Analysis of Canadian PIPE issuance for 12 months through January 2009

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

Proceeds

	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Less than $1 million	0.004	0.003	0.006	0.005	0.005	0.005	0.005	0.004	0.005	0.002	0.003	0.001
$1-1.99 million	0.038	0.024	0.042	0.035	0.045	0.033	0.036	0.033	0.016	0.029	0.032	0.016
$2-2.99 million	0.055	0.033	0.024	0.036	0.056	0.028	0.021	0.015	0.031	0.013	0.024	0.008
$3-4.99 million	0.048	0.043	0.048	0.060	0.052	0.053	0.042	0.029	0.041	0.040	0.040	0.016
$5-9.99 million	0.148	0.128	0.080	0.090	0.106	0.119	0.034	0.047	0.063	0.046	0.069	0.024
$10-14.99 million	0.141	0.069	0.055	0.087	0.105	0.022	0.047	0.045	0.047	0.023	0.010	0.030
$15-$49.99 million	0.312	0.267	0.254	0.225	0.537	0.106	0.170	0.051	0.070	0.054	0.079	0.050
$50 million and higher	0.205	0.208	0.166	0.115	0.669	0.418	0.075	0.055	0	0	2.258	0.112
Total	0.951	0.776	0.674	0.652	1.575	0.784	0.430	0.279	0.273	0.208	2.515	0.256
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.016	31	0.014	26	0.011	18	0.001	1	0.001	1	0.048	88	0.39%
$1-1.99 million	0.122	90	0.102	77	0.077	59	0.016	13	0.016	13	0.379	285	6.25%
$2-2.99 million	0.115	49	0.065	28	0.068	28	0.008	3	0.008	3	0.344	146	3.12%
$3-4.99 million	0.160	43	0.124	33	0.121	32	0.016	4	0.016	4	0.513	136	6.25%
$5-9.99 million	0.275	43	0.199	31	0.178	26	0.024	3	0.024	3	0.952	144	9.38%
$10-14.99 million	0.247	22	0.113	10	0.079	7	0.030	3	0.030	3	0.679	60	11.72%
$15-$49.99 million	1.015	40	0.327	16	0.204	9	0.050	2	0.050	2	2.175	89	19.53%
$50 million and higher	0.950	10	0.548	5	2.258	8	0.112	2	0.112	2	4.281	31	43.75%
Total	2.901	328	1.492	226	2.995	187	0.256	31	0.256	31	9.371	979	100.00%
Type
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
convertible notes	0.047	0.034	0.031	0.010	0.112	0.018	0.142	0.024	0.011	0.022	0.325	0.015
convertible preferreds	0	0	0	0.001	0	0	0	0	0	0	0.019	0
equity line	0	0	0	0	0.002	0	0	0	0	0	0	0.010
notes with warrants	0.005	0.048	0.046	0.028	0	0	0	0	0.003	0	0.004	0
preferreds with warrants	0	0	0	0	0	0	0	0	0	0	0.040	0
stock	0.483	0.350	0.327	0.293	0.969	0.612	0.143	0.138	0.194	0.119	1.938	0.119
units of stock and warrants	0.347	0.204	0.269	0.301	0.404	0.155	0.145	0.116	0.066	0.067	0.189	0.112
warrants	0.070	0.139	0.001	0.019	0.088	0	0	0	0	0	0	0
Total	0.951	0.776	0.674	0.652	1.575	0.784	0.430	0.279	0.273	0.208	2.515	0.256
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.152	10	0.184	17	0.357	18	0.015	3	0.015	3	0.789	61	5.86%
convertible preferreds	0.001	1	0	0	0.019	1	0	0	0	0	0.020	2	0.00%
equity line	0.002	1	0	0	0	0	0.010	1	0.010	1	0.012	2	3.91%
notes with warrants	0.074	4	0	0	0.007	3	0	0	0	0	0.135	12	0.00%
preferreds with warrants	0	0	0	0	0.040	1	0	0	0	0	0.040	1	0.00%
stock	1.589	127	0.893	88	2.250	83	0.119	11	0.119	11	5.683	375	46.48%
units of stock and warrants	0.974	181	0.416	121	0.321	81	0.112	16	0.112	16	2.374	516	43.75%
warrants	0.108	4	0	0	0	0	0	0	0	0	0.317	10	0.00%
Total	2.901	328	1.492	226	2.995	187	0.256	31	0.256	31	9.371	979	100.00%
Warrants
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Yes	0.445	0.419	0.322	0.358	0.407	0.165	0.167	0.116	0.079	0.079	0.444	0.133
No	0.507	0.356	0.352	0.294	1.167	0.619	0.262	0.162	0.194	0.129	2.071	0.123
Total	0.951	0.776	0.674	0.652	1.575	0.784	0.430	0.279	0.273	0.208	2.515	0.256
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	1.087	193	0.449	127	0.602	95	0.133	19	0.133	19	3.134	567	51.95%
No	1.814	135	1.044	99	2.393	92	0.123	12	0.123	12	6.236	412	48.05%
Total	2.901	328	1.492	226	2.995	187	0.256	31	0.256	31	9.371	979	100.00%
Use of Proceeds
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Acquisition	0.032	0.022	0.008	0.002	0.061	0.008	0.034	0.060	0	0	0.002	0.008
Capex	0.577	0.273	0.243	0.361	0.605	0.546	0.170	0.091	0.189	0.150	0.250	0.092
GCP	0.162	0.220	0.078	0.105	0.450	0.149	0.089	0.059	0.066	0.028	0.678	0.102
Refinance	0.006	0.027	0.046	0.033	0.025	0.022	0.027	0	0	0.001	0.002	0.035
Multiple/Other/NA	0.175	0.233	0.299	0.152	0.435	0.059	0.111	0.068	0.018	0.028	1.583	0.019
Total	0.951	0.776	0.674	0.652	1.575	0.784	0.430	0.279	0.273	0.208	2.515	0.256
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.071	5	0.102	8	0.002	1	0.008	1	0.008	1	0.236	20	3.12%
Capex	1.209	190	0.807	109	0.589	111	0.092	9	0.092	9	3.547	513	35.94%
GCP	0.632	73	0.297	49	0.772	39	0.102	12	0.102	12	2.184	226	39.84%
Refinance	0.103	5	0.049	2	0.003	2	0.035	2	0.035	2	0.223	13	13.67%
Multiple/Other/NA	0.886	55	0.238	58	1.630	34	0.019	7	0.019	7	3.180	207	7.42%
Total	2.901	328	1.492	226	2.995	187	0.256	31	0.256	31	9.371	979	100.00%
Industry Sector (by SIC code)
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0.005	0	0.100	0
Mining (1xxx)	0.515	0.389	0.391	0.414	0.577	0.613	0.171	0.114	0.152	0.093	0.391	0.143
Oil and gas (13xx)	0.264	0.211	0.127	0.168	0.330	0.117	0.046	0.070	0.065	0.066	0.056	0.005
Construction (15xx)	0	0	0	0	0	0	0.010	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.071	0.024	0.015	0.010	0.084	0.009	0.103	0.014	0.033	0.019	0.161	0.056
Pharmaceuticals (2834-6)	0.003	0.005	0.017	0.011	0.022	0.002	0.024	0.031	0.005	0.014	0.009	0.001
Transportation (4xxx)	0.004	0.002	0.050	0.001	0.020	0	0.004	0	0.005	0.001	0	0.004
Communications (48xx)	0	0.010	0	0	0.005	0	0	0.013	0	0	0.002	0
Electric, gas, sanitary services (49xx)	0.007	0.080	0.058	0.018	0.073	0.002	0.045	0.015	0.002	0.001	0.019	0
Wholesale (5xxx)	0.004	0.036	0	0.003	0.030	0.008	0.003	0	0.003	0.001	0	0.025
Finance, insurance, real estate (6xxx)	0.020	0.012	0.009	0.023	0.413	0.017	0.016	0.011	0.003	0.007	1.775	0.010
Services (7xxx)	0.060	0.005	0.006	0	0.005	0.005	0.003	0.009	0	0.004	0.002	0.011
Health services (8xxx)	0.003	0.001	0	0.004	0.015	0	0	0	0	0.001	0	0
Non-operating (9995)	0	0	0	0	0	0.011	0.005	0.001	0	0	0	0
Total	0.951	0.776	0.674	0.652	1.575	0.784	0.430	0.279	0.273	0.208	2.515	0.256
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.105	3	0	0	0	0	0.105	3	0.00%
Mining (1xxx)	1.382	188	0.898	141	0.636	107	0.143	18	0.143	18	3.964	562	55.86%
Oil and gas (13xx)	0.626	68	0.233	30	0.187	29	0.005	2	0.005	2	1.526	173	1.95%
Construction (15xx)	0	0	0.010	1	0	0	0	0	0	0	0.010	1	0.00%
Manufacturing (2xxx, 3xxx)	0.109	15	0.126	9	0.213	18	0.056	5	0.056	5	0.600	64	21.88%
Pharmaceuticals (2834-6)	0.050	7	0.057	8	0.028	7	0.001	1	0.001	1	0.144	26	0.39%
Transportation (4xxx)	0.071	4	0.004	1	0.006	3	0.004	1	0.004	1	0.093	11	1.56%
Communications (48xx)	0.005	2	0.013	3	0.002	1	0	0	0	0	0.030	9	0.00%
Electric, gas, sanitary services (49xx)	0.148	10	0.061	4	0.021	3	0	0	0	0	0.318	23	0.00%
Wholesale (5xxx)	0.033	5	0.011	3	0.004	2	0.025	1	0.025	1	0.114	15	9.77%
Finance, insurance, real estate (6xxx)	0.445	19	0.043	13	1.785	8	0.010	1	0.010	1	2.317	49	3.91%
Services (7xxx)	0.012	8	0.017	6	0.006	5	0.011	2	0.011	2	0.110	31	4.30%
Health services (8xxx)	0.019	2	0	0	0.001	1	0	0	0	0	0.024	5	0.00%
Non-operating (9995)	0	0	0.017	7	0	0	0	0	0	0	0.017	7	0.00%
Total	2.901	328	1.492	226	2.995	187	0.256	31	0.256	31	9.371	979	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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