Analysis of Canadian PIPE issuance for 12 months through February 2009

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

Proceeds

	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
0	0.003	0.006	0.005	0.005	0.005	0.005	0.004	0.005	0.002	0.003	0.001	0.003
1	0.024	0.042	0.035	0.045	0.033	0.036	0.033	0.017	0.029	0.032	0.016	0.020
2	0.033	0.024	0.036	0.056	0.028	0.021	0.015	0.031	0.013	0.027	0.008	0.020
3	0.043	0.048	0.060	0.052	0.053	0.042	0.029	0.037	0.040	0.037	0.016	0.021
5	0.128	0.080	0.090	0.106	0.119	0.034	0.047	0.063	0.046	0.069	0.008	0.041
10	0.069	0.055	0.087	0.105	0.022	0.047	0.045	0.047	0.023	0.010	0.044	0.042
15	0.267	0.254	0.225	0.537	0.106	0.170	0.051	0.070	0.054	0.079	0.081	0.125
50	0.208	0.166	0.115	0.669	0.418	0.075	0.055	0	0	2.258	0.112	0.485
Total	0.776	0.674	0.652	1.575	0.784	0.430	0.279	0.270	0.208	2.514	0.285	0.756
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
0	0.016	31	0.014	26	0.011	18	0.004	6	0.004	6	0.047	87	0.38%
1	0.122	90	0.102	77	0.078	60	0.037	28	0.037	28	0.363	273	3.55%
2	0.115	49	0.065	28	0.070	29	0.028	12	0.028	12	0.312	133	2.69%
3	0.160	43	0.124	33	0.114	30	0.037	10	0.037	10	0.478	128	3.55%
5	0.275	43	0.199	31	0.178	26	0.048	7	0.048	7	0.829	126	4.61%
10	0.247	22	0.113	10	0.079	7	0.086	8	0.086	8	0.594	53	8.25%
15	1.015	40	0.327	16	0.204	9	0.206	7	0.206	7	2.019	81	19.77%
50	0.950	10	0.548	5	2.258	8	0.596	5	0.596	5	4.561	31	57.20%
Total	2.901	328	1.492	226	2.991	187	1.042	83	1.042	83	9.201	912	100.00%
Type
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
convertible notes	0.034	0.031	0.010	0.112	0.018	0.142	0.024	0.011	0.022	0.325	0.021	0.058
convertible preferreds	0	0	0.001	0	0	0	0	0	0	0.019	0	0
equity line	0	0	0	0.002	0	0	0	0	0	0	0.010	0
notes with warrants	0.048	0.046	0.028	0	0	0	0	0.003	0	0.004	0	0
preferreds with warrants	0	0	0	0	0	0	0	0	0	0.040	0	0.135
stock	0.350	0.327	0.293	0.969	0.612	0.143	0.138	0.191	0.119	1.937	0.142	0.455
units of stock and warrants	0.204	0.269	0.301	0.404	0.155	0.145	0.116	0.066	0.067	0.189	0.112	0.109
warrants	0.139	0.001	0.019	0.088	0	0	0	0	0	0	0	0
Total	0.776	0.674	0.652	1.575	0.784	0.430	0.279	0.270	0.208	2.514	0.285	0.756
	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	0.080	7	0.080	7	0.807	57	7.68%
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	0.96%
notes with warrants	0.074	4	0	0	0.007	3	0	0	0	0	0.130	10	0.00%
preferreds with warrants	0	0	0	0	0.040	1	0.135	1	0.135	1	0.175	2	12.96%
stock	1.589	127	0.893	88	2.246	83	0.596	28	0.596	28	5.675	352	57.20%
units of stock and warrants	0.974	181	0.416	121	0.321	81	0.221	46	0.221	46	2.136	479	21.21%
warrants	0.108	4	0	0	0	0	0	0	0	0	0.247	8	0.00%
Total	2.901	328	1.492	226	2.991	187	1.042	83	1.042	83	9.201	912	100.00%
Warrants
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Yes	0.419	0.322	0.358	0.407	0.165	0.167	0.116	0.079	0.079	0.444	0.139	0.322
No	0.356	0.352	0.294	1.167	0.619	0.262	0.162	0.191	0.129	2.070	0.146	0.434
Total	0.776	0.674	0.652	1.575	0.784	0.430	0.279	0.270	0.208	2.514	0.285	0.756
	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	0.461	55	0.461	55	3.017	530	44.24%
No	1.814	135	1.044	99	2.389	92	0.581	28	0.581	28	6.184	382	55.76%
Total	2.901	328	1.492	226	2.991	187	1.042	83	1.042	83	9.201	912	100.00%
Use of Proceeds
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Acquisition	0.022	0.008	0.002	0.061	0.008	0.034	0.060	0	0	0.002	0.008	0
Capex	0.273	0.243	0.361	0.605	0.546	0.170	0.091	0.189	0.150	0.250	0.099	0.084
GCP	0.220	0.078	0.105	0.450	0.149	0.089	0.059	0.063	0.028	0.677	0.102	0.065
Refinance	0.027	0.046	0.033	0.025	0	0.027	0	0	0.001	0.002	0.035	0.134
Repay debt	0	0	0	0	0.022	0	0	0	0	0	0	0
Multiple/Other/NA	0.233	0.299	0.152	0.435	0.059	0.111	0.068	0.018	0.028	1.583	0.042	0.473
Total	0.776	0.674	0.652	1.575	0.784	0.430	0.279	0.270	0.208	2.514	0.285	0.756
	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	0.204	17	0.77%
Capex	1.209	190	0.807	109	0.589	111	0.183	30	0.183	30	3.061	479	17.56%
GCP	0.632	73	0.297	49	0.768	39	0.167	24	0.167	24	2.083	209	16.03%
Refinance	0.103	5	0.027	1	0.003	2	0.169	6	0.169	6	0.330	15	16.22%
Repay debt	0	0	0.022	1	0	0	0	0	0	0	0.022	1	0.00%
Multiple/Other/NA	0.886	55	0.238	58	1.630	34	0.515	22	0.515	22	3.501	191	49.42%
Total	2.901	328	1.492	226	2.991	187	1.042	83	1.042	83	9.201	912	100.00%
Industry Sector (by SIC code)
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Agriculture (0xxx)	0	0	0	0	0	0	0	0.005	0	0.100	0	0
Mining (1xxx)	0.389	0.391	0.414	0.577	0.613	0.171	0.114	0.152	0.093	0.390	0.173	0.514
Oil and gas (13xx)	0.211	0.127	0.168	0.330	0.117	0.046	0.070	0.065	0.066	0.056	0.005	0.016
Construction (15xx)	0	0	0	0	0	0.010	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.024	0.015	0.010	0.084	0.009	0.103	0.014	0.033	0.019	0.161	0.056	0.002
Pharmaceuticals (2834-6)	0.005	0.017	0.011	0.022	0.002	0.024	0.031	0.005	0.014	0.009	0.001	0.002
Transportation (4xxx)	0.002	0.050	0.001	0.020	0	0.004	0	0.002	0.001	0	0.004	0
Communications (48xx)	0.010	0	0	0.005	0	0	0.013	0	0	0.002	0	0
Electric, gas, sanitary services (49xx)	0.080	0.058	0.018	0.073	0.002	0.045	0.015	0.002	0.001	0.019	0	0.081
Wholesale (5xxx)	0.036	0	0.003	0.030	0.008	0.003	0	0.003	0.001	0	0.025	0
Finance, insurance, real estate (6xxx)	0.012	0.009	0.023	0.413	0.017	0.016	0.011	0.003	0.007	1.775	0.010	0.141
Services (7xxx)	0.005	0.006	0	0.005	0.005	0.003	0.009	0	0.004	0.002	0.011	0.002
Health services (8xxx)	0.001	0	0.004	0.015	0	0	0	0	0.001	0	0	0
Non-operating (9995)	0	0	0	0	0.011	0.005	0.001	0	0	0	0	0
Total	0.776	0.674	0.652	1.575	0.784	0.430	0.279	0.270	0.208	2.514	0.285	0.756
	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	0.635	107	0.686	57	0.686	57	3.991	537	65.83%
Oil and gas (13xx)	0.626	68	0.233	30	0.187	29	0.021	6	0.021	6	1.278	154	2.02%
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	0.058	6	0.058	6	0.530	54	5.57%
Pharmaceuticals (2834-6)	0.050	7	0.057	8	0.028	7	0.003	3	0.003	3	0.144	26	0.29%
Transportation (4xxx)	0.071	4	0.004	1	0.003	3	0.004	1	0.004	1	0.086	10	0.38%
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	0.081	1	0.081	1	0.392	22	7.77%
Wholesale (5xxx)	0.033	5	0.011	3	0.004	2	0.025	1	0.025	1	0.110	13	2.40%
Finance, insurance, real estate (6xxx)	0.445	19	0.043	13	1.785	8	0.151	5	0.151	5	2.437	47	14.49%
Services (7xxx)	0.012	8	0.017	6	0.006	5	0.013	3	0.013	3	0.052	25	1.25%
Health services (8xxx)	0.019	2	0	0	0.001	1	0	0	0	0	0.021	4	0.00%
Non-operating (9995)	0	0	0.017	7	0	0	0	0	0	0	0.017	7.000	0.00%
Total	2.901	328	1.492	226	2.991	187	1.042	83	1.042	83	9.201	912	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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