Analysis of Canadian PIPE issuance for 12 months through March 2007

Total year-to-date issuance: C$4.878 billion in 432 deals

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

Proceeds

	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Less than $1 million	0.016	0.006	0.009	0.007	0.005	0.011	0.005	0.014	0.016	0.005	0.005	0.005
$1-1.99 million	0.069	0.051	0.035	0.025	0.048	0.022	0.035	0.066	0.065	0.029	0.052	0.041
$2-2.99 million	0.071	0.042	0.041	0.027	0.040	0.029	0.033	0.059	0.056	0.046	0.037	0.054
$3-4.99 million	0.088	0.095	0.062	0.040	0.047	0.037	0.069	0.152	0.088	0.078	0.084	0.079
$5-9.99 million	0.197	0.158	0.095	0.064	0.123	0.101	0.173	0.147	0.145	0.082	0.257	0.192
$10-14.99 million	0.088	0.101	0.084	0.065	0.032	0.074	0.126	0.123	0.106	0.095	0.220	0.204
$15-$49.99 million	0.380	0.492	0.406	0.210	0.198	0.206	0.247	0.446	0.232	0.532	0.479	0.526
$50 million and higher	0.152	0.108	0.059	0.272	0.325	0	0.115	0.320	0.156	0.487	0.672	0.620
Total	1.062	1.054	0.790	0.710	0.819	0.479	0.804	1.327	0.863	1.352	1.805	1.721
	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	0.015	21	0.015	21	0.105	178	0.31%
$1-1.99 million	0.155	114	0.094	70	0.166	124	0.122	90	0.122	90	0.537	398	2.50%
$2-2.99 million	0.154	64	0.096	40	0.148	62	0.136	58	0.136	58	0.533	224	2.79%
$3-4.99 million	0.245	65	0.124	34	0.310	83	0.241	62	0.241	62	0.920	244	4.94%
$5-9.99 million	0.450	68	0.287	44	0.465	68	0.530	81	0.530	81	1.733	261	10.87%
$10-14.99 million	0.273	24	0.171	15	0.355	32	0.518	47	0.518	47	1.318	118	10.62%
$15-$49.99 million	1.278	52	0.614	26	0.925	38	1.537	60	1.537	60	4.353	176	31.51%
$50 million and higher	0.320	4	0.597	6	0.591	8	1.779	13	1.779	13	3.287	31	36.47%
Total	2.906	442	2.008	276	2.995	480	4.878	432	4.878	432	12.786	1630	100.00%
Type
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
convertible notes	0.022	0.029	0.034	0.038	0.066	0.028	0.014	0.133	0.050	0.018	0.038	0.037
convertible preferreds	0.002	0	0.027	0	0	0	0	0	0	0	0	0
equity line of credit	0	0.040	0	0	0	0	0	0	0	0	0	0
notes with warrants	0.007	0.033	0.003	0.003	0.011	0.002	0.004	0.030	0.005	0.002	0.005	0.086
stock	0.563	0.623	0.506	0.202	0.556	0.256	0.480	0.804	0.371	0.732	0.776	0.983
units of stock and warrants	0.467	0.329	0.220	0.469	0.185	0.193	0.275	0.360	0.437	0.600	0.986	0.615
warrants	0	0	0	0	0	0	0.030	0	0	0	0	0
Total	1.062	1.054	0.790	0.710	0.819	0.479	0.804	1.327	0.863	1.352	1.805	1.721
	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	0.092	17	0.092	17	0.508	71	1.89%
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	0.093	3	0.093	3	0.191	15	1.91%
stock	1.692	172	1.014	104	1.655	188	2.491	142	2.491	142	6.852	606	51.07%
units of stock and warrants	1.017	250	0.846	148	1.072	263	2.201	270	2.201	270	5.136	931	45.12%
warrants	0	0	0	0	0.030	3	0	0	0	0	0.030	3	0.00%
Total	2.906	442	2.008	276	2.995	480	4.878	432	4.878	432	12.786	1630	100.00%
Warrants
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Yes	0.482	0.397	0.271	0.499	0.197	0.203	0.295	0.407	0.482	0.608	1.000	0.651
No	0.580	0.657	0.520	0.212	0.621	0.275	0.510	0.920	0.381	0.744	0.805	1.069
Total	1.062	1.054	0.790	0.710	0.819	0.479	0.804	1.327	0.863	1.352	1.805	1.721
	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	1.184	282	2.259	284	2.259	284	5.492	992	46.31%
No	1.757	177	1.108	115	1.811	198	2.618	148	2.618	148	7.294	638	53.67%
Total	2.906	442	2.008	276	2.995	480	4.878	432	4.878	432	12.786	1630	100.00%
Use of Proceeds
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Acquisition	0.094	0.186	0.098	0.124	0.439	0.055	0.156	0.171	0.061	0.225	0.553	0.076
Capex	0.648	0.481	0.343	0.467	0.185	0.260	0.317	0.721	0.303	0.467	0.807	0.496
GCP	0.062	0.190	0.075	0.034	0.052	0.038	0.082	0.170	0.207	0.194	0.199	0.240
Repay debt	0.003	0.004	0.012	0.014	0.022	0.012	0.086	0.050	0.005	0	0.034	0.040
Multiple/Other/NA	0.255	0.193	0.263	0.071	0.121	0.114	0.163	0.216	0.287	0.466	0.211	0.868
Total	1.062	1.054	0.790	0.710	0.819	0.479	0.804	1.327	0.863	1.352	1.805	1.721
	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	0.855	25	0.855	25	2.237	104	17.53%
Capex	1.472	205	0.912	135	1.340	249	1.770	199	1.770	199	5.494	788	36.29%
GCP	0.327	54	0.124	44	0.459	78	0.633	77	0.633	77	1.543	253	12.98%
Repay debt	0.019	4	0.048	6	0.141	5	0.074	6	0.074	6	0.282	21	1.52%
Multiple/Other/NA	0.711	145	0.306	70	0.667	124	1.546	125	1.546	125	3.230	464	31.69%
Total	2.906	442	2.008	276	2.995	480	4.878	432	4.878	432	12.786	1630	100.00%
Industry Sector (by SIC code)
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Agriculture (0xxx)	0	0.008	0	0	0	0	0	0	0	0.005	0	0.238
Mining (1xxx)	0.712	0.404	0.266	0.228	0.159	0.252	0.291	0.549	0.445	0.700	0.987	0.875
Oil and gas (13xx)	0.214	0.448	0.325	0.412	0.211	0.146	0.328	0.465	0.169	0.186	0.602	0.306
Construction (15xx)	0	0	0.030	0	0.003	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.043	0.039	0.050	0.021	0.047	0.060	0.018	0.047	0.109	0.135	0.076	0.045
Pharmaceuticals (2834-6)	0.027	0.082	0.011	0.017	0.010	0	0.051	0.047	0.021	0.051	0.022	0.014
Transportation (4xxx)	0.001	0	0.027	0	0	0	0	0.033	0	0.001	0.002	0.040
Communications (48xx)	0	0.005	0	0	0	0.003	0.014	0.001	0.008	0.041	0	0.001
Electric, gas, sanitary services (49xx)	0.002	0.010	0.001	0	0.013	0.008	0.052	0	0.014	0	0.026	0.042
Wholesale (5xxx)	0	0	0.001	0	0.002	0	0	0	0.016	0.040	0.004	0
Finance, insurance, real estate (6xxx)	0.023	0.037	0.039	0.011	0.358	0	0.032	0.164	0.073	0.139	0.043	0.125
Services (7xxx)	0.036	0.017	0.037	0.012	0.011	0.009	0.009	0.018	0.009	0.026	0.033	0.026
Health services (8xxx)	0	0	0	0.005	0	0.001	0	0.002	0	0.026	0	0
Non-operating (9995)	0.004	0.003	0.003	0.003	0.006	0	0.009	0	0	0.002	0.010	0.009
Total	1.062	1.054	0.790	0.710	0.819	0.479	0.804	1.327	0.863	1.352	1.805	1.721
	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	0.243	2	0.243	2	0.251	3	4.98%
Mining (1xxx)	1.382	266	0.639	160	1.286	274	2.562	245	2.562	245	5.869	945	52.52%
Oil and gas (13xx)	0.987	95	0.768	53	0.961	127	1.094	85	1.094	85	3.810	360	22.43%
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	0.256	32	0.256	32	0.689	103	5.25%
Pharmaceuticals (2834-6)	0.120	8	0.027	6	0.120	13	0.087	12	0.087	12	0.354	39	1.78%
Transportation (4xxx)	0.029	3	0	0	0.033	2	0.043	5	0.043	5	0.105	10	0.88%
Communications (48xx)	0.005	1	0.003	1	0.023	6	0.042	3	0.042	3	0.074	11	0.86%
Electric, gas, sanitary services (49xx)	0.013	3	0.022	6	0.066	5	0.069	7	0.069	7	0.170	21	1.41%
Wholesale (5xxx)	0.001	1	0.002	1	0.016	1	0.044	2	0.044	2	0.063	5	0.90%
Finance, insurance, real estate (6xxx)	0.099	13	0.369	14	0.269	9	0.307	10	0.307	10	1.044	46	6.29%
Services (7xxx)	0.089	21	0.032	6	0.036	13	0.085	18	0.085	18	0.242	58	1.74%
Health services (8xxx)	0	0	0.006	3	0.002	1	0.026	1	0.026	1	0.034	5	0.53%
Non-operating (9995)	0.011	4	0.009	3	0.009	5	0.020	10	0.020	10	0.049	22	0.41%
Total	2.906	442	2.008	276	2.995	480	4.878	432	4.878	432	12.786	1630	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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