Analysis of Canadian PIPE issuance for 12 months through February 2008

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

Proceeds

	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Less than $1 million	0.006	0.003	0.009	0.009	0.004	0.008	0.007	0.012	0.020	0.012	0.008	0.005
$1-1.99 million	0.041	0.038	0.052	0.069	0.036	0.026	0.039	0.062	0.047	0.064	0.032	0.036
$2-2.99 million	0.053	0.061	0.076	0.067	0.045	0.026	0.036	0.062	0.084	0.068	0.023	0.056
$3-4.99 million	0.082	0.076	0.111	0.062	0.089	0.034	0.070	0.096	0.159	0.112	0.025	0.030
$5-9.99 million	0.210	0.188	0.210	0.161	0.164	0.068	0.122	0.196	0.198	0.149	0.043	0.172
$10-14.99 million	0.215	0.166	0.134	0.148	0.149	0.039	0.044	0.097	0.175	0.047	0.069	0.133
$15-$49.99 million	0.538	0.344	0.480	0.617	0.272	0.056	0.358	0.398	0.614	0.281	0.264	0.287
$50 million and higher	0.690	0.762	0.760	0.290	0	0.237	0.348	1.112	0.234	0.409	1.835	0.205
Total	1.836	1.638	1.833	1.422	0.760	0.495	1.025	2.035	1.530	1.143	2.297	0.924
	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	0.013	18	0.013	18	0.103	168	0.40%
$1-1.99 million	0.159	117	0.101	74	0.173	123	0.068	51	0.068	51	0.543	395	2.11%
$2-2.99 million	0.203	86	0.108	46	0.214	92	0.079	34	0.079	34	0.656	281	2.45%
$3-4.99 million	0.249	69	0.193	51	0.367	101	0.055	15	0.055	15	0.946	258	1.71%
$5-9.99 million	0.559	86	0.354	52	0.543	78	0.214	32	0.214	32	1.881	279	6.64%
$10-14.99 million	0.449	39	0.232	19	0.319	27	0.202	18	0.202	18	1.417	122	6.27%
$15-$49.99 million	1.441	55	0.686	28	1.293	50	0.551	23	0.551	23	4.510	178	17.11%
$50 million and higher	1.812	13	0.586	4	1.755	16	2.039	8	2.039	8	6.882	46	63.30%
Total	4.893	500	2.280	303	4.708	564	3.221	199	3.221	199	16.938	1727	100.00%
Type
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
convertible notes	0.036	0.168	0.023	0.063	0.037	0.014	0.035	0.051	0.104	0.064	0.074	0.041
convertible preferreds	0	0	0.005	0.025	0	0.007	0	0.001	0	0	0	0
equity line	0	0	0	0	0	0	0	0	0	0.015	0	0
notes with warrants	0.086	0	0	0.026	0	0	0.025	0.011	0.020	0.003	0.080	0.005
stock	0.976	0.802	0.707	0.700	0.287	0.299	0.703	0.966	0.914	0.568	1.905	0.476
units of stock and warrants	0.737	0.668	1.098	0.609	0.436	0.174	0.261	1.004	0.489	0.474	0.237	0.333
warrants	0	0	0	0	0	0	0	0	0.003	0.018	0	0.070
Total	1.836	1.638	1.833	1.422	0.760	0.495	1.025	2.035	1.530	1.143	2.297	0.924
	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	0.115	12	0.115	12	0.713	72	3.57%
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	0.085	5	0.085	5	0.256	14	2.64%
stock	2.208	141	1.290	112	2.449	223	2.381	67	2.381	67	9.304	602	73.92%
units of stock and warrants	2.374	337	0.872	171	1.967	312	0.570	113	0.570	113	6.520	1030	17.70%
warrants	0	0	0	0	0.021	2	0.070	2	0.070	2	0.091	4	2.17%
Total	4.893	500	2.280	303	4.708	564	3.221	199	3.221	199	16.938	1727	100.00%
Warrants
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Yes	0.773	0.726	1.111	0.645	0.469	0.187	0.290	1.106	0.544	0.704	0.317	0.430
No	1.063	0.912	0.722	0.777	0.291	0.308	0.735	0.928	0.987	0.439	1.980	0.494
Total	1.836	1.638	1.833	1.422	0.760	0.495	1.025	2.035	1.530	1.143	2.297	0.924
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	2.482	351	0.945	183	2.354	329	0.747	122	0.747	122	7.302	1087	23.19%
No	2.411	149	1.335	120	2.354	235	2.474	77	2.474	77	9.636	640	76.81%
Total	4.893	500	2.280	303	4.708	564	3.221	199	3.221	199	16.938	1727	100.00%
Use of Proceeds
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Acquisition	0.077	0.574	0.555	0.200	0.056	0.118	0	0.437	0.047	0	0	0.032
Capex	0.595	0.541	0.500	0.550	0.277	0.108	0.351	0.439	0.398	0.385	0.332	0.554
GCP	0.241	0.185	0.301	0.156	0.087	0.124	0.067	0.273	0.107	0.098	1.636	0.157
Repay debt	0.040	0.036	0.002	0.112	0.028	0.010	0.002	0.100	0.032	0.012	0.105	0.006
Multiple/Other/NA	0.882	0.302	0.474	0.405	0.312	0.135	0.605	0.786	0.947	0.648	0.224	0.175
Total	1.836	1.638	1.833	1.422	0.760	0.495	1.025	2.035	1.530	1.143	2.297	0.924
	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	0.032	3	0.032	3	2.095	72	0.99%
Capex	1.592	231	0.737	130	1.222	278	0.887	104	0.887	104	5.033	816	27.54%
GCP	0.642	89	0.278	36	0.478	61	1.793	37	1.793	37	3.432	248	55.67%
Repay debt	0.150	5	0.039	5	0.143	4	0.111	3	0.111	3	0.483	19	3.45%
Multiple/Other/NA	1.181	138	1.052	119	2.381	211	0.398	52	0.398	52	5.894	572	12.36%
Total	4.893	500	2.280	303	4.708	564	3.221	199	3.221	199	16.938	1727	100.00%
Industry Sector (by SIC code)
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Agriculture (0xxx)	0.232	0	0	0	0.014	0	0	0.002	0	0	0	0
Mining (1xxx)	0.977	1.425	1.353	0.704	0.436	0.196	0.336	0.958	0.973	0.416	0.531	0.496
Oil and gas (13xx)	0.317	0.066	0.159	0.341	0.100	0.135	0.220	0.696	0.351	0.505	0.174	0.257
Construction (15xx)	0	0	0.001	0	0	0	0	0	0.010	0	0	0
Manufacturing (2xxx, 3xxx)	0.044	0.045	0.070	0.052	0.047	0.046	0.065	0.170	0.113	0.078	0.058	0.071
Pharmaceuticals (2834-6)	0.010	0.040	0.010	0.015	0.058	0	0.010	0.017	0.014	0.035	0	0.003
Transportation (4xxx)	0.040	0.008	0	0	0	0	0	0.005	0.001	0	0.004	0.003
Communications (48xx)	0.001	0	0.011	0.006	0.006	0	0.020	0	0.006	0.002	0	0
Electric, gas, sanitary services (49xx)	0.053	0.022	0.024	0.027	0.041	0.102	0.004	0.031	0	0.004	0	0.008
Wholesale (5xxx)	0.001	0.006	0.004	0.005	0	0	0	0	0	0.010	0.001	0.004
Finance, insurance, real estate (6xxx)	0.124	0.012	0.108	0.203	0.026	0.004	0.350	0.093	0.015	0.042	1.516	0.023
Services (7xxx)	0.026	0.002	0.066	0.052	0.013	0.006	0.007	0.043	0.046	0.050	0.002	0.057
Health services (8xxx)	0	0.002	0	0.007	0	0.001	0.002	0	0.002	0	0.011	0.002
Non-operating (9995)	0.009	0.010	0.027	0.010	0.017	0.005	0.010	0.019	0	0	0	0
Total	1.836	1.638	1.833	1.422	0.760	0.495	1.025	2.035	1.530	1.143	2.297	0.924
	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	0.249	3	0.00%
Mining (1xxx)	3.482	328	0.968	176	2.347	363	1.027	118	1.027	118	8.801	1089	31.88%
Oil and gas (13xx)	0.566	67	0.455	54	1.553	115	0.431	30	0.431	30	3.323	296	13.38%
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	0.130	14	0.130	14	0.860	97	4.04%
Pharmaceuticals (2834-6)	0.064	14	0.068	7	0.066	9	0.003	2	0.003	2	0.211	36	0.09%
Transportation (4xxx)	0.008	1	0	0	0.006	3	0.007	2	0.007	2	0.061	8	0.22%
Communications (48xx)	0.017	6	0.026	2	0.008	4	0	0	0	0	0.051	13	0.00%
Electric, gas, sanitary services (49xx)	0.073	9	0.148	7	0.035	5	0.008	2	0.008	2	0.317	26	0.25%
Wholesale (5xxx)	0.016	3	0	0	0.010	1	0.005	3	0.005	3	0.032	8	0.16%
Finance, insurance, real estate (6xxx)	0.323	12	0.381	4	0.150	12	1.538	15	1.538	15	2.516	45	47.75%
Services (7xxx)	0.120	17	0.027	13	0.138	18	0.059	9	0.059	9	0.370	63	1.83%
Health services (8xxx)	0.009	2	0.003	2	0.002	1	0.013	4	0.013	4	0.026	9	0.40%
Non-operating (9995)	0.046	12	0.033	14	0.019	3	0	0	0	0	0.107	32	0.00%
Total	4.893	500	2.280	303	4.708	564	3.221	199	3.221	199	16.938	1727	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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