Analysis of Canadian PIPE issuance for 12 months through November 2008

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

Proceeds

	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Less than $1 million	0.012	0.009	0.004	0.003	0.006	0.005	0.005	0.005	0.005	0.004	0.005	0.002
$1-1.99 million	0.064	0.033	0.038	0.024	0.042	0.035	0.045	0.033	0.036	0.035	0.016	0.028
$2-2.99 million	0.071	0.020	0.055	0.033	0.024	0.036	0.056	0.028	0.021	0.015	0.031	0.013
$3-4.99 million	0.109	0.028	0.048	0.043	0.048	0.060	0.052	0.049	0.042	0.029	0.041	0.024
$5-9.99 million	0.149	0.043	0.148	0.128	0.080	0.090	0.106	0.124	0.034	0.047	0.063	0.051
$10-14.99 million	0.047	0.069	0.141	0.069	0.055	0.087	0.105	0.022	0.047	0.045	0.047	0.013
$15-$49.99 million	0.281	0.264	0.312	0.267	0.254	0.225	0.537	0.106	0.170	0.051	0.070	0.035
$50 million and higher	0.409	1.835	0.205	0.208	0.166	0.115	0.669	0.418	0.075	0.055	0	0
Total	1.142	2.299	0.951	0.776	0.674	0.652	1.575	0.785	0.430	0.281	0.273	0.166
	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	0.007	12	0.053	95	0.065	117	0.60%
$1-1.99 million	0.096	71	0.122	90	0.104	79	0.044	34	0.366	274	0.430	320	4.13%
$2-2.99 million	0.108	47	0.115	49	0.065	28	0.043	18	0.331	142	0.402	173	3.74%
$3-4.99 million	0.119	32	0.160	43	0.120	32	0.066	18	0.465	125	0.574	156	5.25%
$5-9.99 million	0.319	47	0.275	43	0.204	32	0.114	17	0.912	139	1.062	161	10.29%
$10-14.99 million	0.278	24	0.247	22	0.113	10	0.059	5	0.697	61	0.744	65	7.87%
$15-$49.99 million	0.844	33	1.015	40	0.327	16	0.105	5	2.291	94	2.572	106	25.85%
$50 million and higher	2.247	11	0.950	10	0.548	5	0	0	3.746	26	4.154	30	42.27%
Total	4.026	291	2.901	328	1.496	228	0.439	109	8.862	956	10.004	1128	100.00%
Type
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
convertible notes	0.064	0.074	0.047	0.034	0.031	0.010	0.112	0.018	0.142	0.024	0.011	0.014
convertible preferreds	0	0	0	0	0	0.001	0	0	0	0	0	0
equity line	0.015	0	0	0	0	0	0.002	0	0	0	0	0
notes with warrants	0.003	0.080	0.005	0.048	0.046	0.028	0	0	0	0	0.003	0
stock	0.568	1.907	0.483	0.350	0.327	0.293	0.969	0.612	0.143	0.138	0.194	0.087
units of stock and warrants	0.474	0.238	0.347	0.204	0.269	0.301	0.404	0.156	0.145	0.119	0.066	0.065
warrants	0.018	0	0.070	0.139	0.001	0.019	0.088	0	0	0	0	0
Total	1.142	2.299	0.951	0.776	0.674	0.652	1.575	0.785	0.430	0.281	0.273	0.166
	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	0.024	8	0.515	52	0.580	58	5.81%
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	0.213	15	2.37%
stock	2.740	95	1.589	127	0.893	88	0.281	48	5.503	358	6.071	428	62.10%
units of stock and warrants	0.789	165	0.974	181	0.420	123	0.131	52	2.314	521	2.787	613	26.11%
warrants	0.209	6	0.108	4	0	0	0	0	0.317	10	0.335	11	3.58%
Total	4.026	291	2.901	328	1.496	228	0.439	109	8.862	956	10.004	1128	100.00%
Warrants
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Yes	0.704	0.318	0.445	0.419	0.322	0.358	0.407	0.166	0.167	0.119	0.079	0.072
No	0.439	1.981	0.507	0.356	0.352	0.294	1.167	0.619	0.262	0.162	0.194	0.094
Total	1.142	2.299	0.951	0.776	0.674	0.652	1.575	0.785	0.430	0.281	0.273	0.166
	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	0.151	58	2.872	564	3.576	662	32.41%
No	2.844	107	1.814	135	1.044	99	0.288	51	5.990	392	6.428	466	67.59%
Total	4.026	291	2.901	328	1.496	228	0.439	109	8.862	956	10.004	1128	100.00%
Use of Proceeds
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Acquisition	0	0	0.032	0.022	0.008	0.002	0.061	0.008	0.034	0.060	0	0
Capex	0.385	0.334	0.577	0.273	0.243	0.361	0.605	0.546	0.170	0.094	0.189	0.119
GCP	0.098	1.636	0.162	0.220	0.078	0.105	0.450	0.150	0.089	0.059	0.066	0.019
Refinance	0.012	0.105	0.006	0.027	0.046	0.033	0.025	0.022	0.027	0	0	0.001
Multiple/Other/NA	0.648	0.224	0.175	0.233	0.299	0.152	0.435	0.059	0.111	0.068	0.018	0.027
Total	1.142	2.299	0.951	0.776	0.674	0.652	1.575	0.785	0.430	0.281	0.273	0.166
	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	0.227	18	2.56%
Capex	1.184	146	1.209	190	0.810	111	0.308	70	3.510	517	3.895	630	39.61%
GCP	2.018	62	0.632	73	0.298	49	0.085	23	3.033	207	3.131	221	34.22%
Refinance	0.138	4	0.103	5	0.049	2	0.001	1	0.291	12	0.303	14	3.29%
Multiple/Other/NA	0.632	74	0.886	55	0.238	58	0.046	15	1.801	202	2.448	245	20.32%
Total	4.026	291	2.901	328	1.496	228	0.439	109	8.862	956	10.004	1128	100.00%
Industry Sector (by SIC code)
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0.005	0
Mining (1xxx)	0.415	0.533	0.515	0.389	0.391	0.414	0.577	0.613	0.171	0.117	0.152	0.089
Oil and gas (13xx)	0.505	0.174	0.264	0.211	0.127	0.168	0.330	0.117	0.046	0.070	0.065	0.038
Construction (15xx)	0	0	0	0	0	0	0	0	0.010	0	0	0
Manufacturing (2xxx, 3xxx)	0.078	0.058	0.071	0.024	0.015	0.010	0.084	0.009	0.103	0.014	0.033	0.014
Pharmaceuticals (2834-6)	0.035	0	0.003	0.005	0.017	0.011	0.022	0.002	0.024	0.031	0.005	0.011
Transportation (4xxx)	0	0.004	0.004	0.002	0.050	0.001	0.020	0	0.004	0	0.005	0.001
Communications (48xx)	0.002	0	0	0.010	0	0	0.005	0	0	0.013	0	0
Electric, gas, sanitary services (49xx)	0.004	0	0.007	0.080	0.058	0.018	0.073	0.002	0.045	0.015	0.002	0.001
Wholesale (5xxx)	0.010	0.001	0.004	0.036	0	0.003	0.030	0.008	0.003	0	0.003	0
Finance, insurance, real estate (6xxx)	0.042	1.516	0.020	0.012	0.009	0.023	0.413	0.017	0.016	0.011	0.003	0.007
Services (7xxx)	0.050	0.002	0.060	0.005	0.006	0	0.005	0.007	0.003	0.009	0	0.004
Health services (8xxx)	0	0.011	0.003	0.001	0	0.004	0.015	0	0	0	0	0.001
Non-operating (9995)	0	0	0	0	0	0	0	0.011	0.005	0.001	0	0
Total	1.142	2.299	0.951	0.776	0.674	0.652	1.575	0.785	0.430	0.281	0.273	0.166
	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	0.241	66	3.961	562	4.376	667	44.70%
Oil and gas (13xx)	0.649	52	0.626	68	0.233	30	0.103	13	1.611	163	2.116	201	18.18%
Construction (15xx)	0	0	0	0	0.010	1	0	0	0.010	1	0.010	1	0.11%
Manufacturing (2xxx, 3xxx)	0.154	20	0.109	15	0.126	9	0.047	11	0.436	55	0.514	67	4.92%
Pharmaceuticals (2834-6)	0.008	3	0.050	7	0.057	8	0.016	4	0.131	22	0.166	26	1.48%
Transportation (4xxx)	0.010	3	0.071	4	0.004	1	0.006	3	0.092	11	0.092	11	1.04%
Communications (48xx)	0.010	3	0.005	2	0.013	3	0	0	0.028	8	0.030	9	0.32%
Electric, gas, sanitary services (49xx)	0.087	6	0.148	10	0.061	4	0.003	2	0.299	22	0.304	24	3.37%
Wholesale (5xxx)	0.042	5	0.033	5	0.011	3	0.003	1	0.089	14	0.099	15	1.00%
Finance, insurance, real estate (6xxx)	1.549	17	0.445	19	0.043	13	0.010	2	2.047	51	2.090	56	23.10%
Services (7xxx)	0.067	12	0.012	8	0.018	6	0.004	4	0.101	30	0.151	34	1.14%
Health services (8xxx)	0.015	5	0.019	2	0	0	0.001	1	0.035	8	0.035	8	0.39%
Non-operating (9995)	0	0	0	0	0.017	7	0	0	0.017	7	0.017	7	0.19%
Total	4.026	291	2.901	328	1.496	228	0.439	109	8.862	956	10.004	1128	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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