Analysis of PIPE issuance for 2006

Total year-to-date issuance: $26.885 billion in 1,651 deals

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

Proceeds

	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Less than $1 million	0.002	0.001	0.004	0.005	0.004	0.001	0.003	0.008	0.002	0.004	0.003	0.004
$1-1.99 million	0.040	0.047	0.060	0.046	0.049	0.044	0.035	0.042	0.029	0.031	0.032	0.032
$2-2.99 million	0.031	0.058	0.062	0.034	0.052	0.060	0.032	0.029	0.040	0.055	0.041	0.028
$3-4.99 million	0.039	0.082	0.102	0.053	0.069	0.047	0.060	0.056	0.065	0.081	0.072	0.083
$5-9.99 million	0.156	0.172	0.324	0.124	0.190	0.115	0.116	0.175	0.101	0.127	0.092	0.209
$10-14.99 million	0.123	0.146	0.144	0.118	0.187	0.138	0.107	0.142	0.082	0.155	0.191	0.107
$15-$49.99 million	0.297	0.588	0.949	0.538	0.514	0.733	0.409	0.649	0.233	0.460	0.598	0.559
$50 million and higher	0.533	0.748	0.709	0.617	3.722	1.406	0.878	0.978	0.831	1.080	2.404	1.054
Total	1.224	1.842	2.353	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.433	2.076
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.008	16	0.010	19	0.012	19	0.012	18	0.041	72	0.041	72	0.15%
$1-1.99 million	0.147	109	0.139	105	0.107	78	0.095	74	0.488	366	0.488	366	1.82%
$2-2.99 million	0.150	67	0.146	64	0.102	44	0.124	52	0.522	227	0.522	227	1.94%
$3-4.99 million	0.224	59	0.169	45	0.180	48	0.236	65	0.809	217	0.809	217	3.01%
$5-9.99 million	0.652	100	0.428	67	0.392	60	0.428	62	1.901	289	1.901	289	7.07%
$10-14.99 million	0.412	37	0.443	39	0.331	28	0.452	39	1.638	143	1.638	143	6.09%
$15-$49.99 million	1.835	71	1.785	66	1.290	52	1.617	60	6.527	249	6.527	249	24.28%
$50 million and higher	1.991	20	5.745	24	2.686	20	4.537	24	14.959	88	14.959	88	55.64%
Total	5.419	479	8.865	429	5.101	349	7.501	394	26.885	1651	26.885	1651	100.00%
Type
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
convertible notes	0.191	0.204	0.435	0.214	0.348	1.478	0.202	0.263	0.203	0.233	0.418	0.267
convertible preferreds	0.315	0.524	0.129	0.090	0.457	0.257	0.047	0.096	0.343	0.405	0.707	0.021
equity line of credit	0.057	0.140	0.243	0.390	0.180	0.205	0.078	0.183	0.288	0.100	0.130	0.108
notes with warrants	0.139	0.158	0.168	0.029	0.069	0.088	0.041	0.206	0.078	0.086	0.073	0.028
preferreds with warrants	0	0	0	0	0	0	0	0	0	0.010	0	0.011
stock	0.414	0.567	1.229	0.634	3.643	0.422	1.141	1.237	0.385	1.104	1.954	1.581
units of stock and warrants	0.108	0.249	0.148	0.178	0.090	0.095	0.131	0.093	0.086	0.053	0.152	0.058
warrants	0	0	0.001	0	0	0	0	0	0	0	0	0
Total	1.224	1.842	2.353	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.433	2.076
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.830	148	2.040	130	0.668	103	0.918	102	4.456	483	4.456	483	16.57%
convertible preferreds	0.969	49	0.804	51	0.487	32	1.134	37	3.393	169	3.393	169	12.62%
equity line of credit	0.440	22	0.775	22	0.549	19	0.339	16	2.102	79	2.102	79	7.82%
notes with warrants	0.465	39	0.186	27	0.325	31	0.187	21	1.163	118	1.163	118	4.33%
preferreds with warrants	0	0	0	0	0	0	0.021	3	0.021	3	0.021	3	0.08%
stock	2.209	145	4.699	144	2.762	118	4.638	170	14.308	577	14.308	577	53.22%
units of stock and warrants	0.505	74	0.362	53	0.310	46	0.263	45	1.440	218	1.440	218	5.36%
warrants	0.001	2	0	2	0	0	0	0	0.001	4	0.001	4	0.00%
Total	5.419	479	8.865	429	5.101	349	7.501	394	26.885	1651	26.885	1651	100.00%
Warrants
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Yes	0.539	1.024	1.001	0.601	1.038	0.625	0.605	0.671	0.531	0.554	0.587	0.539
No	0.685	0.818	1.352	0.933	3.749	1.920	1.035	1.407	0.851	1.438	2.846	1.537
Total	1.224	1.842	2.353	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.433	2.076
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	2.564	322	2.263	270	1.808	221	1.680	231	8.315	1044	8.315	1044	30.93%
No	2.855	157	6.602	159	3.293	128	5.821	163	18.570	607	18.570	607	69.07%
Total	5.419	479	8.865	429	5.101	349	7.501	394	26.885	1651	26.885	1651	100.00%
Use of Proceeds
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Acquisition	0.181	0.031	0.466	0.137	3.266	0.169	0.661	0.180	0.346	0.028	1.622	0.943
Capex	0.143	0.240	0.274	0.010	0.315	0.085	0.137	0.669	0.027	0.114	0.098	0.149
GCP	0.283	0.457	0.677	0.465	0.476	1.468	0.198	0.201	0.380	0.981	0.419	0.484
Repay debt	0.194	0.435	0.100	0.012	0.153	0.157	0.116	0.100	0.116	0.471	0.267	0.019
Multiple/Other/NA	0.424	0.680	0.836	0.910	0.577	0.665	0.528	0.928	0.513	0.398	1.028	0.480
Total	1.224	1.842	2.353	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.433	2.076
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.678	33	3.572	34	1.187	24	2.593	28	8.029	119	8.029	119	29.86%
Capex	0.657	38	0.411	26	0.832	27	0.361	26	2.261	117	2.261	117	8.41%
GCP	1.416	145	2.409	126	0.779	77	1.885	131	6.490	479	6.490	479	24.14%
Repay debt	0.729	19	0.322	18	0.332	15	0.757	20	2.140	72	2.140	72	7.95%
Multiple/Other/NA	1.939	244	2.152	225	1.970	206	1.905	189	7.966	864	7.966	864	29.63%
Total	5.419	479	8.865	429	5.101	349	7.501	394	26.885	1651	26.885	1651	100.00%
Industry Sector (by SIC code)
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Agriculture (0xxx)	0	0	0	0.003	0.002	0.038	0.001	0	0	0	0	0
Mining (1xxx)	0.050	0.182	0.130	0.170	0.075	0.029	0.075	0.040	0.026	0.070	0.042	0.024
Oil and gas (13xx)	0.266	0.162	0.190	0.140	0.082	0.193	0.096	0.309	0.117	0.424	0.181	0.493
Construction (15xx)	0.019	0	0	0.005	0.020	0.015	0.001	0	0.029	0.007	0	0
Manufacturing (2xxx, 3xxx)	0.314	0.235	0.613	0.500	0.521	0.515	0.388	0.271	0.197	0.836	0.299	0.519
Pharmaceuticals (2834-6)	0.085	0.475	0.463	0.510	0.357	0.197	0.225	0.423	0.266	0.371	0.262	0.378
Transportation (4xxx)	0	0.002	0.112	0	0.192	0.073	0	0.592	0.080	0.001	0.009	0
Communications (48xx)	0.065	0.027	0.071	0.003	0.074	1.030	0.004	0.026	0.070	0.008	0.023	0.039
Electric, gas, sanitary services (49xx)	0.022	0.008	0.057	0.006	0.576	0.075	0.006	0.161	0.078	0.017	1.458	0.367
Wholesale (5xxx)	0.022	0.005	0.123	0.016	0.003	0.081	0.057	0.042	0.262	0.042	0.068	0.067
Finance, insurance, real estate (6xxx)	0.263	0.012	0.021	0.043	2.606	0.032	0.010	0.032	0.068	0.055	0.800	0.058
Services (7xxx)	0.067	0.275	0.257	0.111	0.200	0.240	0.057	0.096	0.119	0.132	0.243	0.109
Health services (8xxx)	0.044	0.421	0.058	0.021	0.078	0.005	0.675	0.032	0.007	0.013	0.033	0.012
Non-operating (9995)	0.007	0.039	0.259	0.006	0	0.021	0.045	0.056	0.062	0.018	0.016	0.011
Total	1.224	1.842	2.353	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.433	2.076
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.042	5	0.001	1	0	0	0.044	6	0.044	6	0.16%
Mining (1xxx)	0.361	39	0.274	32	0.141	23	0.135	15	0.911	109	0.911	109	3.39%
Oil and gas (13xx)	0.618	52	0.415	36	0.522	31	1.098	37	2.653	156	2.653	156	9.87%
Construction (15xx)	0.019	1	0.041	3	0.030	2	0.007	1	0.097	7	0.097	7	0.36%
Manufacturing (2xxx, 3xxx)	1.162	124	1.537	135	0.855	95	1.653	112	5.206	466	5.206	466	19.36%
Pharmaceuticals (2834-6)	1.023	69	1.064	53	0.913	44	1.010	71	4.010	237	4.010	237	14.92%
Transportation (4xxx)	0.114	5	0.265	3	0.672	7	0.010	4	1.060	19	1.060	19	3.94%
Communications (48xx)	0.162	21	1.107	19	0.101	18	0.069	18	1.440	76	1.440	76	5.36%
Electric, gas, sanitary services (49xx)	0.087	11	0.657	8	0.245	7	1.842	10	2.831	36	2.831	36	10.53%
Wholesale (5xxx)	0.150	16	0.101	13	0.361	16	0.176	11	0.788	56	0.788	56	2.93%
Finance, insurance, real estate (6xxx)	0.295	26	2.681	21	0.111	16	0.913	23	4.001	86	4.001	86	14.88%
Services (7xxx)	0.600	86	0.550	80	0.271	49	0.483	67	1.904	282	1.904	282	7.08%
Health services (8xxx)	0.524	18	0.105	16	0.714	17	0.059	14	1.401	65	1.401	65	5.21%
Non-operating (9995)	0.305	11	0.027	5	0.163	23	0.044	11	0.538	50	0.538	50	2.00%
Total	5.419	479	8.865	429	5.101	349	7.501	394	26.885	1651	26.885	1651	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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