Analysis of Canadian PIPE issuance for 12 months through April 2009

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

Proceeds

	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
Less than $1 million	0.005	0.005	0.005	0.005	0.004	0.005	0.002	0.003	0.001	0.003	0.004	0.003
$1-1.99 million	0.035	0.045	0.033	0.036	0.033	0.017	0.029	0.033	0.018	0.020	0.022	0.023
$2-2.99 million	0.036	0.056	0.028	0.021	0.015	0.031	0.013	0.027	0.008	0.022	0.019	0.007
$3-4.99 million	0.060	0.052	0.053	0.042	0.029	0.037	0.040	0.034	0.009	0.021	0.028	0.040
$5-9.99 million	0.090	0.106	0.119	0.034	0.047	0.063	0.046	0.069	0.008	0.033	0.074	0.105
$10-14.99 million	0.087	0.105	0.022	0.047	0.045	0.047	0.023	0.010	0.044	0.052	0.080	0.015
$15-$49.99 million	0.225	0.537	0.106	0.170	0.036	0.070	0.054	0.079	0.081	0.125	0.078	0.146
$50 million and higher	0.115	0.669	0.418	0.075	0.055	0	0	2.258	0.112	0.485	0.050	0.105
Total	0.652	1.575	0.784	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.355	0.443
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.014	26	0.011	18	0.007	10	0.003	5	0.010	15	0.045	81	0.54%
$1-1.99 million	0.102	77	0.079	61	0.059	45	0.023	18	0.082	63	0.343	260	4.46%
$2-2.99 million	0.065	28	0.070	29	0.049	21	0.007	3	0.056	24	0.282	120	3.05%
$3-4.99 million	0.124	33	0.111	29	0.057	15	0.040	11	0.097	26	0.445	118	5.28%
$5-9.99 million	0.199	31	0.178	26	0.115	18	0.105	15	0.220	33	0.792	121	11.97%
$10-14.99 million	0.113	10	0.079	7	0.177	16	0.015	1	0.192	17	0.576	51	10.45%
$15-$49.99 million	0.312	15	0.204	9	0.284	10	0.146	7	0.430	17	1.707	71	23.39%
$50 million and higher	0.548	5	2.258	8	0.646	6	0.105	1	0.751	7	4.342	28	40.86%
Total	1.477	225	2.989	187	1.395	141	0.443	61	1.838	202	8.531	850	100.00%
Type
	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
convertible notes	0.010	0.112	0.018	0.142	0.024	0.011	0.022	0.325	0.015	0.058	0.064	0.046
convertible preferreds	0.001	0	0	0	0	0	0	0.019	0	0	0	0.021
equity line	0	0.002	0	0	0	0	0	0	0.010	0	0	0
notes with warrants	0.028	0	0	0	0	0.003	0	0.003	0	0	0.001	0.011
preferreds with warrants	0	0	0	0	0	0	0	0.040	0	0.135	0	0
stock	0.293	0.969	0.612	0.143	0.138	0.191	0.119	1.937	0.142	0.460	0.127	0.243
units of stock and warrants	0.301	0.404	0.155	0.145	0.101	0.066	0.067	0.189	0.112	0.108	0.163	0.123
warrants	0.019	0.088	0	0	0	0	0	0	0	0	0	0
Total	0.652	1.575	0.784	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.355	0.443
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.184	17	0.357	18	0.137	13	0.046	5	0.183	18	0.846	60	9.96%
convertible preferreds	0	0	0.019	1	0	0	0.021	1	0.021	1	0.041	3	1.14%
equity line	0	0	0	0	0.010	1	0	0	0.010	1	0.012	2	0.54%
notes with warrants	0	0	0.006	3	0.001	1	0.011	2	0.011	3	0.045	9	0.60%
preferreds with warrants	0	0	0.040	1	0.135	1	0	0	0.135	1	0.175	2	7.34%
stock	0.893	88	2.246	83	0.729	40	0.243	18	0.971	58	5.373	320	52.83%
units of stock and warrants	0.401	120	0.321	81	0.383	85	0.123	35	0.506	120	1.933	451	27.53%
warrants	0	0	0	0	0	0	0	0	0	0	0.107	3	0.00%
Total	1.477	225	2.989	187	1.395	141	0.443	61	1.838	202	8.531	850	100.00%
Warrants
	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
Yes	0.358	0.407	0.165	0.167	0.101	0.079	0.079	0.442	0.136	0.329	0.189	0.264
No	0.294	1.167	0.619	0.262	0.162	0.191	0.129	2.070	0.143	0.431	0.165	0.179
Total	0.652	1.575	0.784	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.355	0.443
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0.434	126	0.600	95	0.655	99	0.264	40	0.919	139	2.718	498	50.00%
No	1.044	99	2.389	92	0.740	42	0.179	21	0.919	63	5.814	352	50.00%
Total	1.477	225	2.989	187	1.395	141	0.443	61	1.838	202	8.531	850	100.00%
Use of Proceeds
	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
Acquisition	0.002	0.061	0.008	0.034	0.060	0	0	0.002	0.008	0	0	0
Capex	0.361	0.605	0.546	0.170	0.076	0.189	0.150	0.250	0.099	0.087	0.191	0.163
GCP	0.105	0.450	0.149	0.089	0.059	0.063	0.028	0.675	0.096	0.066	0.052	0.116
Refinance	0.033	0.025	0.022	0.027	0	0	0.001	0.002	0.035	0.135	0.034	0.110
Multiple/Other/NA	0.152	0.435	0.059	0.111	0.068	0.018	0.028	1.583	0.042	0.473	0.078	0.055
Total	0.652	1.575	0.784	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.355	0.443
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.102	8	0.002	1	0.008	1	0	0	0.008	1	0.174	14	0.44%
Capex	0.792	108	0.589	111	0.377	59	0.163	27	0.539	86	2.886	450	29.33%
GCP	0.297	49	0.766	39	0.214	37	0.116	22	0.330	59	1.947	198	17.95%
Refinance	0.049	2	0.003	2	0.204	8	0.110	2	0.314	10	0.423	18	17.08%
Multiple/Other/NA	0.238	58	1.630	34	0.593	36	0.055	10	0.647	46	3.102	170	35.20%
Total	1.477	225	2.989	187	1.395	141	0.443	61	1.838	202	8.531	850	100.00%
Industry Sector (by SIC code)
	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
Agriculture (0xxx)	0	0	0	0	0	0.005	0	0.100	0	0	0	0
Mining (1xxx)	0.414	0.577	0.613	0.171	0.114	0.152	0.093	0.390	0.173	0.517	0.264	0.142
Oil and gas (13xx)	0.168	0.330	0.117	0.046	0.070	0.065	0.066	0.056	0.005	0.016	0.018	0.195
Construction (15xx)	0	0	0	0.010	0	0	0	0	0	0	0.009	0
Manufacturing (2xxx, 3xxx)	0.010	0.084	0.009	0.103	0.014	0.033	0.019	0.161	0.056	0.003	0.001	0.043
Pharmaceuticals (2834-6)	0.011	0.022	0.002	0.024	0.031	0.005	0.014	0.007	0.001	0.002	0.049	0.011
Transportation (4xxx)	0.001	0.020	0	0.004	0	0.002	0.001	0	0.001	0	0	0
Communications (48xx)	0	0.005	0	0	0.013	0	0	0.002	0	0	0	0.002
Electric, gas, sanitary services (49xx)	0.018	0.073	0.002	0.045	0	0.002	0.001	0.019	0	0.081	0.005	0
Wholesale (5xxx)	0.003	0.030	0.008	0.003	0	0.003	0.001	0	0.025	0	0	0.001
Finance, insurance, real estate (6xxx)	0.023	0.413	0.017	0.016	0.011	0.003	0.007	1.775	0.010	0.141	0.004	0.045
Services (7xxx)	0	0.005	0.005	0.003	0.009	0	0.004	0.002	0.008	0.002	0.004	0.004
Health services (8xxx)	0.004	0.015	0	0	0	0	0.001	0	0	0	0	0
Non-operating (9995)	0	0	0.011	0.005	0.001	0	0	0	0	0	0	0
Total	0.652	1.575	0.784	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.355	0.443
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.105	3	0	0	0	0	0	0	0.105	3	0.00%
Mining (1xxx)	0.898	141	0.635	107	0.953	99	0.142	28	1.096	127	3.620	507	59.63%
Oil and gas (13xx)	0.233	30	0.187	29	0.039	10	0.195	10	0.234	20	1.153	129	12.73%
Construction (15xx)	0.010	1	0	0	0.009	2	0	0	0.009	2	0.019	3	0.49%
Manufacturing (2xxx, 3xxx)	0.126	9	0.213	18	0.060	8	0.043	10	0.102	18	0.536	57	5.55%
Pharmaceuticals (2834-6)	0.057	8	0.026	7	0.052	7	0.011	2	0.063	9	0.179	30	3.43%
Transportation (4xxx)	0.004	1	0.003	3	0.001	1	0	0	0.001	1	0.030	7	0.05%
Communications (48xx)	0.013	3	0.002	1	0	0	0.002	1	0.002	1	0.022	7	0.11%
Electric, gas, sanitary services (49xx)	0.046	3	0.021	3	0.086	3	0	0	0.086	3	0.245	13	4.68%
Wholesale (5xxx)	0.011	3	0.004	2	0.025	1	0.001	1	0.026	2	0.074	12	1.41%
Finance, insurance, real estate (6xxx)	0.043	13	1.785	8	0.155	6	0.045	7	0.200	13	2.464	51	10.88%
Services (7xxx)	0.017	6	0.006	5	0.014	4	0.004	2	0.018	6	0.047	21	0.98%
Health services (8xxx)	0	0	0.001	1	0	0	0	0	0	0	0.020	3	0.00%
Non-operating (9995)	0.017	7	0	0	0	0	0	0	0	0	0.017	7	0.00%
Total	1.477	225	2.989	187	1.395	141	0.443	61	1.838	202	8.531	850	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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