Analysis of Canadian PIPE issuance for 12 months through March 2008

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

Proceeds

	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Less than $1 million	0.003	0.009	0.009	0.004	0.008	0.007	0.012	0.020	0.012	0.008	0.005	0.002
$1-1.99 million	0.038	0.052	0.069	0.036	0.026	0.039	0.062	0.047	0.064	0.033	0.034	0.025
$2-2.99 million	0.061	0.076	0.067	0.045	0.026	0.036	0.062	0.084	0.068	0.020	0.058	0.027
$3-4.99 million	0.076	0.111	0.062	0.089	0.034	0.070	0.096	0.159	0.112	0.028	0.044	0.045
$5-9.99 million	0.188	0.210	0.161	0.164	0.068	0.122	0.196	0.198	0.149	0.043	0.158	0.115
$10-14.99 million	0.166	0.134	0.148	0.149	0.039	0.044	0.097	0.175	0.047	0.069	0.141	0.043
$15-$49.99 million	0.344	0.480	0.617	0.272	0.056	0.358	0.398	0.614	0.281	0.264	0.312	0.276
$50 million and higher	0.762	0.760	0.290	0	0.237	0.418	1.112	0.234	0.409	1.835	0.205	0.208
Total	1.638	1.833	1.422	0.760	0.495	1.095	2.035	1.530	1.143	2.298	0.957	0.741
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.021	35	0.020	29	0.044	77	0.014	21	0.014	21	0.098	162	0.35%
$1-1.99 million	0.159	117	0.101	74	0.173	123	0.092	68	0.092	68	0.526	382	2.30%
$2-2.99 million	0.203	86	0.108	46	0.214	92	0.105	46	0.105	46	0.630	270	2.63%
$3-4.99 million	0.249	69	0.193	51	0.367	101	0.116	31	0.116	31	0.925	252	2.90%
$5-9.99 million	0.559	86	0.354	52	0.543	78	0.316	48	0.316	48	1.772	264	7.91%
$10-14.99 million	0.449	39	0.232	19	0.319	27	0.252	22	0.252	22	1.252	107	6.31%
$15-$49.99 million	1.441	55	0.686	28	1.293	50	0.853	34	0.853	34	4.273	167	21.35%
$50 million and higher	1.812	13	0.656	5	1.755	16	2.247	11	2.247	11	6.470	45	56.23%
Total	4.893	500	2.350	304	4.708	564	3.996	281	3.996	281	15.946	1649	100.00%
Type
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
convertible notes	0.168	0.023	0.063	0.037	0.014	0.035	0.051	0.104	0.064	0.074	0.047	0.036
convertible preferreds	0	0.005	0.025	0	0.007	0	0.001	0	0	0	0	0
equity line	0	0	0	0	0	0	0	0	0.015	0	0	0
notes with warrants	0	0	0.026	0	0	0.025	0.011	0.020	0.003	0.080	0.005	0.048
stock	0.802	0.707	0.700	0.287	0.299	0.773	0.966	0.914	0.568	1.905	0.481	0.315
units of stock and warrants	0.668	1.098	0.609	0.436	0.174	0.261	1.004	0.489	0.474	0.238	0.355	0.202
warrants	0	0	0	0	0	0	0	0.003	0.018	0	0.070	0.139
Total	1.638	1.833	1.422	0.760	0.495	1.095	2.035	1.530	1.143	2.298	0.957	0.741
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.255	18	0.086	18	0.220	20	0.157	17	0.157	17	0.719	73	3.93%
convertible preferreds	0.030	2	0.007	1	0.001	1	0	0	0	0	0.039	4	0.00%
equity line	0	0	0	0	0.015	1	0	0	0	0	0.015	1	0.00%
notes with warrants	0.026	2	0.025	1	0.034	5	0.133	8	0.133	8	0.218	16	3.33%
stock	2.208	141	1.360	113	2.449	223	2.701	90	2.701	90	8.718	567	67.59%
units of stock and warrants	2.374	337	0.872	171	1.967	312	0.795	160	0.795	160	6.008	980	19.89%
warrants	0	0	0	0	0.021	2	0.209	6	0.209	6	0.230	8	5.23%
Total	4.893	500	2.350	304	4.708	564	3.996	281	3.996	281	15.946	1649	100.00%
Warrants
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Yes	0.726	1.111	0.645	0.469	0.187	0.360	1.106	0.544	0.704	0.318	0.453	0.424
No	0.912	0.722	0.777	0.291	0.308	0.735	0.928	0.987	0.439	1.980	0.505	0.317
Total	1.638	1.833	1.422	0.760	0.495	1.095	2.035	1.530	1.143	2.298	0.957	0.741
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	2.482	351	1.015	184	2.354	329	1.194	180	1.194	180	7.046	1044	29.88%
No	2.411	149	1.335	120	2.354	235	2.801	101	2.801	101	8.901	605	70.10%
Total	4.893	500	2.350	304	4.708	564	3.996	281	3.996	281	15.946	1649	100.00%
Use of Proceeds
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Acquisition	0.574	0.555	0.200	0.056	0.118	0	0.437	0.047	0	0	0.032	0.022
Capex	0.541	0.500	0.550	0.277	0.108	0.351	0.439	0.398	0.385	0.333	0.579	0.239
GCP	0.185	0.301	0.156	0.087	0.124	0.137	0.273	0.107	0.098	1.636	0.166	0.215
Repay debt	0.036	0.002	0.112	0.028	0.010	0.002	0.100	0.032	0.012	0.105	0.006	0.027
Multiple/Other/NA	0.302	0.474	0.405	0.312	0.135	0.605	0.786	0.947	0.648	0.224	0.174	0.237
Total	1.638	1.833	1.422	0.760	0.495	1.095	2.035	1.530	1.143	2.298	0.957	0.741
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	1.328	37	0.174	13	0.484	10	0.054	5	0.054	5	2.040	65	1.35%
Capex	1.592	231	0.737	130	1.222	278	1.152	138	1.152	138	4.702	777	28.83%
GCP	0.642	89	0.348	37	0.478	61	2.017	61	2.017	61	3.485	248	50.48%
Repay debt	0.150	5	0.039	5	0.143	4	0.138	4	0.138	4	0.470	18	3.45%
Multiple/Other/NA	1.181	138	1.052	119	2.381	211	0.635	73	0.635	73	5.249	541	15.89%
Total	4.893	500	2.350	304	4.708	564	3.996	281	3.996	281	15.946	1649	100.00%
Industry Sector (by SIC code)
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Agriculture (0xxx)	0	0	0	0.014	0	0	0.002	0	0	0	0	0
Mining (1xxx)	1.425	1.353	0.704	0.436	0.196	0.336	0.958	0.973	0.416	0.531	0.518	0.389
Oil and gas (13xx)	0.066	0.159	0.341	0.100	0.135	0.220	0.696	0.351	0.505	0.174	0.264	0.188
Construction (15xx)	0	0.001	0	0	0	0	0	0.010	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.045	0.070	0.052	0.047	0.046	0.065	0.170	0.113	0.078	0.058	0.071	0.017
Pharmaceuticals (2834-6)	0.040	0.010	0.015	0.058	0	0.010	0.017	0.014	0.035	0	0.003	0.005
Transportation (4xxx)	0.008	0	0	0	0	0	0.005	0.001	0	0.004	0.004	0.005
Communications (48xx)	0	0.011	0.006	0.006	0	0.020	0	0.006	0.002	0	0	0.010
Electric, gas, sanitary services (49xx)	0.022	0.024	0.027	0.041	0.102	0.004	0.031	0	0.004	0	0.008	0.074
Wholesale (5xxx)	0.006	0.004	0.005	0	0	0	0	0	0.010	0.001	0.004	0.035
Finance, insurance, real estate (6xxx)	0.012	0.108	0.203	0.026	0.004	0.350	0.093	0.015	0.042	1.516	0.022	0.012
Services (7xxx)	0.002	0.066	0.052	0.013	0.006	0.077	0.043	0.046	0.050	0.002	0.060	0.005
Health services (8xxx)	0.002	0	0.007	0	0.001	0.002	0	0.002	0	0.011	0.003	0.001
Non-operating (9995)	0.010	0.027	0.010	0.017	0.005	0.010	0.019	0	0	0	0	0
Total	1.638	1.833	1.422	0.760	0.495	1.095	2.035	1.530	1.143	2.298	0.957	0.741
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.014	1	0.002	1	0	0	0	0	0.016	2	0.00%
Mining (1xxx)	3.482	328	0.968	176	2.347	363	1.439	160	1.439	160	8.236	1027	36.01%
Oil and gas (13xx)	0.566	67	0.455	54	1.553	115	0.626	50	0.626	50	3.201	286	15.67%
Construction (15xx)	0.001	1	0	0	0.010	1	0	0	0	0	0.011	2	0.00%
Manufacturing (2xxx, 3xxx)	0.168	28	0.158	23	0.361	28	0.145	19	0.145	19	0.832	98	3.63%
Pharmaceuticals (2834-6)	0.064	14	0.068	7	0.066	9	0.008	3	0.008	3	0.206	33	0.20%
Transportation (4xxx)	0.008	1	0	0	0.006	3	0.013	3	0.013	3	0.028	7	0.33%
Communications (48xx)	0.017	6	0.026	2	0.008	4	0.010	3	0.010	3	0.061	15	0.25%
Electric, gas, sanitary services (49xx)	0.073	9	0.148	7	0.035	5	0.082	5	0.082	5	0.338	26	2.05%
Wholesale (5xxx)	0.016	3	0	0	0.010	1	0.040	4	0.040	4	0.066	8	1.00%
Finance, insurance, real estate (6xxx)	0.323	12	0.381	4	0.150	12	1.551	17	1.551	17	2.404	45	38.81%
Services (7xxx)	0.120	17	0.097	14	0.138	18	0.067	12	0.067	12	0.422	61	1.68%
Health services (8xxx)	0.009	2	0.003	2	0.002	1	0.015	5	0.015	5	0.028	10	0.38%
Non-operating (9995)	0.046	12	0.033	14	0.019	3	0	0	0	0	0.098	29	0.00%
Total	4.893	500	2.350	304	4.708	564	3.996	281	3.996	281	15.946	1649	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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