Analysis of Canadian PIPE issuance for 13 months through January 2012

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

Proceeds

	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Less than $1 million	0.005	0.004	0.005	0.007	0.008	0.005	0.010	0.003	0.002	0.009	0.013	0.008	0.002
$1-1.99 million	0.031	0.051	0.038	0.052	0.046	0.052	0.032	0.034	0.023	0.032	0.066	0.049	0.018
$2-2.99 million	0.025	0.044	0.048	0.044	0.028	0.024	0.056	0.022	0.033	0.048	0.049	0.054	0.028
$3-4.99 million	0.050	0.080	0.068	0.078	0.062	0.093	0.063	0.051	0.023	0.050	0.053	0.056	0.056
$5-9.99 million	0.124	0.238	0.156	0.134	0.135	0.106	0.107	0.046	0.061	0.117	0.129	0.078	0.076
$10-14.99 million	0.090	0.022	0.115	0.060	0.084	0.105	0.022	0.034	0.044	0.133	0.104	0.034	0.055
$15-$49.99 million	0.305	0.467	0.292	0.305	0.193	0.171	0.184	0.072	0.210	0.143	0.210	0.024	0.206
$50 million and higher	0.060	0.368	0.317	0.050	0	0.250	0.140	0.148	0.200	0.343	0	0.060	0
Total	0.689	1.274	1.039	0.729	0.556	0.804	0.614	0.409	0.596	0.874	0.624	0.363	0.441
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.014	23	0.020	35	0.014	23	0.030	54	0.002	2	0.002	2	0.080	137	0.075	130	0.45%
$1-1.99 million	0.121	91	0.149	110	0.090	69	0.147	115	0.018	13	0.018	13	0.524	398	0.493	375	4.08%
$2-2.99 million	0.117	50	0.096	40	0.110	46	0.150	66	0.028	12	0.028	12	0.501	214	0.476	203	6.35%
$3-4.99 million	0.198	53	0.232	65	0.137	37	0.159	42	0.056	16	0.056	16	0.783	213	0.733	199	12.70%
$5-9.99 million	0.518	78	0.375	59	0.214	34	0.323	49	0.076	11	0.076	11	1.506	231	1.382	212	17.23%
$10-14.99 million	0.226	20	0.248	22	0.100	9	0.270	24	0.055	5	0.055	5	0.899	80	0.810	72	12.47%
$15-$49.99 million	1.064	42	0.669	29	0.467	19	0.378	16	0.206	8	0.206	8	2.783	114	2.478	101	46.71%
$50 million and higher	0.745	9	0.300	3	0.488	5	0.403	5	0	0	0	0	1.936	22	1.876	21	0.00%
Total	3.002	366	2.089	363	1.620	242	1.861	371	0.441	67	0.441	67	9.013	1409	8.325	1313	100.00%
Type
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
convertible notes	0.077	0.019	0.035	0.009	0.049	0.055	0.123	0.003	0.018	0.011	0.019	0.001	0.007
convertible preferreds	0	0	0	0	0.002	0	0	0	0	0.013	0	0	0
equity line	0.005	0.024	0.025	0.010	0	0.005	0	0	0.020	0	0	0.010	0
notes with stock	0	0	0	0	0	0	0	0	0	0.001	0.001	0	0.005
notes with warrants	0.015	0	0	0	0.004	0.003	0.017	0.050	0.001	0.010	0.012	0	0.045
stock	0.336	0.760	0.299	0.331	0.248	0.440	0.298	0.219	0.405	0.606	0.345	0.174	0.277
units of stock and warrants	0.245	0.471	0.680	0.379	0.253	0.301	0.177	0.138	0.152	0.232	0.247	0.178	0.106
warrants	0.011	0	0	0	0	0	0	0	0	0	0	0	0
Total	0.689	1.274	1.039	0.729	0.556	0.804	0.614	0.409	0.596	0.874	0.624	0.363	0.441
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.131	15	0.113	13	0.144	16	0.031	11	0.007	2	0.007	2	0.427	57	0.350	51	1.59%
convertible preferreds	0	0	0.002	1	0	0	0.013	2	0	0	0	0	0.015	3	0.015	3	0.00%
equity line	0.053	6	0.015	2	0.020	1	0.010	1	0	0	0	0	0.099	10	0.093	9	0.00%
notes with stock	0	0	0	0	0	0	0.002	2	0.005	1	0.005	1	0.007	3	0.007	3	1.13%
notes with warrants	0.015	1	0.007	2	0.068	4	0.022	2	0.045	5	0.045	5	0.158	14	0.142	13	10.20%
stock	1.395	115	1.019	98	0.921	69	1.125	157	0.277	23	0.277	23	4.737	462	4.401	431	62.81%
units of stock and warrants	1.396	228	0.933	247	0.466	152	0.657	196	0.106	36	0.106	36	3.560	859	3.315	803	24.04%
warrants	0.011	1	0	0	0	0	0	0	0	0	0	0	0.011	1	0	0	0.00%
Total	3.002	366	2.089	363	1.620	242	1.861	371	0.441	67	0.441	67	9.013	1409	8.325	1313	100.00%
Warrants
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Yes	0.302	0.446	0.731	0.383	0.321	0.333	0.207	0.178	0.132	0.271	0.270	0.178	0.187
No	0.387	0.828	0.308	0.346	0.235	0.472	0.408	0.231	0.464	0.603	0.354	0.185	0.254
Total	0.689	1.274	1.039	0.729	0.556	0.804	0.614	0.409	0.596	0.874	0.624	0.363	0.441
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.478	240	1.036	253	0.517	155	0.718	204	0.187	42	0.187	42	3.936	894	3.635	832	42.40%
No	1.524	126	1.053	110	1.103	87	1.143	167	0.254	25	0.254	25	5.077	515	4.690	481	57.60%
Total	3.002	366	2.089	363	1.620	242	1.861	371	0.441	67	0.441	67	9.013	1409	8.325	1313	100.00%
Use of Proceeds
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Acquisition	0.019	0	0.028	0.044	0.024	0.057	0.039	0	0	0.085	0.002	0.001	0.007
Capex	0.375	0.794	0.486	0.396	0.217	0.437	0.327	0.091	0.133	0.222	0.307	0.124	0.152
GCP	0.143	0.282	0.181	0.119	0.196	0.069	0.089	0.067	0.265	0.213	0.128	0.124	0.019
Refinance	0.010	0	0	0	0.033	0.011	0.095	0.051	0	0.016	0.002	0	0.002
Multiple/Other/NA	0.143	0.198	0.343	0.170	0.086	0.230	0.064	0.200	0.199	0.338	0.186	0.114	0.261
Total	0.689	1.274	1.039	0.729	0.556	0.804	0.614	0.409	0.596	0.874	0.624	0.363	0.441
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.048	5	0.124	12	0.039	2	0.088	5	0.007	2	0.007	2	0.305	26	0.286	24	1.59%
Capex	1.655	231	1.051	184	0.551	112	0.653	181	0.152	21	0.152	21	4.062	729	3.687	669	34.47%
GCP	0.606	77	0.384	56	0.421	54	0.465	92	0.019	9	0.019	9	1.894	288	1.752	269	4.31%
Refinance	0.010	1	0.044	4	0.146	4	0.018	4	0.002	1	0.002	1	0.220	14	0.210	13	0.45%
Multiple/Other/NA	0.684	52	0.487	107	0.463	70	0.637	89	0.261	34	0.261	34	2.532	352	2.389	338	59.18%
Total	3.002	366	2.089	363	1.620	242	1.861	371	0.441	67	0.441	67	9.013	1409	8.325	1313	100.00%
Industry Sector (by SIC code)
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Agriculture (0xxx)	0.001	0	0	0.035	0	0.005	0.005	0	0	0	0	0	0
Mining (1xxx)	0.474	0.616	0.800	0.388	0.345	0.458	0.391	0.279	0.238	0.553	0.396	0.258	0.244
Oil and gas (13xx)	0.104	0.461	0.108	0.133	0.124	0.273	0.020	0.043	0.021	0.248	0.149	0.064	0.071
Construction (15xx)	0	0	0	0.002	0	0	0	0	0	0.002	0	0.002	0.002
Manufacturing (2xxx, 3xxx)	0.034	0.045	0.046	0.039	0.020	0.007	0.055	0.005	0.035	0.016	0.025	0.007	0.007
Pharmaceuticals (2834-6)	0	0.002	0.045	0.010	0.005	0.020	0.002	0.003	0.025	0.022	0.020	0.010	0.003
Transportation (4xxx)	0	0	0	0	0	0	0.070	0.001	0	0	0	0	0
Communications (48xx)	0	0.006	0.017	0.002	0	0	0.005	0.002	0.005	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0.020	0.004	0.001	0.003	0.004	0.012	0	0	0	0.006	0.002	0.018
Wholesale (5xxx)	0	0.004	0	0.001	0	0	0.002	0.001	0.002	0.013	0	0	0
Finance, insurance, real estate (6xxx)	0.051	0.001	0.001	0	0.013	0	0.030	0.020	0.240	0.003	0.016	0.010	0.046
Services (7xxx)	0.026	0.086	0.003	0.026	0.036	0.024	0.009	0.010	0.022	0.012	0.001	0.002	0.023
Health services (8xxx)	0	0.022	0	0.025	0	0.003	0	0	0	0.005	0	0.001	0
Non-operating (9995)	0	0.012	0.015	0.068	0.011	0.010	0.013	0.046	0.009	0	0.011	0.006	0.027
Total	0.689	1.274	1.039	0.729	0.556	0.804	0.614	0.409	0.596	0.874	0.624	0.363	0.441
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.001	1	0.040	2	0.005	1	0	0	0	0	0	0	0.046	4	0.045	3	0.00%
Mining (1xxx)	1.891	247	1.191	245	0.907	160	1.207	252	0.244	33	0.244	33	5.440	937	4.966	870	55.33%
Oil and gas (13xx)	0.672	60	0.530	52	0.084	28	0.462	74	0.071	14	0.071	14	1.820	228	1.716	214	16.10%
Construction (15xx)	0	0	0.002	1	0	0	0.004	3	0.002	1	0.002	1	0.008	5	0.008	5	0.45%
Manufacturing (2xxx, 3xxx)	0.124	17	0.066	16	0.095	12	0.048	11	0.007	2	0.007	2	0.339	58	0.306	53	1.59%
Pharmaceuticals (2834-6)	0.048	6	0.035	7	0.029	3	0.052	5	0.003	2	0.003	2	0.167	23	0.167	23	0.68%
Transportation (4xxx)	0	0	0	0	0.071	2	0	0	0	0	0	0	0.071	2	0.071	2	0.00%
Communications (48xx)	0.023	3	0.002	1	0.012	4	0	0	0	0	0	0	0.037	8	0.037	8	0.00%
Electric, gas, sanitary services (49xx)	0.024	2	0.008	4	0.012	4	0.008	3	0.018	4	0.018	4	0.070	17	0.070	17	4.08%
Wholesale (5xxx)	0.004	2	0.001	1	0.004	3	0.013	2	0	0	0	0	0.022	8	0.022	8	0.00%
Finance, insurance, real estate (6xxx)	0.053	6	0.013	2	0.290	7	0.029	7	0.046	2	0.046	2	0.432	24	0.381	20	10.43%
Services (7xxx)	0.114	15	0.085	17	0.041	10	0.015	6	0.023	4	0.023	4	0.278	52	0.252	47	5.22%
Health services (8xxx)	0.022	1	0.028	2	0	0	0.006	2	0	0	0	0	0.055	5	0.055	5	0.00%
Non-operating (9995)	0.027	6	0.089	13	0.068	8	0.018	6	0.027	5	0.027	5	0.229	38	0.229	38	6.12%
Total	3.002	366	2.089	363	1.620	242	1.861	371	0.441	67	0.441	67	9.013	1409	8.325	1313	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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