Analysis of Canadian PIPE issuance for 12 months through November 2007

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

Proceeds

	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Less than $1 million	0.016	0.005	0.006	0.006	0.003	0.009	0.009	0.004	0.008	0.007	0.013	0.017
$1-1.99 million	0.065	0.029	0.049	0.041	0.038	0.052	0.069	0.036	0.024	0.038	0.063	0.048
$2-2.99 million	0.056	0.046	0.046	0.053	0.061	0.076	0.067	0.045	0.026	0.036	0.053	0.080
$3-4.99 million	0.088	0.078	0.080	0.082	0.076	0.111	0.062	0.089	0.030	0.070	0.096	0.148
$5-9.99 million	0.145	0.082	0.254	0.210	0.188	0.210	0.161	0.164	0.068	0.122	0.184	0.184
$10-14.99 million	0.106	0.095	0.210	0.215	0.166	0.134	0.148	0.149	0.039	0.044	0.083	0.147
$15-$49.99 million	0.236	0.532	0.505	0.538	0.344	0.480	0.617	0.272	0.056	0.358	0.428	0.649
$50 million and higher	0.156	0.487	0.672	0.690	0.762	0.760	0.290	0	0.237	0.348	1.112	0.234
Total	0.867	1.352	1.820	1.836	1.638	1.833	1.422	0.760	0.489	1.024	2.031	1.508
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.017	24	0.021	35	0.019	28	0.030	50	0.088	137	0.104	168	0.56%
$1-1.99 million	0.118	88	0.159	117	0.099	72	0.110	78	0.487	355	0.552	404	3.10%
$2-2.99 million	0.144	61	0.203	86	0.108	46	0.133	56	0.588	249	0.644	272	3.74%
$3-4.99 million	0.240	62	0.249	69	0.189	50	0.244	67	0.922	248	1.010	273	5.87%
$5-9.99 million	0.546	81	0.559	86	0.354	52	0.368	54	1.827	273	1.972	295	11.63%
$10-14.99 million	0.519	46	0.449	39	0.232	19	0.230	20	1.430	124	1.536	133	9.10%
$15-$49.99 million	1.575	62	1.441	55	0.686	28	1.077	42	4.779	187	5.015	196	30.41%
$50 million and higher	1.849	14	1.812	13	0.586	4	1.346	12	5.593	43	5.749	45	35.59%
Total	5.009	438	4.893	500	2.273	299	3.539	379	15.714	1616	16.581	1786	100.00%
Type
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
convertible notes	0.050	0.018	0.038	0.036	0.168	0.023	0.063	0.037	0.010	0.035	0.049	0.104
convertible preferreds	0	0	0	0	0	0.005	0.025	0	0.007	0	0.001	0
notes with warrants	0.005	0.003	0.005	0.086	0	0	0.026	0	0	0.025	0	0.020
stock	0.371	0.732	0.772	0.976	0.802	0.707	0.700	0.287	0.299	0.703	0.958	0.906
units of stock and warrants	0.441	0.600	1.006	0.737	0.668	1.098	0.609	0.436	0.172	0.260	1.023	0.474
warrants	0	0	0	0	0	0	0	0	0	0	0	0.003
Total	0.867	1.352	1.820	1.836	1.638	1.833	1.422	0.760	0.489	1.024	2.031	1.508
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.092	17	0.255	18	0.082	17	0.153	14	0.582	66	0.632	72	3.70%
convertible preferreds	0	0	0.030	2	0.007	1	0.001	1	0.039	4	0.039	4	0.25%
notes with warrants	0.094	4	0.026	2	0.025	1	0.020	2	0.165	9	0.170	10	1.05%
stock	2.480	143	2.208	141	1.290	112	1.864	148	7.842	544	8.213	599	49.90%
units of stock and warrants	2.343	274	2.374	337	0.869	168	1.497	213	7.083	992	7.524	1100	45.07%
warrants	0	0	0	0	0	0	0.003	1	0.003	1	0.003	1	0.02%
Total	5.009	438	4.893	500	2.273	299	3.539	379	15.714	1616	16.581	1786	100.00%
Warrants
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Yes	0.486	0.608	1.020	0.773	0.726	1.111	0.645	0.469	0.185	0.289	1.114	0.529
No	0.381	0.744	0.800	1.063	0.912	0.722	0.777	0.291	0.304	0.735	0.917	0.979
Total	0.867	1.352	1.820	1.836	1.638	1.833	1.422	0.760	0.489	1.024	2.031	1.508
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	2.402	289	2.482	351	0.943	180	1.642	223	7.469	1043	7.955	1158	47.53%
No	2.607	149	2.411	149	1.331	119	1.896	156	8.245	573	8.626	628	52.47%
Total	5.009	438	4.893	500	2.273	299	3.539	379	15.714	1616	16.581	1786	100.00%
Use of Proceeds
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Acquisition	0.061	0.225	0.546	0.077	0.574	0.555	0.200	0.056	0.118	0	0.435	0.067
Capex	0.303	0.467	0.805	0.595	0.541	0.500	0.550	0.277	0.106	0.352	0.447	0.341
GCP	0.212	0.194	0.197	0.241	0.185	0.301	0.156	0.087	0.120	0.067	0.274	0.104
Repay debt	0.005	0	0.034	0.040	0.036	0.002	0.112	0.028	0.010	0.002	0.100	0.032
Multiple/Other/NA	0.287	0.466	0.238	0.882	0.302	0.474	0.405	0.312	0.135	0.604	0.776	0.964
Total	0.867	1.352	1.820	1.836	1.638	1.833	1.422	0.760	0.489	1.024	2.031	1.508
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.849	24	1.328	37	0.174	13	0.502	11	2.853	85	2.914	91	18.15%
Capex	1.867	204	1.592	231	0.735	128	0.788	143	4.982	706	5.285	798	31.70%
GCP	0.632	77	0.642	89	0.274	35	0.378	47	1.926	248	2.137	275	12.25%
Repay debt	0.074	6	0.150	5	0.039	5	0.132	2	0.395	18	0.400	20	2.51%
Multiple/Other/NA	1.587	127	1.181	138	1.051	118	1.739	176	5.558	559	5.845	602	35.37%
Total	5.009	438	4.893	500	2.273	299	3.539	379	15.714	1616	16.581	1786	100.00%
Industry Sector (by SIC code)
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Agriculture (0xxx)	0	0.005	0	0.232	0	0	0	0.014	0	0	0.002	0
Mining (1xxx)	0.445	0.700	1.003	0.977	1.425	1.353	0.704	0.436	0.194	0.336	0.970	0.963
Oil and gas (13xx)	0.169	0.186	0.600	0.317	0.066	0.159	0.341	0.100	0.131	0.220	0.681	0.341
Construction (15xx)	0	0	0	0	0	0.001	0	0	0	0	0	0.010
Manufacturing (2xxx, 3xxx)	0.113	0.135	0.078	0.044	0.045	0.070	0.052	0.047	0.046	0.065	0.170	0.111
Pharmaceuticals (2834-6)	0.021	0.051	0.020	0.010	0.040	0.010	0.015	0.058	0	0.010	0.017	0.012
Transportation (4xxx)	0	0.001	0.002	0.040	0.008	0	0	0	0	0	0.005	0.001
Communications (48xx)	0.008	0.041	0	0.001	0	0.011	0.006	0.006	0	0.020	0	0.006
Electric, gas, sanitary services (49xx)	0.014	0	0.026	0.053	0.022	0.024	0.027	0.041	0.102	0.004	0.031	0
Wholesale (5xxx)	0.016	0.040	0.004	0.001	0.006	0.004	0.005	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.073	0.139	0.043	0.124	0.012	0.108	0.203	0.026	0.004	0.350	0.093	0.014
Services (7xxx)	0.009	0.026	0.034	0.026	0.002	0.066	0.052	0.013	0.006	0.006	0.043	0.045
Health services (8xxx)	0	0.026	0	0	0.002	0	0.007	0	0.001	0.002	0	0.002
Non-operating (9995)	0	0.002	0.010	0.009	0.010	0.027	0.010	0.017	0.005	0.010	0.019	0.004
Total	0.867	1.352	1.820	1.836	1.638	1.833	1.422	0.760	0.489	1.024	2.031	1.508
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.238	2	0	0	0.014	1	0.002	1	0.254	4	0.254	4	1.62%
Mining (1xxx)	2.680	249	3.482	328	0.966	174	1.932	249	9.061	1000	9.506	1097	57.66%
Oil and gas (13xx)	1.103	86	0.566	67	0.451	53	1.022	71	3.142	277	3.311	325	19.99%
Construction (15xx)	0	0	0.001	1	0	0	0.010	1	0.011	2	0.011	2	0.07%
Manufacturing (2xxx, 3xxx)	0.258	32	0.168	28	0.158	23	0.280	16	0.863	99	0.976	106	5.49%
Pharmaceuticals (2834-6)	0.081	11	0.064	14	0.068	7	0.030	5	0.243	37	0.264	41	1.55%
Transportation (4xxx)	0.043	5	0.008	1	0	0	0.006	3	0.057	9	0.057	9	0.36%
Communications (48xx)	0.042	3	0.017	6	0.026	2	0.006	3	0.091	14	0.098	16	0.58%
Electric, gas, sanitary services (49xx)	0.080	8	0.073	9	0.148	7	0.031	3	0.331	27	0.346	30	2.11%
Wholesale (5xxx)	0.045	3	0.016	3	0	0	0	0	0.061	6	0.077	7	0.39%
Finance, insurance, real estate (6xxx)	0.306	9	0.323	12	0.381	4	0.107	7	1.116	32	1.190	35	7.10%
Services (7xxx)	0.086	19	0.120	17	0.026	12	0.087	14	0.320	62	0.329	67	2.04%
Health services (8xxx)	0.026	1	0.009	2	0.003	2	0.002	1	0.039	6	0.039	6	0.25%
Non-operating (9995)	0.021	10	0.046	12	0.033	14	0.024	5	0.123	41	0.123	41	0.78%
Total	5.009	438	4.893	500	2.273	299	3.539	379	15.714	1616	16.581	1786	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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