Analysis of Canadian PIPE issuance for 12 months through April 2008

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

Proceeds

	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Less than $1 million	0.009	0.009	0.004	0.008	0.007	0.012	0.020	0.012	0.009	0.005	0.002	0.005
$1-1.99 million	0.052	0.069	0.036	0.026	0.039	0.062	0.047	0.064	0.032	0.037	0.024	0.040
$2-2.99 million	0.076	0.067	0.045	0.026	0.036	0.062	0.084	0.071	0.020	0.055	0.031	0.025
$3-4.99 million	0.111	0.062	0.089	0.034	0.070	0.096	0.159	0.109	0.028	0.048	0.052	0.046
$5-9.99 million	0.210	0.161	0.164	0.068	0.122	0.196	0.198	0.149	0.043	0.148	0.128	0.074
$10-14.99 million	0.134	0.148	0.149	0.039	0.044	0.097	0.175	0.047	0.069	0.141	0.069	0.065
$15-$49.99 million	0.480	0.617	0.272	0.056	0.358	0.398	0.614	0.281	0.264	0.312	0.267	0.193
$50 million and higher	0.760	0.290	0	0.237	0.418	1.112	0.234	0.409	1.835	0.205	0.208	0.160
Total	1.833	1.422	0.760	0.495	1.095	2.035	1.530	1.142	2.298	0.951	0.782	0.608
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.020	29	0.044	77	0.016	25	0.005	8	0.022	33	0.103	169	0.47%
$1-1.99 million	0.101	74	0.173	123	0.093	69	0.040	29	0.132	98	0.528	383	2.85%
$2-2.99 million	0.108	46	0.217	93	0.106	46	0.025	11	0.131	57	0.598	256	2.82%
$3-4.99 million	0.193	51	0.364	100	0.128	34	0.046	13	0.174	47	0.905	245	3.75%
$5-9.99 million	0.354	52	0.543	78	0.319	47	0.074	11	0.392	58	1.661	246	8.45%
$10-14.99 million	0.232	19	0.319	27	0.278	24	0.065	6	0.343	30	1.176	101	7.40%
$15-$49.99 million	0.686	28	1.293	50	0.844	33	0.193	8	1.036	41	4.112	158	22.34%
$50 million and higher	0.656	5	1.755	16	2.247	11	0.160	2	2.407	13	5.868	42	51.90%
Total	2.350	304	4.707	564	4.030	289	0.608	88	4.638	377	14.951	1600	100.00%
Type
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
convertible notes	0.023	0.063	0.037	0.014	0.035	0.051	0.104	0.064	0.074	0.047	0.034	0.031
convertible preferreds	0.005	0.025	0	0.007	0	0.001	0	0	0	0	0	0
equity line	0	0	0	0	0	0	0	0.015	0	0	0	0
notes with warrants	0	0.026	0	0	0.025	0.011	0.020	0.003	0.080	0.005	0.048	0
stock	0.707	0.700	0.287	0.299	0.773	0.966	0.914	0.568	1.905	0.482	0.352	0.314
units of stock and warrants	1.098	0.609	0.436	0.174	0.261	1.004	0.489	0.474	0.238	0.347	0.208	0.262
warrants	0	0	0	0	0	0	0.003	0.018	0	0.070	0.139	0.001
Total	1.833	1.422	0.760	0.495	1.095	2.035	1.530	1.142	2.298	0.951	0.782	0.608
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.086	18	0.220	20	0.155	17	0.031	3	0.186	20	0.579	71	4.01%
convertible preferreds	0.007	1	0.001	1	0	0	0	0	0	0	0.039	4	0.00%
equity line	0	0	0.015	1	0	0	0	0	0	0	0.015	1	0.00%
notes with warrants	0.025	1	0.034	5	0.133	8	0	0	0.133	8	0.218	16	2.87%
stock	1.360	113	2.449	223	2.740	93	0.314	35	3.054	128	8.269	568	65.85%
units of stock and warrants	0.872	171	1.967	312	0.793	165	0.262	49	1.055	214	5.600	931	22.75%
warrants	0	0	0.021	2	0.209	6	0.001	1	0.210	7	0.231	9	4.53%
Total	2.350	304	4.707	564	4.030	289	0.608	88	4.638	377	14.951	1600	100.00%
Warrants
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Yes	1.111	0.645	0.469	0.187	0.360	1.106	0.544	0.704	0.318	0.445	0.423	0.268
No	0.722	0.777	0.291	0.308	0.735	0.928	0.987	0.439	1.980	0.506	0.359	0.340
Total	1.833	1.422	0.760	0.495	1.095	2.035	1.530	1.142	2.298	0.951	0.782	0.608
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	1.016	184	2.353	329	1.186	184	0.268	52	1.454	236	6.579	993	31.35%
No	1.335	120	2.354	235	2.844	105	0.340	36	3.184	141	8.372	607	68.65%
Total	2.350	304	4.707	564	4.030	289	0.608	88	4.638	377	14.951	1600	100.00%
Use of Proceeds
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Acquisition	0.555	0.200	0.056	0.118	0	0.437	0.047	0	0	0.032	0.022	0.008
Capex	0.500	0.550	0.277	0.108	0.351	0.439	0.398	0.385	0.333	0.577	0.277	0.229
GCP	0.301	0.156	0.087	0.124	0.137	0.273	0.107	0.098	1.636	0.161	0.223	0.076
Refinance	0.002	0.112	0.028	0.010	0.002	0.100	0.032	0.012	0.105	0.006	0.027	0
Multiple/Other/NA	0.474	0.405	0.312	0.135	0.605	0.786	0.947	0.648	0.224	0.175	0.233	0.295
Total	1.833	1.422	0.760	0.495	1.095	2.035	1.530	1.142	2.298	0.951	0.782	0.608
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.174	13	0.484	10	0.054	5	0.008	1	0.063	6	1.475	54	1.36%
Capex	0.737	130	1.222	278	1.186	144	0.229	43	1.415	187	4.424	764	30.51%
GCP	0.348	37	0.478	61	2.020	62	0.076	21	2.096	83	3.379	240	45.19%
Refinance	0.039	5	0.143	4	0.138	4	0	0	0.138	4	0.434	17	2.98%
Multiple/Other/NA	1.052	119	2.380	211	0.632	74	0.295	23	0.927	97	5.238	525	19.99%
Total	2.350	304	4.707	564	4.030	289	0.608	88	4.638	377	14.951	1600	100.00%
Industry Sector (by SIC code)
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Agriculture (0xxx)	0	0	0.014	0	0	0.002	0	0	0	0	0	0
Mining (1xxx)	1.353	0.704	0.436	0.196	0.336	0.958	0.973	0.415	0.532	0.514	0.392	0.336
Oil and gas (13xx)	0.159	0.341	0.100	0.135	0.220	0.696	0.351	0.505	0.174	0.264	0.211	0.122
Construction (15xx)	0.001	0	0	0	0	0	0.010	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.070	0.052	0.047	0.046	0.065	0.170	0.113	0.078	0.058	0.071	0.024	0.015
Pharmaceuticals (2834-6)	0.010	0.015	0.058	0	0.010	0.017	0.014	0.035	0	0.003	0.005	0.017
Transportation (4xxx)	0	0	0	0	0	0.005	0.001	0	0.004	0.004	0.005	0.050
Communications (48xx)	0.011	0.006	0.006	0	0.020	0	0.006	0.002	0	0	0.010	0
Electric, gas, sanitary services (49xx)	0.024	0.027	0.041	0.102	0.004	0.031	0	0.004	0	0.007	0.080	0.051
Wholesale (5xxx)	0.004	0.005	0	0	0	0	0	0.010	0.001	0.004	0.036	0
Finance, insurance, real estate (6xxx)	0.108	0.203	0.026	0.004	0.350	0.093	0.015	0.042	1.516	0.020	0.012	0.011
Services (7xxx)	0.066	0.052	0.013	0.006	0.077	0.043	0.046	0.050	0.002	0.060	0.005	0.006
Health services (8xxx)	0	0.007	0	0.001	0.002	0	0.002	0	0.011	0.003	0.001	0
Non-operating (9995)	0.027	0.010	0.017	0.005	0.010	0.019	0	0	0	0	0	0
Total	1.833	1.422	0.760	0.495	1.095	2.035	1.530	1.142	2.298	0.951	0.782	0.608
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.014	1	0.002	1	0	0	0	0	0	0	0.016	2	0.00%
Mining (1xxx)	0.968	176	2.347	363	1.438	163	0.336	53	1.774	216	7.146	975	38.25%
Oil and gas (13xx)	0.455	54	1.553	115	0.649	52	0.122	18	0.770	70	3.279	296	16.60%
Construction (15xx)	0	0	0.010	1	0	0	0	0	0	0	0.011	2	0.00%
Manufacturing (2xxx, 3xxx)	0.158	23	0.361	28	0.153	20	0.015	3	0.168	23	0.809	94	3.62%
Pharmaceuticals (2834-6)	0.068	7	0.066	9	0.008	3	0.017	1	0.025	4	0.184	29	0.54%
Transportation (4xxx)	0	0	0.006	3	0.013	3	0.050	2	0.063	5	0.070	8	1.36%
Communications (48xx)	0.026	2	0.008	4	0.010	3	0	0	0.010	3	0.061	15	0.22%
Electric, gas, sanitary services (49xx)	0.148	7	0.035	5	0.087	6	0.051	5	0.138	11	0.372	29	2.98%
Wholesale (5xxx)	0	0	0.010	1	0.042	5	0	0	0.042	5	0.061	8	0.91%
Finance, insurance, real estate (6xxx)	0.381	4	0.150	12	1.549	17	0.011	2	1.559	19	2.401	45	33.61%
Services (7xxx)	0.097	14	0.138	18	0.067	12	0.006	4	0.073	16	0.426	63	1.57%
Health services (8xxx)	0.003	2	0.002	1	0.015	5	0	0	0.015	5	0.026	9	0.32%
Non-operating (9995)	0.033	14	0.019	3	0	0	0	0	0	0	0.088	25	0.00%
Total	2.350	304	4.707	564	4.030	289	0.608	88	4.638	377	14.951	1600	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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