Analysis of Canadian PIPE issuance for 12 months through July 2008

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

Proceeds

	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Less than $1 million	0.008	0.007	0.012	0.020	0.012	0.009	0.004	0.003	0.006	0.005	0.005	0.003
$1-1.99 million	0.026	0.039	0.062	0.047	0.064	0.033	0.038	0.024	0.042	0.035	0.043	0.032
$2-2.99 million	0.026	0.036	0.062	0.086	0.071	0.020	0.055	0.033	0.024	0.036	0.053	0.021
$3-4.99 million	0.034	0.070	0.096	0.159	0.109	0.028	0.048	0.043	0.048	0.060	0.052	0.055
$5-9.99 million	0.068	0.122	0.196	0.198	0.149	0.043	0.148	0.128	0.080	0.080	0.107	0.124
$10-14.99 million	0.039	0.044	0.097	0.175	0.047	0.069	0.141	0.069	0.055	0.087	0.115	0.022
$15-$49.99 million	0.056	0.358	0.398	0.614	0.281	0.264	0.312	0.267	0.254	0.225	0.537	0.106
$50 million and higher	0.237	0.418	1.112	0.234	0.409	1.835	0.205	0.208	0.166	0.115	0.669	0.448
Total	0.495	1.095	2.035	1.532	1.142	2.299	0.951	0.775	0.674	0.643	1.581	0.812
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.044	77	0.016	26	0.015	30	0.003	6	0.034	62	0.094	161	0.44%
$1-1.99 million	0.173	123	0.096	71	0.121	89	0.032	24	0.248	184	0.487	353	3.21%
$2-2.99 million	0.219	94	0.108	47	0.113	48	0.021	9	0.242	104	0.523	225	3.13%
$3-4.99 million	0.364	100	0.119	32	0.160	43	0.055	15	0.334	90	0.802	217	4.32%
$5-9.99 million	0.543	78	0.319	47	0.266	42	0.124	19	0.709	108	1.442	215	9.17%
$10-14.99 million	0.319	27	0.278	24	0.257	23	0.022	2	0.557	49	0.958	83	7.20%
$15-$49.99 million	1.293	50	0.844	33	1.015	40	0.106	5	1.965	78	3.672	143	25.40%
$50 million and higher	1.755	16	2.247	11	0.950	10	0.448	3	3.646	24	6.056	45	47.14%
Total	4.709	565	4.026	291	2.897	325	0.812	83	7.735	699	14.034	1442	100.00%
Type
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
convertible notes	0.014	0.035	0.051	0.104	0.064	0.074	0.047	0.034	0.031	0.010	0.112	0.018
convertible preferreds	0.007	0	0.001	0	0	0	0	0	0	0.001	0	0
equity line	0	0	0	0	0.015	0	0	0	0	0	0.002	0
notes with warrants	0	0.025	0.011	0.020	0.003	0.080	0.005	0.048	0.046	0.028	0	0
stock	0.299	0.773	0.966	0.914	0.568	1.907	0.483	0.350	0.327	0.293	0.975	0.657
units of stock and warrants	0.174	0.261	1.004	0.491	0.474	0.238	0.347	0.204	0.269	0.291	0.404	0.137
warrants	0	0	0	0.003	0.018	0	0.070	0.139	0.001	0.019	0.088	0
Total	0.495	1.095	2.035	1.532	1.142	2.299	0.951	0.775	0.674	0.643	1.581	0.812
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.220	20	0.155	17	0.152	10	0.018	4	0.325	31	0.595	61	4.20%
convertible preferreds	0.001	1	0	0	0.001	1	0	0	0.001	1	0.010	3	0.01%
equity line	0.015	1	0	0	0.002	1	0	0	0.002	1	0.017	2	0.03%
notes with warrants	0.034	5	0.133	8	0.074	4	0	0	0.207	12	0.267	18	2.68%
stock	2.449	223	2.740	95	1.595	127	0.657	41	4.992	263	8.513	558	64.54%
units of stock and warrants	1.969	313	0.789	165	0.965	178	0.137	38	1.891	381	4.295	788	24.45%
warrants	0.021	2	0.209	6	0.108	4	0	0	0.317	10	0.338	12	4.10%
Total	4.709	565	4.026	291	2.897	325	0.812	83	7.735	699	14.034	1442	100.00%
Warrants
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Yes	0.187	0.360	1.106	0.546	0.704	0.318	0.445	0.419	0.322	0.349	0.408	0.147
No	0.308	0.735	0.928	0.987	0.439	1.981	0.507	0.356	0.352	0.294	1.173	0.664
Total	0.495	1.095	2.035	1.532	1.142	2.299	0.951	0.775	0.674	0.643	1.581	0.812
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	2.355	330	1.182	184	1.078	190	0.147	40	2.407	414	5.309	844	31.12%
No	2.354	235	2.844	107	1.819	135	0.664	43	5.328	285	8.725	598	68.88%
Total	4.709	565	4.026	291	2.897	325	0.812	83	7.735	699	14.034	1442	100.00%
Use of Proceeds
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Acquisition	0.118	0	0.437	0.047	0	0	0.032	0.022	0.008	0.002	0.061	0.033
Capex	0.108	0.351	0.439	0.398	0.385	0.334	0.577	0.273	0.243	0.351	0.611	0.551
GCP	0.124	0.137	0.273	0.107	0.098	1.636	0.162	0.220	0.078	0.105	0.450	0.141
Refinance	0.010	0.002	0.100	0.032	0.012	0.105	0.006	0.027	0.046	0.033	0.025	0.022
Multiple/Other/NA	0.135	0.605	0.786	0.949	0.648	0.224	0.175	0.233	0.299	0.152	0.435	0.065
Total	0.495	1.095	2.035	1.532	1.142	2.299	0.951	0.775	0.674	0.643	1.581	0.812
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.484	10	0.054	5	0.071	5	0.033	2	0.158	12	0.760	26	2.04%
Capex	1.222	278	1.184	146	1.205	187	0.551	39	2.940	372	4.621	731	38.01%
GCP	0.478	61	2.018	62	0.632	73	0.141	19	2.791	154	3.531	238	36.08%
Refinance	0.143	4	0.138	4	0.103	5	0.022	1	0.263	10	0.418	17	3.40%
Multiple/Other/NA	2.382	212	0.632	74	0.886	55	0.065	22	1.583	151	4.706	430	20.47%
Total	4.709	565	4.026	291	2.897	325	0.812	83	7.735	699	14.034	1442	100.00%
Industry Sector (by SIC code)
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Agriculture (0xxx)	0	0	0.002	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0.196	0.336	0.958	0.973	0.415	0.533	0.515	0.389	0.391	0.404	0.583	0.641
Oil and gas (13xx)	0.135	0.220	0.696	0.351	0.505	0.174	0.264	0.211	0.127	0.168	0.331	0.116
Construction (15xx)	0	0	0	0.010	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.046	0.065	0.170	0.113	0.078	0.058	0.071	0.024	0.015	0.010	0.084	0.010
Pharmaceuticals (2834-6)	0	0.010	0.017	0.014	0.035	0	0.003	0.005	0.017	0.011	0.022	0
Transportation (4xxx)	0	0	0.005	0.001	0	0.004	0.004	0.002	0.050	0.001	0.020	0
Communications (48xx)	0	0.020	0	0.006	0.002	0	0	0.010	0	0	0.005	0
Electric, gas, sanitary services (49xx)	0.102	0.004	0.031	0	0.004	0	0.007	0.080	0.058	0.018	0.073	0.002
Wholesale (5xxx)	0	0	0	0	0.010	0.001	0.004	0.036	0	0.003	0.030	0.008
Finance, insurance, real estate (6xxx)	0.004	0.350	0.093	0.015	0.042	1.516	0.020	0.012	0.009	0.023	0.413	0.017
Services (7xxx)	0.006	0.077	0.043	0.046	0.050	0.002	0.060	0.005	0.006	0	0.005	0.007
Health services (8xxx)	0.001	0.002	0	0.002	0	0.011	0.003	0.001	0	0.004	0.015	0
Non-operating (9995)	0.005	0.010	0.019	0.002	0	0	0	0	0	0	0	0.011
Total	0.495	1.095	2.035	1.532	1.142	2.299	0.951	0.775	0.674	0.643	1.581	0.812
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.002	1	0	0	0	0	0	0	0	0	0.002	1	0.00%
Mining (1xxx)	2.347	363	1.437	165	1.378	185	0.641	54	3.456	404	6.335	871	44.68%
Oil and gas (13xx)	1.553	115	0.649	52	0.627	68	0.116	15	1.391	135	3.300	281	17.98%
Construction (15xx)	0.010	1	0	0	0	0	0	0	0	0	0.010	1	0.00%
Manufacturing (2xxx, 3xxx)	0.361	28	0.154	20	0.109	15	0.010	2	0.273	37	0.744	80	3.53%
Pharmaceuticals (2834-6)	0.066	9	0.008	3	0.050	7	0	0	0.058	10	0.134	21	0.75%
Transportation (4xxx)	0.006	3	0.010	3	0.071	4	0	0	0.082	7	0.088	10	1.06%
Communications (48xx)	0.008	4	0.010	3	0.005	2	0	0	0.015	5	0.042	10	0.19%
Electric, gas, sanitary services (49xx)	0.035	5	0.087	6	0.148	10	0.002	1	0.237	17	0.378	26	3.06%
Wholesale (5xxx)	0.010	1	0.042	5	0.033	5	0.008	1	0.083	11	0.093	12	1.07%
Finance, insurance, real estate (6xxx)	0.150	12	1.549	17	0.445	19	0.017	4	2.011	40	2.515	55	26.00%
Services (7xxx)	0.138	18	0.067	12	0.012	8	0.007	2	0.085	22	0.307	48	1.10%
Health services (8xxx)	0.002	1	0.015	5	0.019	2	0	0	0.033	7	0.037	10	0.43%
Non-operating (9995)	0.021	4	0	0	0	0	0.011	4	0.011	4	0.048	16	0.14%
Total	4.709	565	4.026	291	2.897	325	0.812	83	7.735	699	14.034	1442	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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