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

Total year-to-date issuance: C$8.369 billion in 1,191 deals

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

Proceeds

	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
0	0.009	0.015	0.007	0.018	0.010	0.006	0.013	0.016	0.006	0.008	0.007	0.005
1	0.060	0.039	0.064	0.092	0.071	0.066	0.089	0.069	0.051	0.035	0.028	0.048
2	0.027	0.054	0.047	0.048	0.058	0.071	0.082	0.071	0.042	0.039	0.029	0.038
3	0.084	0.085	0.108	0.101	0.082	0.076	0.139	0.088	0.095	0.058	0.038	0.042
5	0.157	0.165	0.217	0.156	0.151	0.124	0.201	0.197	0.158	0.095	0.064	0.110
10	0.108	0.090	0.121	0.116	0.138	0.054	0.215	0.088	0.101	0.084	0.065	0.042
15	0.420	0.198	0.347	0.247	0.323	0.285	0.495	0.380	0.492	0.406	0.210	0.218
50	0.145	0.174	0.227	0.065	0.055	0.329	0.799	0.152	0.108	0.059	0.269	0.325
Total	1.011	0.821	1.138	0.845	0.889	1.010	2.032	1.062	1.054	0.784	0.709	0.829
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
0	0.040	73	0.029	59	0.030	49	0.011	20	0.070	128	0.119	217	0.84%
1	0.196	145	0.227	171	0.155	114	0.076	55	0.458	340	0.713	529	5.47%
2	0.150	66	0.211	87	0.152	63	0.067	28	0.431	178	0.607	256	5.15%
3	0.295	78	0.297	81	0.241	64	0.079	22	0.617	167	0.996	268	7.37%
5	0.539	82	0.475	75	0.450	68	0.174	27	1.099	170	1.795	278	13.13%
10	0.327	28	0.406	36	0.273	24	0.107	10	0.786	70	1.222	107	9.39%
15	0.792	33	1.103	43	1.278	52	0.429	19	2.810	114	4.022	163	33.58%
50	0.467	6	1.183	14	0.320	4	0.595	6	2.098	24	2.709	32	25.07%
Total	2.805	511	3.931	566	2.899	438	1.538	187	8.369	1191	12.184	1850	100.00%
Type
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
convertible notes	0.061	0.046	0.035	0.043	0.069	0.041	0.044	0.022	0.029	0.034	0.038	0.066
convertible preferreds	0	0	0	0	0.018	0	0	0.002	0	0.027	0	0
equity line of credit	0.060	0	0.010	0	0	0	0	0	0.040	0	0	0
notes with warrants	0.013	0.008	0	0.021	0.005	0	0.011	0.007	0.033	0.003	0.003	0.011
stock	0.602	0.485	0.605	0.520	0.485	0.595	1.053	0.563	0.638	0.506	0.201	0.568
units of stock and warrants	0.275	0.282	0.488	0.260	0.297	0.374	0.924	0.467	0.314	0.214	0.468	0.184
warrants	0	0	0	0	0.015	0	0	0	0	0	0	0
Total	1.011	0.821	1.138	0.845	0.889	1.010	2.032	1.062	1.054	0.784	0.709	0.829
	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	0.104	13	0.342	63	0.527	90	4.09%
convertible preferreds	0	0	0.018	3	0.029	3	0	0	0.047	6	0.047	6	0.56%
equity line of credit	0.010	1	0	0	0.040	1	0	0	0.040	1	0.110	3	0.48%
notes with warrants	0.029	5	0.015	5	0.043	4	0.014	3	0.072	12	0.114	20	0.86%
stock	1.611	213	2.134	186	1.707	172	0.769	76	4.611	434	6.823	704	55.10%
units of stock and warrants	1.031	272	1.595	333	0.995	246	0.651	95	3.242	674	4.548	1026	38.74%
warrants	0	0	0.015	1	0	0	0	0	0.015	1	0.015	1	0.18%
Total	2.805	511	3.931	566	2.899	438	1.538	187	8.369	1191	12.184	1850	100.00%
Warrants
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Yes	0.314	0.308	0.510	0.294	0.361	0.392	0.955	0.482	0.397	0.264	0.498	0.196
No	0.697	0.514	0.628	0.551	0.528	0.618	1.077	0.580	0.657	0.519	0.211	0.633
Total	1.011	0.821	1.138	0.845	0.889	1.010	2.032	1.062	1.054	0.784	0.709	0.829
	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	1.143	262	0.694	102	3.545	729	4.971	1109	42.36%
No	1.693	218	2.223	201	1.756	176	0.844	85	4.823	462	7.213	741	57.63%
Total	2.805	511	3.931	566	2.899	438	1.538	187	8.369	1191	12.184	1850	100.00%
Use of Proceeds
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Acquisition	0.100	0.099	0.169	0.059	0.128	0.184	0.382	0.094	0.186	0.098	0.122	0.438
Capex	0.431	0.351	0.516	0.283	0.319	0.637	0.888	0.648	0.481	0.339	0.463	0.185
GCP	0.241	0.125	0.098	0.146	0.160	0.045	0.143	0.062	0.190	0.073	0.036	0.051
Repay debt	0	0.073	0	0.004	0	0	0.178	0.003	0.004	0.012	0.014	0.022
Multiple/Other/NA	0.238	0.173	0.356	0.352	0.281	0.145	0.442	0.255	0.193	0.262	0.074	0.133
Total	1.011	0.821	1.138	0.845	0.889	1.010	2.032	1.062	1.054	0.784	0.709	0.829
	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	0.559	17	1.630	99	2.057	139	19.48%
Capex	1.151	222	1.844	258	1.468	203	0.648	88	3.960	549	5.542	837	47.32%
GCP	0.369	90	0.348	74	0.325	53	0.087	29	0.760	156	1.371	279	9.08%
Repay debt	0.077	4	0.178	3	0.019	4	0.036	5	0.232	12	0.310	16	2.77%
Multiple/Other/NA	0.881	164	0.868	183	0.710	144	0.207	48	1.786	375	2.905	579	21.34%
Total	2.805	511	3.931	566	2.899	438	1.538	187	8.369	1191	12.184	1850	100.00%
Industry Sector (by SIC code)
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Agriculture (0xxx)	0.006	0	0	0	0	0	0	0	0.008	0	0	0
Mining (1xxx)	0.370	0.245	0.405	0.358	0.418	0.511	1.117	0.712	0.404	0.259	0.228	0.171
Oil and gas (13xx)	0.552	0.278	0.590	0.310	0.209	0.378	0.382	0.214	0.448	0.325	0.409	0.209
Construction (15xx)	0	0	0	0	0	0	0	0	0	0.030	0	0.003
Manufacturing (2xxx, 3xxx)	0.034	0.019	0.063	0.019	0.159	0.030	0.128	0.043	0.039	0.050	0.023	0.046
Pharmaceuticals (2834-6)	0.004	0.029	0.018	0.051	0.019	0.042	0.049	0.027	0.082	0.011	0.017	0.010
Transportation (4xxx)	0	0.037	0	0	0	0	0	0.001	0	0.027	0	0
Communications (48xx)	0.001	0.013	0.002	0.002	0	0	0.010	0	0.005	0	0	0
Electric, gas, sanitary services (49xx)	0.005	0.115	0.010	0.030	0.048	0.025	0.024	0.002	0.010	0.001	0	0.013
Wholesale (5xxx)	0	0.012	0	0.005	0	0	0.015	0	0	0.001	0	0.002
Finance, insurance, real estate (6xxx)	0.007	0.046	0.042	0.055	0.024	0.002	0.076	0.023	0.037	0.039	0.011	0.358
Services (7xxx)	0.032	0.026	0.008	0.013	0.012	0.017	0.225	0.036	0.017	0.037	0.012	0.011
Health services (8xxx)	0	0	0	0.002	0	0.003	0.003	0	0	0	0.005	0
Non-operating (9995)	0	0	0	0	0	0.003	0.003	0.004	0.003	0.003	0.003	0.006
Total	1.011	0.821	1.138	0.845	0.889	1.010	2.032	1.062	1.054	0.784	0.709	0.829
	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	0.014	2	0.10%
Mining (1xxx)	1.007	273	2.046	349	1.375	262	0.400	101	3.821	712	5.198	1059	45.66%
Oil and gas (13xx)	1.178	155	0.969	102	0.987	95	0.619	40	2.574	237	4.304	443	30.76%
Construction (15xx)	0	0	0	0	0.030	1	0.003	1	0.033	2	0.033	2	0.39%
Manufacturing (2xxx, 3xxx)	0.101	20	0.317	42	0.132	25	0.069	14	0.518	81	0.653	109	6.19%
Pharmaceuticals (2834-6)	0.099	17	0.110	19	0.120	8	0.027	6	0.257	33	0.360	51	3.07%
Transportation (4xxx)	0.037	1	0	0	0.029	3	0	0	0.029	3	0.066	4	0.35%
Communications (48xx)	0.017	3	0.010	1	0.005	1	0	0	0.015	2	0.033	6	0.18%
Electric, gas, sanitary services (49xx)	0.155	11	0.097	11	0.013	3	0.013	2	0.124	16	0.284	30	1.48%
Wholesale (5xxx)	0.017	2	0.015	1	0.001	1	0.002	1	0.018	3	0.035	5	0.22%
Finance, insurance, real estate (6xxx)	0.144	13	0.101	9	0.099	13	0.369	14	0.569	36	0.721	52	6.80%
Services (7xxx)	0.047	15	0.254	26	0.089	21	0.023	3	0.366	50	0.445	71	4.37%
Health services (8xxx)	0.002	1	0.006	4	0	0	0.005	2	0.011	6	0.013	7	0.13%
Non-operating (9995)	0	0	0.006	2	0.011	4	0.009	3	0.025	9	0.025	9	0.30%
Total	2.805	511	3.931	566	2.899	438	1.538	187	8.369	1191	12.184	1850	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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