Analysis of Canadian PIPE issuance for 2006

Total year-to-date issuance: C$11.776 billion in 1,748 deals

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

Proceeds

	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Less than $1 million	0.010	0.006	0.013	0.016	0.006	0.009	0.007	0.005	0.011	0.005	0.012	0.014
$1-1.99 million	0.071	0.066	0.089	0.069	0.051	0.035	0.025	0.048	0.022	0.035	0.063	0.060
$2-2.99 million	0.058	0.071	0.082	0.071	0.042	0.039	0.027	0.040	0.029	0.035	0.056	0.058
$3-4.99 million	0.082	0.076	0.139	0.088	0.095	0.058	0.040	0.047	0.037	0.066	0.163	0.083
$5-9.99 million	0.151	0.124	0.201	0.197	0.158	0.095	0.064	0.123	0.101	0.173	0.139	0.151
$10-14.99 million	0.138	0.054	0.215	0.088	0.101	0.084	0.065	0.032	0.074	0.126	0.135	0.107
$15-$49.99 million	0.323	0.285	0.495	0.380	0.492	0.406	0.210	0.198	0.206	0.247	0.446	0.175
$50 million and higher	0.055	0.329	0.799	0.152	0.108	0.059	0.272	0.325	0	0.115	0.320	0.150
Total	0.889	1.010	2.032	1.062	1.054	0.785	0.710	0.819	0.479	0.804	1.334	0.799
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.029	59	0.031	51	0.023	41	0.032	54	0.115	205	0.115	205	0.98%
$1-1.99 million	0.227	171	0.155	114	0.094	70	0.158	120	0.635	475	0.635	475	5.39%
$2-2.99 million	0.211	87	0.152	63	0.096	40	0.150	63	0.609	253	0.609	253	5.17%
$3-4.99 million	0.297	81	0.241	64	0.124	34	0.313	84	0.975	263	0.975	263	8.28%
$5-9.99 million	0.475	75	0.450	68	0.287	44	0.462	68	1.675	255	1.675	255	14.22%
$10-14.99 million	0.406	36	0.273	24	0.171	15	0.369	33	1.219	108	1.219	108	10.35%
$15-$49.99 million	1.103	43	1.278	52	0.614	26	0.868	36	3.864	157	3.864	157	32.81%
$50 million and higher	1.183	14	0.320	4	0.597	6	0.585	8	2.685	32	2.685	32	22.80%
Total	3.931	566	2.900	440	2.008	276	2.937	466	11.776	1748	11.776	1748	100.00%
Type
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
convertible notes	0.069	0.041	0.044	0.022	0.029	0.034	0.038	0.066	0.028	0.014	0.133	0.051
convertible preferreds	0.018	0	0	0.002	0	0.027	0	0	0	0	0	0
equity line of credit	0	0	0	0	0.040	0	0	0	0	0	0	0
notes with warrants	0.005	0	0.011	0.007	0.033	0.003	0.003	0.011	0.002	0.004	0.030	0.005
stock	0.485	0.595	1.053	0.563	0.623	0.506	0.202	0.556	0.256	0.480	0.805	0.366
units of stock and warrants	0.297	0.374	0.924	0.467	0.329	0.215	0.469	0.185	0.193	0.275	0.365	0.377
warrants	0.015	0	0	0	0	0	0	0	0	0.030	0	0
Total	0.889	1.010	2.032	1.062	1.054	0.785	0.710	0.819	0.479	0.804	1.334	0.799
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.153	38	0.085	12	0.132	20	0.199	23	0.569	93	0.569	93	4.83%
convertible preferreds	0.018	3	0.029	3	0	0	0	0	0.047	6	0.047	6	0.40%
equity line of credit	0	0	0.040	1	0	0	0	0	0.040	1	0.040	1	0.34%
notes with warrants	0.015	5	0.043	4	0.016	4	0.040	4	0.113	17	0.113	17	0.96%
stock	2.134	186	1.692	172	1.014	104	1.651	184	6.492	646	6.492	646	55.13%
units of stock and warrants	1.595	333	1.011	248	0.846	148	1.017	252	4.469	981	4.469	981	37.95%
warrants	0.015	1	0	0	0	0	0.030	3	0.045	4	0.045	4	0.38%
Total	3.931	566	2.900	440	2.008	276	2.937	466	11.776	1748	11.776	1748	100.00%
Warrants
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Yes	0.361	0.392	0.955	0.482	0.397	0.265	0.499	0.197	0.203	0.294	0.413	0.422
No	0.528	0.618	1.077	0.580	0.657	0.520	0.212	0.621	0.275	0.510	0.922	0.377
Total	0.889	1.010	2.032	1.062	1.054	0.785	0.710	0.819	0.479	0.804	1.334	0.799
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	1.708	365	1.144	263	0.900	161	1.129	271	4.881	1060	4.881	1060	41.45%
No	2.223	201	1.757	177	1.108	115	1.808	195	6.895	688	6.895	688	58.55%
Total	3.931	566	2.900	440	2.008	276	2.937	466	11.776	1748	11.776	1748	100.00%
Use of Proceeds
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Acquisition	0.128	0.184	0.382	0.094	0.186	0.098	0.124	0.439	0.055	0.156	0.171	0.061
Capex	0.319	0.637	0.888	0.648	0.481	0.339	0.467	0.185	0.260	0.317	0.723	0.289
GCP	0.160	0.045	0.143	0.062	0.190	0.073	0.034	0.052	0.038	0.081	0.168	0.179
Repay debt	0	0	0.178	0.003	0.004	0.012	0.014	0.022	0.012	0.086	0.050	0.005
Multiple/Other/NA	0.281	0.145	0.442	0.255	0.193	0.263	0.071	0.121	0.114	0.163	0.223	0.266
Total	0.889	1.010	2.032	1.062	1.054	0.785	0.710	0.819	0.479	0.804	1.334	0.799
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.694	48	0.377	34	0.618	21	0.387	24	2.076	127	2.076	127	17.63%
Capex	1.844	258	1.468	204	0.912	135	1.328	235	5.553	832	5.553	832	47.16%
GCP	0.348	74	0.325	53	0.124	44	0.428	75	1.225	246	1.225	246	10.40%
Repay debt	0.178	3	0.019	4	0.048	6	0.141	5	0.385	18	0.385	18	3.27%
Multiple/Other/NA	0.868	183	0.711	145	0.306	70	0.652	127	2.537	525	2.537	525	21.54%
Total	3.931	566	2.900	440	2.008	276	2.937	466	11.776	1748	11.776	1748	100.00%
Industry Sector (by SIC code)
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Agriculture (0xxx)	0	0	0	0	0.008	0	0	0	0	0	0	0
Mining (1xxx)	0.418	0.511	1.117	0.712	0.404	0.260	0.228	0.159	0.252	0.291	0.552	0.408
Oil and gas (13xx)	0.209	0.378	0.382	0.214	0.448	0.325	0.412	0.211	0.146	0.328	0.471	0.165
Construction (15xx)	0	0	0	0	0	0.030	0	0.003	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.159	0.030	0.128	0.043	0.039	0.050	0.021	0.047	0.060	0.017	0.047	0.087
Pharmaceuticals (2834-6)	0.019	0.042	0.049	0.027	0.082	0.011	0.017	0.010	0	0.051	0.046	0.021
Transportation (4xxx)	0	0	0	0.001	0	0.027	0	0	0	0	0.033	0
Communications (48xx)	0	0	0.010	0	0.005	0	0	0	0.003	0.014	0.001	0.009
Electric, gas, sanitary services (49xx)	0.048	0.025	0.024	0.002	0.010	0.001	0	0.013	0.008	0.052	0	0.014
Wholesale (5xxx)	0	0	0.015	0	0	0.001	0	0.002	0	0	0	0.016
Finance, insurance, real estate (6xxx)	0.024	0.002	0.076	0.023	0.037	0.039	0.011	0.358	0	0.032	0.164	0.073
Services (7xxx)	0.012	0.017	0.225	0.036	0.017	0.037	0.012	0.011	0.009	0.009	0.018	0.007
Health services (8xxx)	0	0.003	0.003	0	0	0	0.005	0	0.001	0	0.002	0
Non-operating (9995)	0	0.003	0.003	0.004	0.003	0.003	0.003	0.006	0	0.009	0	0
Total	0.889	1.010	2.032	1.062	1.054	0.785	0.710	0.819	0.479	0.804	1.334	0.799
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.008	1	0	0	0	0	0.008	1	0.008	1	0.07%
Mining (1xxx)	2.046	349	1.377	264	0.639	160	1.251	262	5.312	1035	5.312	1035	45.11%
Oil and gas (13xx)	0.969	102	0.987	95	0.768	53	0.964	126	3.687	376	3.687	376	31.31%
Construction (15xx)	0	0	0.030	1	0.003	1	0	0	0.033	2	0.033	2	0.28%
Manufacturing (2xxx, 3xxx)	0.317	42	0.132	25	0.128	22	0.151	23	0.728	112	0.728	112	6.18%
Pharmaceuticals (2834-6)	0.110	19	0.120	8	0.027	6	0.118	12	0.375	45	0.375	45	3.18%
Transportation (4xxx)	0	0	0.029	3	0	0	0.033	2	0.062	5	0.062	5	0.53%
Communications (48xx)	0.010	1	0.005	1	0.003	1	0.025	8	0.043	11	0.043	11	0.37%
Electric, gas, sanitary services (49xx)	0.097	11	0.013	3	0.022	6	0.066	5	0.198	25	0.198	25	1.68%
Wholesale (5xxx)	0.015	1	0.001	1	0.002	1	0.016	1	0.034	4	0.034	4	0.29%
Finance, insurance, real estate (6xxx)	0.101	9	0.099	13	0.369	14	0.269	9	0.839	45	0.839	45	7.12%
Services (7xxx)	0.254	26	0.089	21	0.032	6	0.033	12	0.409	65	0.409	65	3.47%
Health services (8xxx)	0.006	4	0	0	0.006	3	0.002	1	0.014	8	0.014	8	0.12%
Non-operating (9995)	0.006	2	0.011	4	0.009	3	0.009	5	0.034	14	0.034	14	0.29%
Total	3.931	566	2.900	440	2.008	276	2.937	466	11.776	1748	11.776	1748	100.00%

Criteria

* The tables include all dollar-denominated offerings sold as private placements, excluding Rule 144A deals.

* Stock must be listed on a 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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