Analysis of Canadian PIPE issuance for 13 months through August 2010

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

Proceeds

	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Less than $1 million	0.009	0.009	0.007	0.008	0.012	0.002	0.003	0.007	0.003	0.005	0.008	0.007	0.001
$1-1.99 million	0.030	0.050	0.046	0.053	0.073	0.041	0.025	0.027	0.057	0.039	0.041	0.033	0.021
$2-2.99 million	0.041	0.034	0.045	0.057	0.058	0.018	0.023	0.023	0.059	0.042	0.050	0.030	0.024
$3-4.99 million	0.051	0.045	0.066	0.097	0.103	0.046	0.047	0.051	0.059	0.078	0.056	0.052	0.026
$5-9.99 million	0.085	0.081	0.096	0.124	0.135	0.098	0.095	0.163	0.089	0.110	0.084	0.121	0.063
$10-14.99 million	0.047	0.089	0.045	0.093	0.111	0.075	0.056	0.107	0.068	0.013	0.055	0.059	0.043
$15-$49.99 million	0.211	0.214	0.245	0.147	0.044	0.032	0.203	0.329	0.159	0.178	0.106	0.104	0.126
$50 million and higher	0.251	0	0.167	0.245	0.305	0.486	0.252	1.040	0	0.735	0	0.110	0.525
Total	0.725	0.522	0.717	0.824	0.842	0.797	0.703	1.747	0.494	1.201	0.400	0.514	0.828
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.027	43	0.012	19	0.016	27	0.008	13	0.036	59	0.081	128	0.54%
$1-1.99 million	0.172	131	0.094	69	0.137	105	0.054	42	0.285	216	0.536	406	4.26%
$2-2.99 million	0.160	68	0.063	28	0.152	64	0.054	23	0.269	115	0.504	215	4.02%
$3-4.99 million	0.266	74	0.143	38	0.192	52	0.078	21	0.413	111	0.774	212	6.18%
$5-9.99 million	0.356	56	0.356	55	0.283	46	0.183	29	0.823	130	1.345	210	12.31%
$10-14.99 million	0.249	21	0.237	20	0.136	12	0.101	9	0.475	41	0.860	73	7.11%
$15-$49.99 million	0.436	19	0.564	22	0.444	19	0.229	11	1.237	52	2.099	89	18.51%
$50 million and higher	0.717	10	1.778	10	0.735	3	0.635	5	3.147	18	4.115	30	47.08%
Total	2.383	422	3.247	261	2.094	328	1.343	153	6.684	742	10.315	1363	100.00%
Type
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
convertible notes	0.123	0.012	0.004	0.025	0.006	0	0.015	0.165	0.018	0.013	0.016	0.119	0.028
convertible preferreds	0	0	0.001	0.022	0	0	0	0.004	0	0	0	0	0
equity line	0.005	0.010	0	0	0.029	0	0	0.030	0.010	0	0.016	0.010	0
notes with stock	0	0	0	0	0	0	0	0	0	0	0	0	0.002
notes with warrants	0	0	0.003	0	0.003	0.009	0	0.004	0	0	0.015	0.008	0
stock	0.272	0.245	0.503	0.281	0.504	0.446	0.362	1.208	0.222	0.896	0.208	0.217	0.129
units of stock and warrants	0.312	0.250	0.206	0.496	0.287	0.330	0.246	0.266	0.219	0.292	0.145	0.160	0.669
warrants	0.013	0.005	0	0	0.012	0.013	0.080	0.071	0.025	0	0	0	0.001
Total	0.725	0.522	0.717	0.824	0.842	0.797	0.703	1.747	0.494	1.201	0.400	0.514	0.828
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.036	11	0.180	5	0.047	10	0.147	12	0.374	27	0.545	51	5.60%
convertible preferreds	0.023	3	0.004	1	0	0	0	0	0.004	1	0.027	4	0.06%
equity line	0.029	2	0.030	1	0.026	3	0.010	2	0.066	6	0.110	10	0.99%
notes with stock	0	0	0	0	0	0	0.002	1	0.002	1	0.002	1	0.03%
notes with warrants	0.006	2	0.013	4	0.015	1	0.008	2	0.036	7	0.042	9	0.54%
stock	1.288	156	2.015	70	1.326	114	0.346	40	3.687	224	5.493	440	55.16%
units of stock and warrants	0.989	247	0.842	171	0.655	199	0.828	95	2.325	465	3.876	834	34.78%
warrants	0.012	1	0.164	9	0.025	1	0.001	1	0.190	11	0.220	14	2.84%
Total	2.383	422	3.247	261	2.094	328	1.343	153	6.684	742	10.315	1363	100.00%
Warrants
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Yes	0.354	0.258	0.215	0.579	0.297	0.351	0.294	0.293	0.222	0.301	0.193	0.194	0.695
No	0.371	0.264	0.502	0.245	0.545	0.446	0.409	1.454	0.272	0.900	0.207	0.320	0.133
Total	0.725	0.522	0.717	0.824	0.842	0.797	0.703	1.747	0.494	1.201	0.400	0.514	0.828
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	1.092	255	0.938	182	0.717	210	0.889	110	2.544	502	4.247	888	38.06%
No	1.291	167	2.309	79	1.378	118	0.454	43	4.141	240	6.068	475	61.95%
Total	2.383	422	3.247	261	2.094	328	1.343	153	6.684	742	10.315	1363	100.00%
Use of Proceeds
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Acquisition	0	0	0.091	0.038	0.007	0	0.081	0.145	0	0.060	0.035	0	0
Capex	0.256	0.367	0.363	0.280	0.457	0.261	0.302	1.354	0.338	0.315	0.228	0.280	0.244
GCP	0.147	0.061	0.077	0.102	0.053	0.081	0.177	0.128	0.075	0.699	0.051	0.049	0.177
Refinance	0.008	0.004	0.006	0	0	0	0	0	0.003	0.013	0	0.001	0.016
Multiple/Other/NA	0.313	0.091	0.180	0.403	0.325	0.455	0.143	0.119	0.078	0.114	0.085	0.185	0.392
Total	0.725	0.522	0.717	0.824	0.842	0.797	0.703	1.747	0.494	1.201	0.400	0.514	0.828
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.136	9	0.226	3	0.095	3	0	0	0.321	6	0.457	15	4.80%
Capex	1.101	227	1.917	146	0.881	204	0.523	91	3.321	441	5.044	775	49.69%
GCP	0.232	64	0.386	44	0.825	56	0.226	23	1.437	123	1.878	227	21.50%
Refinance	0.006	2	0	0	0.016	3	0.017	2	0.033	5	0.052	9	0.49%
Multiple/Other/NA	0.908	120	0.718	68	0.278	62	0.577	37	1.572	167	2.884	337	23.52%
Total	2.383	422	3.247	261	2.094	328	1.343	153	6.684	742	10.315	1363	100.00%
Industry Sector (by SIC code)
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Agriculture (0xxx)	0	0	0	0.022	0	0	0	0.009	0	0	0	0	0
Mining (1xxx)	0.550	0.349	0.381	0.480	0.554	0.295	0.362	1.266	0.327	0.859	0.188	0.347	0.611
Oil and gas (13xx)	0.020	0.073	0.259	0.219	0.118	0.178	0.159	0.162	0.108	0.162	0.077	0.078	0.027
Construction (15xx)	0	0	0	0	0.007	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.009	0.033	0.014	0.013	0.019	0.295	0.091	0.210	0.027	0.030	0.013	0.011	0.009
Pharmaceuticals (2834-6)	0.003	0.020	0.013	0.030	0.060	0	0.026	0.013	0.012	0.003	0.010	0.012	0.148
Transportation (4xxx)	0.013	0	0	0	0	0	0.002	0	0	0	0	0.002	0
Communications (48xx)	0.001	0.002	0.001	0	0	0.002	0	0	0.007	0	0	0.005	0
Electric, gas, sanitary services (49xx)	0.004	0.014	0.030	0.007	0.002	0.004	0	0.001	0	0.001	0	0.004	0.016
Wholesale (5xxx)	0	0.001	0.003	0.007	0	0	0	0.002	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.109	0.029	0.009	0.004	0.071	0.023	0.044	0.071	0.007	0.081	0.058	0.014	0.008
Services (7xxx)	0.016	0.002	0.004	0.040	0.003	0	0.018	0.013	0.007	0.064	0.053	0.035	0.004
Health services (8xxx)	0	0	0.003	0	0.007	0	0	0	0	0	0	0.005	0.006
Non-operating (9995)	0	0	0	0.002	0.002	0	0	0	0	0	0	0.002	0
Total	0.725	0.522	0.717	0.824	0.842	0.797	0.703	1.747	0.494	1.201	0.400	0.514	0.828
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.022	2	0.009	1	0	0	0	0	0.009	1	0.030	3	0.13%
Mining (1xxx)	1.415	266	1.923	159	1.374	212	0.958	99	4.256	470	6.570	867	63.67%
Oil and gas (13xx)	0.596	78	0.499	46	0.348	49	0.105	19	0.952	114	1.640	216	14.24%
Construction (15xx)	0.007	2	0	0	0	0	0	0	0	0	0.007	2	0.00%
Manufacturing (2xxx, 3xxx)	0.045	14	0.597	15	0.070	16	0.020	6	0.687	37	0.774	61	10.28%
Pharmaceuticals (2834-6)	0.103	14	0.039	9	0.025	7	0.160	5	0.224	21	0.350	41	3.35%
Transportation (4xxx)	0	0	0.002	1	0	0	0.002	1	0.004	2	0.017	4	0.06%
Communications (48xx)	0.001	1	0.002	1	0.007	2	0.005	1	0.013	4	0.018	7	0.19%
Electric, gas, sanitary services (49xx)	0.040	5	0.005	2	0.001	1	0.020	3	0.026	6	0.084	14	0.39%
Wholesale (5xxx)	0.010	3	0.002	1	0	0	0	0	0.002	1	0.013	5	0.03%
Finance, insurance, real estate (6xxx)	0.084	20	0.138	18	0.146	27	0.022	5	0.306	50	0.527	87	4.58%
Services (7xxx)	0.048	12	0.031	8	0.124	14	0.039	11	0.195	33	0.259	48	2.92%
Health services (8xxx)	0.010	2	0	0	0	0	0.011	2	0.011	2	0.020	4	0.16%
Non-operating (9995)	0.004	3	0	0	0	0	0.002	1	0.002	1	0.006	4	0.03%
Total	2.383	422	3.247	261	2.094	328	1.343	153	6.684	742	10.315	1363	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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