Analysis of Canadian PIPE issuance for 12 months through May 2007

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

Proceeds

	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Less than $1 million	0.009	0.007	0.005	0.011	0.005	0.014	0.016	0.005	0.006	0.005	0.002	0.008
$1-1.99 million	0.035	0.025	0.048	0.022	0.035	0.066	0.065	0.029	0.049	0.042	0.038	0.047
$2-2.99 million	0.041	0.027	0.040	0.029	0.033	0.059	0.056	0.046	0.041	0.050	0.061	0.067
$3-4.99 million	0.062	0.040	0.047	0.037	0.069	0.152	0.088	0.078	0.084	0.082	0.077	0.117
$5-9.99 million	0.095	0.064	0.123	0.101	0.173	0.147	0.145	0.082	0.266	0.210	0.187	0.204
$10-14.99 million	0.084	0.065	0.032	0.074	0.126	0.123	0.106	0.095	0.210	0.204	0.166	0.118
$15-$49.99 million	0.406	0.210	0.198	0.206	0.247	0.446	0.232	0.532	0.505	0.578	0.344	0.470
$50 million and higher	0.059	0.272	0.325	0	0.115	0.320	0.156	0.487	0.672	0.615	0.746	0.645
Total	0.790	0.710	0.819	0.479	0.804	1.327	0.863	1.352	1.833	1.786	1.622	1.676
	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	0.016	22	0.010	16	0.026	38	0.095	159	0.31%
$1-1.99 million	0.094	70	0.166	124	0.119	89	0.085	63	0.204	152	0.499	372	2.47%
$2-2.99 million	0.096	40	0.148	62	0.136	58	0.127	55	0.264	113	0.548	232	3.19%
$3-4.99 million	0.124	34	0.310	83	0.244	63	0.194	54	0.438	117	0.934	251	5.30%
$5-9.99 million	0.287	44	0.465	68	0.558	83	0.391	60	0.949	143	1.796	270	11.48%
$10-14.99 million	0.171	15	0.355	32	0.508	45	0.284	25	0.793	70	1.403	125	9.59%
$15-$49.99 million	0.614	26	0.925	38	1.615	63	0.814	33	2.430	96	4.374	178	29.39%
$50 million and higher	0.597	6	0.591	8	1.774	13	1.392	9	3.165	22	4.413	37	38.28%
Total	2.008	276	2.995	480	4.972	436	3.298	315	8.269	751	14.062	1624	100.00%
Type
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
convertible notes	0.034	0.038	0.066	0.028	0.014	0.133	0.050	0.018	0.038	0.037	0.168	0.021
convertible preferreds	0.027	0	0	0	0	0	0	0	0	0	0	0.005
notes with warrants	0.003	0.003	0.011	0.002	0.004	0.030	0.005	0.003	0.005	0.086	0	0
stock	0.506	0.202	0.556	0.256	0.480	0.804	0.371	0.732	0.777	0.976	0.804	0.610
units of stock and warrants	0.220	0.469	0.185	0.193	0.275	0.360	0.437	0.600	1.013	0.687	0.650	1.039
warrants	0	0	0	0	0.030	0	0	0	0	0	0	0
Total	0.790	0.710	0.819	0.479	0.804	1.327	0.863	1.352	1.833	1.786	1.622	1.676
	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	0.190	10	0.282	27	0.646	73	3.41%
convertible preferreds	0	0	0	0	0	0	0.005	1	0.005	1	0.032	3	0.06%
notes with warrants	0.016	4	0.040	4	0.094	4	0	0	0.094	4	0.152	13	1.14%
stock	1.014	104	1.655	188	2.485	143	1.414	90	3.899	233	7.074	577	47.15%
units of stock and warrants	0.846	148	1.072	263	2.301	272	1.689	214	3.990	486	6.128	955	48.25%
warrants	0	0	0.030	3	0	0	0	0	0	0	0.030	3	0.00%
Total	2.008	276	2.995	480	4.972	436	3.298	315	8.269	751	14.062	1624	100.00%
Warrants
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Yes	0.271	0.499	0.197	0.203	0.295	0.407	0.482	0.608	1.028	0.724	0.708	1.053
No	0.520	0.212	0.621	0.275	0.510	0.920	0.381	0.744	0.805	1.063	0.914	0.623
Total	0.790	0.710	0.819	0.479	0.804	1.327	0.863	1.352	1.833	1.786	1.622	1.676
	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	2.359	287	1.760	221	4.120	508	6.474	1013	49.82%
No	1.108	115	1.811	198	2.612	149	1.537	94	4.149	243	7.588	611	50.18%
Total	2.008	276	2.995	480	4.972	436	3.298	315	8.269	751	14.062	1624	100.00%
Use of Proceeds
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Acquisition	0.098	0.124	0.439	0.055	0.156	0.171	0.061	0.225	0.553	0.077	0.573	0.508
Capex	0.343	0.467	0.185	0.260	0.317	0.721	0.303	0.467	0.807	0.548	0.527	0.483
GCP	0.075	0.034	0.052	0.038	0.082	0.170	0.207	0.194	0.200	0.241	0.185	0.294
Repay debt	0.012	0.014	0.022	0.012	0.086	0.050	0.005	0	0.034	0.040	0.036	0.002
Multiple/Other/NA	0.263	0.071	0.121	0.114	0.163	0.216	0.287	0.466	0.238	0.880	0.301	0.390
Total	0.790	0.710	0.819	0.479	0.804	1.327	0.863	1.352	1.833	1.786	1.622	1.676
	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	1.081	23	1.937	48	3.040	102	23.42%
Capex	0.912	135	1.340	249	1.822	201	1.009	147	2.831	348	5.426	787	34.24%
GCP	0.124	44	0.459	78	0.635	77	0.479	58	1.114	135	1.771	272	13.47%
Repay debt	0.048	6	0.141	5	0.074	6	0.038	3	0.113	9	0.314	22	1.37%
Multiple/Other/NA	0.306	70	0.667	124	1.585	127	0.691	84	2.275	211	3.511	441	27.51%
Total	2.008	276	2.995	480	4.972	436	3.298	315	8.269	751	14.062	1624	100.00%
Industry Sector (by SIC code)
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Agriculture (0xxx)	0	0	0	0	0	0	0	0.005	0	0.232	0	0
Mining (1xxx)	0.266	0.228	0.159	0.252	0.291	0.549	0.445	0.700	1.013	0.939	1.408	1.218
Oil and gas (13xx)	0.325	0.412	0.211	0.146	0.328	0.465	0.169	0.186	0.603	0.317	0.068	0.152
Construction (15xx)	0.030	0	0.003	0	0	0	0	0	0	0	0	0.001
Manufacturing (2xxx, 3xxx)	0.050	0.021	0.047	0.060	0.018	0.047	0.109	0.135	0.078	0.044	0.045	0.069
Pharmaceuticals (2834-6)	0.011	0.017	0.010	0	0.051	0.047	0.021	0.051	0.020	0.010	0.040	0.009
Transportation (4xxx)	0.027	0	0	0	0	0.033	0	0.001	0.002	0.040	0.008	0
Communications (48xx)	0	0	0	0.003	0.014	0.001	0.008	0.041	0	0.001	0	0.010
Electric, gas, sanitary services (49xx)	0.001	0	0.013	0.008	0.052	0	0.014	0	0.026	0.042	0.021	0.019
Wholesale (5xxx)	0.001	0	0.002	0	0	0	0.016	0.040	0.004	0.001	0.006	0.004
Finance, insurance, real estate (6xxx)	0.039	0.011	0.358	0	0.032	0.164	0.073	0.139	0.043	0.124	0.012	0.108
Services (7xxx)	0.037	0.012	0.011	0.009	0.009	0.018	0.009	0.026	0.034	0.026	0.002	0.057
Health services (8xxx)	0	0.005	0	0.001	0	0.002	0	0.026	0	0	0.002	0
Non-operating (9995)	0.003	0.003	0.006	0	0.009	0	0	0.002	0.010	0.009	0.010	0.027
Total	0.790	0.710	0.819	0.479	0.804	1.327	0.863	1.352	1.833	1.786	1.622	1.676
	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	0.238	2	2.88%
Mining (1xxx)	0.639	160	1.286	274	2.651	248	2.626	218	5.277	466	7.469	955	63.82%
Oil and gas (13xx)	0.768	53	0.961	127	1.106	86	0.220	31	1.326	117	3.380	331	16.04%
Construction (15xx)	0.003	1	0	0	0	0	0.001	1	0.001	1	0.034	3	0.01%
Manufacturing (2xxx, 3xxx)	0.128	22	0.174	24	0.258	32	0.114	16	0.372	48	0.724	100	4.50%
Pharmaceuticals (2834-6)	0.027	6	0.120	13	0.081	11	0.049	10	0.130	21	0.288	41	1.57%
Transportation (4xxx)	0	0	0.033	2	0.043	5	0.008	1	0.051	6	0.112	10	0.62%
Communications (48xx)	0.003	1	0.023	6	0.042	3	0.010	3	0.053	6	0.079	13	0.64%
Electric, gas, sanitary services (49xx)	0.022	6	0.066	5	0.069	7	0.040	6	0.109	13	0.198	25	1.32%
Wholesale (5xxx)	0.002	1	0.016	1	0.045	3	0.011	2	0.056	5	0.075	8	0.68%
Finance, insurance, real estate (6xxx)	0.369	14	0.269	9	0.306	9	0.120	5	0.426	14	1.103	42	5.15%
Services (7xxx)	0.032	6	0.036	13	0.086	19	0.060	12	0.146	31	0.250	59	1.77%
Health services (8xxx)	0.006	3	0.002	1	0.026	1	0.002	1	0.028	2	0.036	6	0.34%
Non-operating (9995)	0.009	3	0.009	5	0.020	10	0.036	9	0.057	19	0.078	29	0.69%
Total	2.008	276	2.995	480	4.972	436	3.298	315	8.269	751	14.062	1624	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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