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

Total year-to-date issuance: C$6.019 billion in 889 deals

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

Proceeds

	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Less than $1 million	0.008	0.009	0.008	0.009	0.015	0.005	0.019	0.009	0.007	0.012	0.017	0.005
$1-1.99 million	0.050	0.046	0.048	0.057	0.038	0.063	0.093	0.069	0.064	0.089	0.068	0.050
$2-2.99 million	0.046	0.021	0.052	0.025	0.052	0.047	0.047	0.060	0.070	0.081	0.072	0.035
$3-4.99 million	0.074	0.073	0.067	0.085	0.086	0.109	0.091	0.082	0.073	0.142	0.088	0.104
$5-9.99 million	0.119	0.081	0.198	0.157	0.165	0.220	0.157	0.150	0.124	0.190	0.197	0.156
$10-14.99 million	0.115	0.081	0.166	0.108	0.091	0.120	0.115	0.138	0.054	0.225	0.098	0.100
$15-$49.99 million	0.290	0.201	0.266	0.422	0.198	0.346	0.247	0.323	0.285	0.495	0.381	0.454
$50 million and higher	0.376	0.125	0.176	0.145	0.174	0.227	0.065	0.055	0.330	0.799	0.152	0.106
Total	1.078	0.633	0.980	1.011	0.821	1.138	0.835	0.889	1.010	2.035	1.074	1.011
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.025	39	0.039	72	0.027	59	0.022	34	0.050	93	0.119	218	0.97%
$1-1.99 million	0.154	115	0.191	144	0.223	171	0.119	88	0.340	259	0.735	557	5.82%
$2-2.99 million	0.098	41	0.147	66	0.213	86	0.107	44	0.319	130	0.611	257	5.19%
$3-4.99 million	0.224	59	0.287	76	0.297	82	0.191	50	0.487	132	1.077	287	8.14%
$5-9.99 million	0.437	67	0.543	82	0.465	74	0.353	54	0.818	128	1.919	297	13.59%
$10-14.99 million	0.355	31	0.326	28	0.417	37	0.198	17	0.615	54	1.411	123	10.28%
$15-$49.99 million	0.889	33	0.791	33	1.103	43	0.835	33	1.938	76	3.907	153	32.24%
$50 million and higher	0.446	7	0.466	6	1.184	14	0.258	3	1.442	17	2.730	34	23.95%
Total	2.624	392	2.795	507	3.934	566	2.085	323	6.019	889	12.516	1926	100.00%
Type
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
convertible notes	0.035	0.009	0.055	0.061	0.046	0.035	0.043	0.069	0.041	0.044	0.022	0.029
convertible preferreds	0.150	0	0.028	0	0	0	0	0.018	0	0	0.002	0
equity line of credit	0	0	0	0.060	0	0.010	0	0	0	0	0	0.040
notes with warrants	0.002	0.001	0.013	0.013	0.008	0	0.021	0.005	0	0.011	0.007	0.030
stock	0.602	0.418	0.580	0.602	0.485	0.605	0.518	0.485	0.595	1.063	0.563	0.592
units of stock and warrants	0.289	0.205	0.305	0.275	0.282	0.488	0.252	0.297	0.374	0.917	0.479	0.320
warrants	0	0	0	0	0	0	0	0.015	0	0	0	0
Total	1.078	0.633	0.980	1.011	0.821	1.138	0.835	0.889	1.010	2.035	1.074	1.011
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.125	22	0.124	20	0.153	38	0.051	8	0.204	46	0.488	95	3.39%
convertible preferreds	0.028	1	0	0	0.018	3	0.002	1	0.020	4	0.198	7	0.33%
equity line of credit	0.060	1	0.010	1	0	0	0.040	1	0.040	1	0.110	3	0.66%
notes with warrants	0.027	6	0.029	5	0.015	5	0.037	3	0.052	8	0.110	20	0.86%
stock	1.599	152	1.609	211	2.144	187	1.155	119	3.299	306	7.110	721	54.81%
units of stock and warrants	0.785	210	1.023	270	1.588	332	0.799	191	2.388	523	4.485	1079	39.67%
warrants	0	0	0	0	0.015	1	0	0	0.015	1	0.015	1	0.25%
Total	2.624	392	2.795	507	3.934	566	2.085	323	6.019	889	12.516	1926	100.00%
Warrants
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Yes	0.446	0.239	0.396	0.314	0.308	0.510	0.286	0.361	0.392	0.948	0.494	0.400
No	0.632	0.394	0.583	0.697	0.514	0.628	0.549	0.528	0.618	1.087	0.580	0.611
Total	1.078	0.633	0.980	1.011	0.821	1.138	0.835	0.889	1.010	2.035	1.074	1.011
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0.949	233	1.104	291	1.701	364	0.894	203	2.595	567	5.095	1172	43.11%
No	1.674	159	1.691	216	2.233	202	1.191	120	3.423	322	7.421	754	56.87%
Total	2.624	392	2.795	507	3.934	566	2.085	323	6.019	889	12.516	1926	100.00%
Use of Proceeds
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Acquisition	0.184	0.109	0.072	0.100	0.099	0.169	0.059	0.128	0.184	0.385	0.095	0.147
Capex	0.418	0.212	0.370	0.431	0.351	0.516	0.274	0.319	0.637	0.888	0.656	0.475
GCP	0.138	0.054	0.197	0.241	0.125	0.098	0.146	0.160	0.045	0.143	0.060	0.193
Refinance	0.013	0.005	0	0	0	0	0	0	0	0	0	0
Repay debt	0	0.003	0.006	0	0.073	0	0.004	0	0	0.178	0.003	0.003
Multiple/Other/NA	0.325	0.251	0.335	0.238	0.173	0.356	0.352	0.281	0.145	0.442	0.260	0.193
Total	1.078	0.633	0.980	1.011	0.821	1.138	0.835	0.889	1.010	2.035	1.074	1.011
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.281	25	0.327	31	0.697	48	0.242	24	0.939	72	1.731	137	15.60%
Capex	1.013	159	1.141	218	1.844	258	1.130	149	2.974	407	5.546	832	49.41%
GCP	0.493	80	0.369	90	0.348	74	0.253	39	0.601	113	1.601	307	9.99%
Refinance	0.005	1	0	0	0	0	0	0	0	0	0.018	2	0.00%
Repay debt	0.009	2	0.077	4	0.178	3	0.006	2	0.184	5	0.270	11	3.06%
Multiple/Other/NA	0.824	125	0.881	164	0.868	183	0.453	109	1.320	292	3.350	637	21.93%
Total	2.624	392	2.795	507	3.934	566	2.085	323	6.019	889	12.516	1926	100.00%
Industry Sector (by SIC code)
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Agriculture (0xxx)	0	0	0.010	0.006	0	0	0	0	0	0	0	0.008
Mining (1xxx)	0.255	0.203	0.267	0.370	0.245	0.405	0.349	0.418	0.511	1.117	0.714	0.406
Oil and gas (13xx)	0.468	0.241	0.438	0.552	0.278	0.590	0.309	0.209	0.378	0.384	0.217	0.440
Construction (15xx)	0	0.012	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.117	0.053	0.062	0.033	0.019	0.063	0.019	0.159	0.030	0.129	0.043	0.040
Pharmaceuticals (2833-6)	0.005	0.002	0.054	0.006	0.029	0.018	0.051	0.019	0.042	0.049	0.033	0.082
Transportation (4xxx)	0	0	0	0	0.037	0	0	0	0	0	0.001	0
Communications (48xx)	0.006	0	0.008	0.001	0.013	0.002	0.002	0	0	0.010	0	0.005
Electric, gas, sanitary services (49xx)	0.011	0	0.001	0.005	0.115	0.010	0.030	0.048	0.025	0.024	0.002	0.010
Wholesale (5xxx)	0.002	0.010	0.015	0	0.012	0	0.005	0	0	0.015	0	0
Finance, insurance, real estate (6xxx)	0.195	0.037	0.069	0.007	0.046	0.042	0.055	0.024	0.002	0.076	0.023	0
Services (7xxx)	0.020	0.076	0.056	0.032	0.026	0.008	0.013	0.012	0.017	0.225	0.036	0.017
Health services (8xxx)	0	0	0	0	0	0	0.002	0	0.003	0.003	0	0
Non-operating (9995)	0	0	0	0	0	0	0	0	0.003	0.003	0.004	0.003
Total	1.078	0.633	0.980	1.011	0.821	1.138	0.835	0.889	1.010	2.035	1.074	1.011
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.016	2	0	0	0	0	0.008	1	0.008	1	0.024	3	0.13%
Mining (1xxx)	0.840	209	0.999	270	2.046	349	1.120	210	3.166	559	5.259	1105	52.60%
Oil and gas (13xx)	1.230	109	1.177	154	0.971	102	0.657	61	1.628	163	4.503	466	27.05%
Construction (15xx)	0.012	1	0	0	0	0	0	0	0	0	0.012	1	0.00%
Manufacturing (2xxx, 3xxx)	0.148	22	0.101	20	0.318	42	0.083	19	0.401	61	0.767	117	6.66%
Pharmaceuticals (2833-6)	0.061	10	0.099	17	0.110	19	0.115	8	0.224	27	0.390	56	3.72%
Transportation (4xxx)	0	0	0.037	1	0	0	0.001	1	0.001	1	0.038	2	0.02%
Communications (48xx)	0.009	2	0.017	3	0.010	1	0.005	1	0.015	2	0.046	9	0.25%
Electric, gas, sanitary services (49xx)	0.006	5	0.155	11	0.097	11	0.012	2	0.109	13	0.281	31	1.81%
Wholesale (5xxx)	0.025	3	0.017	2	0.015	1	0	0	0.015	1	0.059	7	0.25%
Finance, insurance, real estate (6xxx)	0.113	14	0.144	13	0.101	9	0.023	6	0.124	15	0.576	47	2.06%
Services (7xxx)	0.164	15	0.047	15	0.254	26	0.053	12	0.308	38	0.539	73	5.12%
Health services (8xxx)	0	0	0.002	1	0.006	4	0	0	0.006	4	0.008	5	0.10%
Non-operating (9995)	0	0	0	0	0.006	2	0.007	2	0.013	4	0.013	4	0.22%
Total	2.624	392	2.795	507	3.934	566	2.085	323	6.019	889	12.516	1926	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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