Analysis of Canadian PIPE issuance for 12 months through July 2009

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

Proceeds

	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Less than $1 million	0.005	0.004	0.005	0.002	0.003	0.001	0.003	0.004	0.003	0.003	0.004	0.005
$1-1.99 million	0.036	0.033	0.017	0.029	0.033	0.018	0.020	0.020	0.026	0.035	0.041	0.037
$2-2.99 million	0.021	0.015	0.031	0.013	0.027	0.008	0.022	0.022	0.010	0.033	0.039	0.025
$3-4.99 million	0.042	0.029	0.037	0.040	0.034	0.009	0.021	0.029	0.038	0.029	0.044	0.089
$5-9.99 million	0.034	0.047	0.063	0.046	0.069	0.008	0.033	0.076	0.104	0.041	0.081	0.087
$10-14.99 million	0.047	0.045	0.047	0.023	0.010	0.044	0.052	0.070	0.026	0.083	0.117	0.011
$15-$49.99 million	0.170	0.036	0.070	0.054	0.079	0.081	0.125	0.093	0.153	0.171	0.048	0.109
$50 million and higher	0.075	0.055	0	0	2.258	0.112	0.485	0.155	0.105	0	0.371	2.189
Total	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.470	0.464	0.395	0.745	2.552
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.011	18	0.007	10	0.009	18	0.005	8	0.022	36	0.041	71	0.39%
$1-1.99 million	0.079	61	0.058	44	0.102	80	0.037	27	0.197	151	0.345	264	3.48%
$2-2.99 million	0.070	29	0.052	22	0.082	37	0.025	11	0.160	70	0.266	115	2.82%
$3-4.99 million	0.111	29	0.059	15	0.111	30	0.089	24	0.260	69	0.442	117	4.59%
$5-9.99 million	0.178	26	0.116	18	0.226	34	0.087	13	0.429	65	0.687	104	7.57%
$10-14.99 million	0.079	7	0.167	15	0.226	19	0.011	1	0.403	35	0.575	50	7.11%
$15-$49.99 million	0.204	9	0.299	11	0.371	15	0.109	5	0.779	31	1.188	50	13.75%
$50 million and higher	2.258	8	0.752	7	0.476	5	2.189	5	3.416	17	5.804	27	60.30%
Total	2.989	187	1.510	142	1.603	238	2.552	94	5.665	474	9.348	798	100.00%
Type
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
convertible notes	0.142	0.024	0.011	0.022	0.325	0.015	0.058	0.065	0.046	0.007	0.029	0.113
convertible preferreds	0	0	0	0	0.019	0	0	0	0.021	0.001	0.012	0.001
equity line	0	0	0	0	0	0.010	0	0	0	0	0	0.006
notes with shares	0	0	0	0	0	0	0	0	0	0	0	0.015
notes with stock	0	0	0	0	0	0	0	0	0	0	0.001	0.001
notes with warrants	0	0	0.003	0	0.003	0	0	0.001	0.011	0	0.003	0
preferreds with warrants	0	0	0	0	0.040	0	0.135	0	0	0.009	0.002	0
stock	0.143	0.138	0.191	0.119	1.937	0.142	0.460	0.232	0.251	0.238	0.519	2.224
units of stock and warrants	0.145	0.101	0.066	0.067	0.189	0.112	0.108	0.172	0.134	0.139	0.180	0.192
Total	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.470	0.464	0.395	0.745	2.552
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.357	18	0.138	13	0.082	14	0.113	4	0.333	31	0.856	62	5.88%
convertible preferreds	0.019	1	0	0	0.033	3	0.001	1	0.034	4	0.053	5	0.60%
equity line	0	0	0.010	1	0	0	0.006	1	0.016	2	0.016	2	0.28%
notes with shares	0	0	0	0	0	0	0.015	1	0.015	1	0.015	1	0.26%
notes with stock	0	0	0	0	0.001	1	0.001	1	0.002	2	0.002	2	0.04%
notes with warrants	0.006	3	0.001	1	0.014	3	0	0	0.015	4	0.021	7	0.26%
preferreds with warrants	0.040	1	0.135	1	0.011	3	0	0	0.146	4	0.186	5	2.58%
stock	2.246	83	0.834	41	1.009	76	2.224	27	4.067	144	6.594	275	71.79%
units of stock and warrants	0.321	81	0.392	85	0.454	138	0.192	59	1.037	282	1.604	439	18.31%
Total	2.989	187	1.510	142	1.603	238	2.552	94	5.665	474	9.348	798	100.00%
Warrants
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Yes	0.167	0.101	0.079	0.079	0.442	0.136	0.329	0.200	0.276	0.166	0.184	0.229
No	0.262	0.162	0.191	0.129	2.070	0.143	0.431	0.270	0.188	0.228	0.561	2.323
Total	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.470	0.464	0.395	0.745	2.552
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0.600	95	0.665	99	0.627	151	0.229	61	1.521	311	2.389	486	26.85%
No	2.389	92	0.845	43	0.977	87	2.323	33	4.144	163	6.959	312	73.15%
Total	2.989	187	1.510	142	1.603	238	2.552	94	5.665	474	9.348	798	100.00%
Use of Proceeds
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Acquisition	0.034	0.060	0	0	0.002	0.008	0	0	0	0.012	0.004	0.270
Capex	0.170	0.076	0.189	0.150	0.250	0.099	0.087	0.200	0.173	0.202	0.398	0.138
GCP	0.089	0.059	0.063	0.028	0.675	0.096	0.066	0.053	0.116	0.090	0.139	0.185
Refinance	0.027	0	0	0.001	0.002	0.035	0.135	0.033	0.110	0	0.051	1.770
Multiple/Other/NA	0.111	0.068	0.018	0.028	1.583	0.042	0.473	0.184	0.065	0.091	0.154	0.189
Total	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.470	0.464	0.395	0.745	2.552
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.002	1	0.008	1	0.016	4	0.270	2	0.293	7	0.389	15	5.17%
Capex	0.589	111	0.386	59	0.773	110	0.138	38	1.296	207	2.131	383	22.88%
GCP	0.766	39	0.215	37	0.345	71	0.185	24	0.745	132	1.659	198	13.15%
Refinance	0.003	2	0.203	7	0.161	7	1.770	6	2.133	20	2.163	23	37.65%
Multiple/Other/NA	1.630	34	0.699	38	0.309	46	0.189	24	1.197	108	3.006	179	21.13%
Total	2.989	187	1.510	142	1.603	238	2.552	94	5.665	474	9.348	798	100.00%
Industry Sector (by SIC code)
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Agriculture (0xxx)	0	0	0.005	0	0.100	0	0	0	0	0	0.002	0
Mining (1xxx)	0.171	0.114	0.152	0.093	0.390	0.173	0.517	0.377	0.146	0.195	0.500	2.056
Oil and gas (13xx)	0.046	0.070	0.065	0.066	0.056	0.005	0.016	0.018	0.193	0.126	0.090	0.110
Construction (15xx)	0.010	0	0	0	0	0	0	0.009	0	0	0	0.006
Manufacturing (2xxx, 3xxx)	0.103	0.014	0.033	0.019	0.161	0.056	0.003	0.001	0.041	0.026	0.066	0.029
Pharmaceuticals (2834-6)	0.024	0.031	0.005	0.014	0.007	0.001	0.002	0.049	0.012	0.004	0.013	0.007
Transportation (4xxx)	0.004	0	0.002	0.001	0	0.001	0	0	0	0	0.003	0.001
Communications (48xx)	0	0.013	0	0	0.002	0	0	0	0.002	0.001	0.001	0
Electric, gas, sanitary services (49xx)	0.045	0	0.002	0.001	0.019	0	0.081	0.006	0	0	0.004	0.119
Wholesale (5xxx)	0.003	0	0.003	0.001	0	0.025	0	0	0.001	0	0.003	0.003
Finance, insurance, real estate (6xxx)	0.016	0.011	0.003	0.007	1.775	0.010	0.141	0.004	0.062	0.021	0.038	0.213
Services (7xxx)	0.003	0.009	0	0.004	0.002	0.008	0.002	0.005	0.005	0.005	0.025	0.007
Health services (8xxx)	0	0	0	0.001	0	0	0	0	0	0.001	0	0
Non-operating (9995)	0.005	0.001	0	0	0	0	0	0	0	0.016	0	0
Total	0.430	0.264	0.270	0.208	2.512	0.279	0.761	0.470	0.464	0.395	0.745	2.552
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.105	3	0	0	0.002	1	0	0	0.002	1	0.107	4	0.04%
Mining (1xxx)	0.635	107	1.067	100	0.842	133	2.056	56	3.964	289	4.884	479	69.97%
Oil and gas (13xx)	0.187	29	0.039	10	0.409	35	0.110	12	0.558	57	0.861	101	9.85%
Construction (15xx)	0	0	0.009	2	0	0	0.006	1	0.016	3	0.026	4	0.28%
Manufacturing (2xxx, 3xxx)	0.213	18	0.060	8	0.133	21	0.029	7	0.222	36	0.552	61	3.92%
Pharmaceuticals (2834-6)	0.026	7	0.052	7	0.029	8	0.007	3	0.088	18	0.170	32	1.55%
Transportation (4xxx)	0.003	3	0.001	1	0.003	1	0.001	1	0.006	3	0.014	7	0.11%
Communications (48xx)	0.002	1	0	0	0.004	3	0	0	0.004	3	0.019	7	0.07%
Electric, gas, sanitary services (49xx)	0.021	3	0.087	3	0.004	2	0.119	4	0.210	9	0.277	14	3.71%
Wholesale (5xxx)	0.004	2	0.025	1	0.004	3	0.003	1	0.032	5	0.039	9	0.56%
Finance, insurance, real estate (6xxx)	1.785	8	0.155	6	0.121	16	0.213	7	0.489	29	2.301	46	8.63%
Services (7xxx)	0.006	5	0.015	4	0.035	11	0.007	2	0.058	17	0.075	26	1.02%
Health services (8xxx)	0.001	1	0	0	0.001	1	0	0	0.001	1	0.002	2	0.02%
Non-operating (9995)	0	0	0	0	0.016	3	0	0	0.016	3	0.021	6	0.28%
Total	2.989	187	1.510	142	1.603	238	2.552	94	5.665	474	9.348	798	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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