Analysis of Canadian PIPE issuance for 12 months through May 2010

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

Proceeds

	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
Less than $1 million	0.005	0.005	0.009	0.009	0.007	0.008	0.012	0.002	0.003	0.007	0.005	0.005
$1-1.99 million	0.045	0.038	0.030	0.050	0.046	0.053	0.073	0.041	0.025	0.027	0.053	0.038
$2-2.99 million	0.038	0.026	0.041	0.034	0.045	0.057	0.058	0.018	0.023	0.023	0.054	0.038
$3-4.99 million	0.045	0.092	0.051	0.045	0.066	0.097	0.103	0.046	0.047	0.051	0.065	0.091
$5-9.99 million	0.081	0.081	0.085	0.081	0.096	0.124	0.135	0.098	0.095	0.163	0.089	0.110
$10-14.99 million	0.131	0.025	0.047	0.089	0.045	0.093	0.111	0.075	0.066	0.107	0.058	0.014
$15-$49.99 million	0.045	0.109	0.211	0.214	0.245	0.147	0.044	0.032	0.203	0.329	0.159	0.165
$50 million and higher	0.371	2.283	0.251	0	0.167	0.245	0.305	0.486	0.252	1.040	0	0.735
Total	0.760	2.658	0.725	0.522	0.717	0.824	0.842	0.797	0.713	1.747	0.483	1.197
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.023	34	0.027	43	0.012	19	0.010	15	0.021	34	0.077	120	0.43%
$1-1.99 million	0.117	86	0.172	131	0.093	69	0.091	69	0.185	138	0.518	390	3.75%
$2-2.99 million	0.101	43	0.160	68	0.063	28	0.093	40	0.156	68	0.456	196	3.16%
$3-4.99 million	0.187	52	0.266	74	0.143	38	0.155	43	0.298	81	0.796	219	6.04%
$5-9.99 million	0.247	36	0.356	56	0.356	55	0.200	32	0.556	87	1.240	191	11.26%
$10-14.99 million	0.162	13	0.249	21	0.247	21	0.072	6	0.319	27	0.860	72	6.46%
$15-$49.99 million	0.534	23	0.436	19	0.564	22	0.324	14	0.888	36	1.904	80	17.99%
$50 million and higher	2.534	7	0.717	10	1.778	10	0.735	3	2.513	13	6.134	34	50.91%
Total	3.906	294	2.383	422	3.257	262	1.679	222	4.936	484	11.985	1302	100.00%
Type
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
convertible notes	0.029	0.113	0.123	0.012	0.004	0.025	0.006	0	0.015	0.165	0.018	0.013
convertible preferreds	0.012	0	0	0	0.001	0.022	0	0	0	0.004	0	0
equity line	0	0.006	0.005	0.010	0	0	0.029	0	0	0.030	0.010	0
notes with stock	0.001	0.016	0	0	0	0	0	0	0	0	0	0
notes with warrants	0.003	0	0	0	0.003	0	0.003	0.009	0	0.004	0	0
preferreds with warrants	0.002	0	0	0	0	0	0	0	0	0	0	0
stock	0.520	2.314	0.272	0.245	0.503	0.281	0.504	0.446	0.372	1.208	0.221	0.900
units of stock and warrants	0.194	0.209	0.312	0.250	0.206	0.496	0.287	0.330	0.246	0.266	0.209	0.284
warrants	0	0	0.013	0.005	0	0	0.012	0.013	0.080	0.071	0.025	0
Total	0.760	2.658	0.725	0.522	0.717	0.824	0.842	0.797	0.713	1.747	0.483	1.197
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.248	17	0.036	11	0.180	5	0.031	7	0.211	12	0.525	46	4.27%
convertible preferreds	0	0	0.023	3	0.004	1	0	0	0.004	1	0.038	5	0.08%
equity line	0.021	3	0.029	2	0.030	1	0.010	1	0.040	2	0.090	7	0.81%
notes with stock	0.016	2	0	0	0	0	0	0	0	0	0.017	3	0.00%
notes with warrants	0	0	0.006	2	0.013	4	0	0	0.013	4	0.021	7	0.26%
preferreds with warrants	0	0	0	0	0	0	0	0	0	0	0.002	1	0.00%
stock	2.832	87	1.288	156	2.025	71	1.120	77	3.145	148	7.785	424	63.72%
units of stock and warrants	0.771	183	0.989	247	0.842	171	0.493	136	1.334	307	3.289	796	27.03%
warrants	0.018	2	0.012	1	0.164	9	0.025	1	0.189	10	0.219	13	3.83%
Total	3.906	294	2.383	422	3.257	262	1.679	222	4.936	484	11.985	1302	100.00%
Warrants
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
Yes	0.199	0.247	0.354	0.258	0.215	0.579	0.297	0.351	0.304	0.292	0.212	0.293
No	0.562	2.412	0.371	0.264	0.502	0.245	0.545	0.446	0.409	1.454	0.271	0.903
Total	0.760	2.658	0.725	0.522	0.717	0.824	0.842	0.797	0.713	1.747	0.483	1.197
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	0.859	194	1.092	255	0.947	183	0.505	140	1.453	323	3.601	833	29.44%
No	3.047	100	1.291	167	2.309	79	1.174	82	3.484	161	8.384	469	70.58%
Total	3.906	294	2.383	422	3.257	262	1.679	222	4.936	484	11.985	1302	100.00%
Use of Proceeds
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
Acquisition	0.004	0.285	0	0	0.091	0.038	0.007	0	0.081	0.145	0	0.060
Capex	0.411	0.147	0.256	0.367	0.363	0.280	0.457	0.261	0.312	1.354	0.329	0.304
GCP	0.137	0.269	0.147	0.061	0.077	0.102	0.053	0.081	0.177	0.128	0.072	0.698
Refinance	0.051	1.769	0.008	0.004	0.006	0	0	0	0	0	0.003	0.014
Multiple/Other/NA	0.158	0.188	0.313	0.091	0.180	0.403	0.325	0.455	0.143	0.119	0.079	0.120
Total	0.760	2.658	0.725	0.522	0.717	0.824	0.842	0.797	0.713	1.747	0.483	1.197
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.285	2	0.136	9	0.226	3	0.060	1	0.286	4	0.712	17	5.79%
Capex	0.770	147	1.101	227	1.926	147	0.633	139	2.559	286	4.840	709	51.84%
GCP	0.478	64	0.232	64	0.386	44	0.771	37	1.157	81	2.004	237	23.44%
Refinance	1.781	8	0.006	2	0	0	0.017	3	0.017	3	1.855	18	0.34%
Multiple/Other/NA	0.593	73	0.908	120	0.718	68	0.199	42	0.917	110	2.575	321	18.58%
Total	3.906	294	2.383	422	3.257	262	1.679	222	4.936	484	11.985	1302	100.00%
Industry Sector (by SIC code)
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
Agriculture (0xxx)	0.002	0	0	0	0	0.022	0	0	0	0.009	0	0
Mining (1xxx)	0.517	2.062	0.550	0.349	0.381	0.480	0.554	0.295	0.372	1.266	0.313	0.852
Oil and gas (13xx)	0.087	0.122	0.020	0.073	0.259	0.219	0.118	0.178	0.159	0.162	0.108	0.164
Construction (15xx)	0	0.006	0	0	0	0	0.007	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.066	0.023	0.009	0.033	0.014	0.013	0.019	0.295	0.091	0.210	0.030	0.030
Pharmaceuticals (2834-6)	0.013	0.007	0.003	0.020	0.013	0.030	0.060	0	0.026	0.013	0.012	0.003
Transportation (4xxx)	0.003	0.001	0.013	0	0	0	0	0	0.002	0	0	0
Communications (48xx)	0.001	0	0.001	0.002	0.001	0	0	0.002	0	0	0.007	0
Electric, gas, sanitary services (49xx)	0.004	0.199	0.004	0.014	0.030	0.007	0.002	0.004	0	0.001	0	0.003
Wholesale (5xxx)	0.003	0.003	0	0.001	0.003	0.007	0	0	0	0.002	0	0
Finance, insurance, real estate (6xxx)	0.036	0.213	0.109	0.029	0.009	0.004	0.071	0.023	0.044	0.071	0.007	0.081
Services (7xxx)	0.029	0.017	0.016	0.002	0.004	0.040	0.003	0	0.018	0.013	0.007	0.064
Health services (8xxx)	0	0	0	0	0.003	0	0.007	0	0	0	0	0
Non-operating (9995)	0	0.006	0	0	0	0.002	0.002	0	0	0	0	0
Total	0.760	2.658	0.725	0.522	0.717	0.824	0.842	0.797	0.713	1.747	0.483	1.197
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.022	2	0.009	1	0	0	0.009	1	0.032	4	0.18%
Mining (1xxx)	2.961	189	1.415	266	1.933	160	1.165	144	3.099	304	7.991	820	62.78%
Oil and gas (13xx)	0.214	35	0.596	78	0.499	46	0.271	36	0.770	82	1.667	208	15.60%
Construction (15xx)	0.006	1	0.007	2	0	0	0	0	0	0	0.013	3	0.00%
Manufacturing (2xxx, 3xxx)	0.065	16	0.045	14	0.597	15	0.060	13	0.657	28	0.834	63	13.31%
Pharmaceuticals (2834-6)	0.030	9	0.103	14	0.039	9	0.015	6	0.054	15	0.200	41	1.09%
Transportation (4xxx)	0.015	3	0	0	0.002	1	0	0	0.002	1	0.020	5	0.04%
Communications (48xx)	0.003	2	0.001	1	0.002	1	0.007	2	0.008	3	0.014	7	0.16%
Electric, gas, sanitary services (49xx)	0.217	7	0.040	5	0.005	2	0.003	1	0.008	3	0.268	17	0.16%
Wholesale (5xxx)	0.004	2	0.010	3	0.002	1	0	0	0.002	1	0.018	8	0.04%
Finance, insurance, real estate (6xxx)	0.351	24	0.084	20	0.138	18	0.088	13	0.226	31	0.696	80	4.58%
Services (7xxx)	0.034	5	0.048	12	0.031	8	0.071	7	0.102	15	0.213	40	2.07%
Health services (8xxx)	0	0	0.010	2	0	0	0	0	0	0	0.010	2	0.00%
Non-operating (9995)	0.006	1	0.004	3	0	0	0	0	0	0	0.010	4	0.00%
Total	3.906	294	2.383	422	3.257	262	1.679	222	4.936	484	11.985	1302	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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