Analysis of Canadian PIPE issuance for 12 months through August 2008

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

Proceeds

	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Less than $1 million	0.007	0.012	0.020	0.012	0.009	0.004	0.003	0.006	0.005	0.005	0.005	0.005
$1-1.99 million	0.039	0.064	0.047	0.064	0.033	0.038	0.024	0.042	0.035	0.043	0.033	0.029
$2-2.99 million	0.036	0.062	0.086	0.071	0.020	0.055	0.033	0.024	0.036	0.053	0.026	0.023
$3-4.99 million	0.070	0.096	0.159	0.109	0.028	0.048	0.043	0.048	0.060	0.056	0.049	0.041
$5-9.99 million	0.122	0.196	0.198	0.149	0.043	0.148	0.128	0.080	0.090	0.106	0.129	0.040
$10-14.99 million	0.044	0.097	0.175	0.047	0.069	0.141	0.069	0.055	0.087	0.105	0.022	0.047
$15-$49.99 million	0.358	0.398	0.614	0.281	0.264	0.312	0.267	0.254	0.225	0.537	0.106	0.170
$50 million and higher	0.418	1.112	0.234	0.409	1.835	0.205	0.208	0.166	0.115	0.669	0.418	0.075
Total	1.095	2.036	1.532	1.142	2.299	0.951	0.776	0.674	0.652	1.574	0.789	0.430
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.044	77	0.016	26	0.015	30	0.010	19	0.042	75	0.093	162	0.52%
$1-1.99 million	0.175	124	0.096	71	0.120	89	0.063	46	0.279	206	0.493	358	3.43%
$2-2.99 million	0.219	94	0.108	47	0.113	48	0.049	21	0.270	116	0.524	226	3.31%
$3-4.99 million	0.364	100	0.119	32	0.164	44	0.090	25	0.373	101	0.807	219	4.58%
$5-9.99 million	0.543	78	0.319	47	0.275	43	0.169	27	0.763	117	1.428	213	9.37%
$10-14.99 million	0.319	27	0.278	24	0.247	22	0.069	6	0.593	52	0.956	83	7.28%
$15-$49.99 million	1.293	50	0.844	33	1.015	40	0.276	13	2.135	86	3.786	148	26.21%
$50 million and higher	1.755	16	2.247	11	0.950	10	0.493	4	3.691	25	5.864	43	45.32%
Total	4.711	566	4.026	291	2.900	326	1.219	161	8.145	778	13.951	1452	100.00%
Type
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
convertible notes	0.035	0.051	0.104	0.064	0.074	0.047	0.034	0.031	0.010	0.112	0.018	0.142
convertible preferreds	0	0.001	0	0	0	0	0	0	0.001	0	0	0
equity line	0	0	0	0.015	0	0	0	0	0	0.002	0	0
notes with warrants	0.025	0.011	0.020	0.003	0.080	0.005	0.048	0.046	0.028	0	0	0
stock	0.773	0.966	0.914	0.568	1.907	0.483	0.350	0.327	0.293	0.969	0.612	0.144
units of stock and warrants	0.261	1.006	0.491	0.474	0.238	0.347	0.204	0.269	0.301	0.403	0.159	0.145
warrants	0	0	0.003	0.018	0	0.070	0.139	0.001	0.019	0.088	0	0
Total	1.095	2.036	1.532	1.142	2.299	0.951	0.776	0.674	0.652	1.574	0.789	0.430
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.220	20	0.155	17	0.152	10	0.159	11	0.467	38	0.722	65	5.73%
convertible preferreds	0.001	1	0	0	0.001	1	0	0	0.001	1	0.003	2	0.01%
equity line	0.015	1	0	0	0.002	1	0	0	0.002	1	0.017	2	0.02%
notes with warrants	0.034	5	0.133	8	0.074	4	0	0	0.207	12	0.267	18	2.54%
stock	2.449	223	2.740	95	1.589	127	0.756	65	5.084	287	8.306	552	62.42%
units of stock and warrants	1.970	314	0.789	165	0.974	179	0.304	85	2.067	429	4.298	801	25.38%
warrants	0.021	2	0.209	6	0.108	4	0	0	0.317	10	0.338	12	3.89%
Total	4.711	566	4.026	291	2.900	326	1.219	161	8.145	778	13.951	1452	100.00%
Warrants
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Yes	0.360	1.108	0.546	0.704	0.318	0.445	0.419	0.322	0.358	0.407	0.169	0.167
No	0.735	0.928	0.987	0.439	1.981	0.507	0.356	0.352	0.294	1.167	0.619	0.263
Total	1.095	2.036	1.532	1.142	2.299	0.951	0.776	0.674	0.652	1.574	0.789	0.430
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	2.357	331	1.182	184	1.087	191	0.336	89	2.605	464	5.322	856	31.98%
No	2.354	235	2.844	107	1.814	135	0.883	72	5.541	314	8.630	596	68.03%
Total	4.711	566	4.026	291	2.900	326	1.219	161	8.145	778	13.951	1452	100.00%
Use of Proceeds
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Acquisition	0	0.437	0.047	0	0	0.032	0.022	0.008	0.002	0.061	0.008	0.036
Capex	0.351	0.439	0.398	0.385	0.334	0.577	0.273	0.243	0.361	0.604	0.547	0.169
GCP	0.137	0.273	0.107	0.098	1.636	0.162	0.220	0.078	0.105	0.450	0.148	0.089
Refinance	0.002	0.100	0.032	0.012	0.105	0.006	0.027	0.046	0.033	0.025	0.022	0.027
Multiple/Other/NA	0.605	0.787	0.949	0.648	0.224	0.175	0.233	0.299	0.152	0.435	0.064	0.110
Total	1.095	2.036	1.532	1.142	2.299	0.951	0.776	0.674	0.652	1.574	0.789	0.430
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.484	10	0.054	5	0.071	5	0.044	5	0.168	15	0.652	25	2.06%
Capex	1.222	278	1.184	146	1.208	188	0.716	81	3.108	415	4.682	742	38.16%
GCP	0.478	61	2.018	62	0.632	73	0.237	35	2.887	170	3.503	245	35.45%
Refinance	0.143	4	0.138	4	0.103	5	0.049	2	0.290	11	0.434	16	3.56%
Multiple/Other/NA	2.384	213	0.632	74	0.886	55	0.174	38	1.691	167	4.680	424	20.76%
Total	4.711	566	4.026	291	2.900	326	1.219	161	8.145	778	13.951	1452	100.00%
Industry Sector (by SIC code)
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Agriculture (0xxx)	0	0.002	0	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0.336	0.960	0.973	0.415	0.533	0.515	0.389	0.391	0.414	0.577	0.619	0.171
Oil and gas (13xx)	0.220	0.696	0.351	0.505	0.174	0.264	0.211	0.127	0.168	0.330	0.117	0.046
Construction (15xx)	0	0	0.010	0	0	0	0	0	0	0	0	0.010
Manufacturing (2xxx, 3xxx)	0.065	0.170	0.113	0.078	0.058	0.071	0.024	0.015	0.010	0.084	0.009	0.102
Pharmaceuticals (2834-6)	0.010	0.017	0.014	0.035	0	0.003	0.005	0.017	0.011	0.022	0	0.024
Transportation (4xxx)	0	0.005	0.001	0	0.004	0.004	0.002	0.050	0.001	0.020	0	0.006
Communications (48xx)	0.020	0	0.006	0.002	0	0	0.010	0	0	0.005	0	0
Electric, gas, sanitary services (49xx)	0.004	0.031	0	0.004	0	0.007	0.080	0.058	0.018	0.073	0.002	0.045
Wholesale (5xxx)	0	0	0	0.010	0.001	0.004	0.036	0	0.003	0.030	0.008	0.003
Finance, insurance, real estate (6xxx)	0.350	0.093	0.015	0.042	1.516	0.020	0.012	0.009	0.023	0.413	0.017	0.016
Services (7xxx)	0.077	0.043	0.046	0.050	0.002	0.060	0.005	0.006	0	0.005	0.007	0.003
Health services (8xxx)	0.002	0	0.002	0	0.011	0.003	0.001	0	0.004	0.015	0	0
Non-operating (9995)	0.010	0.019	0.002	0	0	0	0	0	0	0	0.011	0.005
Total	1.095	2.036	1.532	1.142	2.299	0.951	0.776	0.674	0.652	1.574	0.789	0.430
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.002	1	0	0	0	0	0	0	0	0	0.002	1	0.00%
Mining (1xxx)	2.348	364	1.437	165	1.382	186	0.789	105	3.608	456	6.293	884	44.30%
Oil and gas (13xx)	1.553	115	0.649	52	0.626	68	0.163	23	1.438	143	3.211	277	17.66%
Construction (15xx)	0.010	1	0	0	0	0	0.010	1	0.010	1	0.020	2	0.12%
Manufacturing (2xxx, 3xxx)	0.361	28	0.154	20	0.109	15	0.111	5	0.374	40	0.800	75	4.59%
Pharmaceuticals (2834-6)	0.066	9	0.008	3	0.050	7	0.024	3	0.082	13	0.158	24	1.01%
Transportation (4xxx)	0.006	3	0.010	3	0.071	4	0.006	1	0.088	8	0.094	11	1.08%
Communications (48xx)	0.008	4	0.010	3	0.005	2	0	0	0.015	5	0.042	10	0.18%
Electric, gas, sanitary services (49xx)	0.035	5	0.087	6	0.148	10	0.046	3	0.282	19	0.321	26	3.46%
Wholesale (5xxx)	0.010	1	0.042	5	0.033	5	0.011	3	0.086	13	0.096	14	1.06%
Finance, insurance, real estate (6xxx)	0.150	12	1.549	17	0.445	19	0.033	8	2.027	44	2.527	58	24.89%
Services (7xxx)	0.138	18	0.067	12	0.012	8	0.010	3	0.088	23	0.304	46	1.08%
Health services (8xxx)	0.002	1	0.015	5	0.019	2	0	0	0.033	7	0.036	9	0.41%
Non-operating (9995)	0.021	4	0	0	0	0	0.016	6	0.016	6	0.047	15	0.20%
Total	4.711	566	4.026	291	2.900	326	1.219	161	8.145	778	13.951	1452	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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