Analysis of Canadian PIPE issuance for 12 months through November 2009

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

Proceeds

	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Less than $1 million	0.003	0.001	0.003	0.004	0.003	0.003	0.005	0.005	0.009	0.009	0.007	0.007
$1-1.99 million	0.033	0.018	0.020	0.020	0.026	0.034	0.045	0.038	0.030	0.050	0.044	0.050
$2-2.99 million	0.027	0.008	0.022	0.022	0.010	0.034	0.038	0.028	0.041	0.034	0.042	0.059
$3-4.99 million	0.034	0.009	0.021	0.029	0.038	0.029	0.045	0.092	0.051	0.045	0.067	0.074
$5-9.99 million	0.069	0.008	0.033	0.076	0.104	0.041	0.081	0.081	0.085	0.081	0.090	0.121
$10-14.99 million	0.010	0.044	0.052	0.070	0.026	0.070	0.131	0.025	0.047	0.089	0.045	0.095
$15-$49.99 million	0.079	0.081	0.125	0.093	0.153	0.171	0.045	0.109	0.211	0.214	0.245	0.147
$50 million and higher	2.258	0.112	0.485	0.155	0.105	0	0.371	2.283	0.144	0	0.167	0.178
Total	2.512	0.279	0.761	0.470	0.464	0.382	0.760	2.661	0.618	0.522	0.706	0.731
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.007	10	0.010	20	0.023	34	0.014	22	0.055	86	0.058	92	0.66%
$1-1.99 million	0.058	44	0.105	83	0.117	86	0.094	72	0.374	285	0.407	310	4.48%
$2-2.99 million	0.052	22	0.082	36	0.104	44	0.101	44	0.339	146	0.365	157	4.06%
$3-4.99 million	0.059	15	0.112	30	0.187	52	0.141	39	0.499	136	0.533	145	5.97%
$5-9.99 million	0.116	18	0.226	34	0.247	36	0.211	34	0.801	122	0.869	132	9.59%
$10-14.99 million	0.167	15	0.227	19	0.162	13	0.140	12	0.695	59	0.705	60	8.32%
$15-$49.99 million	0.299	11	0.369	15	0.534	23	0.392	17	1.593	66	1.672	69	19.07%
$50 million and higher	0.752	7	0.476	5	2.427	6	0.345	5	4.000	23	6.258	31	47.88%
Total	1.510	142	1.606	242	3.801	294	1.438	245	8.355	923	10.867	996	100.00%
Type
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
convertible notes	0.325	0.015	0.058	0.065	0.046	0.007	0.029	0.113	0.123	0.012	0.004	0.022
convertible preferreds	0.019	0	0	0	0.021	0.001	0.012	0	0	0	0.001	0.022
equity line	0	0.010	0	0	0	0	0	0.006	0.005	0.010	0	0
notes with stock	0	0	0	0	0	0	0.001	0.016	0	0	0	0
notes with warrants	0.003	0	0	0.001	0.011	0	0.003	0	0	0	0.003	0
preferreds with warrants	0.040	0	0.135	0	0	0.009	0.002	0	0	0	0	0
stock	1.937	0.142	0.460	0.232	0.251	0.238	0.520	2.317	0.272	0.245	0.501	0.293
units of stock and warrants	0.189	0.112	0.108	0.172	0.135	0.127	0.194	0.209	0.206	0.250	0.197	0.395
warrants	0	0	0	0	0	0	0	0	0.013	0.005	0	0
Total	2.512	0.279	0.761	0.470	0.464	0.382	0.760	2.661	0.618	0.522	0.706	0.731
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.138	13	0.082	15	0.248	17	0.026	8	0.495	53	0.819	63	5.92%
convertible preferreds	0	0	0.033	3	0	0	0.023	3	0.056	6	0.074	7	0.67%
equity line	0.010	1	0	0	0.021	3	0	0	0.031	4	0.031	4	0.37%
notes with stock	0	0	0.001	1	0.016	2	0	0	0.017	3	0.017	3	0.20%
notes with warrants	0.001	1	0.014	3	0	0	0.003	1	0.018	5	0.021	7	0.22%
preferreds with warrants	0.135	1	0.011	3	0	0	0	0	0.146	4	0.186	5	1.75%
stock	0.834	41	1.010	77	2.834	88	0.794	91	5.472	297	7.409	328	65.49%
units of stock and warrants	0.392	85	0.456	140	0.664	182	0.592	142	2.103	549	2.292	577	25.17%
warrants	0	0	0	0	0.018	2	0	0	0.018	2	0.018	2	0.22%
Total	1.510	142	1.606	242	3.801	294	1.438	245	8.355	923	10.867	996	100.00%
Warrants
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Yes	0.442	0.136	0.329	0.200	0.276	0.154	0.199	0.247	0.247	0.258	0.207	0.479
No	2.070	0.143	0.431	0.270	0.188	0.228	0.562	2.414	0.371	0.264	0.500	0.253
Total	2.512	0.279	0.761	0.470	0.464	0.382	0.760	2.661	0.618	0.522	0.706	0.731
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0.665	99	0.629	153	0.752	193	0.685	148	2.731	593	3.173	629	32.69%
No	0.845	43	0.978	89	3.049	101	0.752	97	5.624	330	7.695	367	67.31%
Total	1.510	142	1.606	242	3.801	294	1.438	245	8.355	923	10.867	996	100.00%
Use of Proceeds
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Acquisition	0.002	0.008	0	0	0	0.012	0.004	0.285	0	0	0.091	0.039
Capex	0.250	0.099	0.087	0.200	0.173	0.202	0.411	0.147	0.149	0.367	0.357	0.183
GCP	0.675	0.096	0.066	0.053	0.116	0.090	0.137	0.269	0.147	0.061	0.076	0.111
Refinance	0.002	0.035	0.135	0.033	0.110	0	0.051	1.769	0.008	0.004	0.006	0
Multiple/Other/NA	1.583	0.042	0.473	0.184	0.065	0.079	0.158	0.191	0.313	0.091	0.175	0.398
Total	2.512	0.279	0.761	0.470	0.464	0.382	0.760	2.661	0.618	0.522	0.706	0.731
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.008	1	0.016	4	0.285	2	0.130	7	0.438	14	0.440	15	5.24%
Capex	0.386	59	0.786	112	0.663	146	0.541	120	2.375	437	2.625	474	28.43%
GCP	0.215	37	0.344	72	0.478	64	0.187	48	1.223	221	1.898	236	14.64%
Refinance	0.203	7	0.161	7	1.781	8	0.006	2	2.150	24	2.152	25	25.73%
Multiple/Other/NA	0.699	38	0.301	47	0.595	74	0.574	68	2.169	227	3.752	246	25.96%
Total	1.510	142	1.606	242	3.801	294	1.438	245	8.355	923	10.867	996	100.00%
Industry Sector (by SIC code)
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Agriculture (0xxx)	0.100	0	0	0	0	0	0.002	0	0	0	0	0.022
Mining (1xxx)	0.390	0.173	0.517	0.377	0.146	0.196	0.517	2.062	0.443	0.349	0.373	0.383
Oil and gas (13xx)	0.056	0.005	0.016	0.018	0.193	0.126	0.087	0.122	0.020	0.073	0.256	0.217
Construction (15xx)	0	0	0	0.009	0	0	0	0.006	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.161	0.056	0.003	0.001	0.041	0.025	0.066	0.025	0.009	0.033	0.014	0.013
Pharmaceuticals (2834-6)	0.007	0.001	0.002	0.049	0.013	0.004	0.013	0.007	0.003	0.020	0.013	0.030
Transportation (4xxx)	0	0.001	0	0	0	0	0.003	0.001	0.013	0	0	0
Communications (48xx)	0.002	0	0	0	0.002	0.001	0.001	0	0.001	0.002	0.001	0
Electric, gas, sanitary services (49xx)	0.019	0	0.081	0.006	0	0	0.004	0.199	0.004	0.014	0.030	0.007
Wholesale (5xxx)	0	0.025	0	0	0.001	0	0.003	0.003	0	0.001	0.003	0.003
Finance, insurance, real estate (6xxx)	1.775	0.010	0.141	0.004	0.062	0.021	0.036	0.213	0.109	0.029	0.009	0.004
Services (7xxx)	0.002	0.008	0.002	0.005	0.005	0.005	0.029	0.017	0.016	0.002	0.004	0.050
Health services (8xxx)	0	0	0	0	0	0.001	0	0	0	0	0.003	0
Non-operating (9995)	0	0	0	0	0	0.003	0	0.006	0	0	0	0.002
Total	2.512	0.279	0.761	0.470	0.464	0.382	0.760	2.661	0.618	0.522	0.706	0.731
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.002	1	0	0	0.022	2	0.024	3	0.124	4	0.29%
Mining (1xxx)	1.067	100	0.858	136	2.854	188	0.756	138	5.535	562	5.925	602	66.25%
Oil and gas (13xx)	0.039	10	0.406	34	0.214	35	0.473	59	1.132	138	1.188	151	13.55%
Construction (15xx)	0.009	2	0	0	0.006	1	0	0	0.016	3	0.016	3	0.19%
Manufacturing (2xxx, 3xxx)	0.060	8	0.133	22	0.067	17	0.027	9	0.286	56	0.447	63	3.42%
Pharmaceuticals (2834-6)	0.052	7	0.030	8	0.030	9	0.043	10	0.155	34	0.162	37	1.86%
Transportation (4xxx)	0.001	1	0.003	1	0.015	3	0	0	0.019	5	0.019	5	0.23%
Communications (48xx)	0	0	0.004	3	0.003	2	0.001	1	0.009	6	0.010	7	0.11%
Electric, gas, sanitary services (49xx)	0.087	3	0.004	2	0.217	7	0.037	4	0.345	16	0.364	17	4.13%
Wholesale (5xxx)	0.025	1	0.004	3	0.004	2	0.006	2	0.039	8	0.039	8	0.47%
Finance, insurance, real estate (6xxx)	0.155	6	0.119	16	0.351	24	0.013	7	0.638	53	2.413	59	7.64%
Services (7xxx)	0.015	4	0.039	13	0.034	5	0.054	11	0.142	33	0.144	34	1.70%
Health services (8xxx)	0	0	0.001	1	0	0	0.003	1	0.004	2	0.004	2	0.05%
Non-operating (9995)	0	0	0.003	2	0.006	1	0.002	1	0.011	4	0.011	4	0.13%
Total	1.510	142	1.606	242	3.801	294	1.438	245	8.355	923	10.867	996	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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