Analysis of Canadian PIPE issuance for 12 months through December 2008

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

Proceeds

	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Less than $1 million	0.009	0.004	0.003	0.006	0.005	0.005	0.005	0.005	0.004	0.005	0.002	0.003
$1-1.99 million	0.033	0.038	0.024	0.042	0.035	0.045	0.033	0.036	0.033	0.016	0.029	0.027
$2-2.99 million	0.020	0.055	0.033	0.024	0.036	0.056	0.028	0.021	0.015	0.031	0.013	0.026
$3-4.99 million	0.028	0.048	0.043	0.048	0.060	0.052	0.053	0.042	0.029	0.041	0.038	0.036
$5-9.99 million	0.043	0.148	0.128	0.080	0.090	0.106	0.119	0.034	0.047	0.063	0.046	0.069
$10-14.99 million	0.069	0.141	0.069	0.055	0.087	0.105	0.022	0.047	0.045	0.047	0.023	0.010
$15-$49.99 million	0.264	0.312	0.267	0.254	0.225	0.537	0.106	0.170	0.051	0.070	0.054	0.079
$50 million and higher	1.835	0.205	0.208	0.166	0.115	0.669	0.418	0.075	0.055	0	0	2.258
Total	2.299	0.951	0.776	0.674	0.652	1.575	0.784	0.430	0.279	0.273	0.206	2.508
	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	0.011	18	0.056	101	0.056	101	0.49%
$1-1.99 million	0.096	71	0.122	90	0.102	77	0.073	56	0.392	294	0.392	294	3.44%
$2-2.99 million	0.108	47	0.115	49	0.065	28	0.070	29	0.358	153	0.358	153	3.14%
$3-4.99 million	0.119	32	0.160	43	0.124	33	0.115	31	0.518	139	0.518	139	4.54%
$5-9.99 million	0.319	47	0.275	43	0.199	31	0.178	26	0.971	147	0.971	147	8.51%
$10-14.99 million	0.278	24	0.247	22	0.113	10	0.079	7	0.717	63	0.717	63	6.29%
$15-$49.99 million	0.844	33	1.015	40	0.327	16	0.204	9	2.389	98	2.389	98	20.95%
$50 million and higher	2.247	11	0.950	10	0.548	5	2.258	8	6.004	34	6.004	34	52.64%
Total	4.026	291	2.901	328	1.492	226	2.987	184	11.406	1029	11.406	1029	100.00%
Type
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
convertible notes	0.074	0.047	0.034	0.031	0.010	0.112	0.018	0.142	0.024	0.011	0.020	0.325
convertible preferreds	0	0	0	0	0.001	0	0	0	0	0	0	0.019
equity line	0	0	0	0	0	0.002	0	0	0	0	0	0
notes with warrants	0.080	0.005	0.048	0.046	0.028	0	0	0	0	0.003	0	0.004
preferreds with warrants	0	0	0	0	0	0	0	0	0	0	0	0.040
stock	1.907	0.483	0.350	0.327	0.293	0.969	0.612	0.143	0.138	0.194	0.119	1.935
units of stock and warrants	0.238	0.347	0.204	0.269	0.301	0.404	0.155	0.145	0.116	0.066	0.067	0.185
warrants	0	0.070	0.139	0.001	0.019	0.088	0	0	0	0	0	0
Total	2.299	0.951	0.776	0.674	0.652	1.575	0.784	0.430	0.279	0.273	0.206	2.508
	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	0.355	18	0.846	62	0.846	62	7.42%
convertible preferreds	0	0	0.001	1	0	0	0.019	1	0.020	2	0.020	2	0.18%
equity line	0	0	0.002	1	0	0	0	0	0.002	1	0.002	1	0.02%
notes with warrants	0.133	8	0.074	4	0	0	0.007	3	0.215	15	0.215	15	1.88%
preferreds with warrants	0	0	0	0	0	0	0.040	1	0.040	1	0.040	1	0.35%
stock	2.740	95	1.589	127	0.893	88	2.248	82	7.470	392	7.470	392	65.49%
units of stock and warrants	0.789	165	0.974	181	0.416	121	0.318	79	2.497	546	2.497	546	21.89%
warrants	0.209	6	0.108	4	0	0	0	0	0.317	10	0.317	10	2.78%
Total	4.026	291	2.901	328	1.492	226	2.987	184	11.406	1029	11.406	1029	100.00%
Warrants
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Yes	0.318	0.445	0.419	0.322	0.358	0.407	0.165	0.167	0.116	0.079	0.079	0.440
No	1.981	0.507	0.356	0.352	0.294	1.167	0.619	0.262	0.162	0.194	0.127	2.068
Total	2.299	0.951	0.776	0.674	0.652	1.575	0.784	0.430	0.279	0.273	0.206	2.508
	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	0.449	127	0.598	93	3.315	597	3.315	597	29.06%
No	2.844	107	1.814	135	1.044	99	2.389	91	8.091	432	8.091	432	70.94%
Total	4.026	291	2.901	328	1.492	226	2.987	184	11.406	1029	11.406	1029	100.00%
Use of Proceeds
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Acquisition	0	0.032	0.022	0.008	0.002	0.061	0.008	0.034	0.060	0	0	0.002
Capex	0.334	0.577	0.273	0.243	0.361	0.605	0.546	0.170	0.091	0.189	0.151	0.244
GCP	1.636	0.162	0.220	0.078	0.105	0.450	0.149	0.089	0.059	0.066	0.026	0.679
Refinance	0.105	0.006	0.027	0.046	0.033	0.025	0.022	0.027	0	0	0.001	0.002
Multiple/Other/NA	0.224	0.175	0.233	0.299	0.152	0.435	0.059	0.111	0.068	0.018	0.028	1.581
Total	2.299	0.951	0.776	0.674	0.652	1.575	0.784	0.430	0.279	0.273	0.206	2.508
	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	0.002	1	0.229	19	0.229	19	2.01%
Capex	1.184	146	1.209	190	0.807	109	0.584	109	3.784	554	3.784	554	33.18%
GCP	2.018	62	0.632	73	0.297	49	0.771	39	3.718	223	3.718	223	32.60%
Refinance	0.138	4	0.103	5	0.049	2	0.003	2	0.293	13	0.293	13	2.57%
Multiple/Other/NA	0.632	74	0.886	55	0.238	58	1.628	33	3.383	220	3.383	220	29.66%
Total	4.026	291	2.901	328	1.492	226	2.987	184	11.406	1029	11.406	1029	100.00%
Industry Sector (by SIC code)
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0.005	0	0.100
Mining (1xxx)	0.533	0.515	0.389	0.391	0.414	0.577	0.613	0.171	0.114	0.152	0.093	0.387
Oil and gas (13xx)	0.174	0.264	0.211	0.127	0.168	0.330	0.117	0.046	0.070	0.065	0.067	0.053
Construction (15xx)	0	0	0	0	0	0	0	0.010	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.058	0.071	0.024	0.015	0.010	0.084	0.009	0.103	0.014	0.033	0.019	0.161
Pharmaceuticals (2834-6)	0	0.003	0.005	0.017	0.011	0.022	0.002	0.024	0.031	0.005	0.012	0.009
Transportation (4xxx)	0.004	0.004	0.002	0.050	0.001	0.020	0	0.004	0	0.005	0.001	0
Communications (48xx)	0	0	0.010	0	0	0.005	0	0	0.013	0	0	0.002
Electric, gas, sanitary services (49xx)	0	0.007	0.080	0.058	0.018	0.073	0.002	0.045	0.015	0.002	0.001	0.019
Wholesale (5xxx)	0.001	0.004	0.036	0	0.003	0.030	0.008	0.003	0	0.003	0.001	0
Finance, insurance, real estate (6xxx)	1.516	0.020	0.012	0.009	0.023	0.413	0.017	0.016	0.011	0.003	0.007	1.775
Services (7xxx)	0.002	0.060	0.005	0.006	0	0.005	0.005	0.003	0.009	0	0.004	0.002
Health services (8xxx)	0.011	0.003	0.001	0	0.004	0.015	0	0	0	0	0.001	0
Non-operating (9995)	0	0	0	0	0	0	0.011	0.005	0.001	0	0	0
Total	2.299	0.951	0.776	0.674	0.652	1.575	0.784	0.430	0.279	0.273	0.206	2.508
	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	0.105	3	0.105	3	0.105	3	0.92%
Mining (1xxx)	1.437	165	1.382	188	0.898	141	0.632	105	4.349	599	4.349	599	38.13%
Oil and gas (13xx)	0.649	52	0.626	68	0.233	30	0.185	28	1.693	178	1.693	178	14.84%
Construction (15xx)	0	0	0	0	0.010	1	0	0	0.010	1	0.010	1	0.09%
Manufacturing (2xxx, 3xxx)	0.154	20	0.109	15	0.126	9	0.213	18	0.602	62	0.602	62	5.28%
Pharmaceuticals (2834-6)	0.008	3	0.050	7	0.057	8	0.026	7	0.141	25	0.141	25	1.24%
Transportation (4xxx)	0.010	3	0.071	4	0.004	1	0.006	3	0.092	11	0.092	11	0.81%
Communications (48xx)	0.010	3	0.005	2	0.013	3	0.002	1	0.030	9	0.030	9	0.26%
Electric, gas, sanitary services (49xx)	0.087	6	0.148	10	0.061	4	0.021	3	0.318	23	0.318	23	2.79%
Wholesale (5xxx)	0.042	5	0.033	5	0.011	3	0.004	2	0.090	15	0.090	15	0.79%
Finance, insurance, real estate (6xxx)	1.549	17	0.445	19	0.043	13	1.785	8	3.822	57	3.822	57	33.51%
Services (7xxx)	0.067	12	0.012	8	0.017	6	0.006	5	0.102	31	0.102	31	0.89%
Health services (8xxx)	0.015	5	0.019	2	0	0	0.001	1	0.035	8	0.035	8	0.31%
Non-operating (9995)	0	0	0	0	0.017	7	0	0	0.017	7	0.017	7	0.15%
Total	4.026	291	2.901	328	1.492	226	2.987	184	11.406	1029	11.406	1029	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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