Analysis of Canadian PIPE issuance for 12 months through August 2007

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

Proceeds

	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Less than $1 million	0.011	0.005	0.014	0.016	0.005	0.006	0.006	0.003	0.009	0.009	0.004	0.008
$1-1.99 million	0.022	0.035	0.066	0.065	0.029	0.049	0.041	0.038	0.051	0.067	0.042	0.023
$2-2.99 million	0.029	0.033	0.059	0.056	0.046	0.043	0.053	0.061	0.072	0.067	0.040	0.027
$3-4.99 million	0.037	0.069	0.152	0.088	0.078	0.084	0.082	0.076	0.111	0.062	0.087	0.022
$5-9.99 million	0.101	0.173	0.147	0.145	0.082	0.254	0.210	0.188	0.217	0.168	0.158	0.059
$10-14.99 million	0.074	0.126	0.123	0.106	0.095	0.210	0.215	0.166	0.134	0.138	0.149	0.037
$15-$49.99 million	0.206	0.247	0.419	0.236	0.532	0.505	0.538	0.344	0.480	0.617	0.272	0.071
$50 million and higher	0	0.115	0.320	0.156	0.487	0.672	0.690	0.762	0.760	0.290	0	0.249
Total	0.479	0.804	1.301	0.867	1.352	1.823	1.836	1.638	1.835	1.418	0.753	0.496
	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	0.021	35	0.012	18	0.050	77	0.097	162	0.45%
$1-1.99 million	0.166	124	0.118	88	0.157	116	0.065	48	0.340	252	0.527	393	3.05%
$2-2.99 million	0.148	62	0.142	60	0.199	84	0.068	29	0.409	173	0.585	247	3.67%
$3-4.99 million	0.310	83	0.244	63	0.249	69	0.109	29	0.602	161	0.949	254	5.40%
$5-9.99 million	0.465	68	0.546	81	0.574	88	0.218	32	1.337	201	1.903	285	11.99%
$10-14.99 million	0.355	32	0.519	46	0.439	38	0.186	15	1.144	99	1.573	137	10.26%
$15-$49.99 million	0.902	37	1.575	62	1.441	55	0.343	17	3.359	134	4.467	179	30.12%
$50 million and higher	0.591	8	1.849	14	1.812	13	0.249	3	3.910	30	4.501	38	35.06%
Total	2.972	479	5.011	438	4.891	498	1.249	191	11.151	1127	14.602	1695	100.00%
Type
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
convertible notes	0.028	0.014	0.107	0.050	0.018	0.038	0.036	0.168	0.021	0.063	0.036	0.010
convertible preferreds	0	0	0	0	0	0	0	0	0.005	0.025	0	0.010
notes with warrants	0.002	0.004	0.030	0.005	0.003	0.005	0.086	0	0	0.026	0	0
stock	0.256	0.480	0.804	0.371	0.732	0.774	0.976	0.802	0.707	0.696	0.281	0.372
units of stock and warrants	0.193	0.275	0.360	0.441	0.600	1.006	0.737	0.668	1.102	0.607	0.436	0.103
warrants	0	0.030	0	0	0	0	0	0	0	0	0	0
Total	0.479	0.804	1.301	0.867	1.352	1.823	1.836	1.638	1.835	1.418	0.753	0.496
	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	0.046	11	0.391	45	0.590	73	3.51%
convertible preferreds	0	0	0	0	0.030	2	0.010	1	0.040	3	0.040	3	0.36%
notes with warrants	0.040	4	0.094	4	0.026	2	0	0	0.120	6	0.161	11	1.08%
stock	1.655	188	2.482	143	2.205	141	0.654	70	5.341	354	7.252	571	47.90%
units of stock and warrants	1.076	263	2.343	274	2.378	336	0.539	109	5.259	719	6.528	1034	47.16%
warrants	0.030	3	0	0	0	0	0	0	0	0	0.030	3	0.00%
Total	2.972	479	5.011	438	4.891	498	1.249	191	11.151	1127	14.602	1695	100.00%
Warrants
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Yes	0.203	0.294	0.407	0.486	0.608	1.020	0.773	0.726	1.115	0.644	0.463	0.118
No	0.275	0.510	0.894	0.381	0.744	0.802	1.063	0.912	0.720	0.774	0.290	0.377
Total	0.479	0.804	1.301	0.867	1.352	1.823	1.836	1.638	1.835	1.418	0.753	0.496
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	1.188	282	2.402	289	2.485	350	0.581	118	5.468	757	6.860	1097	49.04%
No	1.784	197	2.609	149	2.406	148	0.667	73	5.682	370	7.742	598	50.96%
Total	2.972	479	5.011	438	4.891	498	1.249	191	11.151	1127	14.602	1695	100.00%
Use of Proceeds
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Acquisition	0.055	0.156	0.144	0.061	0.225	0.546	0.077	0.574	0.555	0.197	0.053	0.121
Capex	0.260	0.317	0.721	0.303	0.467	0.807	0.595	0.541	0.499	0.550	0.273	0.099
GCP	0.038	0.082	0.170	0.212	0.194	0.197	0.241	0.185	0.301	0.157	0.087	0.118
Repay debt	0.012	0.086	0.050	0.005	0	0.034	0.040	0.036	0.002	0.112	0.029	0.007
Multiple/Other/NA	0.114	0.163	0.216	0.287	0.466	0.238	0.882	0.302	0.478	0.402	0.312	0.150
Total	0.479	0.804	1.301	0.867	1.352	1.823	1.836	1.638	1.835	1.418	0.753	0.496
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.361	23	0.849	24	1.325	37	0.174	12	2.347	73	2.763	100	21.05%
Capex	1.340	249	1.869	204	1.591	231	0.372	78	3.832	513	5.432	809	34.36%
GCP	0.463	78	0.632	77	0.643	90	0.205	21	1.480	188	1.980	282	13.27%
Repay debt	0.141	5	0.074	6	0.150	5	0.036	5	0.261	16	0.414	22	2.34%
Multiple/Other/NA	0.667	124	1.586	127	1.182	135	0.462	75	3.231	337	4.012	482	28.97%
Total	2.972	479	5.011	438	4.891	498	1.249	191	11.151	1127	14.602	1695	100.00%
Industry Sector (by SIC code)
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Agriculture (0xxx)	0	0	0	0	0.005	0	0.232	0	0	0	0.014	0
Mining (1xxx)	0.252	0.291	0.549	0.445	0.700	1.005	0.977	1.425	1.352	0.700	0.436	0.190
Oil and gas (13xx)	0.146	0.328	0.438	0.169	0.186	0.600	0.317	0.066	0.161	0.339	0.092	0.141
Construction (15xx)	0	0	0	0	0	0	0	0	0.001	0	0	0
Manufacturing (2xxx, 3xxx)	0.060	0.018	0.047	0.113	0.135	0.078	0.044	0.045	0.070	0.052	0.048	0.046
Pharmaceuticals (2834-6)	0	0.051	0.047	0.021	0.051	0.020	0.010	0.040	0.010	0.015	0.058	0
Transportation (4xxx)	0	0	0.033	0	0.001	0.002	0.040	0.008	0	0	0	0
Communications (48xx)	0.003	0.014	0.001	0.008	0.041	0	0.001	0	0.011	0.006	0.006	0
Electric, gas, sanitary services (49xx)	0.008	0.052	0	0.014	0	0.026	0.053	0.022	0.024	0.027	0.041	0.102
Wholesale (5xxx)	0	0	0	0.016	0.040	0.004	0.001	0.006	0.004	0.006	0	0
Finance, insurance, real estate (6xxx)	0	0.032	0.164	0.073	0.139	0.043	0.124	0.012	0.108	0.203	0.026	0.004
Services (7xxx)	0.009	0.009	0.018	0.009	0.026	0.034	0.026	0.002	0.068	0.052	0.013	0.006
Health services (8xxx)	0.001	0	0.002	0	0.026	0	0	0.002	0	0.007	0	0.001
Non-operating (9995)	0	0.009	0	0	0.002	0.010	0.009	0.010	0.027	0.010	0.017	0.005
Total	0.479	0.804	1.301	0.867	1.352	1.823	1.836	1.638	1.835	1.418	0.753	0.496
	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	2.26%
Mining (1xxx)	1.286	274	2.682	249	3.477	328	0.626	109	6.785	686	8.323	1018	60.85%
Oil and gas (13xx)	0.935	126	1.103	86	0.567	63	0.233	32	1.903	181	2.983	320	17.07%
Construction (15xx)	0	0	0	0	0.001	1	0	0	0.001	1	0.001	1	0.01%
Manufacturing (2xxx, 3xxx)	0.178	24	0.258	32	0.168	28	0.094	17	0.520	77	0.758	110	4.66%
Pharmaceuticals (2834-6)	0.120	13	0.081	11	0.064	14	0.058	5	0.204	30	0.323	43	1.83%
Transportation (4xxx)	0.033	2	0.043	5	0.008	1	0	0	0.051	6	0.084	8	0.46%
Communications (48xx)	0.023	6	0.042	3	0.017	6	0.006	1	0.065	10	0.091	17	0.58%
Electric, gas, sanitary services (49xx)	0.066	5	0.080	8	0.073	9	0.143	5	0.296	22	0.370	31	2.65%
Wholesale (5xxx)	0.016	1	0.045	3	0.017	4	0	0	0.062	7	0.078	8	0.56%
Finance, insurance, real estate (6xxx)	0.269	9	0.306	9	0.323	12	0.031	2	0.659	23	0.928	32	5.91%
Services (7xxx)	0.036	13	0.086	19	0.122	18	0.019	9	0.228	46	0.272	62	2.04%
Health services (8xxx)	0.002	1	0.026	1	0.009	2	0.001	1	0.036	4	0.039	6	0.32%
Non-operating (9995)	0.009	5	0.021	10	0.046	12	0.023	9	0.090	31	0.099	36	0.81%
Total	2.972	479	5.011	438	4.891	498	1.249	191	11.151	1127	14.602	1695	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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