Analysis of Canadian PIPE issuance for 12 months through February 2007

Total year-to-date issuance: C$3.092 billion in 269 deals

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

Proceeds

	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Less than $1 million	0.013	0.016	0.006	0.009	0.007	0.005	0.011	0.005	0.014	0.016	0.005	0.004
$1-1.99 million	0.089	0.069	0.051	0.035	0.025	0.048	0.022	0.035	0.066	0.064	0.028	0.051
$2-2.99 million	0.082	0.071	0.042	0.041	0.027	0.040	0.029	0.033	0.059	0.056	0.044	0.035
$3-4.99 million	0.139	0.088	0.095	0.062	0.040	0.047	0.037	0.069	0.152	0.088	0.077	0.089
$5-9.99 million	0.201	0.197	0.158	0.095	0.064	0.123	0.101	0.173	0.147	0.145	0.078	0.232
$10-14.99 million	0.215	0.088	0.101	0.084	0.065	0.032	0.074	0.126	0.123	0.106	0.105	0.200
$15-$49.99 million	0.495	0.380	0.492	0.406	0.210	0.198	0.206	0.247	0.446	0.232	0.528	0.457
$50 million and higher	0.799	0.152	0.108	0.059	0.272	0.325	0	0.115	0.320	0.156	0.487	0.672
Total	2.032	1.062	1.054	0.790	0.710	0.819	0.479	0.804	1.327	0.862	1.351	1.741
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.031	51	0.023	41	0.036	65	0.009	12	0.009	12	0.112	196	0.29%
$1-1.99 million	0.155	114	0.094	70	0.165	123	0.079	59	0.079	59	0.582	432	2.55%
$2-2.99 million	0.154	64	0.096	40	0.148	62	0.079	33	0.079	33	0.559	232	2.55%
$3-4.99 million	0.245	65	0.124	34	0.310	83	0.166	43	0.166	43	0.984	263	5.37%
$5-9.99 million	0.450	68	0.287	44	0.465	68	0.310	48	0.310	48	1.714	259	10.03%
$10-14.99 million	0.273	24	0.171	15	0.355	32	0.305	27	0.305	27	1.319	117	9.86%
$15-$49.99 million	1.278	52	0.614	26	0.925	38	0.985	38	0.985	38	4.296	176	31.86%
$50 million and higher	0.320	4	0.597	6	0.591	8	1.159	9	1.159	9	3.465	37	37.48%
Total	2.906	442	2.008	276	2.994	479	3.092	269	3.092	269	13.031	1712	100.00%
Type
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
convertible notes	0.044	0.022	0.029	0.034	0.038	0.066	0.028	0.014	0.133	0.050	0.025	0.038
convertible preferreds	0	0.002	0	0.027	0	0	0	0	0	0	0	0
equity line of credit	0	0	0.040	0	0	0	0	0	0	0	0	0
notes with warrants	0.011	0.007	0.033	0.003	0.003	0.011	0.002	0.004	0.030	0.005	0	0.005
stock	1.053	0.563	0.623	0.506	0.202	0.556	0.256	0.480	0.804	0.371	0.730	0.778
units of stock and warrants	0.924	0.467	0.329	0.220	0.469	0.185	0.193	0.275	0.360	0.436	0.596	0.920
warrants	0	0	0	0	0	0	0	0.030	0	0	0	0
Total	2.032	1.062	1.054	0.790	0.710	0.819	0.479	0.804	1.327	0.862	1.351	1.741
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.085	12	0.132	20	0.198	22	0.062	13	0.062	13	0.521	81	2.01%
convertible preferreds	0.029	3	0	0	0	0	0	0	0	0	0.029	3	0.00%
equity line of credit	0.040	1	0	0	0	0	0	0	0	0	0.040	1	0.00%
notes with warrants	0.043	4	0.016	4	0.040	4	0.005	1	0.005	1	0.113	17	0.16%
stock	1.692	172	1.014	104	1.655	188	1.508	83	1.508	83	6.923	632	48.77%
units of stock and warrants	1.017	250	0.846	148	1.071	262	1.516	172	1.516	172	5.374	975	49.03%
warrants	0	0	0	0	0.030	3	0	0	0	0	0.030	3	0.00%
Total	2.906	442	2.008	276	2.994	479	3.092	269	3.092	269	13.031	1712	100.00%
Warrants
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Yes	0.955	0.482	0.397	0.271	0.499	0.197	0.203	0.295	0.407	0.481	0.601	0.929
No	1.077	0.580	0.657	0.520	0.212	0.621	0.275	0.510	0.920	0.381	0.749	0.812
Total	2.032	1.062	1.054	0.790	0.710	0.819	0.479	0.804	1.327	0.862	1.351	1.741
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	1.149	265	0.900	161	1.183	281	1.530	179	1.530	179	5.717	1039	49.48%
No	1.757	177	1.108	115	1.811	198	1.561	90	1.561	90	7.314	673	50.49%
Total	2.906	442	2.008	276	2.994	479	3.092	269	3.092	269	13.031	1712	100.00%
Use of Proceeds
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Acquisition	0.382	0.094	0.186	0.098	0.124	0.439	0.055	0.156	0.171	0.061	0.225	0.553
Capex	0.888	0.648	0.481	0.343	0.467	0.185	0.260	0.317	0.721	0.302	0.470	0.778
GCP	0.143	0.062	0.190	0.075	0.034	0.052	0.038	0.082	0.170	0.207	0.194	0.166
Repay debt	0.178	0.003	0.004	0.012	0.014	0.022	0.012	0.086	0.050	0.005	0	0.034
Multiple/Other/NA	0.442	0.255	0.193	0.263	0.071	0.121	0.114	0.163	0.216	0.287	0.462	0.210
Total	2.032	1.062	1.054	0.790	0.710	0.819	0.479	0.804	1.327	0.862	1.351	1.741
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.377	34	0.618	21	0.387	24	0.779	16	0.779	16	2.543	116	25.19%
Capex	1.472	205	0.912	135	1.339	248	1.247	130	1.247	130	5.858	830	40.33%
GCP	0.327	54	0.124	44	0.459	78	0.359	49	0.359	49	1.412	258	11.61%
Repay debt	0.019	4	0.048	6	0.141	5	0.034	4	0.034	4	0.419	22	1.10%
Multiple/Other/NA	0.711	145	0.306	70	0.667	124	0.672	70	0.672	70	2.798	486	21.73%
Total	2.906	442	2.008	276	2.994	479	3.092	269	3.092	269	13.031	1712	100.00%
Industry Sector (by SIC code)
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Agriculture (0xxx)	0	0	0.008	0	0	0	0	0	0	0	0.005	0
Mining (1xxx)	1.117	0.712	0.404	0.266	0.228	0.159	0.252	0.291	0.549	0.444	0.695	0.954
Oil and gas (13xx)	0.382	0.214	0.448	0.325	0.412	0.211	0.146	0.328	0.465	0.169	0.194	0.575
Construction (15xx)	0	0	0	0.030	0	0.003	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.128	0.043	0.039	0.050	0.021	0.047	0.060	0.018	0.047	0.109	0.131	0.074
Pharmaceuticals (2834-6)	0.049	0.027	0.082	0.011	0.017	0.010	0	0.051	0.047	0.021	0.051	0.020
Transportation (4xxx)	0	0.001	0	0.027	0	0	0	0	0.033	0	0.001	0.002
Communications (48xx)	0.010	0	0.005	0	0	0	0.003	0.014	0.001	0.008	0.041	0
Electric, gas, sanitary services (49xx)	0.024	0.002	0.010	0.001	0	0.013	0.008	0.052	0	0.014	0	0.026
Wholesale (5xxx)	0.015	0	0	0.001	0	0.002	0	0	0	0.016	0.040	0.004
Finance, insurance, real estate (6xxx)	0.076	0.023	0.037	0.039	0.011	0.358	0	0.032	0.164	0.073	0.139	0.042
Services (7xxx)	0.225	0.036	0.017	0.037	0.012	0.011	0.009	0.009	0.018	0.009	0.026	0.034
Health services (8xxx)	0.003	0	0	0	0.005	0	0.001	0	0.002	0	0.026	0
Non-operating (9995)	0.003	0.004	0.003	0.003	0.003	0.006	0	0.009	0	0	0.002	0.010
Total	2.032	1.062	1.054	0.790	0.710	0.819	0.479	0.804	1.327	0.862	1.351	1.741
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.008	1	0	0	0	0	0.005	1	0.005	1	0.013	2	0.16%
Mining (1xxx)	1.382	266	0.639	160	1.285	273	1.648	141	1.648	141	6.071	996	53.30%
Oil and gas (13xx)	0.987	95	0.768	53	0.961	127	0.769	56	0.769	56	3.867	367	24.87%
Construction (15xx)	0.030	1	0.003	1	0	0	0	0	0	0	0.033	2	0.00%
Manufacturing (2xxx, 3xxx)	0.132	25	0.128	22	0.174	24	0.204	25	0.204	25	0.766	111	6.60%
Pharmaceuticals (2834-6)	0.120	8	0.027	6	0.120	13	0.071	7	0.071	7	0.387	42	2.30%
Transportation (4xxx)	0.029	3	0	0	0.033	2	0.003	3	0.003	3	0.065	8	0.10%
Communications (48xx)	0.005	1	0.003	1	0.023	6	0.041	2	0.041	2	0.082	11	1.33%
Electric, gas, sanitary services (49xx)	0.013	3	0.022	6	0.066	5	0.026	5	0.026	5	0.152	23	0.84%
Wholesale (5xxx)	0.001	1	0.002	1	0.016	1	0.044	2	0.044	2	0.078	6	1.42%
Finance, insurance, real estate (6xxx)	0.099	13	0.369	14	0.269	9	0.181	7	0.181	7	0.994	49	5.85%
Services (7xxx)	0.089	21	0.032	6	0.036	13	0.060	12	0.060	12	0.442	68	1.94%
Health services (8xxx)	0	0	0.006	3	0.002	1	0.026	1	0.026	1	0.037	7	0.84%
Non-operating (9995)	0.011	4	0.009	3	0.009	5	0.012	7	0.012	7	0.043	20	0.39%
Total	2.906	442	2.008	276	2.994	479	3.092	269	3.092	269	13.031	1712	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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