Professional Documents
Culture Documents
MMOG Market
450.0
425.5
396.5 400.1
400.0
366.3
343.5
350.0
302.9
300.0 278.4
250.0 237.7
(USD m)
200.7
200.0
150.0
100.0
50.0
0.0
Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08
This report has been created b y Anal ysts that are emplo yed b y Research Capital Corporation, a Canadian Investment Dealer.
For further disclosures, please see last page of this report.
www.researchcapital.com
T o ro n t o 4 1 6 . 8 6 0 . 7 6 0 0 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.265.7400 Regina 306.566.7550
Page 2
C A P I T A L M A R K E T S A C T I V I T Y (M & A A N D F I N A N C I N G )
Twitter raises $35 million: The largest W eb 2.0 financing of the last three months remains the $35 million raised by
Twitter (Figure 2). Overall, there have been 25 financings announced in February, totalling $184.6 million, or $7.4 million
on average. The average value for February was above the $7.0 million average for January, with four financings over $15
million in February (Twitter, Synthasite, Tremor Media, and Offerpal Media) vs. no deals over $15 million in January. For
additional details, see Figure 29 (at end of note).
40.0
35.0
30.0
25.0
Feb-09
(US$m)
20.0 Jan-09
Dec-08
15.0
10.0
5.0
0.0
Emergent Game Technologies
FamilyLink.com
ChakPak
Cake Financial
Pulse Entertainment
Tremor Media
Go Internet Media
DECA
GoFish
FooMojo
JibJab
Jackbe
FetchDog
mEgo
MMO Life
RatePoint
IMVU
Tumblr
TextDigger
Play Hard Sports
Clickpass
Geni
Tvinci
Overlay.TV
Outbrain
Nurien
Taptu
Tvtrip
Social Median
SocialMedia
Oodle
Wamba
Tagged
Playdo
Mixpo
7 Billion People
DotBlu
Hubdub
CoveritLive
Identi.ca
OneSpot
Outright
NetShelter
Aster Data Systems
SundaySky
Fliqz
Motionbox
Gbox
Mendeley
Filtrbox
Meez
Blue Kai
Xobni
Synthasite
Offerpal Media
AdMob
Scribd
Snapmylife
Virtual Fairground
Snooth
NewsGator
VirtuOz
Sportsblogs
AboutUs
WhistleBox
StockTwits
Angie's List
fav.or.it
Yodle
Superfish
Twitter
Kewego
Tripwolf
InsideView
Six SNS companies account for $28.7 million (combined) of capital market activity: Activity in February was busiest
among social networking companies (Figure 3), with six companies combining for a total of $28.7 million. There have also
been four financings of video companies raising a total of $25.9 million.
Page 4
40.0
35.0
30.0
25.0
(US$m)
20.0
35.0
15.0
28.7
25.9
22.5
10.0 20.0
15.0
13.8
5.0 9.0
4.3 4.0 3.0 2.0 1.4
0.0
Comment/Reputation
Gaming
Wiki
Travel
Microblog
Financial Services
Search
Social Networks
Virtual Goods
Virtual World
Video
Aggregation
Analytics
# companies 1 6 4 4 1 1 2 1 1 1 1 1 1
Average round size increases slightly: On a trailing 12-month basis, total financing dollars inched up as of February
2009, with average round sizes increasing slightly as well (Figure 4).
Page 5
LTM Financing
4,000.0 20.0
18.0
3,500.0
16.0
3,000.0
14.0
2,500.0
12.0
(US$m)
(US$m)
2,000.0 10.0
8.0
1,500.0
6.0
1,000.0
4.0
500.0
2.0
0.0 0.0
May-06
May-07
May-08
Nov-05
Mar-06
Nov-06
Mar-07
Nov-07
Mar-08
Nov-08
Jul-05
Sep-05
Jan-06
Jul-06
Sep-06
Jan-07
Jul-07
Sep-07
Jan-08
Jul-08
Sep-08
Jan-09
Total Average
Cumulative total $5.6 billion: Overall, on a cumulative basis, W eb 2.0 financings have totalled $5.6 billion, with the
majority of the financing coming in late 2007 and the first three quarters of 2008 (Figure 5). Financing for the first quarter
of 2009 has now passed that raised in the fourth quarter of 2008 – reversing the downtrend since the second quarter last
year.
Page 6
1,400.0 6,000.0
1,313.3
1,200.0
5,000.0
1,000.0 947.2
4,000.0
800.0
712.7
(US$m)
(US$m)
3,000.0
600.0
524.9
2,000.0
399.4
400.0 338.5
319.4
1,000.0
200.0 145.7151.5
135.6
87.2 106.6
77.4 82.8
35.5 38.8 20.1 37.5 33.5 18.2 41.9 57.8
0.0 0.0
Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1
2003 2004 2005 2006 2007 2008 2009
U.S. remains dominant: U.S. companies continue to dominate capital market activity – with almost 73% of
financings/M&A involving U.S. companies (based on dollars) (Figure 6). Canadian companies generated under 1% of
capital market activity based on dollar volume (Figure 6). Based on number of transactions, the U.S. leads with 72.2% of
deals, while Canada is third in number of financings at 5.4% (Figure 7).
Russia ROW
1.7% Israel 10.0%
1.0%
Canada
0.8%
France
0.7%
ROW
2.3%
USA
72.6%
USA
72.2%
Larger volume of early-stage funding (by count): Almost half of financings in the last 12 months are for early-stage
companies (Angel/Seed or Series A) (Figure 8). Series B rounds are 28.9% of the total, with later-stage (Series D, E and
PIPE) deals accounting for just 7.1%.
Series B
28.9% Series C
13.8%
Series D
4.2%
Angel/Seed
10.9%
Debt financing
Series A 2.5%
37.7%
PIPE
2.1%
Equity financings smaller over last 12 months: In the last 12 months, the average size of Series A, B, C, and D rounds
have all been lower than the overall average (Figure 9). Note though that Angel/Seed rounds have been larger.
Page 8
45.0
41.9
40.0
38.1
34.9
35.0
30.0 29.3
25.0 23.8
(US$m)
20.0
18.4
15.0
12.0
11.4 11.3 11.3
10.0 8.8
7.4
6.8
5.8
5.0
3.3
2.5
0.0
Angel/Seed Debt financing PIPE Series A Series B Series C Series D Series E
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 )
Price Performance: Our W eb 2.0 index (market-cap weighted) has closely tracked the performance of the NASDAQ
composite index, although it has outperformed the index from mid 2008 until recently (Figure 10).
Page 9
120
100
80
60
40
20
0
3/3/2008
3/17/2008
3/31/2008
4/14/2008
4/28/2008
5/12/2008
5/26/2008
6/9/2008
6/23/2008
7/7/2008
7/21/2008
8/4/2008
8/18/2008
9/1/2008
9/15/2008
9/29/2008
10/13/2008
10/27/2008
11/10/2008
11/24/2008
12/8/2008
12/22/2008
1/5/2009
1/19/2009
2/2/2009
2/16/2009
3/2/2009
NASDAQ COMP Web 2.0 (Market Cap Weighted)
NGI rebounds; Perfect World drops: NGI Group (2497-TSE) rebounded from its fall last week to have the best
performance in the group (for stocks with prices greater than $1) (Figure 11), increasing 22.1% on the week. Perfect
W orld (PW RD-NasdaqGS) fell the most, -27.0%.
Page 10
B etawa ve C orporation G oF ish C orpo ra tio n will C hange its T ick er to B W AV from E ffec tive F ebruary 27, 200 9, G oF ish C orpora tion will c hang e its O T C B B s tock ticke r s y mbol to B W A V from G O F H .
(O TCtaBlPos
Digi B:B W AV )rac tiv e, Inc.
t Inte G O F H o st Inte ra ctive Inc. S ign s C us tom S oftware Deal Digita lP os t Interac tive Inc. a nnounced tha t it has s igned a de al with a cus tom er. T he c ontra ct ca lls for DigitalP ost Inte ra ctiv e to build a
DigitalP
(O TC B B : DGL P ) custom im plem enta tion of W eb 2.0 tools ets utiliz ed within a busines s to bus ines s (B 2B ) s oftwa re applica tion. I f all performa nce metrics a re
me t, the a gre ement is worth $165 ,000 with th e po ss ibility o f addition al contrac ts a vaila ble a fter a s uc ces sful firs t phas e imple me ntation. T he
product is s cheduled to be c omplete d be fore the end of the s econd quarte r of 20 09.
G iant Inter active G roup, Inc . G iant L aunch es O nline Ga me H ardware Acces sing G ian t Interactive G roup Inc. announc ed that it has laun ched a frontier web ga me hardware a ss es s ing pla tform with Inte l C orporation. T he
(NYS E :G A ); Intel C orporation P la tform with Intel platform, open s ource for other web gam e operato rs , will be cra fted by G ia nt into a n indus try mode l for online ga me ha rdwa re a s se ss ment.
(Nas da qGS
United O nli :ne
INTInc.
C) Unite d O nline Inc. has file d a S he lf R egis tration in the United On line I nc. ha s filed a S helf R e gis tration in the amount of $15. 60 million.
(Nas da qGS : UNT D) amount o f $1 5.60 million.
ZipL oca l Inc. (TS XV : ZIP ) ZipL ocal Inc. R eports E a rn ings R es ults for th e S econd ZipL ocal Inc. reported earnings res ults for the s ec ond qua rter and s ix mo nths e nded Decem ber 3 1, 2 008. F or the qua rte r, the c ompany
Q ua rte r a nd S ix M onth s E n ded December 31 , 200 8 re ported adjus ted E B IT DA los s by $1, 305, 989 a s compared to the s ame pe riod in the prior year. Net revenues for the thre e months ended
December 31 , 20 08 we re $73 4,16 5, repres en ting a dec reas e of $2 73,8 92 (or 2 7% ) from $1, 008, 057 as recorded in the sa me period in th e
prior yea r. Net los s for the three months ended D ecember 31, 200 8 was $ 703,2 72 or $0.0 1 pe r share, compa red to a los s of $ 1,98 5,41 3 or
$0.0 3 pe r sha re, for the sa me period in the prior y ear. F or the s ix months , the com pany reported a djusted E B IT DA loss was $ 414, 546
re pres enting a n im prove me nt of $34 3,82 9 from $ 758,3 75 for the three months e nded S e ptembe r 30, 2008 . N et reve nues we re $1, 494,1 01,
re pres enting a de crea se of $724 ,887 or 33 % from $2, 218, 988 a s rec orded in the sa me period in the prior ye a r. Net loss wa s $1,6 52,0 94 or
$0.0 2 pe r sha re, c ompared to a los s of $ 3,22 4,56 8 or $0 .06 per s hare, for the s am e period in the prior yea r.
VALUATION
MMOG companies lead market cap charts: Seven companies in our W eb 2.0 universe top US$1 billion in market
capitalization (Figure 13). Sixty-three of the 85 (same as last week) companies have market caps under US$100 million,
with 26 (vs. 27 last week) under $10 million. Online gaming companies dominate the top of the list with four of the top six
by market cap.
Market C ap (US D m)
Tencent Holdings L td.
Neteas e. c om Inc . 2516.4
S handa Interac tive Entertainment L td. 2134. 2
IA C/InterA c tiveCorp. 2085. 3
Open Tex t Corp. 1586. 6
G iant Interactive G roup, Inc . 1495.2
G ree, Inc . 1007. 8
Modern Times G roup Mtg A B 843. 5
Mix i, Inc . 564.2
Perfec t World Co., L td. 508.3
United Online Inc . 361.3
K ings oft Co. L td. 347. 4
Chines e G amer International 322.2
The9 L imited 289. 4
G igaMedia L td. 275.0
NetDragon W ebS of t, Inc . 199. 7
S hutterfly , Inc . 197. 2
XING A G 188. 3
NEOWIZ G ames Corporation 185. 7
S K Communic ations Co., L td. 161.2
G ungHo Online Entertainment, Inc . 137. 4
DA DA S pA 102. 0
G amania Digital Entertainment Co., L td. 97. 0
G ameOn Co L td. 92. 3
CDC Corp. 82. 0
DigitalTow n, Inc . 74. 7
Moggle, Inc 72. 6
Y edangOnline Corp. 66.2
Openw ave S y s tems Inc . 65.9
B roadWebA s ia Inc . 63.7
A c toz S oft Co., L td. 58.7
TheS treet. com, Inc . 54.1
NeXplore Corporation 53.0
S park Netw orks , Inc . 52.3
PhotoChannel Netw orks Inc . 45.0
K aboos e Inc . 44.0
HanbitS of t, Inc . 42. 4
OA O R B C Inf ormation S ys tems 41. 6
Tree.Com, Inc . 36. 8
J umpTV Inc . 31. 8
Ngi G roup Inc . 26. 6
B eyond Commerce, Inc . 26. 2
W iz z ard S oftw are Corporation 24. 4
G eoS entric Oy j 23.5
Northgate Tec hnologies L imited 22.8
Dolphin Digital Media, Inc . 21.9
DXN Holdings B hd 20.6
Fluid Mus ic Canada, Inc . 20.4
L ookS mart, L td. 20.1
G ravity Co., L td 19.2
Ex tens ions , Inc . 18.9
A Q Interac tive, Inc . 18.4
IdeaEdge, Inc . 18.2
Eolith Co. L td. 15.4
Quepas a Corp. 15.1
J umbuc k Entertainment Pty L td. 12.8
Frogs ter Interac tive Pictures A G 12.0
W ebz en Inc . 10.6
S NA P Interac tive, Inc . 10.1
Lingo Media Corporation 9.5
Worlds . c om Inc . 9.4
A c c eleriz e New Media, Inc . 8.3
Magnitude Inf ormation S y s tems Inc . 7.9
CornerWorld Corporation 7.0
UOMO Media, Inc 6.0
IA S Energy , Inc . 5.6
Y nk K orea Inc . 5.5
V OIS , Inc . 5.4
S pectrumDNA , Inc . 4.6
is eemedia Inc . 3.8
B right Things plc 2.9
Wooz y Fly , Inc . 2.6
MOK O.mobi L imited 2.3
Wy nds torm Corporation 2.2
Financ ial Media G roup, Inc . 2.0
L iveWorld Inc . 1.9
Unis erve Communications Corp. 1.0
ZipL oc al Inc . 0.9
B igs tring Corp. 0.9
DigitalPos t Interac tive, Inc . 0.4
The Parent Company 0.4
A s s oc iated Media Holdings Inc . 0.1
China G atew ay Corporation 0.0
S oc ial Media V enures , Inc . 0.0
S NM G lobal Holdings 0.0
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000
TEV/Revenue (LTM) averages 3.8x: The overall average TEV/Revenue (LTM) multiple for our group is 3.8x – up from
3.6x last week (Figure 14). However, this is skewed by Gree (3633-TSE) at 31.3x and Bigstring (BSGC-OTCBB) at 31.7x.
Page 13
The median is only 1.0x. Note that we exclude multiples greater than 50x. Thirty-three of the companies have multiples
under 1.5x.
35. 0
31.33 1.7
30. 0
26. 8
25. 0
20. 0
15. 0 13.313.8
12. 21 2.3
10. 0 8. 0
7.3
UO MO Media, Inc
G a mania Digital E ntertainment C o.,
DXN Holdings B hd
F inancial Media G roup, Inc.
T ree.C om, Inc.
C DC C orp.
G a meO n C o Ltd.
G eoS entric O y j
S N M G loba l Holdings
C ornerWorld C orporation
United O nline Inc .
O pen T ex t C orp.
J umpT V Inc .
S pa rk N etwork s , Inc .
E olith C o. Ltd.
G igaMedia Ltd.
is eemedia Inc .
Mix i, Inc .
G ree, Inc .
XIN G AG
Y nk K orea Inc .
ZipLoca l Inc .
H anbitS oft, Inc .
K aboos e Inc .
TEV/Revenue (LTM) by country/exchange: W e have also calculated multiples based on where the companies are listed
or domiciled. Figure 15 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largest
number of companies (20), trading at an average multiple of 10.8x (up from 8.0x from last week). On a geographic basis,
the United States has the most companies (37), trading at an average of 5.1x revenue (up from 3.9x from last week)
(Figure 16). Ten of the companies are Canadian (average 3.1x revenue).
8.0
6.0 5.0
(x)
0.5
OTCBB
GTSM
NasdaqGM
TSE
SEHK
HLSE
OSE
KOSE
NasdaqGS
OM
CM
XTRA
AMEX
TSX
KLSE
BSE
AIM
TSXV
ASX
0.3 0.2
0.0
Germany
Kingdom
Japan
United
China
Finland
Canada
Malaysia
Hong
India
Italy
South
Korea
Kong
States
Taiwan
Australia
Sweden
United
# Companies 1 5 20 3 2 1 2 2 3 8 5 1 7 1 11 2 1 1 1 5
# Companies 1 6 37 8 1 10 3 2 9 1 2 1 1 1 1
TEV/EBITDA (LTM) averages 8.1x: The average multiple for the 31 companies with positive EBITDA (and multiples under
100x) is 8.1x LTM EBITDA (8.2x last week), led by SNAP Interactive’s (STVI-OTCBB) 38.9x multiple (Figure 17). Nineteen
of the companies have EBITDA multiples under 7x. The median multiple is 5.2x.
Page 14
T E V/L T M E B IT DA (x)
45. 0
38. 9
40. 0
35. 0
31. 3
30. 0
24. 7
25. 0
20. 0
15.5
15. 0 13. 0
11. 6
10. 0
A verage, 8. 1 8. 8 8. 8
10. 0 7. 1 7. 3 7.4
6. 7
5.2 5. 6 5. 8
3. 8 4.0 4. 0 4. 1 4. 2 4. 3 4. 4 4. 4
5. 0 1. 9 2. 7
0.9 1. 0 1. 7
0. 5
0. 0
DXN Holdings B hd
F inanc ial Media G roup, Inc .
G ameO n C o L td.
C DC C orp.
O pen T ex t C orp.
G igaMedia L td.
Mix i, Inc .
K aboos e Inc.
S hutterfly , Inc.
TEV/EBITDA (LTM) by country/exchange: Figure 18 shows the average TEV/EBITDA multiples by stock exchange. The
OTCBB has the largest number of companies (20), trading at an average multiple of 14.2x, while companies on the TSXV
have the highest multiples (31.3x). On a geographic basis, the United States has the most companies (37), trading at an
average of 8.6x EBITDA (Figure 19). Ten of the companies are Canadian (average 17.2x EBITDA).
GTSM
SEHK
KOSE
OSE
TSE
NasdaqGS
RTS
OM
CM
TSX
XTRA
AMEX
KLSE
BSE
2.0
TSXV
ASX
1.0
1.9
0.0
Germany
Canada
China
United
Hong
Japan
Malaysia
India
Italy
South
Korea
Kong
States
Taiwan
Australia
Sweden
# Companies 5 20 3 3 2 2 7 1 5 11 1 1 2 1 2 1 #N/A
# Companies 10 8 2 37 3 9 1 6 1 1 1 2 1
P/E (LTM) averages 13.9x: The average multiple for the 31 companies with positive earnings (and multiples under 100x)
is 13.9x LTM EPS (down from 14.6x last week), led again by TheStreet.com (TSCM-NASDAQ) 57.3x multiple (Figure 20).
Eighteen of the companies have P/E multiples under 10x. The median is just 8.1x.
Page 15
P /E L T M (x)
70.0
50.0
44.3
40.0
32.4 33.5
30.0 26.9
19.0 20.2
20.0 15.6
A verage, 13.9
11.5 12.0 13.0
8.1 8.9 9.3 10.2
10.0 6.4 7.3 7.7
5.3 5.7
2.7 2.9 3.4 4.1
0.9 1.4 1.6 1.7 1.8
0.0
NE O W IZ G ames C orporation
J umbuck E ntertainment P ty Ltd.
DXN H oldings B hd
G iant Interactive G roup, Inc.
G ameO n C o Ltd.
Modern T imes G roup Mtg AB
T he9 Limited
O pen T ex t C orp.
G igaMedia Ltd.
Mix i, Inc.
S hutterfly , Inc.
DADA S pA
P/E (LTM) by country/exchange: Figure 21 shows the average P/E multiples by stock exchange. The OTCBB has the
largest number of companies (20), trading at an average multiple of 29.8x. On a geographic basis, the United States has
the most companies (37), trading at an average of 26.4x earnings (Figure 22). Ten of the companies are Canadian
(average 32.4x EPS).
13.2 14.7
10.0 11.3 15.0 13.2
7.3 6.4 11.3
5.3 4.1
5.0 2.7 10.0 7.3 7.0
1.6 6.4
0.0 4.1
5.0 2.7
OTCBB
NasdaqGM
GTSM
SEHK
TSE
NasdaqGS
KOSE
CM
OM
XTRA
AMEX
KLSE
BSE
ASX
0.0
Germany
Canada
United
Japan
China
Malaysia
Italy
South
Korea
States
Taiwan
Australia
Sweden
# Companies 5 20 2 3 2 5 11 7 2 1 2 1 1 1
# Companies 10 37 2 6 3 9 2 8 1 1 1
UPCOMING EVENTS
Upc oming E vents
E vent Date L oca tion Webs ite
W eb 2. 0 C anadian L eade rs hip S erie s - Ga ming Ma rch 3 T oronto h ttp: //web2le aders hips eries . iglooev ents . net/
E ngage! E xpo Ma rch 10-11 New Y ork www. enga geex po. co m
Me sh 200 9 A pril 7-8 T oronto www. mes hconferenc e. com
E arnings C alendar
C ompany Date & Time Quarter C onf C all Deta ils
G ia nt I nteractive G ro up, Inc . ( NY S E : G A) T hurs day, Ma rch 05, 2009 8: 0 0 A M (E S T ) Q4 200 8 8 6-10-800 -1 30-039 9
S park Network s , I nc. (AM E X: L O V ) T hurs day, Ma rch 05, 2009 1: 3 0 P M (P S T ) Q4 200 8 1 -8 77-857 -6 173
C ompany Name C urrenc y Tic ker E xchange US D Market C ap ($m) C urrent Price 1 Wk 1 Mth 3 Mth 6 Mth 1 Yr 52 W eek
U nited S tates 37 C h ina 17 , 720 . 4 C hina 2, 215. 0 U nited S ta tes 3 , 115 . 3 C hina 1, 40 1.1 C hina 4 9.2%
C an ada 10 Un ite d S tate s 3 , 345 . 1 S weden 843. 5 C hina 2 , 757 . 0 S we den 22 9. 3 A us tra lia 4 6.0%
S outh K o re a 9 J apan 1 , 846 . 8 J apa n 307. 8 S we den 1 , 434 . 5 C a na da 18 6. 3 T a iwa n 2 9.3%
C hina 8 C a nada 1 , 734 . 1 T a iwa n 231. 4 C ana da 884 . 6 U nited S tates 13 7. 6 J a pa n 2 5.7%
J a pa n 6 S wede n 843 . 5 C a na da 173. 4 J apa n 495 . 0 J apan 12 8. 4 U nite d S tate s 2 3.1%
T a iwa n 3 T a iwa n 694 . 2 Ita ly 102. 0 S outh K orea 458 . 7 T aiwan 8 3.2 I ndia 1 7.6%
A us tra lia 2 S outh K orea 564 . 9 G erma ny 100. 2 Hong K ong 428 . 1 S outh K o re a 5 3.4 S wede n 1 6.0%
G erma ny 2 G erma ny 200 . 3 U nited S tates 90. 4 T aiwa n 343 . 2 Ita ly 3 4.1 I ta ly 1 6.0%
Ma lay s ia 1 I ta ly 102 . 0 Hong K ong 82. 0 Italy 213 . 3 India 2 2.6 M a la ys ia 1 3.3%
Hon g K ong 1 Ho ng K on g 82 . 0 S outh K o re a 62. 8 R us s ia 131 . 0 Hong K ong 1 8.8 R uss ia 1 3.1%
F inla nd 1 R u ss ia 41 . 6 R us s ia 41. 6 India 128 . 7 R us s ia 1 7.1 S outh K orea 5 . 8%
Ita ly 1 F inland 23 . 5 F inla nd 23. 5 Ma la ysia 74 . 5 G erma ny 1 2.3 Hong K on g 4 . 4%
U nited K ingdom 1 I ndia 22 . 8 In dia 22. 8 G erman y 44 . 5 Ma lays ia 9.9 G erm any -10 . 9%
In dia 1 M ala ys ia 20 . 6 Ma lay s ia 20. 6 Austra lia 11 . 2 A us tra lia 2.6 C a nada -17 . 3%
S weden 1 A us tralia 15 . 1 A us tralia 7. 6 F in la nd 5 .2 U nited K ingdom -1.6 U nite d K ingdom NA
R us s ia 1 Un ite d K in gdom 2.9 U nited K ingdom 2. 9 U nited K ingdom 0 .2 F in lan d -1 1.9 F inla nd NA
G rand Total 85 G rand T ota l 27 ,259.8 G ra nd Total 320. 7 G rand Total 10 ,525 .1 G rand T otal 2,32 3.1 G ra nd Tota l 17.9%
G rand Total 85 G rand T ota l 27 ,259.8 G ra nd Total 320. 7 G rand Total 133 .2 G rand T otal 2,32 3.1 G ra nd Tota l 17.9%
Grand Total 12.0 5.0 22.5 101.9 199.4 141.8 5.0 22.5 510.1
1. None applicable.
ANALYST CERTIFICATION
Each analyst of 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.
I n f o r ma t i o n a b o u t Re s e a r ch C a p i t a l C o r p o r a t i o n ’ s Ra t i n g S y s t e m, t h e d i s t r i b u t i o n o f o u r r e s e a r ch t o cl i e n t s a n d t h e p e r ce n t a g e o f r e c o m me n d a t i o n s wh i c h a r e i n e a c h
o f o u r r a t i n g c a t e g o r i e s i s a v a i l a b l e o n o u r we b si t e a t ww w. r e s e a r ch c a p i t a l . c o m.
T h e i n f o r ma t i o n c o n t a i n e d i n t h i s r e p o r t h a s b e e n d r a wn f r o m s o u r c e s b e l i e ve d t o b e r e l i a b l e b u t i t s a c cu r a c y o r co mp l e t e n e ss i s n o t g u a r a n t e e d , n o r i n p r o vi d i n g i t
d o e s R e s e a r c h Ca p i t a l C o r p o r a t i o n a s s u me a n y r e sp o n si b i l i t y o r l i a b i l i t y . R e s e a r ch C a p i t a l C o r p o r a t i o n , i t s d i r e ct o r s , o f f i c e r s a n d o t h e r e mp l o y e e s ma y , f r o m t i me t o
t i me , h a v e p o si t i o n s i n t h e s e cu r i t i e s me n t i o n e d h e r e i n . Co n t e n t s o f t h i s r e p o r t c a n n o t b e r e p r o d u c e d i n wh o l e o r i n p a r t wi t h o u t t h e e xp r e ss e d p e r mi s si o n o f R e se a r ch
C a p i t a l C o r p o r a t i o n . ( U . S . I n s t i t u t i o n a l Cl i e n t s — Re s e a r ch C a p i t a l U . S. A . I n c. ( a wh o l l y o wn e d s u b si d i a r y o f R e s e a r c h C a p i t a l Co r p o r a t i o n ) a cc e p t s r e s p o n si b i l i t y f o r
t h e c o n t e n t s o f t h i s r e p o r t s u b je c t t o t h e t e r ms & l i mi t a t i o n s s e t o u t a b o v e . F i r ms o r i n s t i t u t i o n s r e ce i vi n g t h i s r e p o r t s h o u l d e f f e ct t r a n s a ct i o n s i n s e c u r i t i e s d i sc u s se d
i n t h e r e p o r t t h r o u g h R e s e a r ch C a p i t a l U . S . A . I n c. , a B r o k e r - D e a l e r R e g i s t e r e d wi t h t h e U n i t e d S t a t e s S e cu r i t i e s a n d E xc h a n g e C o m mi s si o n ) .
Tor on to 4 16. 8 60. 76 00 M ontr eal 51 4. 39 9. 150 0 V anco u ver 60 4. 66 2. 180 0 C al gar y 40 3. 26 5. 740 0 R egi na 306. 566. 7550
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