebMediaB rands Inc
Motric ity, Inc.
Wiz z ard S oftware C orporation
3 3 3
O pen T ex t C orp.
EV/Revenue Ranking
eP ro Ltd.
S ohu.c om Inc.
Modern T imes G roup Mtg AB
XING AG
NE O WIZ G ames C orporation
2 2 2 2 2 2
V elti P lc
S hutterfly , Inc .
S c ore Media Inc.
P NI Digital Media Inc .
Myriad G roup AG
U O MO Media, Inc
H anbitS oft, Inc.
V alueC lic k , Inc.
G ungH o O nline E ntertainment, Inc .
P latforma Mediowa P oint G roup S .A.
is eemedia Inc.
NeuL ion Inc orporated
2 2 2 2 2 2 2 2 2 2 2 2
H utc his on T elec ommunic ations H ong
S park Network s , Inc.
G amania Digital E ntertainment C o. , L td.
U nilav a C orporation
Webz en Inc.
NetDragon WebS oft, Inc.
Accredited Members has
Y D O nline C orp.
O riented Media G roup B erhad
Y nk K orea Inc.
highest revenue multiple at 38x
S NAP Interac tiv e, Inc.
Internet G roup S A
O AO R B C Information S y s tems
1 1 1 1 1 1 1 1 1 1 1 1
AQ Interactiv e, Inc.
P oints International Ltd.
IAC /InterActiveC orp.
T heS treet.c om, Inc.
T he New Y ork T imes C ompany
U nited O nline, Inc.
DADA S pA
Northgate T echnologies L imited
U nis erv e C ommunic ations C orp.
AO L , Inc.
C DC C orp.
G lu Mobile, Inc.
T ree.C om, Inc.
1 1 1 1 1 1 1 1 1 1 1 1 1
G igaMedia Ltd.
O penwave S ys tems Inc.
C y berplex Inc.
Actoz S oft C o., L td.
J umbuc k E ntertainment Limited
R ealNetwork s Inc.
As k net AG
G ameO n C o L td.
Look S mart, Ltd.
0 0 0 0 0 0 0 0 0
Ngi G roup Inc.
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