CSE Financing Report - February 2019

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CSE Financing February 2019 Prepared for the CSE by

Photo credit: kleinesonne_de via pixabay

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Fundraising Activities • 46 financings raised $97.7 million in February, an increase of 129% in amount raised over January, a decrease of 54% from February 2018.

• CSE issuers raised $140.5 million through 88 financings over first two months of

February 2019

Highlights

2019.

• RTO/Non-offering types of financing raised $13.0 million or 13% of the total amount raised in February.

• Cannabis issuers led with $52.1 million (53% of the total) through 17 financings.

• BC based issuers led with $77.0 million or 55% of the total amount while issuers with major US assets raised $65.6 million or 47% of the total amount over the first

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two months.

Listings •

12 new issuers listed on the CSE in February and also 10 issuers underwent fundamental changes or name changes.

•

As of March 13, 2019, 63 issuers were seeking CSE listing approval.

3 CSE Financing – February 2019

Average deal size going up The number of deals and amount raised in January and February 2019 trailed those in the same periods in 2018 and 2017.

Average deal size was up slightly in February from $1,017K January to $2,125K in February.

Two deals with size of $10 million or more closed in February: Plus Products ($25M), Sunniva ($15M)

4 CSE Financing – February 2019

RTO type of financing up in February 5 RTO type of financings raised $13.0 million in February, up from 2 financings for $0.5 million in January.

For the first two months of 2019, RTO type of financings captured $13.5 million, representing 10% of the total amount, behind the 51% (for $2.73 billion) reported in 2018.

5 CSE Financing – February 2019

US based issuers’ share increases in February US based issuers raised $38.4 million in first two months for 27% of the total amount, up from 15% of the total amount in January.

BC based issuers continued to led with $77.0 million or 55% of total for the first two months.

Issuers with major US operations raised $65.6 million or 47% of the total amount for the first two months, unchanging from January.

6 CSE Financing – February 2019

Cannabis life science share down slightly Cannabis life science issuers led with $52.1 million, or 53% of the total amount in February, down slightly from 64% of the total amount in January. For the first two months, Cannabis life science issuers raised $79.6 million or 57% of the total.

Diversified industry issuers, which includes investment issuers targeting cannabis, and mining issuers raised $37.0 million and $10.7 million for the first two months, accounting for 26% and 8% of the total amount respectively.

7 CSE Financing – February 2019

BC based cannabis issuers lead fundraising BC based cannabis issuers captured $54.3 Major Assets

2016

2017

2018

2019

Canada

170.8

503.1

1,017.9

35.8

USA

34.8

197.5

2,991.4

35.0

Serbia

0.0

2.5

14.0

0.0

Israel

0.0

0.0

6.7

8.8

raised $35.0 million or 44% of the total

Congo DR

0.0

0

7.1

0.0

cannabis amount for the first two months.

Colombia

0.0

0.0

12.7

0.0

Total

205.6

703.2

4,048.7

79.7

million or 68% of the total cannabis amount for first two months of 2019, or 39% of the total CSE fundraising.

Issuers with major cannabis assets in the USA

8 CSE Financing – February 2019

New listings and pending listings remain strong 12 new issuers listed on the CSE: 9 RTO/Nonoffering listings led and 1 IPO listing and 2 listings from TSX Venture Exchange.

As of March 13, 2019, 63 issuers were applying or announced intentions to seek listing, 21 of which are seeking CSE listing pending completion of IPO.

Mechanism

New Listing February

Pending Listing (as of March 13, 2019)

IPO

1

21

TSX Venture

2

15

RTO/Non-offering

9

19

OTC Cross Listing

0

8

Total

12

63

9

Other results – first two months of 2019 • Non-traditional types of fundraising, including exercises of

• Cannabis vertical issuers raised $110.2 million, representing 78% of the

warrant, option, over-allotment option, incentive warrant exercise,

total. Blockchain vertical issuers raised $1.3 million or 1% of the total.

raise $3.6 million.

• • Exempt type of financing raised $132.8 million or 94% of the total

Investors from 48 jurisdictions participated in CSE financings (see full list for details).

amount.

• • Convertible debt type of financing led with $66.2 million or 47% of

Investors from BC, Ontario, USA, Alberta, and Caymans Islands were the top five funding sources, collectively investing $94.7 million in CSE

the total amount. Common equity type related financing raised

issuers, representing 67% of the total amount.

$59.0 million or 42% of the total.

• • Non-brokered type of deals led with $86.4 million, accounting for

27 dealers/brokers, corporate finance or other firms assisted CSE issuers in fundraising (see full list for details).

62% of the total amount.

For full results of 2016-2019, please consult the attached analysis.

The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

By Month January February March April May June July August September October November December Total

2016 # Deals $ Raised (K) 21 9,404 18 7,094 27 21,176 34 13,697 36 31,064 43 44,288 33 17,974 37 54,280 49 75,922 33 24,506 41 74,879 60 116,547 432 490,831

2017 # Deals $ Raised (K) 42 70,979 56 115,488 47 79,885 30 33,437 49 98,969 57 85,820 32 23,394 59 82,214 46 37,601 73 159,138 92 204,733 120 397,491 703 1,389,147

Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

2018 # Deals $ Raised (K) 86 228,027 56 212,816 104 379,954 79 235,173 57 308,496 66 306,931 55 157,613 60 413,119 63 335,304 102 1,168,930 88 1,227,793 84 340,165 900 5,314,322

2019 # Deals $ Raised (K) 42 42,722 46 97,732

88

140,454

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

By Deal Type IPO Equity Financing (NFT) FT Financing Private Placement - RTO* Convertible Debt Financing Debt Financing Debt Settlement Total * includes non-offering financing

IPO Equity Financing (NFT) FT Financing Private Placement - RTO* Convertible Debt Financing Debt Financing Debt Settlement Total

2016 # Deals $ Raised (K) 4 2,423 327 336,250 12 2,413 0 0 35 114,741 15 14,252 39 20,752 432 490,831

2017 # Deals $ Raised (K) 10 10,634 518 993,339 15 11,066 23 93,236 63 135,513 15 119,062 59 26,297 703 1,389,147

2018 # Deals $ Raised (K) 28 209,867 567 1,806,310 15 13,750 134 2,730,729 61 254,100 23 267,473 72 32,092 900 5,314,322

2019 # Deals $ Raised (K) 3 3,962 47 59,596 5 2,420 7 13,517 13 57,544 1 170 12 3,245 88 140,454

February 2019 # Deals $ Raised (K) 1 500 27 40,398 1 610 5 13,054 7 41,658 0 0 5 1,512 46 97,732

January 2019 # Deals $ Raised (K) 2 3,462 20 19,198 4 1,810 2 463 6 15,886 1 170 7 1,733 42 42,722

2019 # Deals $ Raised (K) 3 3,962 47 59,596 5 2,420 7 13,517 13 57,544 1 170 12 3,245 88 140,454

2019 # Deals

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$ Raised (K)

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

By CSE Sector Life Sciences - non Cannabis Cannabis - Life Sciences Technology - non Blockchain BlockchainCrypto - Technology Mining CleanTech Diversified Industries Oil & Gas Real Estate Total

2016 # Deals $ Raised (K) 37 18,307 69 205,594 93 85,099 5 1,638 135 100,148 20 8,124 57 47,893 14 23,038 2 990 432 490,831

2017 # Deals $ Raised (K) 38 49,797 160 703,158 136 181,133 27 66,525 196 207,647 49 29,423 72 124,038 22 26,721 3 705 703 1,389,147

2018 # Deals $ Raised (K) 45 53,758 277 4,048,725 121 110,299 42 139,314 235 225,717 26 30,335 134 683,096 9 7,785 11 15,292 900 5,314,322

Life Sciences - non Cannabis Cannabis - Life Sciences Technology - non Blockchain BlockchainCrypto - Technology Mining CleanTech Diversified Industries Oil & Gas Real Estate Total

February 2019 # Deals $ Raised (K) 3 2,409 17 52,128 4 6,522 1 222 11 5,127 2 1,500 7 29,524 0 0 1 300 46 97,732

January 2019 # Deals $ Raised (K) 2 264 15 27,534 6 1,686 1 100 11 5,569 1 25 5 7,429 1 115 0 0 42 42,722

2019 # Deals $ Raised (K) 5 2,673 32 79,662 10 8,208 2 322 22 10,696 3 1,525 12 36,953 1 115 1 300 88 140,454

Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

2019 # Deals $ Raised (K) 5 2,673 32 79,662 10 8,208 2 322 22 10,696 3 1,525 12 36,953 1 115 1 300 88 140,454

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

By Location - HQ - Province, State, Country British Columbia Ontario Alberta Quebec Nova Scotia Manitoba New Brunswick Saskatchewan Massachusetts Illinois New York California Arizona Colorado Ohio Nevada Florida Minnesota Washington Rhode Island Texas Oregon Pennsylvania Idaho Kentucky Wyoming Israel All other foreign countries Total

2016 # Deals $ Raised (K) 261 261,051 125 183,655 4 10,537 22 22,383 0 0 8 5,889 2 345 3 3,280 0 0 0 0 0 0 5 3,017 0 0 1 415 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 259 432 490,831

2017 # Deals $ Raised (K) 463 720,507 166 578,898 15 11,492 40 50,313 1 175 11 6,359 3 2,051 0 0 0 0 0 0 0 0 0 0 0 0 1 145 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 9,207 0 0 0 0 0 0 0 0 1 10,000 703 1,389,147

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2018 # Deals $ Raised (K) 550 1,370,049 201 956,563 22 128,221 34 64,480 2 3,240 9 1,742 1 108 0 0 5 688,357 6 434,656 1 415,971 11 466,066 1 288,091 17 155,466 4 100,683 6 97,836 3 65,484 2 16,186 10 17,517 2 20,350 3 8,012 1 1,950 1 518 2 161 0 0 1 4,836 2 6,293 3 1,486 900 5,314,322

2019 # Deals $ Raised (K) 46 76,988 20 15,425 2 3,694 11 5,723 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 25,696 0 0 3 6,725 0 0 0 0 1 5,095 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 886 0 0 0 0 1 222 88 140,454

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

By Location - Major Assets - Provinces, Countries, Regions Alberta British Columbia Manitoba New Brunswick Newfoundland Northwest Territories Nova Scotia Nunavut Ontario PEI Quebec Saskatchewan Yukon USA Mexico Africa Asia Europe Middle East South America & Caribbeans Total

2016 # Deals $ Raised (K) 4 4,309 185 167,381 6 5,636 2 345 2 1,067 1 82 0 0 1 1,123 96 147,710 0 0 25 22,642 9 7,470 1 400 66 77,653 6 1,352 10 14,967 5 9,128 5 18,995 5 9,661 3 910 432 490,831

2017 # Deals $ Raised (K) 19 35,235 327 519,672 12 6,531 0 0 2 474 0 0 1 404 3 3,691 125 368,636 0 0 45 53,063 7 7,562 4 2,553 109 320,662 5 3,292 7 6,935 6 11,491 6 10,307 8 16,283 17 22,356 703 1,389,147

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2018 # Deals $ Raised (K) 23 160,489 372 865,005 11 1,611 0 0 3 3,478 6 2,420 6 3,413 1 3,227 125 749,671 0 0 47 76,781 4 2,794 4 2,117 240 3,340,090 5 3,625 9 12,906 6 4,955 8 22,063 3 6,693 27 52,984 900 5,314,322

2019 # Deals $ Raised (K) 2 1,417 30 42,817 1 610 0 0 0 0 0 0 0 0 0 0 14 11,158 0 0 11 5,968 1 426 0 0 21 65,626 1 400 0 0 1 1,265 0 0 3 8,844 3 1,923 88 140,454

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

Cannabis - Life Sciences, By Province, State, Country British Columbia Ontario Alberta Quebec Massachusetts Illinois New York Arizona California Colorado Ohio Nevada Florida Minnesota Rhode Island Washington Kentucky Wyoming Israel Total

2016 # Deals $ Raised (K) 45 97,083 24 108,511 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 69 205,594

2017 # Deals $ Raised (K) 124 329,823 34 371,107 1 2,083 0 0 0 0 0 0 0 0 0 0 0 0 1 145 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 160 703,158

2018 # Deals $ Raised (K) 153 703,643 65 626,968 2 7,257 1 2,310 4 686,687 6 434,656 1 415,971 1 288,091 8 440,716 15 153,430 4 100,683 5 67,836 2 62,363 2 16,186 2 20,350 3 10,449 0 0 1 4,836 2 6,293 277 4,048,725

2019 # Deals $ Raised (K) 18 54,318 3 7,602 2 3,694 2 646 0 0 0 0 0 0 0 0 1 696 3 6,725 0 0 0 0 1 5,095 0 0 0 0 0 0 2 886 0 0 0 0 32 79,662

Canada USA Israel Total

2016 # Deals $ Raised (K) 69 205,594 0 0 0 0 69 205,594

2017 # Deals $ Raised (K) 159 703,013 1 145 0 0 160 703,158

2018 # Deals $ Raised (K) 221 1,340,178 54 2,702,254 2 6,293 277 4,048,725

2019 # Deals $ Raised (K) 25 66,260 7 13,402 0 0 32 79,662

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

Cannabis - Life Sciences, By Major Assets - Province, State, Country British Columbia Ontario Alberta Quebec Massachusetts Illinois New York New Jersey Arizona California Colorado Ohio Nevada Florida Minnesota Rhode Island Washington Kentucky Oregon Wyoming Serbia Israel Congo DR Colombia Total

2016 # Deals $ Raised (K) 42 74,257 23 96,511 0 0 0 0 0 0 0 0 2 21,526 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1,300 0 0 1 12,000 0 0 0 0 0 0 0 0 0 0 69 205,594

2017 # Deals $ Raised (K) 107 264,669 24 227,747 2 2,363 5 8,351 0 0 0 0 3 40,308 0 0 4 76,024 0 0 2 6,051 0 0 6 12,854 0 0 0 0 0 0 3 2,510 0 0 3 59,781 0 0 1 2,500 0 0 0 0 0 0 160 703,158

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2018 # Deals $ Raised (K) 114 483,230 41 479,733 5 39,130 9 14,771 3 166,603 8 436,021 3 450,926 1 520,084 4 347,055 15 465,410 15 153,430 4 100,683 21 163,105 2 62,363 2 16,186 2 20,350 8 18,751 0 0 9 70,431 0 0 4 14,019 3 6,693 2 7,079 2 12,672 277 4,048,725

2019 # Deals $ Raised (K) 11 29,016 2 4,887 1 1,262 2 646 0 0 0 0 0 0 0 0 0 0 1 696 3 6,725 0 0 2 3,467 1 5,095 0 0 0 0 3 8,313 2 886 1 9,825 0 0 0 0 3 8,844 0 0 0 0 32 79,662

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

Cannabis - Life Sciences, By Major Assets - Province, State, Country Canada USA Serbia Israel Congo DR Colombia Total

2016 # Deals $ Raised (K) 65 170,768 4 34,826 0 0 0 0 0 0 0 0 69 205,594

2017 # Deals $ Raised (K) 138 503,130 21 197,528 1 2,500 0 0 0 0 0 0 160 703,158

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2018 # Deals $ Raised (K) 169 1,016,864 97 2,991,398 4 14,019 3 6,693 2 7,079 2 12,672 277 4,048,725

2019 # Deals $ Raised (K) 16 35,811 13 35,007 0 0 3 8,844 0 0 0 0 32 79,662

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

By Deal Classification Non-Brokered Brokered Prospectus Offering Rights Offering Total

2016 # Deals $ Raised (K) 407 340,837 20 145,760 4 2,423 1 1,811 432 490,831

2017 # Deals $ Raised (K) 651 916,332 33 428,892 15 32,188 4 11,735 703 1,389,147

2018 # Deals $ Raised (K) 787 2,095,133 62 2,447,322 50 768,996 1 2,871 900 5,314,322

2019 # Deals $ Raised (K) 76 86,436 8 49,777 3 3,962 1 279 88 140,454

2017 # Deals $ Raised (K) 36 53,662 0 0 1 8,274 21 13,012 645 1,314,199 703 1,389,147

2018 # Deals $ Raised (K) 52 62,209 2 9,762 3 5,728 30 15,530 813 5,221,093 900 5,314,322

2019 # Deals $ Raised (K) 1 3,600 0 0 0 0 0 0 87 136,854 88 140,454

2018 # Deals $ Raised (K) 624 3,570,414 138 1,170,219 138 573,689 900 5,314,322

2019 # Deals $ Raised (K) 68 120,301 15 12,543 5 7,610 88 140,454

By Warrant and Option Exercise Warrant Over Allotment* Incentive Option N/A Total

2016 # Deals $ Raised (K) 13 8,610 0 0 0 0 4 398 415 481,823 432 490,831

*does not include over-allotment exercise at the time of the closing of the financing

By Exempt Type* Exempt with breakdown Exempt with no breakdown Non Exempt Total

2016 # Deals $ Raised (K) 289 364,583 95 88,511 48 37,737 432 490,831

2017 # Deals $ Raised (K) 461 897,703 148 292,157 94 199,287 703 1,389,147

*numbers subject to change as information becomes available

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

By Security Type Common shares Common units Common units/FT shares or FT units Common units or shares/others FT shares/units Subscription Receipt Special Warrants Convertible Debt Prom. Note/Loan/Debt Total

Select Verticals 2019 # Deals $ Raised (K) 19 11,234 45 46,126 1 640

2

507

2 4 1 13 1 88

540 14,418 631 66,188 170 140,454

Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

Cannabis GoldSilver Investment

2019 # Deals $ Raised (K) 41 110,208 11 5,623 4 2,899

TechMetals

5

3,086

BlockchainCrypto Biotech CleanTech AdTech eCommerce

3 3 3 1 1

1,292 1,205 1,525 1,798 1,414

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

By To 10 Geo-Funding Sources British Columbia Ontario United States (USA) Alberta Cayman Islands Quebec New Brunswick Mexico Nova Scotia Australia

2019 # Deals* $ Invested (K) 61 31,299 50 23,821 26 22,067 29 10,525 4 6,968 22 3,575 6 2,926 2 1,315 3 985 7 888

*deal participated, not to add up

Funding Source - Provinces and Territories BC ON AB QC NB SK MB NS NL YK NT PEI

2019 # Deals* $ Invested (K) 61 31,299 50 23,821 29 10,525 22 3,575 6 2,926 4 244 2 121 3 985 1 20 2 96 0 0 3 36

Top 5 Brokers/Dealers/Finders - 2019 Underwriter/Finder # Deals $Total Deal (K)* Canaccord Genuity Corp.

15 64,775 GMP Securities L.P. 3 41,639 PI Financial Corp.

9 41,593 Haywood Securities Inc. 10 37,387 Mackie Research Capital Corporation 8 36,824 * sum of the value of all deals involved - not to be summed up. (Each of the participating dealer/finder is credited with the same deal value)

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

New Listings: February 2019* Company Name Tocvan Ventures Corp.

Dimension Five Technologies Inc. Monterey Minerals Inc. Nuinsco Resources Limited Osoyoos Cannabis Inc. Skarb Exploration Corp.

Symbol

Mechanism

CSE: TOC CSE: DFT

IPO Non-offering

CSE: MREY CSE: NWI CSE: OSO CSE: SKRB

Non-offering Non-offering Non-offering Non-offering

Tempus Capital Inc.

CSE: TEMP

Non-offering

Valeo Pharma Inc.

CSE: VPH

Non-offering

VSBLTY Groupe Technologies CSE: VSBY Corp.

MPX International CSE: MPXI Corporation Cannabis One Holdings Inc. CSE: CBIS Victory Resources Corporation CSE: VR

Other Listing

Non-offering Spinout TSX-V TSX-V

* there were also ten issuers that either underwent fundamental changes or simple name changes

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

New Issuers by Sector Category Cannabis Mining Technology* Diversified and other Total

2016 4 10 15 7 36

2017 14 30 19 3 66

2018 55 37 24 7 123

2019 10 6 4 3 23

2016 1 2 33 36

2017 10 8 48 66

2018 38 28 57 123

2019 6 3 14 23

*Technology, Life Sciences, Cleanteach

New Issuers by Listing Type Category TSX-V IPO RTO/Non-offering/Other Total

Methodology Included: exercises of warrant, option and over-allotment option, and debt settlement US $ denominated deal: converted into Canadian $ at prevailing exchange rate at time of closing Equity vs FT: classified according the largest amount raised by either FT or NFT, in case of financing involving both FT and NFT offering Updating: numbers are subject to change as the database is being continuously updated

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The Canadian Securities Exchange (CSE) Financing Activity Full List of Geo Funding Sources - 2019 British Columbia Ontario United States (USA) Alberta Cayman Islands Quebec New Brunswick Mexico Nova Scotia Australia Hong Kong Germany Portugal United Arab Emirates (UAE) Bahamas United Kingdom (UK) Barbados Austria Liechtenstein Saskatchewan Switzerland Belgium Singapore Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

2019 # Deals* 61 50 26 29 4 22 6 2 3 7 4 6 1 4 3 7 2 1 1 4 8 5 4

$ Invested (K)

31,299 23,821 22,067 10,525 6,968 3,575 2,926 1,315 985 888 603 588 500 488 447 320 300 296 250 244 244 183 159 1 of 3

The Canadian Securities Exchange (CSE) Financing Activity Full List of Geo Funding Sources - 2019 Sweden Indonesia Netherlands Virgin Islands British (BVI) Manitoba Thailand Paraguay Philippines Yukon Guernsey Dominica Ireland South Africa China Poland Israel Prince Edward Island Ghana Newfoundland and Labrador Belize Bangladesh Spain Greece Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

2019 # Deals* 1 1 3 3 2 3 3 1 2 1 1 1 1 3 1 2 3 1 1 1 1 1 1

$ Invested (K)

156 130 125 124 121 102 100 100 96 77 75 75 72 53 38 37 36 20 20 18 10 10 9 2 of 3

The Canadian Securities Exchange (CSE) Financing Activity Full List of Geo Funding Sources - 2019 Malta New Zealand

2019 # Deals* 1 1

$ Invested (K)

7 5

* sum of number of deals involved - not to be summed up Example: if one deal involves 10 jurisdications - each of the 10 jurisdications will be allocated one deal

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The Canadian Securities Exchange (CSE) Financing Activity Brokers/Dealers - 2019 Canaccord Genuity Corp.

GMP Securities L.P. PI Financial Corp.

Haywood Securities Inc. Mackie Research Capital Corporation Industrial Alliance Securities Inc. BMO Nesbitt Burns Inc. Beacon Securities Limited Echelon Wealth Partners Inc. Leede Jones Gable Inc. Raymond James Ltd. Gravitas Securities Inc. Chippingham Financial Group Limited AltaCorp Capital Inc. Eight Capital Tri View Capital Ltd. Richardson GMP Limited Foundation Markets Inc. Kingsdale Capital Markets Inc. Hampton Securities Limited 2242257 Ontario Inc. INFOR Financial Inc. Emerging Equities Inc. Foster & Associates Financial Services Inc Accilent Capital Management Inc. Red Cloud Klondike Strike Inc. Crowthorn Capital Corporation

Type Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Exempt Market Dealer Investment Dealer Exempt Market Dealer Other Investment Dealer Other Investment Dealer Other Investment Dealer Exempt Market Dealer Exempt Market Dealer Other

Underwriter/Finders # Deals 15 3 9 10 8 2 1 1 3 5 3 3 1 1 1 2 1 1 1 1 1 1 1 1 1 1 1

$ (K)*

64,775 41,639 41,593 37,387 36,824 30,095 25,000 15,042 8,360 7,644 6,787 5,568 5,200 5,095 5,095 4,775 2,000 1,920 1,798 1,724 1,597 1,597 1,262 1,107 440 426 400

* sum of the total deal value involved - not to be summed up Example - if 10 brokers/finders pariticpated in a $100 million deal, each broker/finder will be credited wth $100 million in deal value.

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