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

Total year-to-date issuance: $15.846 billion in 1,003 deals

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

Proceeds

	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Less than $1 million	0.006	0.004	0.007	0.002	0.003	0.002	0.001	0.004	0.005	0.004	0.001	0.002
$1-1.99 million	0.044	0.031	0.033	0.030	0.052	0.040	0.047	0.060	0.046	0.049	0.042	0.033
$2-2.99 million	0.039	0.048	0.021	0.048	0.040	0.031	0.058	0.062	0.034	0.052	0.058	0.026
$3-4.99 million	0.095	0.056	0.067	0.083	0.127	0.039	0.082	0.102	0.053	0.069	0.047	0.057
$5-9.99 million	0.182	0.154	0.149	0.185	0.174	0.156	0.172	0.324	0.124	0.185	0.116	0.122
$10-14.99 million	0.188	0.139	0.146	0.176	0.110	0.123	0.146	0.144	0.118	0.187	0.138	0.092
$15-$49.99 million	0.535	0.567	0.393	0.418	0.407	0.297	0.588	0.949	0.538	0.514	0.763	0.330
$50 million and higher	2.384	0.754	1.021	0.905	0.332	0.533	0.748	0.709	0.617	3.722	1.406	0.878
Total	3.472	1.752	1.837	1.848	1.246	1.224	1.842	2.353	1.534	4.781	2.572	1.540
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.012	20	0.008	16	0.010	19	0.002	3	0.020	38	0.042	80	0.13%
$1-1.99 million	0.115	84	0.147	109	0.137	104	0.033	24	0.317	237	0.507	377	2.00%
$2-2.99 million	0.109	48	0.150	67	0.144	63	0.026	11	0.321	141	0.517	227	2.03%
$3-4.99 million	0.277	76	0.224	59	0.169	45	0.057	15	0.450	119	0.877	235	2.84%
$5-9.99 million	0.508	77	0.652	100	0.424	66	0.122	18	1.198	184	2.042	310	7.56%
$10-14.99 million	0.433	37	0.412	37	0.443	39	0.092	8	0.948	84	1.708	151	5.98%
$15-$49.99 million	1.218	48	1.835	71	1.815	67	0.330	13	3.979	151	6.299	246	25.11%
$50 million and higher	2.258	25	1.991	20	5.745	24	0.878	5	8.614	49	14.009	95	54.36%
Total	4.931	415	5.419	479	8.887	427	1.540	97	15.846	1003	26.000	1721	100.00%
Type
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
convertible notes	0.949	0.277	0.563	0.545	0.295	0.191	0.204	0.435	0.214	0.348	1.476	0.191
convertible preferreds	0.643	0.414	0.117	0.340	0.092	0.315	0.524	0.129	0.090	0.457	0.257	0.018
equity line of credit	0.308	0.170	0.335	0.033	0.112	0.057	0.140	0.243	0.390	0.175	0.205	0.075
notes with warrants	0.028	0.019	0.049	0.071	0.056	0.139	0.158	0.168	0.029	0.069	0.096	0.041
stock	1.426	0.751	0.713	0.695	0.618	0.414	0.567	1.229	0.634	3.643	0.445	1.078
units of stock and warrants	0.118	0.090	0.061	0.165	0.073	0.108	0.249	0.148	0.178	0.090	0.093	0.136
warrants	0	0.030	0	0	0	0	0	0.001	0	0	0	0
Total	3.472	1.752	1.837	1.848	1.246	1.224	1.842	2.353	1.534	4.781	2.572	1.540
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
convertible notes	1.402	127	0.830	148	2.038	129	0.191	29	3.059	306	5.687	524	19.30%
convertible preferreds	0.549	58	0.969	49	0.804	51	0.018	5	1.791	105	3.397	186	11.30%
equity line of credit	0.479	16	0.440	22	0.770	21	0.075	3	1.285	46	2.243	86	8.11%
notes with warrants	0.175	24	0.465	39	0.194	28	0.041	5	0.700	72	0.921	106	4.42%
stock	2.026	149	2.209	145	4.722	144	1.078	36	8.009	325	12.212	589	50.54%
units of stock and warrants	0.298	40	0.505	74	0.360	52	0.136	19	1.001	145	1.508	222	6.32%
warrants	0	1	0.001	2	0	2	0	0	0.001	4	0.031	8	0.01%
Total	4.931	415	5.419	479	8.887	427	1.540	97	15.846	1003	26.000	1721	100.00%
Warrants
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Yes	0.776	0.508	0.792	0.881	0.630	0.539	1.024	1.001	0.601	1.038	0.651	0.603
No	2.697	1.244	1.045	0.967	0.616	0.685	0.818	1.352	0.933	3.744	1.920	0.937
Total	3.472	1.752	1.837	1.848	1.246	1.224	1.842	2.353	1.534	4.781	2.572	1.540
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	2.303	271	2.564	322	2.290	269	0.603	69	5.457	660	9.043	1110	34.44%
No	2.627	144	2.855	157	6.597	158	0.937	28	10.389	343	16.957	611	65.56%
Total	4.931	415	5.419	479	8.887	427	1.540	97	15.846	1003	26.000	1721	100.00%
Use of Proceeds
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Acquisition	0.339	0.135	0.571	0.308	0.077	0.181	0.031	0.466	0.137	3.266	0.169	0.661
Capex	1.086	0.168	0.053	0.196	0.042	0.143	0.240	0.274	0.010	0.315	0.085	0.127
GCP	0.510	0.530	0.418	0.418	0.270	0.283	0.457	0.677	0.465	0.476	1.468	0.200
Repay debt	0.716	0.059	0.059	0.308	0.142	0.194	0.435	0.100	0.012	0.153	0.157	0.116
Multiple/Other/NA	0.821	0.859	0.736	0.618	0.715	0.424	0.680	0.836	0.910	0.572	0.692	0.436
Total	3.472	1.752	1.837	1.848	1.246	1.224	1.842	2.353	1.534	4.781	2.572	1.540
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.955	27	0.678	33	3.572	34	0.661	3	4.911	70	6.340	120	30.99%
Capex	0.291	21	0.657	38	0.411	26	0.127	10	1.194	74	2.739	117	7.54%
GCP	1.107	131	1.416	145	2.409	126	0.200	26	4.026	297	6.172	511	25.41%
Repay debt	0.509	17	0.729	19	0.322	18	0.116	7	1.166	44	2.450	78	7.36%
Multiple/Other/NA	2.069	219	1.939	244	2.174	223	0.436	51	4.549	518	8.298	895	28.71%
Total	4.931	415	5.419	479	8.887	427	1.540	97	15.846	1003	26.000	1721	100.00%
Industry Sector (by SIC code)
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0.003	0.002	0.038	0.001
Mining (1xxx)	0.339	0.007	0.377	0.184	0.014	0.050	0.182	0.130	0.170	0.075	0.029	0.075
Oil and gas (13xx)	0.240	0.276	0.041	0.277	0.313	0.266	0.162	0.190	0.140	0.082	0.191	0.096
Construction (15xx)	0	0	0.015	0	0	0.019	0	0	0.005	0.020	0.015	0.001
Manufacturing (2xxx, 3xxx)	0.587	0.324	0.215	0.490	0.340	0.314	0.235	0.613	0.500	0.521	0.515	0.289
Pharmaceuticals (2834-6)	0.557	0.298	0.421	0.202	0.124	0.085	0.475	0.463	0.510	0.352	0.197	0.230
Transportation (4xxx)	0.024	0	0.051	0.019	0.006	0	0.002	0.112	0	0.192	0.073	0
Communications (48xx)	0.680	0.015	0.193	0.004	0.027	0.065	0.027	0.071	0.003	0.074	1.038	0.002
Electric, gas, sanitary services (49xx)	0.384	0.005	0.205	0.105	0.079	0.022	0.008	0.057	0.006	0.576	0.075	0.006
Wholesale (5xxx)	0.200	0.085	0.091	0.064	0.003	0.022	0.005	0.123	0.016	0.003	0.081	0.057
Finance, insurance, real estate (6xxx)	0.182	0.575	0.024	0.205	0.142	0.263	0.012	0.021	0.043	2.606	0.032	0.007
Services (7xxx)	0.239	0.161	0.178	0.234	0.163	0.067	0.275	0.257	0.111	0.200	0.261	0.057
Health services (8xxx)	0.041	0.008	0.026	0.064	0.034	0.044	0.421	0.058	0.021	0.078	0.005	0.675
Non-operating (9995)	0	0	0	0	0.001	0.007	0.039	0.259	0.006	0	0.021	0.045
Total	3.472	1.752	1.837	1.848	1.246	1.224	1.842	2.353	1.534	4.781	2.572	1.540
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.042	5	0.001	1	0.044	6	0.044	6	0.28%
Mining (1xxx)	0.575	22	0.361	39	0.274	32	0.075	12	0.710	83	1.630	117	4.48%
Oil and gas (13xx)	0.631	40	0.618	52	0.413	35	0.096	8	1.127	95	2.275	165	7.11%
Construction (15xx)	0.015	1	0.019	1	0.041	3	0.001	1	0.060	5	0.075	6	0.38%
Manufacturing (2xxx, 3xxx)	1.045	127	1.162	124	1.537	135	0.289	25	2.987	284	4.943	504	18.85%
Pharmaceuticals (2834-6)	0.747	59	1.023	69	1.059	52	0.230	15	2.312	136	3.914	236	14.59%
Transportation (4xxx)	0.076	8	0.114	5	0.265	3	0	0	0.379	8	0.480	21	2.39%
Communications (48xx)	0.224	20	0.162	21	1.115	20	0.002	1	1.279	42	2.197	73	8.07%
Electric, gas, sanitary services (49xx)	0.389	11	0.087	11	0.657	8	0.006	2	0.750	21	1.527	36	4.73%
Wholesale (5xxx)	0.158	15	0.150	16	0.101	13	0.057	4	0.308	33	0.751	63	1.94%
Finance, insurance, real estate (6xxx)	0.370	33	0.295	26	2.681	21	0.007	2	2.983	49	4.111	102	18.82%
Services (7xxx)	0.575	64	0.600	86	0.571	79	0.057	13	1.227	178	2.202	306	7.74%
Health services (8xxx)	0.124	14	0.524	18	0.105	16	0.675	5	1.303	39	1.476	61	8.22%
Non-operating (9995)	0.001	1	0.305	11	0.027	5	0.045	8	0.377	24	0.378	25	2.38%
Total	4.931	415	5.419	479	8.887	427	1.540	97	15.846	1003	26.000	1721	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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