Analysis of Canadian PIPE issuance for 13 months through August 2012

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

Proceeds

	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Less than $1 million	0.003	0.002	0.009	0.012	0.008	0.002	0.009	0.002	0.004	0.002	0.008	0.001	0.003
$1-1.99 million	0.034	0.023	0.032	0.067	0.047	0.018	0.051	0.032	0.032	0.035	0.034	0.024	0.027
$2-2.99 million	0.022	0.033	0.048	0.047	0.054	0.027	0.035	0.031	0.017	0.038	0.035	0.022	0.028
$3-4.99 million	0.048	0.023	0.053	0.050	0.059	0.069	0.068	0.036	0.034	0.050	0.054	0.058	0.027
$5-9.99 million	0.054	0.061	0.112	0.129	0.068	0.079	0.069	0.058	0.088	0.137	0.115	0.067	0.025
$10-14.99 million	0.034	0.044	0.133	0.104	0.034	0.066	0.166	0.053	0.010	0.069	0	0.073	0.023
$15-$49.99 million	0.072	0.210	0.143	0.210	0.040	0.209	0.290	0.205	0.182	0.149	0.218	0.115	0.108
$50 million and higher	0.148	0.200	0.343	0	0.060	0	0.118	0.114	0	0.296	0.197	0.124	0.057
Total	0.414	0.596	0.872	0.619	0.370	0.469	0.805	0.531	0.366	0.775	0.661	0.485	0.298
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.029	53	0.013	17	0.013	23	0.004	7	0.030	47	0.064	108	0.061	102	0.68%
$1-1.99 million	0.146	115	0.100	74	0.102	79	0.051	39	0.253	192	0.457	350	0.422	324	5.76%
$2-2.99 million	0.148	65	0.093	39	0.089	39	0.050	22	0.233	100	0.436	188	0.414	179	5.31%
$3-4.99 million	0.162	43	0.172	49	0.137	37	0.085	24	0.395	110	0.628	172	0.581	159	9.00%
$5-9.99 million	0.308	46	0.206	30	0.341	50	0.092	15	0.638	95	1.062	159	1.008	151	14.53%
$10-14.99 million	0.270	24	0.285	25	0.079	7	0.096	9	0.461	41	0.808	72	0.774	69	10.50%
$15-$49.99 million	0.394	17	0.705	29	0.549	24	0.223	9	1.476	62	2.152	91	2.080	88	33.61%
$50 million and higher	0.403	5	0.232	3	0.493	4	0.181	2	0.905	9	1.656	17	1.508	15	20.61%
Total	1.861	368	1.806	266	1.803	263	0.783	127	4.391	656	7.263	1157	6.849	1087	100.00%
Type
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
convertible notes	0.003	0.018	0.011	0.019	0.001	0.018	0.024	0.008	0.031	0.020	0.023	0.083	0.014
convertible preferreds	0	0	0.013	0	0	0	0	0.001	0	0	0	0	0
equity line	0	0.020	0	0	0.010	0	0	0	0	0	0.020	0	0
notes with stock	0	0	0.001	0.001	0	0.005	0	0	0.007	0	0	0	0
notes with warrants	0.050	0.001	0.010	0.012	0	0.046	0	0	0.010	0.015	0.001	0	0
stock	0.219	0.405	0.604	0.344	0.173	0.283	0.488	0.341	0.174	0.464	0.377	0.284	0.222
units of stock and warrants	0.143	0.152	0.232	0.243	0.186	0.118	0.293	0.182	0.145	0.277	0.241	0.118	0.062
Total	0.414	0.596	0.872	0.619	0.370	0.469	0.805	0.531	0.366	0.775	0.661	0.485	0.298
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.031	11	0.050	11	0.074	15	0.097	11	0.221	37	0.273	55	0.270	52	5.03%
convertible preferreds	0.013	2	0.001	1	0	0	0	0	0.001	1	0.015	3	0.015	3	0.02%
equity line	0.010	1	0	0	0.020	2	0	0	0.020	2	0.050	4	0.050	4	0.46%
notes with stock	0.002	2	0.005	1	0.007	1	0	0	0.012	2	0.014	4	0.014	4	0.27%
notes with warrants	0.022	2	0.046	5	0.026	4	0	0	0.072	9	0.145	13	0.095	12	1.64%
stock	1.121	156	1.112	92	1.014	86	0.505	46	2.631	224	4.376	418	4.158	401	59.92%
units of stock and warrants	0.661	194	0.592	156	0.662	155	0.180	70	1.435	381	2.390	660	2.248	611	32.68%
Total	1.861	368	1.806	266	1.803	263	0.783	127	4.391	656	7.263	1157	6.849	1087	100.00%
Warrants
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Yes	0.183	0.132	0.271	0.265	0.186	0.164	0.288	0.190	0.196	0.303	0.255	0.224	0.064
No	0.231	0.464	0.601	0.354	0.184	0.306	0.518	0.342	0.171	0.472	0.406	0.261	0.234
Total	0.414	0.596	0.872	0.619	0.370	0.469	0.805	0.531	0.366	0.775	0.661	0.485	0.298
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.722	202	0.641	165	0.753	168	0.288	79	1.682	412	2.718	700	2.535	650	38.31%
No	1.139	166	1.165	101	1.049	95	0.495	48	2.710	244	4.545	457	4.313	437	61.72%
Total	1.861	368	1.806	266	1.803	263	0.783	127	4.391	656	7.263	1157	6.849	1087	100.00%
Use of Proceeds
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Acquisition	0	0	0.085	0.002	0	0.007	0	0.012	0.044	0.105	0.197	0.139	0
Capex	0.091	0.133	0.220	0.303	0.124	0.161	0.343	0.172	0.081	0.110	0.128	0.083	0.048
GCP	0.072	0.265	0.213	0.129	0.122	0.021	0.163	0.210	0.157	0.232	0.084	0.089	0.062
Refinance	0.051	0	0.016	0.002	0	0.002	0.032	0	0.022	0.020	0.011	0.014	0
Multiple/Other/NA	0.200	0.199	0.338	0.184	0.124	0.278	0.268	0.138	0.062	0.308	0.241	0.160	0.188
Total	0.414	0.596	0.872	0.619	0.370	0.469	0.805	0.531	0.366	0.775	0.661	0.485	0.298
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.087	4	0.019	4	0.347	4	0.139	3	0.504	11	0.591	15	0.591	15	11.48%
Capex	0.647	181	0.675	87	0.319	91	0.132	47	1.126	225	1.996	462	1.906	431	25.64%
GCP	0.464	92	0.393	58	0.473	80	0.150	33	1.017	171	1.817	294	1.745	276	23.16%
Refinance	0.018	4	0.035	2	0.053	5	0.014	2	0.102	9	0.171	15	0.120	13	2.32%
Multiple/Other/NA	0.646	87	0.684	115	0.611	83	0.348	42	1.643	240	2.688	371	2.488	352	37.42%
Total	1.861	368	1.806	266	1.803	263	0.783	127	4.391	656	7.263	1157	6.849	1087	100.00%
Industry Sector (by SIC code)
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Mining (1xxx)	0.284	0.238	0.553	0.391	0.251	0.266	0.505	0.271	0.201	0.256	0.258	0.194	0.199
Oil and gas (13xx)	0.043	0.021	0.246	0.149	0.075	0.074	0.170	0.094	0.038	0.122	0.072	0.112	0.061
Construction (15xx)	0	0	0.002	0	0.002	0.002	0.013	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.005	0.035	0.016	0.025	0.007	0.007	0.077	0.001	0.011	0.035	0.012	0.016	0.009
Pharmaceuticals (2834-6)	0.003	0.025	0.022	0.020	0.010	0.003	0.008	0.013	0.017	0.010	0.019	0	0.002
Transportation (4xxx)	0.001	0	0	0	0	0	0.001	0	0	0	0	0	0
Communications (48xx)	0.002	0.005	0	0	0	0	0	0	0.008	0	0	0	0.003
Electric, gas, sanitary services (49xx)	0	0	0	0.006	0.002	0.019	0	0.004	0	0.114	0.008	0.124	0.001
Wholesale (5xxx)	0.001	0.002	0.013	0	0	0	0	0	0.001	0.006	0.001	0.010	0
Finance, insurance, real estate (6xxx)	0.020	0.240	0.003	0.016	0.010	0.046	0.010	0.001	0.037	0.096	0.057	0.008	0.004
Services (7xxx)	0.010	0.022	0.012	0.001	0.005	0.023	0.011	0.125	0.038	0.112	0.215	0.020	0.004
Health services (8xxx)	0	0	0.005	0	0.001	0	0	0	0.015	0.011	0.001	0	0.005
Non-operating (9995)	0.046	0.009	0	0.011	0.007	0.029	0.010	0.021	0	0.013	0.018	0	0.010
Total	0.414	0.596	0.872	0.619	0.370	0.469	0.805	0.531	0.366	0.775	0.661	0.485	0.298
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	1.195	249	1.043	168	0.715	164	0.393	83	2.151	415	3.867	746	3.583	705	48.99%
Oil and gas (13xx)	0.470	74	0.338	38	0.232	38	0.173	15	0.743	91	1.278	187	1.235	173	16.92%
Construction (15xx)	0.004	3	0.015	2	0	0	0	0	0.015	2	0.019	5	0.019	5	0.34%
Manufacturing (2xxx, 3xxx)	0.048	11	0.085	10	0.058	11	0.025	9	0.168	30	0.256	45	0.251	43	3.83%
Pharmaceuticals (2834-6)	0.052	5	0.023	10	0.046	11	0.002	1	0.071	22	0.152	29	0.149	28	1.62%
Transportation (4xxx)	0	0	0.001	1	0	0	0	0	0.001	1	0.002	2	0.001	1	0.02%
Communications (48xx)	0	0	0	0	0.008	1	0.003	1	0.011	2	0.018	5	0.015	3	0.25%
Electric, gas, sanitary services (49xx)	0.008	3	0.024	7	0.122	3	0.125	2	0.270	12	0.278	15	0.278	15	6.15%
Wholesale (5xxx)	0.013	2	0	0	0.009	4	0.010	1	0.019	5	0.034	9	0.033	8	0.43%
Finance, insurance, real estate (6xxx)	0.029	7	0.057	4	0.191	8	0.012	3	0.260	15	0.549	27	0.529	25	5.92%
Services (7xxx)	0.018	6	0.160	14	0.365	13	0.024	7	0.550	34	0.599	46	0.589	43	12.53%
Health services (8xxx)	0.006	2	0	0	0.027	4	0.005	1	0.032	5	0.038	7	0.038	7	0.73%
Non-operating (9995)	0.018	6	0.060	12	0.031	6	0.010	4	0.101	22	0.173	34	0.128	31	2.30%
Total	1.861	368	1.806	266	1.803	263	0.783	127	4.391	656	7.263	1157	6.849	1087	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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