Analysis of Canadian PIPE issuance for 12 months through April 2007

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

Proceeds

	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Less than $1 million	0.006	0.009	0.007	0.005	0.011	0.005	0.014	0.016	0.005	0.006	0.005	0.002
$1-1.99 million	0.051	0.035	0.025	0.048	0.022	0.035	0.066	0.065	0.029	0.049	0.042	0.037
$2-2.99 million	0.042	0.041	0.027	0.040	0.029	0.033	0.059	0.056	0.046	0.041	0.050	0.063
$3-4.99 million	0.095	0.062	0.040	0.047	0.037	0.069	0.152	0.088	0.078	0.083	0.087	0.058
$5-9.99 million	0.158	0.095	0.064	0.123	0.101	0.173	0.147	0.145	0.082	0.258	0.198	0.175
$10-14.99 million	0.101	0.084	0.065	0.032	0.074	0.126	0.123	0.106	0.095	0.220	0.204	0.166
$15-$49.99 million	0.492	0.406	0.210	0.198	0.206	0.247	0.446	0.232	0.532	0.505	0.578	0.333
$50 million and higher	0.108	0.059	0.272	0.325	0	0.115	0.320	0.156	0.487	0.672	0.615	0.772
Total	1.054	0.790	0.710	0.819	0.479	0.804	1.327	0.863	1.352	1.833	1.779	1.607
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.023	41	0.036	65	0.017	23	0.002	4	0.018	27	0.093	157	0.27%
$1-1.99 million	0.094	70	0.166	124	0.119	89	0.037	28	0.157	117	0.503	376	2.39%
$2-2.99 million	0.096	40	0.148	62	0.136	58	0.063	27	0.199	85	0.526	222	3.03%
$3-4.99 million	0.124	34	0.310	83	0.248	64	0.058	17	0.306	81	0.897	240	4.66%
$5-9.99 million	0.287	44	0.465	68	0.538	80	0.175	27	0.712	107	1.718	257	10.84%
$10-14.99 million	0.171	15	0.355	32	0.518	46	0.166	14	0.685	60	1.396	124	10.42%
$15-$49.99 million	0.614	26	0.925	38	1.615	63	0.333	16	1.948	79	4.384	179	29.65%
$50 million and higher	0.597	6	0.591	8	1.774	13	0.772	5	2.546	18	3.902	35	38.75%
Total	2.008	276	2.995	480	4.965	436	1.607	138	6.571	574	13.418	1590	100.00%
Type
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
convertible notes	0.029	0.034	0.038	0.066	0.028	0.014	0.133	0.050	0.018	0.038	0.037	0.172
convertible preferreds	0	0.027	0	0	0	0	0	0	0	0	0	0
equity line of credit	0.040	0	0	0	0	0	0	0	0	0	0	0
notes with warrants	0.033	0.003	0.003	0.011	0.002	0.004	0.030	0.005	0.003	0.005	0.086	0
stock	0.623	0.506	0.202	0.556	0.256	0.480	0.804	0.371	0.732	0.777	0.976	0.790
units of stock and warrants	0.329	0.220	0.469	0.185	0.193	0.275	0.360	0.437	0.600	1.013	0.680	0.645
warrants	0	0	0	0	0	0.030	0	0	0	0	0	0
Total	1.054	0.790	0.710	0.819	0.479	0.804	1.327	0.863	1.352	1.833	1.779	1.607
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.132	20	0.198	22	0.092	17	0.172	5	0.264	22	0.657	72	4.02%
convertible preferreds	0	0	0	0	0	0	0	0	0	0	0.027	2	0.00%
equity line of credit	0	0	0	0	0	0	0	0	0	0	0.040	1	0.00%
notes with warrants	0.016	4	0.040	4	0.094	4	0	0	0.094	4	0.184	14	1.43%
stock	1.014	104	1.655	188	2.486	143	0.790	36	3.276	179	7.074	587	49.86%
units of stock and warrants	0.846	148	1.072	263	2.293	272	0.645	97	2.938	369	5.405	911	44.71%
warrants	0	0	0.030	3	0	0	0	0	0	0	0.030	3	0.00%
Total	2.008	276	2.995	480	4.965	436	1.607	138	6.571	574	13.418	1590	100.00%
Warrants
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Yes	0.397	0.271	0.499	0.197	0.203	0.295	0.407	0.482	0.608	1.027	0.716	0.703
No	0.657	0.520	0.212	0.621	0.275	0.510	0.920	0.381	0.744	0.806	1.063	0.904
Total	1.054	0.790	0.710	0.819	0.479	0.804	1.327	0.863	1.352	1.833	1.779	1.607
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	0.900	161	1.184	282	2.352	287	0.703	101	3.055	388	5.806	973	46.49%
No	1.108	115	1.811	198	2.613	149	0.904	37	3.517	186	7.612	617	53.52%
Total	2.008	276	2.995	480	4.965	436	1.607	138	6.571	574	13.418	1590	100.00%
Use of Proceeds
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Acquisition	0.186	0.098	0.124	0.439	0.055	0.156	0.171	0.061	0.225	0.553	0.077	0.563
Capex	0.481	0.343	0.467	0.185	0.260	0.317	0.721	0.303	0.467	0.807	0.546	0.522
GCP	0.190	0.075	0.034	0.052	0.038	0.082	0.170	0.207	0.194	0.199	0.241	0.184
Repay debt	0.004	0.012	0.014	0.022	0.012	0.086	0.050	0.005	0	0.034	0.040	0.037
Multiple/Other/NA	0.193	0.263	0.071	0.121	0.114	0.163	0.216	0.287	0.466	0.239	0.874	0.301
Total	1.054	0.790	0.710	0.819	0.479	0.804	1.327	0.863	1.352	1.833	1.779	1.607
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.618	21	0.387	24	0.856	25	0.563	11	1.419	36	2.708	99	21.59%
Capex	0.912	135	1.340	249	1.820	201	0.522	57	2.342	258	5.418	762	35.64%
GCP	0.124	44	0.459	78	0.634	78	0.184	30	0.818	108	1.666	268	12.45%
Repay debt	0.048	6	0.141	5	0.074	6	0.037	2	0.112	8	0.316	22	1.70%
Multiple/Other/NA	0.306	70	0.667	124	1.580	126	0.301	38	1.881	164	3.310	439	28.63%
Total	2.008	276	2.995	480	4.965	436	1.607	138	6.571	574	13.418	1590	100.00%
Industry Sector (by SIC code)
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Agriculture (0xxx)	0.008	0	0	0	0	0	0	0	0.005	0	0.232	0
Mining (1xxx)	0.404	0.266	0.228	0.159	0.252	0.291	0.549	0.445	0.700	1.014	0.937	1.406
Oil and gas (13xx)	0.448	0.325	0.412	0.211	0.146	0.328	0.465	0.169	0.186	0.603	0.311	0.060
Construction (15xx)	0	0.030	0	0.003	0	0	0	0	0	0	0	0.001
Manufacturing (2xxx, 3xxx)	0.039	0.050	0.021	0.047	0.060	0.018	0.047	0.109	0.135	0.077	0.045	0.039
Pharmaceuticals (2834-6)	0.082	0.011	0.017	0.010	0	0.051	0.047	0.021	0.051	0.020	0.010	0.040
Transportation (4xxx)	0	0.027	0	0	0	0	0.033	0	0.001	0.002	0.040	0.008
Communications (48xx)	0.005	0	0	0	0.003	0.014	0.001	0.008	0.041	0	0.001	0
Electric, gas, sanitary services (49xx)	0.010	0.001	0	0.013	0.008	0.052	0	0.014	0	0.026	0.042	0.021
Wholesale (5xxx)	0	0.001	0	0.002	0	0	0	0.016	0.040	0.004	0.001	0.006
Finance, insurance, real estate (6xxx)	0.037	0.039	0.011	0.358	0	0.032	0.164	0.073	0.139	0.043	0.124	0.012
Services (7xxx)	0.017	0.037	0.012	0.011	0.009	0.009	0.018	0.009	0.026	0.034	0.026	0.002
Health services (8xxx)	0	0	0.005	0	0.001	0	0.002	0	0.026	0	0	0.002
Non-operating (9995)	0.003	0.003	0.003	0.006	0	0.009	0	0	0.002	0.010	0.009	0.009
Total	1.054	0.790	0.710	0.819	0.479	0.804	1.327	0.863	1.352	1.833	1.779	1.607
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.238	2	0	0	0.238	2	0.246	3	3.62%
Mining (1xxx)	0.639	160	1.286	274	2.651	248	1.406	102	4.057	350	6.652	926	61.74%
Oil and gas (13xx)	0.768	53	0.961	127	1.100	85	0.060	9	1.160	94	3.663	345	17.65%
Construction (15xx)	0.003	1	0	0	0	0	0.001	1	0.001	1	0.034	3	0.02%
Manufacturing (2xxx, 3xxx)	0.128	22	0.174	24	0.258	33	0.039	8	0.296	41	0.687	100	4.50%
Pharmaceuticals (2834-6)	0.027	6	0.120	13	0.081	11	0.040	5	0.121	16	0.361	40	1.84%
Transportation (4xxx)	0	0	0.033	2	0.043	5	0.008	1	0.051	6	0.112	10	0.78%
Communications (48xx)	0.003	1	0.023	6	0.042	3	0	0	0.042	3	0.074	11	0.64%
Electric, gas, sanitary services (49xx)	0.022	6	0.066	5	0.069	7	0.021	3	0.090	10	0.189	23	1.37%
Wholesale (5xxx)	0.002	1	0.016	1	0.045	3	0.006	1	0.051	4	0.070	7	0.78%
Finance, insurance, real estate (6xxx)	0.369	14	0.269	9	0.306	9	0.012	2	0.318	11	1.032	41	4.84%
Services (7xxx)	0.032	6	0.036	13	0.086	19	0.002	2	0.088	21	0.209	51	1.34%
Health services (8xxx)	0.006	3	0.002	1	0.026	1	0.002	1	0.028	2	0.036	6	0.43%
Non-operating (9995)	0.009	3	0.009	5	0.020	10	0.009	3	0.030	13	0.054	24	0.46%
Total	2.008	276	2.995	480	4.965	436	1.607	138	6.571	574	13.418	1590	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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