Analysis of Canadian PIPE issuance for year to date and 12 months through July

Total year-to-date issuance: C$7.528 billion in 1,078 deals

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

Proceeds

	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Less than $1 million	0.006	0.009	0.015	0.007	0.018	0.010	0.006	0.013	0.016	0.006	0.007	0.006
$1-1.99 million	0.049	0.060	0.039	0.064	0.092	0.071	0.066	0.089	0.069	0.051	0.036	0.028
$2-2.99 million	0.051	0.027	0.054	0.047	0.048	0.058	0.071	0.082	0.071	0.042	0.034	0.027
$3-4.99 million	0.067	0.084	0.085	0.108	0.101	0.082	0.076	0.139	0.092	0.095	0.059	0.032
$5-9.99 million	0.198	0.157	0.165	0.217	0.156	0.151	0.124	0.201	0.197	0.158	0.095	0.057
$10-14.99 million	0.167	0.108	0.090	0.121	0.116	0.138	0.054	0.215	0.088	0.101	0.084	0.053
$15-$49.99 million	0.265	0.420	0.198	0.347	0.247	0.323	0.285	0.495	0.380	0.492	0.406	0.227
$50 million and higher	0.176	0.145	0.174	0.227	0.065	0.055	0.329	0.799	0.152	0.108	0.059	0.269
Total	0.980	1.011	0.821	1.138	0.845	0.889	1.010	2.032	1.066	1.054	0.779	0.698
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.040	73	0.029	59	0.029	48	0.006	10	0.065	117	0.120	215	0.86%
$1-1.99 million	0.196	145	0.227	171	0.156	115	0.028	19	0.410	305	0.715	531	5.45%
$2-2.99 million	0.150	66	0.211	87	0.147	61	0.027	11	0.385	159	0.613	258	5.11%
$3-4.99 million	0.295	78	0.297	81	0.245	65	0.032	9	0.574	155	1.020	274	7.62%
$5-9.99 million	0.539	82	0.475	75	0.450	68	0.057	9	0.982	152	1.877	289	13.04%
$10-14.99 million	0.327	28	0.406	36	0.273	24	0.053	5	0.732	65	1.334	117	9.72%
$15-$49.99 million	0.792	33	1.103	43	1.278	52	0.227	10	2.608	105	4.085	163	34.64%
$50 million and higher	0.467	6	1.183	14	0.320	4	0.269	2	1.772	20	2.560	31	23.54%
Total	2.805	511	3.931	566	2.899	437	0.698	75	7.528	1078	12.323	1878	100.00%
Type
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
convertible notes	0.055	0.061	0.046	0.035	0.043	0.069	0.041	0.044	0.022	0.029	0.034	0.038
convertible preferreds	0.028	0	0	0	0	0.018	0	0	0.002	0	0.027	0
equity line of credit	0	0.060	0	0.010	0	0	0	0	0	0.040	0	0
notes with warrants	0.013	0.013	0.008	0	0.021	0.005	0	0.011	0.007	0.033	0.003	0
stock	0.580	0.602	0.485	0.605	0.520	0.485	0.595	1.053	0.563	0.638	0.503	0.206
units of stock and warrants	0.305	0.275	0.282	0.488	0.260	0.297	0.374	0.924	0.471	0.314	0.212	0.455
warrants	0	0	0	0	0	0.015	0	0	0	0	0	0
Total	0.980	1.011	0.821	1.138	0.845	0.889	1.010	2.032	1.066	1.054	0.779	0.698
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.124	20	0.153	38	0.085	12	0.038	4	0.276	54	0.515	92	3.67%
convertible preferreds	0	0	0.018	3	0.029	3	0	0	0.047	6	0.075	7	0.62%
equity line of credit	0.010	1	0	0	0.040	1	0	0	0.040	1	0.110	3	0.53%
notes with warrants	0.029	5	0.015	5	0.043	4	0	0	0.058	9	0.113	19	0.77%
stock	1.611	213	2.134	186	1.704	171	0.206	34	4.044	391	6.837	711	53.72%
units of stock and warrants	1.031	272	1.595	333	0.998	246	0.455	37	3.048	616	4.658	1045	40.49%
warrants	0	0	0.015	1	0	0	0	0	0.015	1	0.015	1	0.20%
Total	2.805	511	3.931	566	2.899	437	0.698	75	7.528	1078	12.323	1878	100.00%
Warrants
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Yes	0.396	0.314	0.308	0.510	0.294	0.361	0.392	0.955	0.486	0.397	0.263	0.483
No	0.583	0.697	0.514	0.628	0.551	0.528	0.618	1.077	0.580	0.657	0.517	0.216
Total	0.980	1.011	0.821	1.138	0.845	0.889	1.010	2.032	1.066	1.054	0.779	0.698
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	1.112	293	1.708	365	1.145	262	0.483	40	3.336	667	5.158	1136	44.31%
No	1.693	218	2.223	201	1.754	175	0.216	35	4.192	411	7.165	742	55.69%
Total	2.805	511	3.931	566	2.899	437	0.698	75	7.528	1078	12.323	1878	100.00%
Use of Proceeds
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Acquisition	0.072	0.100	0.099	0.169	0.059	0.128	0.184	0.382	0.094	0.186	0.098	0.122
Capex	0.370	0.431	0.351	0.516	0.283	0.319	0.637	0.888	0.652	0.481	0.336	0.459
GCP	0.197	0.241	0.125	0.098	0.146	0.160	0.045	0.143	0.062	0.190	0.074	0.040
Repay debt	0.006	0	0.073	0	0.004	0	0	0.178	0.003	0.004	0.012	0.014
Multiple/Other/NA	0.335	0.238	0.173	0.356	0.352	0.281	0.145	0.442	0.255	0.193	0.259	0.064
Total	0.980	1.011	0.821	1.138	0.845	0.889	1.010	2.032	1.066	1.054	0.779	0.698
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.327	31	0.694	48	0.377	34	0.122	4	1.192	86	1.691	133	15.83%
Capex	1.151	222	1.844	258	1.469	202	0.459	46	3.773	506	5.724	843	50.12%
GCP	0.369	90	0.348	74	0.326	54	0.040	8	0.714	136	1.521	293	9.48%
Repay debt	0.077	4	0.178	3	0.019	4	0.014	2	0.210	9	0.294	14	2.79%
Multiple/Other/NA	0.881	164	0.868	183	0.708	143	0.064	15	1.639	341	3.093	595	21.77%
Total	2.805	511	3.931	566	2.899	437	0.698	75	7.528	1078	12.323	1878	100.00%
Industry Sector (by SIC code)
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Agriculture (0xxx)	0.010	0.006	0	0	0	0	0	0	0	0.008	0	0
Mining (1xxx)	0.267	0.370	0.245	0.405	0.358	0.418	0.511	1.117	0.712	0.404	0.254	0.231
Oil and gas (13xx)	0.438	0.552	0.278	0.590	0.310	0.209	0.378	0.382	0.214	0.448	0.325	0.401
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0.030	0
Manufacturing (2xxx, 3xxx)	0.062	0.034	0.019	0.063	0.019	0.159	0.030	0.128	0.043	0.039	0.050	0.028
Pharmaceuticals (2834-6)	0.054	0.004	0.029	0.018	0.051	0.019	0.042	0.049	0.031	0.082	0.012	0.012
Transportation (4xxx)	0	0	0.037	0	0	0	0	0	0.001	0	0.027	0
Communications (48xx)	0.008	0.001	0.013	0.002	0.002	0	0	0.010	0	0.005	0	0
Electric, gas, sanitary services (49xx)	0.001	0.005	0.115	0.010	0.030	0.048	0.025	0.024	0.002	0.010	0.001	0
Wholesale (5xxx)	0.015	0	0.012	0	0.005	0	0	0.015	0	0	0.001	0
Finance, insurance, real estate (6xxx)	0.069	0.007	0.046	0.042	0.055	0.024	0.002	0.076	0.023	0.037	0.039	0.011
Services (7xxx)	0.056	0.032	0.026	0.008	0.013	0.012	0.017	0.225	0.036	0.017	0.037	0.012
Health services (8xxx)	0	0	0	0	0.002	0	0.003	0.003	0	0	0	0
Non-operating (9995)	0	0	0	0	0	0	0.003	0.003	0.004	0.003	0.003	0.003
Total	0.980	1.011	0.821	1.138	0.845	0.889	1.010	2.032	1.066	1.054	0.779	0.698
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.008	1	0	0	0.008	1	0.024	3	0.11%
Mining (1xxx)	1.007	273	2.046	349	1.370	259	0.231	49	3.647	657	5.291	1076	48.45%
Oil and gas (13xx)	1.178	155	0.969	102	0.987	95	0.401	17	2.356	214	4.524	454	31.30%
Construction (15xx)	0	0	0	0	0.030	1	0	0	0.030	1	0.030	1	0.40%
Manufacturing (2xxx, 3xxx)	0.101	20	0.317	42	0.132	25	0.028	3	0.477	70	0.674	107	6.34%
Pharmaceuticals (2834-6)	0.099	17	0.110	19	0.125	10	0.012	2	0.246	31	0.403	56	3.27%
Transportation (4xxx)	0.037	1	0	0	0.029	3	0	0	0.029	3	0.066	4	0.39%
Communications (48xx)	0.017	3	0.010	1	0.005	1	0	0	0.015	2	0.041	7	0.20%
Electric, gas, sanitary services (49xx)	0.155	11	0.097	11	0.013	3	0	0	0.111	14	0.271	30	1.47%
Wholesale (5xxx)	0.017	2	0.015	1	0.001	1	0	0	0.016	2	0.048	5	0.21%
Finance, insurance, real estate (6xxx)	0.144	13	0.101	9	0.099	13	0.011	2	0.212	24	0.432	47	2.82%
Services (7xxx)	0.047	15	0.254	26	0.089	21	0.012	1	0.356	48	0.491	76	4.73%
Health services (8xxx)	0.002	1	0.006	4	0	0	0	0	0.006	4	0.008	5	0.08%
Non-operating (9995)	0	0	0.006	2	0.010	4	0.003	1	0.019	7	0.019	7	0.25%
Total	2.805	511	3.931	566	2.899	437	0.698	75	7.528	1078	12.323	1878	100.00%

Criteria

• The tables include all Canadian dollar-denominated offerings sold as private placements.

• Stock must be listed on a Canadian or 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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