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

Total year-to-date issuance: $17.866 billion in 1,141 deals

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

Proceeds

	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Less than $1 million	0.004	0.007	0.002	0.003	0.002	0.001	0.004	0.005	0.004	0.001	0.003	0.007
$1-1.99 million	0.031	0.033	0.030	0.052	0.040	0.047	0.060	0.046	0.049	0.044	0.035	0.039
$2-2.99 million	0.048	0.021	0.048	0.040	0.031	0.058	0.062	0.034	0.052	0.060	0.032	0.027
$3-4.99 million	0.056	0.067	0.083	0.127	0.039	0.082	0.102	0.053	0.069	0.047	0.060	0.056
$5-9.99 million	0.154	0.149	0.185	0.168	0.156	0.172	0.324	0.124	0.190	0.108	0.116	0.145
$10-14.99 million	0.139	0.146	0.176	0.110	0.123	0.146	0.144	0.118	0.187	0.138	0.107	0.157
$15-$49.99 million	0.567	0.393	0.418	0.407	0.297	0.588	0.949	0.538	0.514	0.763	0.359	0.560
$50 million and higher	0.754	1.021	0.905	0.332	0.533	0.748	0.709	0.617	3.722	1.406	0.878	0.978
Total	1.752	1.837	1.848	1.240	1.224	1.842	2.353	1.534	4.786	2.568	1.590	1.968
	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	0.010	14	0.027	49	0.043	78	0.15%
$1-1.99 million	0.115	84	0.147	109	0.139	105	0.075	54	0.361	268	0.507	375	2.02%
$2-2.99 million	0.109	48	0.150	67	0.146	64	0.059	26	0.356	157	0.512	226	1.99%
$3-4.99 million	0.277	76	0.224	59	0.169	45	0.116	31	0.509	135	0.842	227	2.85%
$5-9.99 million	0.502	76	0.652	100	0.421	66	0.261	39	1.334	205	1.990	304	7.47%
$10-14.99 million	0.433	37	0.412	37	0.443	39	0.264	22	1.120	98	1.691	148	6.27%
$15-$49.99 million	1.218	48	1.835	71	1.815	67	0.919	36	4.569	174	6.354	244	25.57%
$50 million and higher	2.258	25	1.991	20	5.745	24	1.855	11	9.591	55	12.603	86	53.68%
Total	4.924	414	5.419	479	8.888	429	3.558	233	17.866	1141	24.542	1688	100.00%
Type
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
convertible notes	0.277	0.563	0.545	0.295	0.191	0.204	0.435	0.214	0.348	1.478	0.202	0.229
convertible preferreds	0.414	0.117	0.340	0.092	0.315	0.524	0.129	0.090	0.457	0.257	0.047	0.097
equity line of credit	0.170	0.335	0.033	0.112	0.057	0.140	0.243	0.390	0.180	0.205	0.078	0.183
notes with warrants	0.019	0.049	0.071	0.056	0.139	0.158	0.168	0.029	0.069	0.088	0.041	0.198
stock	0.751	0.713	0.695	0.612	0.414	0.567	1.229	0.634	3.643	0.445	1.091	1.193
units of stock and warrants	0.090	0.061	0.165	0.073	0.108	0.249	0.148	0.178	0.090	0.095	0.131	0.068
warrants	0.030	0	0	0	0	0	0.001	0	0	0	0	0
Total	1.752	1.837	1.848	1.240	1.224	1.842	2.353	1.534	4.786	2.568	1.590	1.968
	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	2.040	130	0.431	73	3.301	351	4.980	520	18.48%
convertible preferreds	0.549	58	0.969	49	0.804	51	0.144	22	1.917	122	2.880	188	10.73%
equity line of credit	0.479	16	0.440	22	0.775	22	0.261	11	1.476	55	2.125	81	8.26%
notes with warrants	0.175	24	0.465	39	0.186	27	0.240	16	0.890	82	1.085	110	4.98%
stock	2.020	148	2.209	145	4.722	144	2.284	84	9.215	373	11.986	570	51.58%
units of stock and warrants	0.298	40	0.505	74	0.362	53	0.199	27	1.066	154	1.455	212	5.97%
warrants	0	1	0.001	2	0	2	0	0	0.001	4	0.031	7	0.01%
Total	4.924	414	5.419	479	8.888	429	3.558	233	17.866	1141	24.542	1688	100.00%
Warrants
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Yes	0.508	0.792	0.881	0.630	0.539	1.024	1.001	0.601	1.038	0.648	0.605	0.573
No	1.244	1.045	0.967	0.610	0.685	0.818	1.352	0.933	3.749	1.920	0.985	1.396
Total	1.752	1.837	1.848	1.240	1.224	1.842	2.353	1.534	4.786	2.568	1.590	1.968
	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	2.286	270	1.178	148	6.028	740	8.839	1093	33.74%
No	2.621	143	2.855	157	6.602	159	2.381	85	11.838	401	15.703	595	66.26%
Total	4.924	414	5.419	479	8.888	429	3.558	233	17.866	1141	24.542	1688	100.00%
Use of Proceeds
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Acquisition	0.135	0.571	0.308	0.077	0.181	0.031	0.466	0.137	3.266	0.169	0.661	0.180
Capex	0.168	0.053	0.196	0.042	0.143	0.240	0.274	0.010	0.315	0.085	0.137	0.664
GCP	0.530	0.418	0.418	0.270	0.283	0.457	0.677	0.465	0.476	1.468	0.198	0.194
Repay debt	0.059	0.059	0.308	0.142	0.194	0.435	0.100	0.012	0.153	0.157	0.116	0.095
Multiple/Other/NA	0.859	0.736	0.618	0.708	0.424	0.680	0.836	0.910	0.577	0.688	0.478	0.835
Total	1.752	1.837	1.848	1.240	1.224	1.842	2.353	1.534	4.786	2.568	1.590	1.968
	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	0.841	14	5.091	81	6.181	125	28.50%
Capex	0.291	21	0.657	38	0.411	26	0.801	21	1.868	85	2.327	114	10.46%
GCP	1.107	131	1.416	145	2.409	126	0.392	57	4.218	328	5.854	491	23.61%
Repay debt	0.509	17	0.729	19	0.322	18	0.211	11	1.262	48	1.830	70	7.07%
Multiple/Other/NA	2.063	218	1.939	244	2.175	225	1.314	130	5.428	599	8.350	888	30.38%
Total	4.924	414	5.419	479	8.888	429	3.558	233	17.866	1141	24.542	1688	100.00%
Industry Sector (by SIC code)
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Agriculture (0xxx)	0	0	0	0	0	0	0	0.003	0.002	0.038	0.001	0
Mining (1xxx)	0.007	0.377	0.184	0.014	0.050	0.182	0.130	0.170	0.075	0.029	0.075	0.034
Oil and gas (13xx)	0.276	0.041	0.277	0.313	0.266	0.162	0.190	0.140	0.082	0.193	0.096	0.302
Construction (15xx)	0	0.015	0	0	0.019	0	0	0.005	0.020	0.015	0.001	0
Manufacturing (2xxx, 3xxx)	0.324	0.215	0.490	0.334	0.314	0.235	0.613	0.500	0.521	0.515	0.338	0.234
Pharmaceuticals (2834-6)	0.298	0.421	0.202	0.124	0.085	0.475	0.463	0.510	0.357	0.197	0.225	0.423
Transportation (4xxx)	0	0.051	0.019	0.006	0	0.002	0.112	0	0.192	0.073	0	0.592
Communications (48xx)	0.015	0.193	0.004	0.027	0.065	0.027	0.071	0.003	0.074	1.030	0.004	0.018
Electric, gas, sanitary services (49xx)	0.005	0.205	0.105	0.079	0.022	0.008	0.057	0.006	0.576	0.075	0.006	0.141
Wholesale (5xxx)	0.085	0.091	0.064	0.003	0.022	0.005	0.123	0.016	0.003	0.081	0.057	0.037
Finance, insurance, real estate (6xxx)	0.575	0.024	0.205	0.142	0.263	0.012	0.021	0.043	2.606	0.032	0.010	0.032
Services (7xxx)	0.161	0.178	0.234	0.163	0.067	0.275	0.257	0.111	0.200	0.263	0.057	0.098
Health services (8xxx)	0.008	0.026	0.064	0.034	0.044	0.421	0.058	0.021	0.078	0.005	0.675	0.003
Non-operating (9995)	0	0	0	0.001	0.007	0.039	0.259	0.006	0	0.021	0.045	0.054
Total	1.752	1.837	1.848	1.240	1.224	1.842	2.353	1.534	4.786	2.568	1.590	1.968
	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	0.25%
Mining (1xxx)	0.575	22	0.361	39	0.274	32	0.110	18	0.745	89	1.326	116	4.17%
Oil and gas (13xx)	0.631	40	0.618	52	0.415	36	0.397	19	1.430	107	2.338	164	8.00%
Construction (15xx)	0.015	1	0.019	1	0.041	3	0.001	1	0.060	5	0.075	6	0.34%
Manufacturing (2xxx, 3xxx)	1.039	126	1.162	124	1.537	135	0.571	66	3.270	325	4.633	495	18.30%
Pharmaceuticals (2834-6)	0.747	59	1.023	69	1.064	53	0.647	34	2.734	156	3.779	230	15.30%
Transportation (4xxx)	0.076	8	0.114	5	0.265	3	0.592	5	0.971	13	1.047	21	5.43%
Communications (48xx)	0.224	20	0.162	21	1.107	19	0.023	9	1.292	49	1.531	74	7.23%
Electric, gas, sanitary services (49xx)	0.389	11	0.087	11	0.657	8	0.147	3	0.891	22	1.285	34	4.99%
Wholesale (5xxx)	0.158	15	0.150	16	0.101	13	0.094	9	0.345	38	0.587	60	1.93%
Finance, insurance, real estate (6xxx)	0.370	33	0.295	26	2.681	21	0.043	8	3.019	55	3.964	98	16.90%
Services (7xxx)	0.575	64	0.600	86	0.573	80	0.154	37	1.327	203	2.063	293	7.43%
Health services (8xxx)	0.124	14	0.524	18	0.105	16	0.678	8	1.307	42	1.439	59	7.32%
Non-operating (9995)	0.001	1	0.305	11	0.027	5	0.099	15	0.431	31	0.432	32	2.41%
Total	4.924	414	5.419	479	8.888	429	3.558	233	17.866	1141	24.542	1688	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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