The Blakes Canadian Public M&A Deal Study focuses on some recurring and emerging issues in the structuring and negotiation of target-supported public company acquisitions in Canada. The topics covered in the Study range from overall transaction structure and timing, such as the strategic review process and alternatives for dealing with management and significant shareholders, to specific contractual provisions, such as material adverse effect clauses and non-solicitation provisions.

Blakes prepared this Study based on a review of the 50 largest Canadian target-supported transactions announced between June 1, 2007 and June 1, 2008. For additional information on the methodology of the Study and the transactions reviewed, see Appendices A and B.

We invite you to review the results of the Study, which we hope provide insights that are of value to you in future transactions.

About Blakes Mergers & Acquisitions Practice

Blakes has one of the largest and most experienced mergers and acquisitions practices in Canada. We have extensive involvement in domestic and international transactions, advising acquiror and target companies, private equity funds, financial institutions and leading international law firms. Matters on which we are regularly retained include public company and trust mergers and acquisitions completed by way of take-over bids, amalgamations and plans of arrangement, going private transactions, acquisitions of private enterprises, special committee mandates, take-over defences and contested shareholder meetings.

For more information on our mergers and acquisitions practice, see Appendix C.