Analysis of Canadian PIPE issuance for 13 months through October 2011

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

Proceeds

	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Less than $1 million	0.009	0.015	0.018	0.005	0.004	0.005	0.007	0.007	0.005	0.010	0.003	0.002	0.006
$1-1.99 million	0.053	0.080	0.103	0.031	0.051	0.038	0.052	0.044	0.052	0.034	0.034	0.022	0.030
$2-2.99 million	0.093	0.049	0.081	0.025	0.044	0.048	0.044	0.028	0.024	0.053	0.022	0.033	0.041
$3-4.99 million	0.096	0.105	0.111	0.050	0.080	0.068	0.078	0.062	0.093	0.064	0.051	0.027	0.051
$5-9.99 million	0.158	0.237	0.160	0.124	0.238	0.156	0.134	0.135	0.106	0.107	0.046	0.044	0.128
$10-14.99 million	0.076	0.149	0.133	0.090	0.022	0.115	0.060	0.084	0.105	0.022	0.034	0.044	0.128
$15-$49.99 million	0.189	0.480	0.272	0.305	0.467	0.292	0.305	0.193	0.171	0.184	0.072	0.210	0.141
$50 million and higher	0.131	0.951	0.289	0.060	0.368	0.317	0.050	0	0.250	0.140	0.148	0.200	0.342
Total	0.806	2.066	1.167	0.689	1.274	1.039	0.729	0.554	0.804	0.614	0.409	0.581	0.867
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.041	65	0.014	23	0.019	33	0.014	23	0.006	10	0.053	89	0.095	154	0.086	141	0.70%
$1-1.99 million	0.236	175	0.121	91	0.148	109	0.090	69	0.030	24	0.389	293	0.624	468	0.571	425	5.14%
$2-2.99 million	0.223	94	0.117	50	0.096	40	0.107	45	0.041	18	0.360	153	0.583	247	0.49	208	4.76%
$3-4.99 million	0.313	85	0.198	53	0.232	65	0.141	38	0.051	14	0.623	170	0.935	255	0.839	229	8.24%
$5-9.99 million	0.555	86	0.518	78	0.375	59	0.196	32	0.128	20	1.217	189	1.772	275	1.614	251	16.10%
$10-14.99 million	0.359	31	0.226	20	0.248	22	0.100	9	0.128	12	0.703	63	1.061	94	0.985	87	9.30%
$15-$49.99 million	0.942	42	1.064	42	0.669	29	0.467	19	0.141	6	2.341	96	3.282	138	3.093	128	30.96%
$50 million and higher	1.372	12	0.745	9	0.300	3	0.488	5	0.342	4	1.875	21	3.247	33	3.116	31	24.80%
Total	4.039	590	3.002	366	2.087	360	1.605	240	0.867	108	7.561	1074	11.600	1664	10.794	1500	100.00%
Type
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
convertible notes	0.022	0.019	0.026	0.077	0.019	0.035	0.009	0.049	0.055	0.123	0.003	0.018	0.006
convertible preferreds	0.001	0	0	0	0	0	0	0.002	0	0	0	0	0.013
equity line	0.010	0	0	0.005	0.024	0.025	0.010	0	0.005	0	0	0.020	0
notes with stock	0	0.002	0.010	0	0	0	0	0	0	0	0	0	0.001
notes with warrants	0.006	0.004	0.032	0.015	0	0	0	0.004	0.003	0.017	0.050	0.001	0.010
stock	0.296	1.312	0.491	0.336	0.760	0.299	0.331	0.246	0.440	0.298	0.219	0.405	0.601
units of stock and warrants	0.405	0.664	0.608	0.245	0.471	0.680	0.379	0.253	0.301	0.176	0.138	0.137	0.236
warrants	0.065	0.065	0	0.011	0	0	0	0	0	0	0	0	0
Total	0.806	2.066	1.167	0.689	1.274	1.039	0.729	0.554	0.804	0.614	0.409	0.581	0.867
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.067	17	0.131	15	0.113	13	0.144	16	0.006	3	0.394	47	0.461	64	0.439	54	5.21%
convertible preferreds	0.001	1	0	0	0.002	1	0	0	0.013	2	0.015	3	0.016	4	0.015	3	0.20%
equity line	0.010	1	0.053	6	0.015	2	0.020	1	0	0	0.088	9	0.099	10	0.088	9	1.16%
notes with stock	0.011	2	0	0	0	0	0	0	0.001	1	0.001	1	0.013	3	0.013	3	0.01%
notes with warrants	0.042	3	0.015	1	0.007	2	0.068	4	0.010	1	0.100	8	0.142	11	0.136	10	1.32%
stock	2.099	191	1.395	115	1.017	96	0.921	69	0.601	51	3.934	331	6.033	522	5.737	472	52.03%
units of stock and warrants	1.678	372	1.396	228	0.933	246	0.451	150	0.236	50	3.017	674	4.694	1046	4.289	946	39.90%
warrants	0.130	3	0.011	1	0	0	0	0	0	0	0.011	1	0.142	4	0.077	3	0.15%
Total	4.039	590	3.002	366	2.087	360	1.605	240	0.867	108	7.561	1074	11.600	1664	10.794	1500	100.00%
Warrants
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Yes	0.415	0.747	0.641	0.302	0.446	0.731	0.383	0.320	0.333	0.206	0.178	0.117	0.270
No	0.391	1.319	0.525	0.387	0.828	0.308	0.346	0.234	0.472	0.408	0.231	0.464	0.597
Total	0.806	2.066	1.167	0.689	1.274	1.039	0.729	0.554	0.804	0.614	0.409	0.581	0.867
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.804	380	1.478	240	1.036	252	0.501	153	0.270	53	3.286	698	5.089	1078	4.674	975	43.46%
No	2.235	210	1.524	126	1.052	108	1.103	87	0.597	55	4.276	376	6.511	586	6.119	525	56.55%
Total	4.039	590	3.002	366	2.087	360	1.605	240	0.867	108	7.561	1074	11.600	1664	10.794	1500	100.00%
Use of Proceeds
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Acquisition	0	0.051	0	0.019	0	0.028	0.044	0.024	0.057	0.039	0	0	0.085
Capex	0.492	0.905	0.768	0.375	0.794	0.486	0.396	0.215	0.437	0.326	0.091	0.137	0.218
GCP	0.156	0.241	0.177	0.143	0.282	0.181	0.119	0.196	0.069	0.091	0.067	0.247	0.196
Refinance	0	0.032	0.004	0.010	0	0	0	0.033	0.011	0.095	0.051	0	0.028
Multiple/Other/NA	0.158	0.837	0.217	0.143	0.198	0.343	0.170	0.086	0.230	0.063	0.200	0.198	0.340
Total	0.806	2.066	1.167	0.689	1.274	1.039	0.729	0.554	0.804	0.614	0.409	0.581	0.867
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.051	3	0.048	5	0.124	12	0.039	2	0.085	3	0.296	22	0.347	25	0.347	25	3.91%
Capex	2.165	404	1.655	231	1.049	181	0.554	111	0.218	54	3.476	577	5.641	981	5.149	878	45.97%
GCP	0.575	88	0.606	77	0.384	56	0.405	54	0.196	28	1.591	215	2.166	303	2.01	270	21.04%
Refinance	0.036	3	0.010	1	0.044	4	0.146	4	0.028	3	0.228	12	0.264	15	0.264	15	3.02%
Multiple/Other/NA	1.211	92	0.684	52	0.487	107	0.461	69	0.340	20	1.972	248	3.183	340	3.025	312	26.08%
Total	4.039	590	3.002	366	2.087	360	1.605	240	0.867	108	7.561	1074	11.600	1664	10.794	1500	100.00%
Industry Sector (by SIC code)
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Agriculture (0xxx)	0.003	0.011	0	0.001	0	0	0.035	0	0.005	0.005	0	0	0
Mining (1xxx)	0.539	0.948	0.881	0.474	0.616	0.800	0.388	0.343	0.458	0.391	0.279	0.223	0.533
Oil and gas (13xx)	0.187	0.987	0.075	0.104	0.461	0.108	0.133	0.124	0.273	0.020	0.043	0.021	0.248
Construction (15xx)	0	0	0	0	0	0	0.002	0	0	0	0	0	0.002
Manufacturing (2xxx, 3xxx)	0.015	0.014	0.026	0.034	0.045	0.046	0.039	0.020	0.007	0.055	0.005	0.035	0.016
Pharmaceuticals (2834-6)	0.010	0.004	0.003	0	0.002	0.045	0.010	0.005	0.020	0.002	0.003	0.025	0.022
Transportation (4xxx)	0.004	0	0	0	0	0	0	0	0	0.070	0.001	0	0
Communications (48xx)	0	0.005	0.003	0	0.006	0.017	0.002	0	0	0.005	0.002	0.005	0
Electric, gas, sanitary services (49xx)	0.001	0.003	0.014	0	0.020	0.004	0.001	0.003	0.004	0.012	0	0	0
Wholesale (5xxx)	0	0	0	0	0.004	0	0.001	0	0	0.002	0.001	0.002	0.025
Finance, insurance, real estate (6xxx)	0.018	0.074	0.146	0.051	0.001	0.001	0	0.013	0	0.030	0.020	0.240	0.003
Services (7xxx)	0.026	0.017	0.017	0.026	0.086	0.003	0.026	0.036	0.024	0.009	0.010	0.022	0.012
Health services (8xxx)	0	0.002	0	0	0.022	0	0.025	0	0.003	0	0	0	0.005
Non-operating (9995)	0.002	0	0.002	0	0.012	0.015	0.068	0.011	0.010	0.013	0.046	0.009	0.001
Total	0.806	2.066	1.167	0.689	1.274	1.039	0.729	0.554	0.804	0.614	0.409	0.581	0.867
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.015	2	0.001	1	0.040	2	0.005	1	0	0	0.046	4	0.060	6	0.057	5	0.61%
Mining (1xxx)	2.368	424	1.891	247	1.189	242	0.892	158	0.533	72	4.505	719	6.873	1143	6.334	1042	59.58%
Oil and gas (13xx)	1.249	81	0.672	60	0.530	52	0.084	28	0.248	21	1.535	161	2.784	242	2.597	214	20.30%
Construction (15xx)	0	0	0	0	0.002	1	0	0	0.002	1	0.004	2	0.004	2	0.004	2	0.05%
Manufacturing (2xxx, 3xxx)	0.055	20	0.124	17	0.066	16	0.095	12	0.016	5	0.300	50	0.355	70	0.34	60	3.97%
Pharmaceuticals (2834-6)	0.018	9	0.048	6	0.035	7	0.029	3	0.022	1	0.134	17	0.152	26	0.142	20	1.77%
Transportation (4xxx)	0.004	2	0	0	0	0	0.071	2	0	0	0.071	2	0.075	4	0.071	2	0.94%
Communications (48xx)	0.008	3	0.023	3	0.002	1	0.012	4	0	0	0.037	8	0.045	11	0.045	11	0.49%
Electric, gas, sanitary services (49xx)	0.019	8	0.024	2	0.008	4	0.012	4	0	0	0.044	10	0.063	18	0.062	17	0.58%
Wholesale (5xxx)	0	0	0.004	2	0.001	1	0.004	3	0.025	2	0.034	8	0.034	8	0.034	8	0.45%
Finance, insurance, real estate (6xxx)	0.238	23	0.053	6	0.013	2	0.290	7	0.003	1	0.359	16	0.598	39	0.579	34	4.75%
Services (7xxx)	0.060	15	0.114	15	0.085	17	0.041	10	0.012	3	0.252	45	0.312	60	0.286	51	3.33%
Health services (8xxx)	0.002	1	0.022	1	0.028	2	0	0	0.005	1	0.054	4	0.056	5	0.056	5	0.71%
Non-operating (9995)	0.004	2	0.027	6	0.089	13	0.068	8	0.001	1	0.185	28	0.188	30	0.186	29	2.45%
Total	4.039	590	3.002	366	2.087	360	1.605	240	0.867	108	7.561	1074	11.600	1664	10.794	1500	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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