Analysis of Canadian PIPE issuance for 13 months through October 2010

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

Proceeds

	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Less than $1 million	0.007	0.008	0.012	0.002	0.003	0.007	0.003	0.005	0.008	0.007	0.002	0.006	0.008
$1-1.99 million	0.046	0.053	0.073	0.041	0.025	0.027	0.057	0.039	0.045	0.033	0.022	0.051	0.053
$2-2.99 million	0.045	0.057	0.058	0.018	0.023	0.023	0.059	0.042	0.048	0.030	0.025	0.025	0.082
$3-4.99 million	0.066	0.097	0.103	0.046	0.047	0.051	0.059	0.078	0.058	0.055	0.030	0.089	0.093
$5-9.99 million	0.096	0.124	0.135	0.098	0.095	0.163	0.089	0.110	0.077	0.121	0.069	0.093	0.152
$10-14.99 million	0.045	0.093	0.111	0.075	0.056	0.107	0.068	0.013	0.055	0.059	0.043	0.138	0.067
$15-$49.99 million	0.245	0.147	0.044	0.032	0.203	0.329	0.159	0.178	0.106	0.104	0.126	0.106	0.155
$50 million and higher	0.167	0.245	0.305	0.486	0.252	1.040	0	0.735	0	0.110	0.413	0.101	0.131
Total	0.717	0.824	0.842	0.797	0.703	1.747	0.494	1.201	0.396	0.517	0.730	0.609	0.740
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.027	43	0.012	19	0.016	27	0.015	23	0.008	12	0.051	81	0.078	124	0.071	112	0.64%
$1-1.99 million	0.172	131	0.094	69	0.141	108	0.106	79	0.053	42	0.393	298	0.565	429	0.519	394	4.95%
$2-2.99 million	0.160	68	0.063	28	0.149	63	0.080	35	0.082	36	0.374	162	0.534	230	0.489	211	4.71%
$3-4.99 million	0.266	74	0.143	38	0.194	52	0.174	46	0.093	25	0.604	161	0.870	235	0.804	217	7.61%
$5-9.99 million	0.356	56	0.356	55	0.276	45	0.283	44	0.152	23	1.068	167	1.423	223	1.327	207	13.46%
$10-14.99 million	0.249	21	0.237	20	0.136	12	0.240	21	0.067	6	0.680	59	0.929	80	0.884	76	8.57%
$15-$49.99 million	0.436	19	0.564	22	0.444	19	0.335	15	0.155	8	1.498	64	1.934	83	1.689	73	18.88%
$50 million and higher	0.717	10	1.778	10	0.735	3	0.623	6	0.131	2	3.267	21	3.984	31	3.817	28	41.17%
Total	2.383	422	3.247	261	2.091	329	1.856	269	0.740	154	7.935	1013	10.318	1435	9.600	1318	100.00%
Type
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
convertible notes	0.004	0.025	0.006	0	0.015	0.165	0.018	0.013	0.015	0.122	0.028	0.010	0.038
convertible preferreds	0.001	0.022	0	0	0	0.004	0	0	0	0	0	0	0.002
equity line	0	0	0.029	0	0	0.030	0.010	0	0.016	0.010	0	0.025	0.010
notes with stock	0	0	0	0	0	0	0	0	0	0	0.002	0.005	0
notes with warrants	0.003	0	0.003	0.009	0	0.004	0	0	0.015	0.008	0	0	0.006
stock	0.503	0.281	0.504	0.446	0.362	1.208	0.222	0.896	0.208	0.217	0.143	0.276	0.261
units of stock and warrants	0.206	0.496	0.287	0.330	0.246	0.266	0.219	0.292	0.142	0.160	0.556	0.286	0.358
warrants	0	0	0.012	0.013	0.080	0.071	0.025	0	0	0	0.001	0.006	0.065
Total	0.717	0.824	0.842	0.797	0.703	1.747	0.494	1.201	0.396	0.517	0.730	0.609	0.740
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.036	11	0.180	5	0.047	10	0.160	17	0.038	11	0.425	43	0.461	54	0.457	51	5.36%
convertible preferreds	0.023	3	0.004	1	0	0	0	0	0.002	1	0.006	2	0.029	5	0.028	4	0.08%
equity line	0.029	2	0.030	1	0.026	3	0.035	4	0.010	1	0.101	9	0.130	11	0.130	11	1.27%
notes with stock	0	0	0	0	0	0	0.007	2	0	0	0.007	2	0.007	2	0.007	2	0.09%
notes with warrants	0.006	2	0.013	4	0.015	1	0.008	2	0.006	1	0.042	8	0.048	10	0.045	9	0.53%
stock	1.288	156	2.015	70	1.326	114	0.637	72	0.261	47	4.239	303	5.527	459	5.023	411	53.42%
units of stock and warrants	0.989	247	0.842	171	0.652	200	1.002	170	0.358	92	2.854	633	3.843	880	3.637	816	35.97%
warrants	0.012	1	0.164	9	0.025	1	0.007	2	0.065	1	0.261	13	0.273	14	0.273	14	3.29%
Total	2.383	422	3.247	261	2.091	329	1.856	269	0.740	154	7.935	1013	10.318	1435	9.600	1318	100.00%
Warrants
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Yes	0.215	0.579	0.297	0.351	0.294	0.293	0.222	0.301	0.190	0.194	0.583	0.287	0.369
No	0.502	0.245	0.545	0.446	0.409	1.454	0.272	0.900	0.207	0.323	0.147	0.322	0.371
Total	0.717	0.824	0.842	0.797	0.703	1.747	0.494	1.201	0.396	0.517	0.730	0.609	0.740
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.092	255	0.938	182	0.714	211	1.064	184	0.369	95	3.084	672	4.176	927	3.960	861	38.87%
No	1.291	167	2.309	79	1.378	118	0.792	85	0.371	59	4.851	341	6.142	508	5.640	457	61.13%
Total	2.383	422	3.247	261	2.091	329	1.856	269	0.740	154	7.935	1013	10.318	1435	9.600	1318	100.00%
Use of Proceeds
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Acquisition	0.091	0.038	0.007	0	0.081	0.145	0	0.060	0.035	0	0	0	0
Capex	0.363	0.280	0.457	0.261	0.302	1.354	0.338	0.315	0.228	0.284	0.262	0.434	0.414
GCP	0.077	0.102	0.053	0.081	0.177	0.128	0.075	0.699	0.048	0.047	0.047	0.100	0.153
Refinance	0.006	0	0	0	0	0	0.003	0.013	0	0.001	0.016	0.008	0
Multiple/Other/NA	0.180	0.403	0.325	0.455	0.143	0.119	0.078	0.114	0.085	0.184	0.406	0.066	0.173
Total	0.717	0.824	0.842	0.797	0.703	1.747	0.494	1.201	0.396	0.517	0.730	0.609	0.740
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.136	9	0.226	3	0.095	3	0	0	0	0	0.321	6	0.457	15	0.366	11	4.05%
Capex	1.101	227	1.917	146	0.881	205	0.980	171	0.414	94	4.192	616	5.292	843	4.930	778	52.83%
GCP	0.232	64	0.386	44	0.822	56	0.194	43	0.153	31	1.555	174	1.788	238	1.710	217	19.60%
Refinance	0.006	2	0	0	0.016	3	0.025	4	0	0	0.042	7	0.048	9	0.042	7	0.53%
Multiple/Other/NA	0.908	120	0.718	68	0.278	62	0.656	51	0.173	29	1.825	210	2.732	330	2.553	305	23.00%
Total	2.383	422	3.247	261	2.091	329	1.856	269	0.740	154	7.935	1013	10.318	1435	9.600	1318	100.00%
Industry Sector (by SIC code)
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Agriculture (0xxx)	0	0.022	0	0	0	0.009	0	0	0	0	0	0	0.003
Mining (1xxx)	0.381	0.480	0.554	0.295	0.362	1.266	0.327	0.859	0.187	0.350	0.643	0.415	0.473
Oil and gas (13xx)	0.259	0.219	0.118	0.178	0.159	0.162	0.108	0.162	0.075	0.078	0.033	0.096	0.170
Construction (15xx)	0	0	0.007	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.014	0.013	0.019	0.295	0.091	0.210	0.027	0.030	0.012	0.011	0.009	0.022	0.017
Pharmaceuticals (2834-6)	0.013	0.030	0.060	0	0.026	0.013	0.012	0.003	0.010	0.012	0.011	0.052	0.009
Transportation (4xxx)	0	0	0	0	0.002	0	0	0	0	0.002	0	0	0.004
Communications (48xx)	0.001	0	0	0.002	0	0	0.007	0	0	0.005	0	0	0
Electric, gas, sanitary services (49xx)	0.030	0.007	0.002	0.004	0	0.001	0	0.001	0	0.007	0.016	0.010	0.001
Wholesale (5xxx)	0.003	0.007	0	0	0	0.002	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.009	0.004	0.071	0.023	0.044	0.071	0.007	0.081	0.058	0.014	0.008	0.002	0.033
Services (7xxx)	0.004	0.040	0.003	0	0.018	0.013	0.007	0.064	0.053	0.034	0.004	0.013	0.026
Health services (8xxx)	0.003	0	0.007	0	0	0	0	0	0	0.005	0.006	0	0
Non-operating (9995)	0	0.002	0.002	0	0	0	0	0	0	0	0	0	0.004
Total	0.717	0.824	0.842	0.797	0.703	1.747	0.494	1.201	0.396	0.517	0.730	0.609	0.740
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.022	2	0.009	1	0	0	0	0	0.003	1	0.012	2	0.033	4	0.033	4	0.15%
Mining (1xxx)	1.415	266	1.923	159	1.374	213	1.408	190	0.473	91	5.178	653	6.593	919	6.212	854	65.26%
Oil and gas (13xx)	0.596	78	0.499	46	0.346	49	0.208	31	0.170	27	1.223	153	1.818	231	1.559	203	15.41%
Construction (15xx)	0.007	2	0	0	0	0	0	0	0	0	0	0	0.007	2	0.007	2	0.00%
Manufacturing (2xxx, 3xxx)	0.045	14	0.597	15	0.069	16	0.042	11	0.017	10	0.724	52	0.770	66	0.756	61	9.12%
Pharmaceuticals (2834-6)	0.103	14	0.039	9	0.025	7	0.075	8	0.009	5	0.148	29	0.251	43	0.238	36	1.87%
Transportation (4xxx)	0	0	0.002	1	0	0	0.002	1	0.004	2	0.008	4	0.008	4	0.008	4	0.10%
Communications (48xx)	0.001	1	0.002	1	0.007	2	0.005	1	0	0	0.013	4	0.014	5	0.013	4	0.16%
Electric, gas, sanitary services (49xx)	0.040	5	0.005	2	0.001	1	0.033	5	0.001	1	0.040	9	0.080	14	0.050	11	0.50%
Wholesale (5xxx)	0.010	3	0.002	1	0	0	0	0	0	0	0.002	1	0.012	4	0.009	3	0.03%
Finance, insurance, real estate (6xxx)	0.084	20	0.138	18	0.146	27	0.023	6	0.033	6	0.340	57	0.424	77	0.415	74	4.28%
Services (7xxx)	0.048	12	0.031	8	0.124	14	0.050	14	0.026	9	0.232	45	0.279	57	0.275	54	2.92%
Health services (8xxx)	0.010	2	0	0	0	0	0.011	2	0	0	0.011	2	0.020	4	0.017	3	0.14%
Non-operating (9995)	0.004	3	0	0	0	0	0	0	0.004	2	0.004	2	0.008	5	0.008	5	0.05%
Total	2.383	422	3.247	261	2.091	329	1.856	269	0.740	154	7.935	1013	10.318	1435	9.600	1318	100.00%

Criteria

* The tables include all Canadian dollar-denominated offerings sold as private placements.

* Stock must be listed on a Canadian exchange.

* 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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