Connection pool in .net

Imports System.Data.SqlClient

Module Module1

    Sub Main()
        Dim iCount As Integer = 1
        Try
            Do
                Dim sqlConn As New  _
                SqlConnection("Data Source=localhost;trusted_Connection=yes;initial catalog = MyDatabase;max pool size =100;")
                sqlConn.Open()
                Trace.WriteLine("opening connection " & CStr(iCount))
                'sqlConn.Close()
                'Trace.WriteLine("closing connection " & CStr(iCount))
                'sqlConn.Dispose()
                'Trace.WriteLine("disposing connection " & CStr(iCount))
                iCount = iCount + 1
            Loop Until iCount > 20000
        Catch ex As Exception
            Trace.WriteLine(ex.ToString)
        End Try
    End Sub

End Module

If I run this code, this test application will open 115 database connections before it throws an exception The timeout period elapsed prior to obtaining a connection from the pool. But there are only 100 connections in the application pool. How is this possible?