Analysis of Canadian PIPE issuance for 12 months through May 2009

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

Proceeds

	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Less than $1 million	0.005	0.005	0.005	0.004	0.005	0.002	0.003	0.001	0.003	0.004	0.003	0.003
$1-1.99 million	0.045	0.033	0.036	0.033	0.017	0.029	0.033	0.018	0.020	0.019	0.023	0.029
$2-2.99 million	0.056	0.028	0.021	0.015	0.031	0.013	0.027	0.008	0.022	0.022	0.007	0.027
$3-4.99 million	0.052	0.053	0.042	0.029	0.037	0.040	0.034	0.009	0.021	0.029	0.037	0.033
$5-9.99 million	0.106	0.119	0.034	0.047	0.063	0.046	0.069	0.008	0.033	0.076	0.112	0.057
$10-14.99 million	0.105	0.022	0.047	0.045	0.047	0.023	0.010	0.044	0.052	0.070	0.015	0.062
$15-$49.99 million	0.537	0.106	0.170	0.036	0.070	0.054	0.079	0.081	0.125	0.093	0.168	0.093
$50 million and higher	0.669	0.418	0.075	0.055	0	0	2.258	0.112	0.485	0.050	0.105	0
Total	1.575	0.784	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.364	0.470	0.304
	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	0.005	11	0.013	21	0.042	76	0.60%
$1-1.99 million	0.102	77	0.079	61	0.057	43	0.052	42	0.109	85	0.335	256	5.01%
$2-2.99 million	0.065	28	0.070	29	0.052	22	0.034	15	0.086	37	0.277	118	3.95%
$3-4.99 million	0.124	33	0.111	29	0.059	15	0.070	19	0.129	34	0.417	110	5.93%
$5-9.99 million	0.199	31	0.178	26	0.116	18	0.168	25	0.284	43	0.767	118	13.05%
$10-14.99 million	0.113	10	0.079	7	0.167	15	0.077	6	0.244	21	0.541	47	11.21%
$15-$49.99 million	0.312	15	0.204	9	0.299	11	0.261	12	0.560	23	1.612	67	25.72%
$50 million and higher	0.548	5	2.258	8	0.646	6	0.105	1	0.751	7	4.227	26	34.50%
Total	1.477	225	2.989	187	1.403	140	0.773	131	2.177	271	8.218	818	100.00%
Type
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
convertible notes	0.112	0.018	0.142	0.024	0.011	0.022	0.325	0.015	0.058	0.065	0.046	0.003
convertible preferreds	0	0	0	0	0	0	0.019	0	0	0	0.021	0.001
equity line	0.002	0	0	0	0	0	0	0.010	0	0	0	0
notes with warrants	0	0	0	0	0.003	0	0.003	0	0	0.001	0.011	0
preferreds with warrants	0	0	0	0	0	0	0.040	0	0.135	0	0	0.009
stock	0.969	0.612	0.143	0.138	0.191	0.119	1.937	0.142	0.460	0.127	0.251	0.162
units of stock and warrants	0.404	0.155	0.145	0.101	0.066	0.067	0.189	0.112	0.108	0.171	0.141	0.129
warrants	0.088	0	0	0	0	0	0	0	0	0	0	0
Total	1.575	0.784	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.364	0.470	0.304
	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	0.138	13	0.049	7	0.187	20	0.840	61	8.59%
convertible preferreds	0	0	0.019	1	0	0	0.022	2	0.022	2	0.040	3	1.01%
equity line	0	0	0	0	0.010	1	0	0	0.010	1	0.012	2	0.46%
notes with warrants	0	0	0.006	3	0.001	1	0.011	2	0.011	3	0.017	6	0.51%
preferreds with warrants	0	0	0.040	1	0.135	1	0.009	2	0.144	3	0.184	4	6.61%
stock	0.893	88	2.246	83	0.729	40	0.413	41	1.142	81	5.251	305	52.46%
units of stock and warrants	0.401	120	0.321	81	0.390	84	0.270	77	0.661	161	1.786	436	30.36%
warrants	0	0	0	0	0	0	0	0	0	0	0.088	1	0.00%
Total	1.477	225	2.989	187	1.403	140	0.773	131	2.177	271	8.218	818	100.00%
Warrants
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Yes	0.407	0.165	0.167	0.101	0.079	0.079	0.442	0.136	0.329	0.198	0.282	0.148
No	1.167	0.619	0.262	0.162	0.191	0.129	2.070	0.143	0.431	0.165	0.188	0.156
Total	1.575	0.784	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.364	0.470	0.304
	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	0.664	98	0.430	86	1.093	184	2.534	481	50.21%
No	1.044	99	2.389	92	0.740	42	0.344	45	1.083	87	5.684	337	49.75%
Total	1.477	225	2.989	187	1.403	140	0.773	131	2.177	271	8.218	818	100.00%
Use of Proceeds
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Acquisition	0.061	0.008	0.034	0.060	0	0	0.002	0.008	0	0	0	0.012
Capex	0.605	0.546	0.170	0.076	0.189	0.150	0.250	0.099	0.087	0.200	0.173	0.133
GCP	0.450	0.149	0.089	0.059	0.063	0.028	0.675	0.096	0.066	0.053	0.118	0.068
Refinance	0.025	0	0.027	0	0	0.001	0.002	0.035	0.135	0.033	0.110	0
Repay debt	0	0.022	0	0	0	0	0	0	0	0	0	0
Multiple/Other/NA	0.435	0.059	0.111	0.068	0.018	0.028	1.583	0.042	0.473	0.078	0.069	0.091
Total	1.575	0.784	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.364	0.470	0.304
	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	0.012	2	0.019	3	0.184	15	0.87%
Capex	0.792	108	0.589	111	0.386	59	0.306	57	0.692	116	2.677	421	31.79%
GCP	0.297	49	0.766	39	0.215	37	0.186	40	0.400	77	1.913	193	18.37%
Refinance	0.027	1	0.003	2	0.203	7	0.110	2	0.313	9	0.367	13	14.38%
Repay debt	0.022	1	0	0	0	0	0	0	0	0	0.022	1	0.00%
Multiple/Other/NA	0.238	58	1.630	34	0.593	36	0.160	30	0.753	66	3.055	175	34.59%
Total	1.477	225	2.989	187	1.403	140	0.773	131	2.177	271	8.218	818	100.00%
Industry Sector (by SIC code)
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Agriculture (0xxx)	0	0	0	0	0.005	0	0.100	0	0	0	0	0
Mining (1xxx)	0.577	0.613	0.171	0.114	0.152	0.093	0.390	0.173	0.517	0.271	0.145	0.136
Oil and gas (13xx)	0.330	0.117	0.046	0.070	0.065	0.066	0.056	0.005	0.016	0.018	0.196	0.097
Construction (15xx)	0	0	0.010	0	0	0	0	0	0	0.009	0	0
Manufacturing (2xxx, 3xxx)	0.084	0.009	0.103	0.014	0.033	0.019	0.161	0.056	0.003	0.001	0.044	0.025
Pharmaceuticals (2834-6)	0.022	0.002	0.024	0.031	0.005	0.014	0.007	0.001	0.002	0.049	0.011	0.004
Transportation (4xxx)	0.020	0	0.004	0	0.002	0.001	0	0.001	0	0	0	0
Communications (48xx)	0.005	0	0	0.013	0	0	0.002	0	0	0	0.002	0.001
Electric, gas, sanitary services (49xx)	0.073	0.002	0.045	0	0.002	0.001	0.019	0	0.081	0.006	0	0
Wholesale (5xxx)	0.030	0.008	0.003	0	0.003	0.001	0	0.025	0	0	0.001	0
Finance, insurance, real estate (6xxx)	0.413	0.017	0.016	0.011	0.003	0.007	1.775	0.010	0.141	0.004	0.067	0.021
Services (7xxx)	0.005	0.005	0.003	0.009	0	0.004	0.002	0.008	0.002	0.005	0.004	0.003
Health services (8xxx)	0.015	0	0	0	0	0.001	0	0	0	0	0	0.001
Non-operating (9995)	0	0.011	0.005	0.001	0	0	0	0	0	0	0	0.016
Total	1.575	0.784	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.364	0.470	0.304
	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	0.960	98	0.282	69	1.242	167	3.352	485	57.05%
Oil and gas (13xx)	0.233	30	0.187	29	0.039	10	0.292	19	0.332	29	1.082	120	15.25%
Construction (15xx)	0.010	1	0	0	0.009	2	0	0	0.009	2	0.019	3	0.41%
Manufacturing (2xxx, 3xxx)	0.126	9	0.213	18	0.060	8	0.069	17	0.129	25	0.552	59	5.93%
Pharmaceuticals (2834-6)	0.057	8	0.026	7	0.052	7	0.015	4	0.067	11	0.173	29	3.08%
Transportation (4xxx)	0.004	1	0.003	3	0.001	1	0	0	0.001	1	0.029	6	0.05%
Communications (48xx)	0.013	3	0.002	1	0	0	0.003	2	0.003	2	0.023	8	0.14%
Electric, gas, sanitary services (49xx)	0.046	3	0.021	3	0.087	3	0	0	0.087	3	0.228	12	4.00%
Wholesale (5xxx)	0.011	3	0.004	2	0.025	1	0.001	1	0.026	2	0.072	10	1.19%
Finance, insurance, real estate (6xxx)	0.043	13	1.785	8	0.155	6	0.088	11	0.243	17	2.484	47	11.16%
Services (7xxx)	0.017	6	0.006	5	0.015	4	0.007	4	0.021	8	0.050	23	0.96%
Health services (8xxx)	0	0	0.001	1	0	0	0.001	1	0.001	1	0.017	3	0.05%
Non-operating (9995)	0.017	7	0	0	0	0	0.016	3	0.016	3	0.033	10	0.73%
Total	1.477	225	2.989	187	1.403	140	0.773	131	2.177	271	8.218	818	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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