Analysis of PIPE issuance for 12 months through September 2007

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

Proceeds

	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
Less than $1 million	0.004	0.003	0.004	0.001	0.001	0	0.001	0.002	0.005	0.003	0.003	0.002
$1-1.99 million	0.031	0.031	0.037	0.031	0.028	0.033	0.037	0.040	0.035	0.022	0.025	0.017
$2-2.99 million	0.055	0.041	0.039	0.032	0.035	0.036	0.043	0.037	0.046	0.049	0.044	0.020
$3-4.99 million	0.081	0.069	0.101	0.048	0.053	0.096	0.103	0.061	0.069	0.067	0.064	0.076
$5-9.99 million	0.127	0.098	0.237	0.117	0.181	0.200	0.077	0.144	0.129	0.117	0.129	0.099
$10-14.99 million	0.155	0.203	0.127	0.150	0.181	0.116	0.194	0.126	0.162	0.168	0.247	0.047
$15-$49.99 million	0.460	0.633	0.592	0.297	0.251	0.583	0.440	0.834	0.609	0.393	0.323	0.168
$50 million and higher	1.080	2.344	1.118	0.770	3.706	0.976	1.326	2.209	2.812	2.851	2.751	1.290
Total	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.866	3.671	3.586	1.718
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.012	19	0.002	5	0.009	16	0.009	19	0.020	40	0.031	59	0.08%
$1-1.99 million	0.098	77	0.092	69	0.112	83	0.065	49	0.268	201	0.367	278	1.01%
$2-2.99 million	0.135	57	0.102	44	0.126	54	0.113	49	0.341	147	0.476	204	1.29%
$3-4.99 million	0.251	69	0.196	53	0.233	61	0.207	55	0.636	169	0.887	238	2.41%
$5-9.99 million	0.462	67	0.498	71	0.350	52	0.345	53	1.192	176	1.654	243	4.51%
$10-14.99 million	0.485	42	0.447	39	0.482	41	0.461	39	1.390	119	1.874	161	5.26%
$15-$49.99 million	1.685	63	1.131	46	1.883	76	0.884	36	3.898	158	5.583	221	14.75%
$50 million and higher	4.541	24	5.452	22	6.347	30	6.892	24	18.691	76	23.232	100	70.70%
Total	7.668	418	7.920	349	9.541	413	8.975	324	26.436	1086	34.104	1504	100.00%
Type
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
convertible notes	0.233	0.435	0.293	0.889	0.254	0.202	0.862	0.412	0.235	0.152	0.218	0.545
convertible preferreds	0.408	0.707	0.028	0.106	2.420	0.617	0.150	0.279	0.637	0.296	2.074	0.045
equity line of credit	0.100	0.130	0.108	0.018	0.010	0.045	0.055	0.124	0.067	0.040	0.169	0.100
notes with warrants	0.086	0.073	0.041	0.105	0.017	0.025	0.042	0.005	0.086	0.065	0.038	0.004
preferreds with warrants	0.010	0.012	0.011	0	0.001	0	0.001	0	0	0	0	0
stock	1.101	1.954	1.653	0.213	1.598	0.957	0.943	2.554	2.709	2.988	0.882	0.942
units of stock and warrants	0.053	0.109	0.119	0.112	0.136	0.192	0.169	0.080	0.132	0.110	0.205	0.083
warrants	0	0	0	0	0	0	0	0	0	0.020	0	0
Total	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.866	3.671	3.586	1.718
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.962	113	1.345	93	1.509	107	0.914	86	3.768	286	4.730	399	14.25%
convertible preferreds	1.143	40	3.143	37	1.066	51	2.416	42	6.625	130	7.768	170	25.06%
equity line of credit	0.339	16	0.074	7	0.246	15	0.308	10	0.629	32	0.967	48	2.38%
notes with warrants	0.201	23	0.148	18	0.133	21	0.107	14	0.387	53	0.588	76	1.46%
preferreds with warrants	0.033	4	0.001	1	0.001	1	0	0	0.002	2	0.035	6	0.01%
stock	4.709	175	2.768	133	6.206	160	4.811	122	13.785	415	18.494	590	52.14%
units of stock and warrants	0.282	47	0.441	60	0.380	58	0.398	49	1.219	167	1.501	214	4.61%
warrants	0	0	0	0	0	0	0.020	1	0.020	1	0.020	1	0.08%
Total	7.668	418	7.920	349	9.541	413	8.975	324	26.436	1086	34.104	1504	100.00%
Warrants
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
Yes	0.554	0.557	0.655	1.185	0.538	0.741	0.536	0.668	0.900	0.461	0.640	0.298
No	1.438	2.864	1.601	0.260	3.898	1.298	1.685	2.786	2.965	3.209	2.945	1.421
Total	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.866	3.671	3.586	1.718
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	1.766	248	2.464	237	2.105	251	1.399	199	5.969	687	7.735	935	22.58%
No	5.902	170	5.455	112	7.436	162	7.575	125	20.467	399	26.369	569	77.42%
Total	7.668	418	7.920	349	9.541	413	8.975	324	26.436	1086	34.104	1504	100.00%
Use of Proceeds
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
Acquisition	0.028	1.608	0.943	0.034	3.206	0.304	0.158	0.948	1.415	1.940	0.092	0.799
Capex	0.114	0.098	0.162	0.089	0.074	0.262	0.383	0.114	0.046	0.096	0.031	0.364
GCP	0.981	0.419	0.493	0.190	0.403	0.741	0.292	0.916	0.289	0.196	0.546	0.313
Repay debt	0.471	0.267	0.027	0.020	0.256	0.252	0.003	0.274	0.156	0.887	0.080	0
Multiple/Other/NA	0.398	1.029	0.629	1.112	0.496	0.481	1.386	1.202	1.959	0.553	2.836	0.243
Total	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.866	3.671	3.586	1.718
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	2.579	30	3.545	23	2.521	20	2.830	22	8.896	65	11.476	95	33.65%
Capex	0.374	28	0.425	28	0.543	24	0.491	17	1.458	69	1.833	97	5.52%
GCP	1.894	133	1.333	102	1.497	117	1.055	100	3.884	319	5.778	452	14.69%
Repay debt	0.765	21	0.528	10	0.433	8	0.967	10	1.928	28	2.693	49	7.29%
Multiple/Other/NA	2.056	206	2.089	186	4.547	244	3.632	175	10.268	605	12.324	811	38.84%
Total	7.668	418	7.920	349	9.541	413	8.975	324	26.436	1086	34.104	1504	100.00%
Industry Sector (by SIC code)
	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007
Agriculture (0xxx)	0	0	0	0.002	0.003	0.001	0.004	0.023	0	0.042	0	0
Mining (1xxx)	0.070	0.042	0.027	0.073	0.044	0.081	0.104	0.115	0.064	0.018	0.076	0.367
Oil and gas (13xx)	0.424	0.168	0.551	0.142	2.202	0.149	0.099	1.196	0.212	2.558	0.033	0.476
Construction (15xx)	0.007	0	0	0	0	0	0	0	0	0.001	0	0
Manufacturing (2xxx, 3xxx)	0.836	0.298	0.561	0.931	0.541	0.406	0.243	0.412	1.075	0.156	0.343	0.183
Pharmaceuticals (2834-6)	0.371	0.265	0.430	0.124	0.266	0.373	0.250	0.452	0.504	0.155	0.415	0.159
Transportation (4xxx)	0.001	0.009	0	0	0.002	0.001	0.313	0.015	0.003	0.003	0.005	0
Communications (48xx)	0.008	0.023	0.057	0.065	0.054	0.362	0.022	0.017	0.024	0.077	0.120	0.031
Electric, gas, sanitary services (49xx)	0.017	1.458	0.367	0	0.777	0.110	0.265	0.034	1.437	0.204	0.030	0.354
Wholesale (5xxx)	0.042	0.068	0.068	0.012	0.002	0.069	0.031	0.004	0.074	0.103	0.024	0
Finance, insurance, real estate (6xxx)	0.055	0.800	0.062	0.025	0.104	0.334	0.658	0.947	0.208	0.070	2.341	0.015
Services (7xxx)	0.132	0.243	0.111	0.056	0.353	0.100	0.204	0.141	0.230	0.190	0.177	0.120
Health services (8xxx)	0.013	0.033	0.012	0.010	0.067	0.018	0.011	0.052	0.003	0.087	0.001	0
Non-operating (9995)	0.018	0.016	0.011	0.004	0.020	0.035	0.017	0.045	0.030	0.005	0.021	0.013
Total	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.866	3.671	3.586	1.718
	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.006	3	0.027	5	0.042	2	0.075	10	0.075	10	0.28%
Mining (1xxx)	0.138	16	0.199	31	0.284	26	0.461	16	0.944	73	1.082	89	3.57%
Oil and gas (13xx)	1.143	39	2.493	36	1.507	30	3.067	27	7.067	93	8.210	132	26.73%
Construction (15xx)	0.007	1	0	0	0	0	0.001	1	0.001	1	0.008	2	0.00%
Manufacturing (2xxx, 3xxx)	1.694	120	1.878	109	1.730	137	0.682	91	4.290	337	5.984	457	16.23%
Pharmaceuticals (2834-6)	1.065	76	0.763	51	1.206	63	0.729	47	2.698	161	3.763	237	10.21%
Transportation (4xxx)	0.010	4	0.003	2	0.331	3	0.008	2	0.342	7	0.352	11	1.29%
Communications (48xx)	0.088	22	0.481	18	0.063	11	0.229	23	0.773	52	0.861	74	2.92%
Electric, gas, sanitary services (49xx)	1.842	10	0.886	9	1.736	11	0.588	6	3.211	26	5.053	36	12.15%
Wholesale (5xxx)	0.177	12	0.084	8	0.109	13	0.127	10	0.320	31	0.497	43	1.21%
Finance, insurance, real estate (6xxx)	0.917	24	0.464	13	1.814	22	2.426	14	4.704	49	5.621	73	17.79%
Services (7xxx)	0.485	69	0.509	53	0.575	68	0.487	71	1.571	192	2.056	261	5.94%
Health services (8xxx)	0.059	14	0.095	9	0.067	12	0.088	6	0.251	27	0.309	41	0.95%
Non-operating (9995)	0.044	11	0.059	7	0.092	12	0.039	8	0.189	27	0.233	38	0.71%
Total	7.668	418	7.920	349	9.541	413	8.975	324	26.436	1086	34.104	1504	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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