Analysis of Canadian PIPE issuance for 13 months through April 2012

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

Proceeds

	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Less than $1 million	0.007	0.008	0.005	0.010	0.003	0.002	0.009	0.012	0.008	0.002	0.009	0.002	0.004
$1-1.99 million	0.052	0.045	0.052	0.032	0.034	0.023	0.032	0.067	0.049	0.018	0.051	0.033	0.036
$2-2.99 million	0.044	0.028	0.024	0.056	0.022	0.033	0.048	0.047	0.054	0.027	0.035	0.029	0.016
$3-4.99 million	0.078	0.062	0.093	0.063	0.048	0.023	0.053	0.053	0.055	0.069	0.072	0.040	0.020
$5-9.99 million	0.134	0.135	0.106	0.107	0.054	0.061	0.112	0.129	0.068	0.079	0.069	0.045	0.093
$10-14.99 million	0.060	0.084	0.105	0.022	0.034	0.044	0.133	0.104	0.034	0.066	0.166	0.052	0.020
$15-$49.99 million	0.305	0.193	0.171	0.184	0.072	0.210	0.143	0.210	0.040	0.209	0.290	0.220	0.166
$50 million and higher	0.050	0	0.250	0.140	0.148	0.200	0.343	0	0.060	0	0.118	0.114	0
Total	0.729	0.555	0.804	0.614	0.414	0.596	0.872	0.622	0.368	0.469	0.809	0.536	0.354
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.020	35	0.014	23	0.029	53	0.013	17	0.004	6	0.017	23	0.080	134	0.074	122	0.78%
$1-1.99 million	0.148	110	0.090	69	0.148	116	0.101	75	0.036	28	0.136	103	0.522	398	0.471	363	6.27%
$2-2.99 million	0.096	40	0.110	46	0.148	65	0.091	38	0.016	7	0.107	45	0.461	196	0.417	178	4.93%
$3-4.99 million	0.232	65	0.134	36	0.162	43	0.181	51	0.020	6	0.201	57	0.729	201	0.651	179	9.27%
$5-9.99 million	0.375	59	0.222	35	0.308	46	0.193	28	0.093	13	0.286	41	1.191	181	1.057	160	13.19%
$10-14.99 million	0.248	22	0.100	9	0.270	24	0.285	25	0.020	2	0.305	27	0.923	82	0.863	77	14.06%
$15-$49.99 million	0.669	29	0.467	19	0.394	17	0.720	30	0.166	7	0.885	37	2.415	102	2.110	89	40.80%
$50 million and higher	0.300	3	0.488	5	0.403	5	0.232	3	0	0	0.232	3	1.423	16	1.373	15	10.70%
Total	2.089	363	1.625	242	1.862	369	1.815	267	0.354	69	2.169	336	7.744	1310	7.015	1183	100.00%
Type
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
convertible notes	0.009	0.049	0.055	0.123	0.003	0.018	0.011	0.019	0.001	0.018	0.024	0.009	0.016
convertible preferreds	0	0.002	0	0	0	0	0.013	0	0	0	0	0.016	0
equity line	0.010	0	0.005	0	0	0.020	0	0	0.010	0	0	0	0
notes with stock	0	0	0	0	0	0	0.001	0.001	0	0.005	0	0	0.007
notes with warrants	0	0.004	0.003	0.017	0.050	0.001	0.010	0.012	0	0.046	0	0	0.010
stock	0.331	0.248	0.440	0.298	0.219	0.405	0.604	0.345	0.174	0.279	0.488	0.341	0.178
units of stock and warrants	0.379	0.252	0.301	0.177	0.143	0.152	0.232	0.245	0.183	0.122	0.297	0.171	0.143
Total	0.729	0.555	0.804	0.614	0.414	0.596	0.872	0.622	0.368	0.469	0.809	0.536	0.354
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.113	13	0.144	16	0.031	11	0.051	12	0.016	3	0.067	15	0.355	55	0.346	53	3.09%
convertible preferreds	0.002	1	0	0	0.013	2	0.016	2	0	0	0.016	2	0.031	5	0.031	5	0.74%
equity line	0.015	2	0.020	1	0.010	1	0	0	0	0	0	0	0.045	4	0.035	3	0.00%
notes with stock	0	0	0	0	0.002	2	0.005	1	0.007	1	0.012	2	0.014	4	0.014	4	0.55%
notes with warrants	0.007	2	0.068	4	0.022	2	0.046	5	0.010	1	0.056	6	0.153	14	0.153	14	2.58%
stock	1.019	98	0.921	69	1.123	157	1.108	91	0.178	21	1.285	112	4.349	436	4.018	401	59.24%
units of stock and warrants	0.933	247	0.471	152	0.661	194	0.589	156	0.143	43	0.733	199	2.797	792	2.418	703	33.79%
Total	2.089	363	1.625	242	1.862	369	1.815	267	0.354	69	2.169	336	7.744	1310	7.015	1183	100.00%
Warrants
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Yes	0.383	0.320	0.333	0.207	0.183	0.132	0.271	0.268	0.183	0.168	0.292	0.180	0.179
No	0.346	0.235	0.472	0.408	0.231	0.464	0.601	0.354	0.185	0.302	0.518	0.357	0.175
Total	0.729	0.555	0.804	0.614	0.414	0.596	0.872	0.622	0.368	0.469	0.809	0.536	0.354
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.035	253	0.522	155	0.721	202	0.639	166	0.179	46	0.818	212	3.096	822	2.714	733	37.71%
No	1.053	110	1.103	87	1.141	167	1.176	101	0.175	23	1.351	124	4.648	488	4.302	450	62.29%
Total	2.089	363	1.625	242	1.862	369	1.815	267	0.354	69	2.169	336	7.744	1310	7.015	1183	100.00%
Use of Proceeds
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Acquisition	0.044	0.024	0.057	0.039	0	0	0.085	0.002	0.001	0.007	0	0.012	0.044
Capex	0.396	0.217	0.437	0.327	0.091	0.133	0.220	0.306	0.124	0.161	0.343	0.172	0.065
GCP	0.119	0.196	0.069	0.089	0.072	0.265	0.213	0.129	0.119	0.021	0.163	0.210	0.173
Refinance	0	0.033	0.011	0.095	0.051	0	0.016	0.002	0	0.002	0.032	0	0.007
Multiple/Other/NA	0.170	0.086	0.230	0.064	0.200	0.199	0.338	0.184	0.124	0.278	0.272	0.143	0.064
Total	0.729	0.555	0.804	0.614	0.414	0.596	0.872	0.622	0.368	0.469	0.809	0.536	0.354
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.124	12	0.039	2	0.088	5	0.019	5	0.044	2	0.063	7	0.314	26	0.270	21	2.90%
Capex	1.051	184	0.551	112	0.650	181	0.675	87	0.065	29	0.740	116	2.992	593	2.596	529	34.12%
GCP	0.384	56	0.426	54	0.461	92	0.393	58	0.173	26	0.567	84	1.837	286	1.718	268	26.14%
Refinance	0.044	4	0.146	4	0.018	4	0.035	2	0.007	1	0.042	3	0.250	15	0.250	15	1.93%
Multiple/Other/NA	0.486	107	0.463	70	0.646	87	0.693	115	0.064	11	0.757	126	2.352	390	2.182	350	34.90%
Total	2.089	363	1.625	242	1.862	369	1.815	267	0.354	69	2.169	336	7.744	1310	7.015	1183	100.00%
Industry Sector (by SIC code)
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Agriculture (0xxx)	0.035	0	0.005	0.005	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0.388	0.345	0.458	0.391	0.284	0.238	0.553	0.394	0.252	0.266	0.509	0.270	0.200
Oil and gas (13xx)	0.133	0.124	0.273	0.020	0.043	0.021	0.246	0.149	0.075	0.074	0.170	0.109	0.037
Construction (15xx)	0.002	0	0	0	0	0	0.002	0	0.002	0.002	0.013	0	0
Manufacturing (2xxx, 3xxx)	0.039	0.020	0.007	0.055	0.005	0.035	0.016	0.025	0.007	0.007	0.077	0.001	0.016
Pharmaceuticals (2834-6)	0.010	0.005	0.020	0.002	0.003	0.025	0.022	0.020	0.010	0.003	0.008	0.007	0.017
Transportation (4xxx)	0	0	0	0.070	0.001	0	0	0	0	0	0.001	0	0
Communications (48xx)	0.002	0	0	0.005	0.002	0.005	0	0	0	0	0	0	0.008
Electric, gas, sanitary services (49xx)	0.001	0.002	0.004	0.012	0	0	0	0.006	0.002	0.019	0	0.004	0
Wholesale (5xxx)	0.001	0	0	0.002	0.001	0.002	0.013	0	0	0	0	0	0.001
Finance, insurance, real estate (6xxx)	0	0.013	0	0.030	0.020	0.240	0.003	0.016	0.010	0.046	0.010	0.001	0.037
Services (7xxx)	0.026	0.036	0.024	0.009	0.010	0.022	0.012	0.001	0.002	0.023	0.011	0.125	0.038
Health services (8xxx)	0.025	0	0.003	0	0	0	0.005	0	0.001	0	0	0	0
Non-operating (9995)	0.068	0.011	0.010	0.013	0.046	0.009	0	0.011	0.007	0.029	0.010	0.018	0
Total	0.729	0.555	0.804	0.614	0.414	0.596	0.872	0.622	0.368	0.469	0.809	0.536	0.354
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.040	2	0.005	1	0	0	0	0	0	0	0	0	0.045	3	0.010	2	0.00%
Mining (1xxx)	1.191	245	0.912	160	1.199	250	1.046	170	0.200	45	1.245	215	4.548	870	4.160	792	57.40%
Oil and gas (13xx)	0.530	52	0.084	28	0.470	74	0.353	39	0.037	10	0.390	49	1.475	203	1.342	183	17.98%
Construction (15xx)	0.002	1	0	0	0.004	3	0.015	2	0	0	0.015	2	0.021	6	0.019	5	0.69%
Manufacturing (2xxx, 3xxx)	0.066	16	0.095	12	0.048	11	0.085	10	0.016	3	0.101	13	0.309	52	0.270	42	4.66%
Pharmaceuticals (2834-6)	0.035	7	0.029	3	0.052	5	0.017	9	0.017	5	0.034	14	0.151	29	0.141	28	1.57%
Transportation (4xxx)	0	0	0.071	2	0	0	0.001	1	0	0	0.001	1	0.072	3	0.072	3	0.05%
Communications (48xx)	0.002	1	0.012	4	0	0	0	0	0.008	1	0.008	1	0.022	6	0.020	5	0.37%
Electric, gas, sanitary services (49xx)	0.007	4	0.012	4	0.008	3	0.024	7	0	0	0.024	7	0.051	18	0.049	17	1.11%
Wholesale (5xxx)	0.001	1	0.004	3	0.013	2	0	0	0.001	1	0.001	1	0.020	7	0.019	6	0.05%
Finance, insurance, real estate (6xxx)	0.013	2	0.290	7	0.029	7	0.057	4	0.037	2	0.094	6	0.427	22	0.427	22	4.33%
Services (7xxx)	0.085	17	0.041	10	0.015	6	0.160	14	0.038	2	0.198	16	0.339	49	0.313	42	9.13%
Health services (8xxx)	0.028	2	0	0	0.006	2	0	0	0	0	0	0	0.034	4	0.009	3	0.00%
Non-operating (9995)	0.089	13	0.068	8	0.018	6	0.057	11	0	0	0.057	11	0.232	38	0.164	33	2.63%
Total	2.089	363	1.625	242	1.862	369	1.815	267	0.354	69	2.169	336	7.744	1310	7.015	1183	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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