Analysis of Canadian PIPE issuance for 12 months through July 2007

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

Proceeds

	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Less than $1 million	0.005	0.011	0.005	0.014	0.016	0.005	0.006	0.006	0.003	0.009	0.007	0.005
$1-1.99 million	0.048	0.022	0.035	0.066	0.065	0.029	0.049	0.041	0.038	0.050	0.071	0.041
$2-2.99 million	0.040	0.029	0.033	0.059	0.056	0.046	0.041	0.053	0.061	0.076	0.064	0.029
$3-4.99 million	0.047	0.037	0.069	0.152	0.088	0.078	0.084	0.082	0.076	0.108	0.065	0.081
$5-9.99 million	0.123	0.101	0.173	0.147	0.145	0.082	0.266	0.210	0.188	0.217	0.172	0.130
$10-14.99 million	0.032	0.074	0.126	0.123	0.106	0.095	0.210	0.215	0.166	0.134	0.138	0.139
$15-$49.99 million	0.198	0.206	0.247	0.419	0.236	0.532	0.505	0.538	0.344	0.480	0.615	0.268
$50 million and higher	0.325	0	0.115	0.320	0.156	0.487	0.672	0.690	0.762	0.760	0.290	0
Total	0.819	0.479	0.804	1.301	0.867	1.352	1.833	1.836	1.638	1.835	1.422	0.693
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.036	65	0.017	24	0.019	32	0.005	8	0.041	64	0.093	159	0.39%
$1-1.99 million	0.166	124	0.118	88	0.159	117	0.041	31	0.319	236	0.554	413	3.01%
$2-2.99 million	0.148	62	0.139	59	0.201	85	0.029	13	0.369	157	0.585	248	3.48%
$3-4.99 million	0.310	83	0.244	63	0.248	69	0.081	22	0.574	154	0.968	259	5.41%
$5-9.99 million	0.465	68	0.558	83	0.577	89	0.130	19	1.266	191	1.954	293	11.93%
$10-14.99 million	0.355	32	0.519	46	0.439	38	0.139	12	1.097	96	1.558	137	10.34%
$15-$49.99 million	0.902	37	1.575	62	1.440	55	0.268	13	3.283	130	4.589	184	30.95%
$50 million and higher	0.591	8	1.849	14	1.812	13	0	0	3.661	27	4.577	39	34.51%
Total	2.972	479	5.021	439	4.896	498	0.693	118	10.609	1055	14.879	1732	100.00%
Type
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
convertible notes	0.066	0.028	0.014	0.107	0.050	0.018	0.038	0.036	0.168	0.021	0.063	0.037
convertible preferreds	0	0	0	0	0	0	0	0	0	0.005	0.025	0
notes with warrants	0.011	0.002	0.004	0.030	0.005	0.003	0.005	0.086	0	0	0.026	0
stock	0.556	0.256	0.480	0.804	0.371	0.732	0.777	0.976	0.802	0.705	0.697	0.262
units of stock and warrants	0.185	0.193	0.275	0.360	0.441	0.600	1.013	0.737	0.668	1.103	0.612	0.393
warrants	0	0	0.030	0	0	0	0	0	0	0	0	0
Total	0.819	0.479	0.804	1.301	0.867	1.352	1.833	1.836	1.638	1.835	1.422	0.693
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.171	21	0.092	17	0.253	17	0.037	9	0.381	43	0.647	80	3.59%
convertible preferreds	0	0	0	0	0.030	2	0	0	0.030	2	0.030	2	0.28%
notes with warrants	0.040	4	0.094	4	0.026	2	0	0	0.120	6	0.172	13	1.13%
stock	1.655	188	2.485	143	2.204	140	0.262	38	4.951	321	7.419	580	46.67%
units of stock and warrants	1.076	263	2.350	275	2.383	337	0.393	71	5.127	683	6.580	1054	48.33%
warrants	0.030	3	0	0	0	0	0	0	0	0	0.030	3	0.00%
Total	2.972	479	5.021	439	4.896	498	0.693	118	10.609	1055	14.879	1732	100.00%
Warrants
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Yes	0.197	0.203	0.294	0.407	0.486	0.608	1.027	0.773	0.726	1.117	0.648	0.406
No	0.621	0.275	0.510	0.894	0.381	0.744	0.805	1.063	0.912	0.718	0.774	0.287
Total	0.819	0.479	0.804	1.301	0.867	1.352	1.833	1.836	1.638	1.835	1.422	0.693
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	1.188	282	2.409	290	2.491	351	0.406	76	5.305	717	6.894	1116	50.00%
No	1.784	197	2.612	149	2.405	147	0.287	42	5.304	338	7.985	616	50.00%
Total	2.972	479	5.021	439	4.896	498	0.693	118	10.609	1055	14.879	1732	100.00%
Use of Proceeds
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Acquisition	0.439	0.055	0.156	0.144	0.061	0.225	0.553	0.077	0.574	0.555	0.195	0.046
Capex	0.185	0.260	0.317	0.721	0.303	0.467	0.807	0.595	0.541	0.500	0.554	0.293
GCP	0.052	0.038	0.082	0.170	0.212	0.194	0.200	0.241	0.185	0.300	0.157	0.088
Repay debt	0.022	0.012	0.086	0.050	0.005	0	0.034	0.040	0.036	0.002	0.112	0.003
Multiple/Other/NA	0.121	0.114	0.163	0.216	0.287	0.466	0.238	0.882	0.302	0.478	0.404	0.263
Total	0.819	0.479	0.804	1.301	0.867	1.352	1.833	1.836	1.638	1.835	1.422	0.693
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.361	23	0.856	25	1.324	37	0.046	7	2.226	69	3.081	109	20.98%
Capex	1.340	249	1.869	204	1.596	232	0.293	48	3.758	484	5.543	821	35.42%
GCP	0.463	78	0.635	77	0.642	90	0.088	15	1.364	182	1.917	297	12.86%
Repay debt	0.141	5	0.074	6	0.150	5	0.003	2	0.228	13	0.403	22	2.15%
Multiple/Other/NA	0.667	124	1.586	127	1.184	134	0.263	46	3.033	307	3.935	483	28.59%
Total	2.972	479	5.021	439	4.896	498	0.693	118	10.609	1055	14.879	1732	100.00%
Industry Sector (by SIC code)
	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007
Agriculture (0xxx)	0	0	0	0	0	0.005	0	0.232	0	0	0	0.014
Mining (1xxx)	0.159	0.252	0.291	0.549	0.445	0.700	1.013	0.977	1.425	1.353	0.706	0.373
Oil and gas (13xx)	0.211	0.146	0.328	0.438	0.169	0.186	0.603	0.317	0.066	0.161	0.339	0.119
Construction (15xx)	0.003	0	0	0	0	0	0	0	0	0.001	0	0
Manufacturing (2xxx, 3xxx)	0.047	0.060	0.018	0.047	0.113	0.135	0.078	0.044	0.045	0.069	0.052	0.047
Pharmaceuticals (2834-6)	0.010	0	0.051	0.047	0.021	0.051	0.020	0.010	0.040	0.010	0.015	0.058
Transportation (4xxx)	0	0	0	0.033	0	0.001	0.002	0.040	0.008	0	0	0
Communications (48xx)	0	0.003	0.014	0.001	0.008	0.041	0	0.001	0	0.011	0.006	0.006
Electric, gas, sanitary services (49xx)	0.013	0.008	0.052	0	0.014	0	0.026	0.053	0.022	0.024	0.027	0.043
Wholesale (5xxx)	0.002	0	0	0	0.016	0.040	0.004	0.001	0.006	0.004	0.006	0
Finance, insurance, real estate (6xxx)	0.358	0	0.032	0.164	0.073	0.139	0.043	0.124	0.012	0.108	0.202	0
Services (7xxx)	0.011	0.009	0.009	0.018	0.009	0.026	0.034	0.026	0.002	0.068	0.052	0.013
Health services (8xxx)	0	0.001	0	0.002	0	0.026	0	0	0.002	0	0.007	0
Non-operating (9995)	0.006	0	0.009	0	0	0.002	0.010	0.009	0.010	0.027	0.010	0.019
Total	0.819	0.479	0.804	1.301	0.867	1.352	1.833	1.836	1.638	1.835	1.422	0.693
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.238	2	0	0	0.014	1	0.252	3	0.252	3	2.38%
Mining (1xxx)	1.286	274	2.689	250	3.483	328	0.373	65	6.545	643	8.242	1028	61.69%
Oil and gas (13xx)	0.935	126	1.106	86	0.567	63	0.119	21	1.791	170	3.083	331	16.88%
Construction (15xx)	0	0	0	0	0.001	1	0	0	0.001	1	0.004	2	0.01%
Manufacturing (2xxx, 3xxx)	0.178	24	0.258	32	0.167	28	0.047	9	0.471	69	0.756	113	4.44%
Pharmaceuticals (2834-6)	0.120	13	0.081	11	0.064	14	0.058	5	0.204	30	0.333	46	1.92%
Transportation (4xxx)	0.033	2	0.043	5	0.008	1	0	0	0.051	6	0.084	8	0.48%
Communications (48xx)	0.023	6	0.042	3	0.017	6	0.006	1	0.065	10	0.091	17	0.61%
Electric, gas, sanitary services (49xx)	0.066	5	0.080	8	0.073	9	0.043	4	0.196	21	0.284	32	1.85%
Wholesale (5xxx)	0.016	1	0.045	3	0.017	4	0	0	0.062	7	0.080	9	0.58%
Finance, insurance, real estate (6xxx)	0.269	9	0.306	9	0.322	12	0	0	0.627	21	1.254	42	5.91%
Services (7xxx)	0.036	13	0.086	19	0.122	18	0.013	6	0.222	43	0.277	61	2.09%
Health services (8xxx)	0.002	1	0.026	1	0.009	2	0	0	0.035	3	0.038	5	0.33%
Non-operating (9995)	0.009	5	0.021	10	0.046	12	0.019	6	0.086	28	0.101	35	0.81%
Total	2.972	479	5.021	439	4.896	498	0.693	118	10.609	1055	14.879	1732	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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