Analysis of Canadian PIPE issuance for 12 months through June 2009

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

Proceeds

	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Less than $1 million	0.005	0.005	0.004	0.005	0.002	0.003	0.001	0.003	0.004	0.003	0.003	0.005
$1-1.99 million	0.033	0.036	0.033	0.017	0.029	0.033	0.018	0.020	0.020	0.026	0.032	0.040
$2-2.99 million	0.028	0.021	0.015	0.031	0.013	0.027	0.008	0.022	0.022	0.010	0.029	0.039
$3-4.99 million	0.053	0.042	0.029	0.037	0.040	0.034	0.009	0.021	0.029	0.038	0.033	0.040
$5-9.99 million	0.119	0.034	0.047	0.063	0.046	0.069	0.008	0.033	0.076	0.097	0.041	0.085
$10-14.99 million	0.022	0.047	0.045	0.047	0.023	0.010	0.044	0.052	0.070	0.025	0.083	0.105
$15-$49.99 million	0.106	0.170	0.036	0.070	0.054	0.079	0.081	0.125	0.093	0.168	0.171	0.038
$50 million and higher	0.418	0.075	0.055	0	0	2.258	0.112	0.485	0.155	0.105	0	0.346
Total	0.784	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.470	0.471	0.391	0.697
	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	0.010	19	0.017	29	0.041	73	0.55%
$1-1.99 million	0.102	77	0.079	61	0.058	44	0.097	77	0.156	121	0.336	259	5.08%
$2-2.99 million	0.065	28	0.070	29	0.052	22	0.078	35	0.130	57	0.265	114	4.24%
$3-4.99 million	0.124	33	0.111	29	0.059	15	0.111	30	0.170	45	0.406	107	5.54%
$5-9.99 million	0.199	31	0.178	26	0.116	18	0.222	33	0.338	51	0.715	108	11.02%
$10-14.99 million	0.113	10	0.079	7	0.167	15	0.213	18	0.380	33	0.573	50	12.39%
$15-$49.99 million	0.312	15	0.204	9	0.299	11	0.376	16	0.675	27	1.191	51	22.00%
$50 million and higher	0.548	5	2.258	8	0.752	7	0.451	5	1.202	12	4.008	25	39.18%
Total	1.477	225	2.989	187	1.510	142	1.559	233	3.068	375	7.535	787	100.00%
Type
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
convertible notes	0.018	0.142	0.024	0.011	0.022	0.325	0.015	0.058	0.065	0.046	0.003	0.029
convertible preferreds	0	0	0	0	0	0.019	0	0	0	0.021	0.001	0.012
equity line	0	0	0	0	0	0	0.010	0	0	0	0	0
notes with stock	0	0	0	0	0	0	0	0	0	0	0	0.001
notes with warrants	0	0	0	0.003	0	0.003	0	0	0.001	0.011	0	0.003
preferreds with warrants	0	0	0	0	0	0.040	0	0.135	0	0	0.009	0.002
stock	0.612	0.143	0.138	0.191	0.119	1.937	0.142	0.460	0.232	0.251	0.238	0.488
units of stock and warrants	0.155	0.145	0.101	0.066	0.067	0.189	0.112	0.108	0.172	0.141	0.140	0.163
Total	0.784	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.470	0.471	0.391	0.697
	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	0.078	12	0.216	25	0.757	60	7.04%
convertible preferreds	0	0	0.019	1	0	0	0.033	3	0.033	3	0.052	4	1.08%
equity line	0	0	0	0	0.010	1	0	0	0.010	1	0.010	1	0.33%
notes with stock	0	0	0	0	0	0	0.001	1	0.001	1	0.001	1	0.03%
notes with warrants	0	0	0.006	3	0.001	1	0.014	3	0.015	4	0.021	7	0.49%
preferreds with warrants	0	0	0.040	1	0.135	1	0.011	3	0.146	4	0.186	5	4.76%
stock	0.893	88	2.246	83	0.834	41	0.978	75	1.812	116	4.951	287	59.06%
units of stock and warrants	0.401	120	0.321	81	0.392	85	0.444	136	0.835	221	1.557	422	27.22%
Total	1.477	225	2.989	187	1.510	142	1.559	233	3.068	375	7.535	787	100.00%
Warrants
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Yes	0.165	0.167	0.101	0.079	0.079	0.442	0.136	0.329	0.200	0.283	0.163	0.167
No	0.619	0.262	0.162	0.191	0.129	2.070	0.143	0.431	0.270	0.188	0.228	0.530
Total	0.784	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.470	0.471	0.391	0.697
	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	0.665	99	0.613	147	1.278	246	2.311	467	41.66%
No	1.044	99	2.389	92	0.845	43	0.946	86	1.791	129	5.224	320	58.38%
Total	1.477	225	2.989	187	1.510	142	1.559	233	3.068	375	7.535	787	100.00%
Use of Proceeds
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Acquisition	0.008	0.034	0.060	0	0	0.002	0.008	0	0	0	0.012	0.004
Capex	0.546	0.170	0.076	0.189	0.150	0.250	0.099	0.087	0.200	0.176	0.202	0.359
GCP	0.149	0.089	0.059	0.063	0.028	0.675	0.096	0.066	0.053	0.116	0.088	0.129
Refinance	0.022	0.027	0	0	0.001	0.002	0.035	0.135	0.033	0.110	0	0.051
Multiple/Other/NA	0.059	0.111	0.068	0.018	0.028	1.583	0.042	0.473	0.184	0.069	0.090	0.154
Total	0.784	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.470	0.471	0.391	0.697
	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	0.016	4	0.023	5	0.127	14	0.75%
Capex	0.792	108	0.589	111	0.386	59	0.737	107	1.122	166	2.503	385	36.57%
GCP	0.297	49	0.766	39	0.215	37	0.333	70	0.548	107	1.610	195	17.86%
Refinance	0.049	2	0.003	2	0.203	7	0.161	7	0.363	14	0.415	18	11.83%
Multiple/Other/NA	0.238	58	1.630	34	0.699	38	0.312	45	1.012	83	2.879	175	32.99%
Total	1.477	225	2.989	187	1.510	142	1.559	233	3.068	375	7.535	787	100.00%
Industry Sector (by SIC code)
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Agriculture (0xxx)	0	0	0	0.005	0	0.100	0	0	0	0	0	0.002
Mining (1xxx)	0.613	0.171	0.114	0.152	0.093	0.390	0.173	0.517	0.377	0.146	0.194	0.462
Oil and gas (13xx)	0.117	0.046	0.070	0.065	0.066	0.056	0.005	0.016	0.018	0.196	0.126	0.080
Construction (15xx)	0	0.010	0	0	0	0	0	0	0.009	0	0	0
Manufacturing (2xxx, 3xxx)	0.009	0.103	0.014	0.033	0.019	0.161	0.056	0.003	0.001	0.041	0.026	0.066
Pharmaceuticals (2834-6)	0.002	0.024	0.031	0.005	0.014	0.007	0.001	0.002	0.049	0.012	0.004	0.013
Transportation (4xxx)	0	0.004	0	0.002	0.001	0	0.001	0	0	0	0	0.003
Communications (48xx)	0	0	0.013	0	0	0.002	0	0	0	0.002	0.001	0.001
Electric, gas, sanitary services (49xx)	0.002	0.045	0	0.002	0.001	0.019	0	0.081	0.006	0	0	0.004
Wholesale (5xxx)	0.008	0.003	0	0.003	0.001	0	0.025	0	0	0.001	0	0.003
Finance, insurance, real estate (6xxx)	0.017	0.016	0.011	0.003	0.007	1.775	0.010	0.141	0.004	0.067	0.021	0.038
Services (7xxx)	0.005	0.003	0.009	0	0.004	0.002	0.008	0.002	0.005	0.005	0.003	0.025
Health services (8xxx)	0	0	0	0	0.001	0	0	0	0	0	0.001	0
Non-operating (9995)	0.011	0.005	0.001	0	0	0	0	0	0	0	0.016	0
Total	0.784	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.470	0.471	0.391	0.697
	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	0.002	1	0.002	1	0.107	4	0.07%
Mining (1xxx)	0.898	141	0.635	107	1.067	100	0.802	129	1.869	229	3.402	477	60.92%
Oil and gas (13xx)	0.233	30	0.187	29	0.039	10	0.402	35	0.441	45	0.861	104	14.37%
Construction (15xx)	0.010	1	0	0	0.009	2	0	0	0.009	2	0.019	3	0.29%
Manufacturing (2xxx, 3xxx)	0.126	9	0.213	18	0.060	8	0.133	21	0.193	29	0.532	56	6.29%
Pharmaceuticals (2834-6)	0.057	8	0.026	7	0.052	7	0.030	8	0.082	15	0.165	30	2.67%
Transportation (4xxx)	0.004	1	0.003	3	0.001	1	0.003	1	0.004	2	0.012	6	0.13%
Communications (48xx)	0.013	3	0.002	1	0	0	0.004	3	0.004	3	0.019	7	0.13%
Electric, gas, sanitary services (49xx)	0.046	3	0.021	3	0.087	3	0.004	2	0.091	5	0.159	11	2.97%
Wholesale (5xxx)	0.011	3	0.004	2	0.025	1	0.004	3	0.029	4	0.044	9	0.95%
Finance, insurance, real estate (6xxx)	0.043	13	1.785	8	0.155	6	0.125	16	0.280	22	2.109	43	9.13%
Services (7xxx)	0.017	6	0.006	5	0.015	4	0.033	10	0.048	14	0.071	25	1.56%
Health services (8xxx)	0	0	0.001	1	0	0	0.001	1	0.001	1	0.002	2	0.03%
Non-operating (9995)	0.017	7	0	0	0	0	0.016	3	0.016	3	0.033	10	0.52%
Total	1.477	225	2.989	187	1.510	142	1.559	233	3.068	375	7.535	787	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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