Analysis of Canadian PIPE issuance for 12 months through October 2008

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Proceeds

	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Less than $1 million	0.020	0.012	0.009	0.004	0.003	0.006	0.005	0.005	0.005	0.005	0.004	0.005
$1-1.99 million	0.047	0.064	0.033	0.038	0.024	0.042	0.035	0.045	0.033	0.036	0.035	0.018
$2-2.99 million	0.086	0.071	0.020	0.055	0.033	0.024	0.036	0.056	0.028	0.021	0.015	0.025
$3-4.99 million	0.159	0.109	0.028	0.048	0.043	0.048	0.060	0.052	0.049	0.042	0.029	0.042
$5-9.99 million	0.198	0.149	0.043	0.148	0.128	0.080	0.090	0.106	0.124	0.034	0.047	0.068
$10-14.99 million	0.175	0.047	0.069	0.141	0.069	0.055	0.087	0.105	0.022	0.047	0.045	0.042
$15-$49.99 million	0.614	0.281	0.264	0.312	0.267	0.254	0.225	0.537	0.106	0.170	0.051	0.070
$50 million and higher	0.234	0.409	1.835	0.205	0.208	0.166	0.115	0.669	0.418	0.075	0.055	0
Total	1.532	1.142	2.299	0.951	0.776	0.674	0.652	1.575	0.785	0.430	0.281	0.271
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.016	26	0.016	31	0.014	26	0.005	9	0.051	92	0.083	145	0.59%
$1-1.99 million	0.096	71	0.122	90	0.104	79	0.018	13	0.340	253	0.451	332	3.91%
$2-2.99 million	0.108	47	0.115	49	0.065	28	0.025	10	0.314	134	0.470	202	3.61%
$3-4.99 million	0.119	32	0.160	43	0.120	32	0.042	11	0.442	118	0.710	193	5.08%
$5-9.99 million	0.319	47	0.275	43	0.204	32	0.068	11	0.867	133	1.214	183	9.97%
$10-14.99 million	0.278	24	0.247	22	0.113	10	0.042	4	0.680	60	0.902	79	7.82%
$15-$49.99 million	0.844	33	1.015	40	0.327	16	0.070	3	2.256	92	3.151	125	25.95%
$50 million and higher	2.247	11	0.950	10	0.548	5	0	0	3.746	26	4.389	33	43.09%
Total	4.026	291	2.901	328	1.496	228	0.271	61	8.694	908	11.368	1292	100.00%
Type
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
convertible notes	0.104	0.064	0.074	0.047	0.034	0.031	0.010	0.112	0.018	0.142	0.024	0.011
convertible preferreds	0	0	0	0	0	0	0.001	0	0	0	0	0
equity line	0	0.015	0	0	0	0	0	0.002	0	0	0	0
notes with warrants	0.020	0.003	0.080	0.005	0.048	0.046	0.028	0	0	0	0	0.003
stock	0.914	0.568	1.907	0.483	0.350	0.327	0.293	0.969	0.612	0.143	0.138	0.192
units of stock and warrants	0.491	0.474	0.238	0.347	0.204	0.269	0.301	0.404	0.156	0.145	0.119	0.066
warrants	0.003	0.018	0	0.070	0.139	0.001	0.019	0.088	0	0	0	0
Total	1.532	1.142	2.299	0.951	0.776	0.674	0.652	1.575	0.785	0.430	0.281	0.271
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.155	17	0.152	10	0.184	17	0.011	2	0.501	46	0.670	59	5.76%
convertible preferreds	0	0	0.001	1	0	0	0	0	0.001	1	0.001	1	0.01%
equity line	0	0	0.002	1	0	0	0	0	0.002	1	0.017	2	0.02%
notes with warrants	0.133	8	0.074	4	0	0	0.003	1	0.210	13	0.233	17	2.42%
stock	2.740	95	1.589	127	0.893	88	0.192	32	5.413	342	6.896	496	62.26%
units of stock and warrants	0.789	165	0.974	181	0.420	123	0.066	26	2.249	495	3.213	705	25.87%
warrants	0.209	6	0.108	4	0	0	0	0	0.317	10	0.338	12	3.65%
Total	4.026	291	2.901	328	1.496	228	0.271	61	8.694	908	11.368	1292	100.00%
Warrants
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Yes	0.546	0.704	0.318	0.445	0.419	0.322	0.358	0.407	0.166	0.167	0.119	0.079
No	0.987	0.439	1.981	0.507	0.356	0.352	0.294	1.167	0.619	0.262	0.162	0.192
Total	1.532	1.142	2.299	0.951	0.776	0.674	0.652	1.575	0.785	0.430	0.281	0.271
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	1.182	184	1.087	193	0.452	129	0.079	29	2.800	535	4.049	758	32.21%
No	2.844	107	1.814	135	1.044	99	0.192	32	5.894	373	7.319	534	67.79%
Total	4.026	291	2.901	328	1.496	228	0.271	61	8.694	908	11.368	1292	100.00%
Use of Proceeds
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Acquisition	0.047	0	0	0.032	0.022	0.008	0.002	0.061	0.008	0.034	0.060	0
Capex	0.398	0.385	0.334	0.577	0.273	0.243	0.361	0.605	0.546	0.170	0.094	0.187
GCP	0.107	0.098	1.636	0.162	0.220	0.078	0.105	0.450	0.150	0.089	0.059	0.066
Refinance	0.032	0.012	0.105	0.006	0.027	0.046	0.033	0.025	0.022	0.027	0	0
Multiple/Other/NA	0.949	0.648	0.224	0.175	0.233	0.299	0.152	0.435	0.059	0.111	0.068	0.018
Total	1.532	1.142	2.299	0.951	0.776	0.674	0.652	1.575	0.785	0.430	0.281	0.271
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.054	5	0.071	5	0.102	8	0	0	0.227	18	0.274	20	2.61%
Capex	1.184	146	1.209	190	0.810	111	0.187	45	3.390	492	4.173	693	38.99%
GCP	2.018	62	0.632	73	0.298	49	0.066	13	3.013	197	3.218	235	34.66%
Refinance	0.138	4	0.103	5	0.049	2	0	0	0.290	11	0.333	14	3.33%
Multiple/Other/NA	0.632	74	0.886	55	0.238	58	0.018	3	1.774	190	3.370	330	20.40%
Total	4.026	291	2.901	328	1.496	228	0.271	61	8.694	908	11.368	1292	100.00%
Industry Sector (by SIC code)
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0	0.005
Mining (1xxx)	0.973	0.415	0.533	0.515	0.389	0.391	0.414	0.577	0.613	0.171	0.117	0.155
Oil and gas (13xx)	0.351	0.505	0.174	0.264	0.211	0.127	0.168	0.330	0.117	0.046	0.070	0.060
Construction (15xx)	0.010	0	0	0	0	0	0	0	0	0.010	0	0
Manufacturing (2xxx, 3xxx)	0.113	0.078	0.058	0.071	0.024	0.015	0.010	0.084	0.009	0.103	0.014	0.033
Pharmaceuticals (2834-6)	0.014	0.035	0	0.003	0.005	0.017	0.011	0.022	0.002	0.024	0.031	0.005
Transportation (4xxx)	0.001	0	0.004	0.004	0.002	0.050	0.001	0.020	0	0.004	0	0.006
Communications (48xx)	0.006	0.002	0	0	0.010	0	0	0.005	0	0	0.013	0
Electric, gas, sanitary services (49xx)	0	0.004	0	0.007	0.080	0.058	0.018	0.073	0.002	0.045	0.015	0.002
Wholesale (5xxx)	0	0.010	0.001	0.004	0.036	0	0.003	0.030	0.008	0.003	0	0.003
Finance, insurance, real estate (6xxx)	0.015	0.042	1.516	0.020	0.012	0.009	0.023	0.413	0.017	0.016	0.011	0.003
Services (7xxx)	0.046	0.050	0.002	0.060	0.005	0.006	0	0.005	0.007	0.003	0.009	0
Health services (8xxx)	0.002	0	0.011	0.003	0.001	0	0.004	0.015	0	0	0	0
Non-operating (9995)	0.002	0	0	0	0	0	0	0	0.011	0.005	0.001	0
Total	1.532	1.142	2.299	0.951	0.776	0.674	0.652	1.575	0.785	0.430	0.281	0.271
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0.005	2	0.005	2	0.005	2	0.06%
Mining (1xxx)	1.437	165	1.382	188	0.901	143	0.155	41	3.875	537	5.264	781	44.57%
Oil and gas (13xx)	0.649	52	0.626	68	0.233	30	0.060	7	1.568	157	2.425	239	18.04%
Construction (15xx)	0	0	0	0	0.010	1	0	0	0.010	1	0.020	2	0.12%
Manufacturing (2xxx, 3xxx)	0.154	20	0.109	15	0.126	9	0.033	5	0.422	49	0.613	71	4.85%
Pharmaceuticals (2834-6)	0.008	3	0.050	7	0.057	8	0.005	1	0.120	19	0.169	25	1.38%
Transportation (4xxx)	0.010	3	0.071	4	0.004	1	0.006	2	0.092	10	0.093	11	1.06%
Communications (48xx)	0.010	3	0.005	2	0.013	3	0	0	0.028	8	0.036	12	0.32%
Electric, gas, sanitary services (49xx)	0.087	6	0.148	10	0.061	4	0.002	1	0.298	21	0.303	23	3.43%
Wholesale (5xxx)	0.042	5	0.033	5	0.011	3	0.003	1	0.089	14	0.099	15	1.02%
Finance, insurance, real estate (6xxx)	1.549	17	0.445	19	0.043	13	0.003	1	2.040	50	2.097	58	23.46%
Services (7xxx)	0.067	12	0.012	8	0.018	6	0	0	0.097	26	0.192	37	1.12%
Health services (8xxx)	0.015	5	0.019	2	0	0	0	0	0.033	7	0.035	8	0.38%
Non-operating (9995)	0	0	0	0	0.017	7	0	0	0.017	7	0.019	8	0.20%
Total	4.026	291	2.901	328	1.496	228	0.271	61	8.694	908	11.368	1292	100.00%

Criteria

* The tables include all dollar-denominated offerings sold as private placements, excluding Rule 144A deals.

* Stock must be listed on a U.S. exchange or trade on the Bulletin Board or Pink Sheets.

* Offerings are included in the time period in which they price, if known, otherwise by settlement date or announcement date.

* Amounts are based on the total sales price (face amount or number of shares multiplied by the offering price).

* Each tranche is counted as a separate deal.

* Includes stock, securities convertible into stock, units of these securities and equity lines of credit.

* Minimum issue size $1 million (all tranches combined).

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