Analysis of Canadian PIPE issuance for year to date and 12 months through October

Total year-to-date issuance: C$9.592 billion in 1,399 deals

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

Proceeds

	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Less than $1 million	0.007	0.018	0.010	0.006	0.013	0.016	0.006	0.009	0.007	0.005	0.012	0.006
$1-1.99 million	0.064	0.092	0.071	0.066	0.089	0.069	0.051	0.035	0.025	0.048	0.022	0.036
$2-2.99 million	0.047	0.048	0.058	0.071	0.082	0.071	0.042	0.039	0.027	0.040	0.027	0.032
$3-4.99 million	0.108	0.101	0.082	0.076	0.139	0.088	0.095	0.058	0.040	0.047	0.041	0.067
$5-9.99 million	0.217	0.156	0.151	0.124	0.201	0.197	0.158	0.095	0.064	0.106	0.101	0.165
$10-14.99 million	0.121	0.116	0.138	0.054	0.215	0.088	0.101	0.084	0.065	0.053	0.074	0.114
$15-$49.99 million	0.347	0.247	0.323	0.285	0.495	0.380	0.492	0.406	0.210	0.198	0.208	0.211
$50 million and higher	0.227	0.065	0.055	0.329	0.799	0.152	0.108	0.059	0.269	0.325	0	0.115
Total	1.138	0.845	0.889	1.010	2.032	1.062	1.054	0.785	0.708	0.823	0.484	0.746
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.029	59	0.031	51	0.024	42	0.006	12	0.090	164	0.115	212	0.94%
$1-1.99 million	0.227	171	0.155	114	0.095	70	0.036	27	0.513	382	0.669	497	5.35%
$2-2.99 million	0.211	87	0.152	63	0.094	39	0.032	14	0.489	203	0.585	245	5.10%
$3-4.99 million	0.297	81	0.241	64	0.128	35	0.067	18	0.733	198	0.943	254	7.64%
$5-9.99 million	0.475	75	0.450	68	0.271	42	0.165	23	1.361	208	1.734	263	14.19%
$10-14.99 million	0.406	36	0.273	24	0.192	17	0.114	11	0.985	88	1.222	108	10.27%
$15-$49.99 million	1.103	43	1.278	52	0.616	26	0.211	9	3.208	130	3.802	155	33.44%
$50 million and higher	1.183	14	0.320	4	0.595	6	0.115	2	2.213	26	2.505	30	23.07%
Total	3.931	566	2.900	440	2.015	277	0.746	116	9.592	1399	11.575	1764	100.00%
Type
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
convertible notes	0.035	0.043	0.069	0.041	0.044	0.022	0.029	0.034	0.038	0.066	0.030	0.015
convertible preferreds	0	0	0.018	0	0	0.002	0	0.027	0	0	0	0
equity line of credit	0.010	0	0	0	0	0	0.040	0	0	0	0	0
notes with warrants	0	0.021	0.005	0	0.011	0.007	0.033	0.003	0.003	0.011	0.002	0.004
stock	0.603	0.520	0.485	0.595	1.053	0.563	0.638	0.506	0.202	0.558	0.256	0.473
units of stock and warrants	0.490	0.260	0.297	0.374	0.924	0.467	0.314	0.215	0.466	0.187	0.197	0.223
warrants	0	0	0.015	0	0	0	0	0	0	0	0	0.030
Total	1.138	0.845	0.889	1.010	2.032	1.062	1.054	0.785	0.708	0.823	0.484	0.746
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.153	38	0.085	12	0.134	21	0.015	5	0.386	76	0.464	89	4.02%
convertible preferreds	0.018	3	0.029	3	0	0	0	0	0.047	6	0.047	6	0.49%
equity line of credit	0	0	0.040	1	0	0	0	0	0.040	1	0.050	2	0.42%
notes with warrants	0.015	5	0.043	4	0.016	4	0.004	2	0.078	15	0.099	19	0.81%
stock	2.134	186	1.707	173	1.015	104	0.473	50	5.330	513	6.454	679	55.57%
units of stock and warrants	1.595	333	0.996	247	0.850	148	0.223	56	3.665	784	4.415	965	38.21%
warrants	0.015	1	0	0	0	0	0.030	3	0.045	4	0.045	4	0.47%
Total	3.931	566	2.900	440	2.015	277	0.746	116	9.592	1399	11.575	1764	100.00%
Warrants
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Yes	0.510	0.294	0.361	0.392	0.955	0.482	0.397	0.265	0.496	0.200	0.209	0.243
No	0.628	0.551	0.528	0.618	1.077	0.580	0.657	0.520	0.212	0.623	0.275	0.503
Total	1.138	0.845	0.889	1.010	2.032	1.062	1.054	0.785	0.708	0.823	0.484	0.746
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	1.708	365	1.144	263	0.905	162	0.243	61	4.000	851	4.804	1047	41.70%
No	2.223	201	1.757	177	1.110	115	0.503	55	5.592	548	6.771	717	58.30%
Total	3.931	566	2.900	440	2.015	277	0.746	116	9.592	1399	11.575	1764	100.00%
Use of Proceeds
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Acquisition	0.169	0.059	0.128	0.184	0.382	0.094	0.186	0.098	0.121	0.439	0.055	0.149
Capex	0.516	0.283	0.319	0.637	0.888	0.648	0.481	0.339	0.467	0.185	0.260	0.305
GCP	0.098	0.146	0.160	0.045	0.143	0.062	0.190	0.073	0.034	0.052	0.039	0.059
Repay debt	0	0.004	0	0	0.178	0.003	0.004	0.012	0.014	0.022	0.012	0.088
Multiple/Other/NA	0.356	0.352	0.281	0.145	0.442	0.255	0.193	0.263	0.071	0.125	0.119	0.145
Total	1.138	0.845	0.889	1.010	2.032	1.062	1.054	0.785	0.708	0.823	0.484	0.746
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.694	48	0.377	34	0.615	21	0.149	9	1.835	112	2.063	129	19.13%
Capex	1.844	258	1.468	204	0.912	135	0.305	58	4.529	655	5.328	818	47.22%
GCP	0.348	74	0.325	53	0.125	45	0.059	15	0.857	187	1.101	243	8.93%
Repay debt	0.178	3	0.019	4	0.048	6	0.088	3	0.333	16	0.336	17	3.47%
Multiple/Other/NA	0.868	183	0.711	145	0.315	70	0.145	31	2.039	429	2.747	557	21.26%
Total	3.931	566	2.900	440	2.015	277	0.746	116	9.592	1399	11.575	1764	100.00%
Industry Sector (by SIC code)
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Agriculture (0xxx)	0	0	0	0	0	0	0.008	0	0	0	0	0
Mining (1xxx)	0.405	0.358	0.418	0.511	1.117	0.712	0.404	0.260	0.228	0.163	0.251	0.247
Oil and gas (13xx)	0.590	0.310	0.209	0.378	0.382	0.214	0.448	0.325	0.409	0.211	0.148	0.312
Construction (15xx)	0	0	0	0	0	0	0	0.030	0	0.003	0	0
Manufacturing (2xxx, 3xxx)	0.063	0.019	0.159	0.030	0.128	0.043	0.039	0.050	0.021	0.047	0.063	0.017
Pharmaceuticals (2834-6)	0.018	0.051	0.019	0.042	0.049	0.027	0.082	0.011	0.017	0.010	0	0.050
Transportation (4xxx)	0	0	0	0	0	0.001	0	0.027	0	0	0	0.002
Communications (48xx)	0.002	0.002	0	0	0.010	0	0.005	0	0	0	0.003	0.014
Electric, gas, sanitary services (49xx)	0.010	0.030	0.048	0.025	0.024	0.002	0.010	0.001	0	0.013	0.008	0.052
Wholesale (5xxx)	0	0.005	0	0	0.015	0	0	0.001	0	0.002	0	0
Finance, insurance, real estate (6xxx)	0.042	0.055	0.024	0.002	0.076	0.023	0.037	0.039	0.011	0.358	0	0.032
Services (7xxx)	0.008	0.013	0.012	0.017	0.225	0.036	0.017	0.037	0.012	0.011	0.011	0.009
Health services (8xxx)	0	0.002	0	0.003	0.003	0	0	0	0.005	0	0.001	0
Non-operating (9995)	0	0	0	0.003	0.003	0.004	0.003	0.003	0.003	0.006	0	0.009
Total	1.138	0.845	0.889	1.010	2.032	1.062	1.054	0.785	0.708	0.823	0.484	0.746
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.008	1	0	0	0	0	0.008	1	0.008	1	0.08%
Mining (1xxx)	2.046	349	1.377	264	0.643	160	0.247	58	4.313	831	5.075	1027	44.96%
Oil and gas (13xx)	0.969	102	0.987	95	0.767	53	0.312	31	3.035	281	3.935	396	31.64%
Construction (15xx)	0	0	0.030	1	0.003	1	0	0	0.033	2	0.033	2	0.34%
Manufacturing (2xxx, 3xxx)	0.317	42	0.132	25	0.130	22	0.017	7	0.597	96	0.679	111	6.22%
Pharmaceuticals (2834-6)	0.110	19	0.120	8	0.027	6	0.050	6	0.307	39	0.377	49	3.20%
Transportation (4xxx)	0	0	0.029	3	0	0	0.002	1	0.031	4	0.031	4	0.32%
Communications (48xx)	0.010	1	0.005	1	0.003	1	0.014	2	0.033	5	0.036	7	0.34%
Electric, gas, sanitary services (49xx)	0.097	11	0.013	3	0.022	6	0.052	2	0.184	22	0.224	30	1.92%
Wholesale (5xxx)	0.015	1	0.001	1	0.002	1	0	0	0.018	3	0.023	4	0.19%
Finance, insurance, real estate (6xxx)	0.101	9	0.099	13	0.369	14	0.032	1	0.601	37	0.699	46	6.27%
Services (7xxx)	0.254	26	0.089	21	0.033	7	0.009	3	0.386	57	0.407	65	4.02%
Health services (8xxx)	0.006	4	0	0	0.006	3	0	0	0.012	7	0.014	8	0.13%
Non-operating (9995)	0.006	2	0.011	4	0.009	3	0.009	5	0.034	14	0.034	14	0.35%
Total	3.931	566	2.900	440	2.015	277	0.746	116	9.592	1399	11.575	1764	100.00%

Criteria

• The tables include all Canadian dollar-denominated offerings sold as private placements.

• Stock must be listed on a Canadian or 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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