Analysis of PIPE issuance for 12 months through October 2007

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

Proceeds

	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Less than $1 million	0.003	0.004	0.001	0.001	0	0.001	0.002	0.005	0.003	0.003	0.002	0.003
$1-1.99 million	0.031	0.037	0.031	0.028	0.033	0.037	0.040	0.035	0.023	0.025	0.022	0.022
$2-2.99 million	0.041	0.039	0.032	0.035	0.036	0.043	0.037	0.046	0.049	0.045	0.023	0.025
$3-4.99 million	0.069	0.101	0.048	0.053	0.096	0.103	0.061	0.069	0.067	0.064	0.086	0.064
$5-9.99 million	0.098	0.237	0.117	0.181	0.200	0.077	0.144	0.129	0.117	0.129	0.104	0.070
$10-14.99 million	0.203	0.127	0.150	0.181	0.116	0.194	0.126	0.162	0.168	0.232	0.047	0.128
$15-$49.99 million	0.633	0.592	0.297	0.251	0.583	0.440	0.834	0.609	0.393	0.339	0.168	0.401
$50 million and higher	2.344	1.118	0.770	3.706	0.976	1.326	2.209	2.812	2.851	2.751	1.340	2.296
Total	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.866	3.672	3.587	1.792	3.008
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.002	5	0.009	16	0.009	19	0.003	3	0.022	43	0.030	54	0.07%
$1-1.99 million	0.092	69	0.112	83	0.071	54	0.022	16	0.297	222	0.364	274	1.01%
$2-2.99 million	0.102	44	0.126	54	0.117	50	0.025	11	0.369	159	0.450	194	1.25%
$3-4.99 million	0.196	53	0.233	61	0.217	58	0.064	17	0.710	189	0.881	236	2.41%
$5-9.99 million	0.498	71	0.350	52	0.350	54	0.070	10	1.267	187	1.602	236	4.29%
$10-14.99 million	0.447	39	0.482	41	0.446	38	0.128	12	1.502	130	1.832	158	5.09%
$15-$49.99 million	1.131	46	1.883	76	0.900	37	0.401	15	4.315	174	5.539	218	14.62%
$50 million and higher	5.452	22	6.347	30	6.942	25	2.296	7	21.037	84	24.498	100	71.26%
Total	7.920	349	9.541	413	9.051	335	3.008	91	29.520	1188	35.196	1470	100.00%
Type
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
convertible notes	0.435	0.293	0.889	0.254	0.202	0.862	0.412	0.235	0.152	0.218	0.556	0.629
convertible preferreds	0.707	0.028	0.106	2.420	0.617	0.150	0.279	0.637	0.296	2.074	0.049	0.122
equity line of credit	0.130	0.108	0.018	0.010	0.045	0.055	0.124	0.067	0.040	0.169	0.100	0.215
notes with warrants	0.073	0.041	0.105	0.017	0.025	0.042	0.005	0.086	0.065	0.038	0.005	0.135
preferreds with warrants	0.012	0.011	0	0.001	0	0.001	0	0	0	0	0	0.004
stock	1.954	1.653	0.213	1.598	0.957	0.943	2.554	2.709	2.988	0.883	0.999	1.870
units of stock and warrants	0.109	0.119	0.112	0.136	0.192	0.169	0.080	0.132	0.111	0.206	0.083	0.033
warrants	0	0	0	0	0	0	0	0	0.020	0	0	0
Total	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.866	3.672	3.587	1.792	3.008
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
convertible notes	1.345	93	1.509	107	0.925	90	0.629	19	4.408	309	5.137	381	14.93%
convertible preferreds	3.143	37	1.066	51	2.420	43	0.122	13	6.751	144	7.486	165	22.87%
equity line of credit	0.074	7	0.246	15	0.308	10	0.215	3	0.844	35	1.082	47	2.86%
notes with warrants	0.148	18	0.133	21	0.108	15	0.135	10	0.524	64	0.638	77	1.78%
preferreds with warrants	0.001	1	0.001	1	0	0	0.004	2	0.006	4	0.029	7	0.02%
stock	2.768	133	6.206	160	4.869	126	1.870	35	15.714	454	19.321	581	53.23%
units of stock and warrants	0.441	60	0.380	58	0.400	50	0.033	9	1.254	177	1.483	211	4.25%
warrants	0	0	0	0	0.020	1	0	0	0.020	1	0.020	1	0.07%
Total	7.920	349	9.541	413	9.051	335	3.008	91	29.520	1188	35.196	1470	100.00%
Warrants
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Yes	0.557	0.655	1.185	0.538	0.741	0.536	0.668	0.900	0.462	0.642	0.322	0.451
No	2.864	1.601	0.260	3.898	1.298	1.685	2.786	2.965	3.209	2.945	1.471	2.557
Total	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.866	3.672	3.587	1.792	3.008
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	2.464	237	2.105	251	1.426	209	0.451	56	6.447	753	7.659	920	21.84%
No	5.455	112	7.436	162	7.625	126	2.557	35	23.073	435	27.538	550	78.16%
Total	7.920	349	9.541	413	9.051	335	3.008	91	29.520	1188	35.196	1470	100.00%
Use of Proceeds
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Acquisition	1.608	0.943	0.034	3.206	0.304	0.158	0.948	1.415	1.940	0.092	0.799	0.046
Capex	0.098	0.162	0.089	0.074	0.262	0.383	0.114	0.046	0.096	0.031	0.414	0.408
GCP	0.419	0.493	0.190	0.403	0.741	0.292	0.916	0.289	0.196	0.547	0.319	0.218
Repay debt	0.267	0.027	0.020	0.256	0.252	0.003	0.274	0.156	0.888	0.080	0	0.009
Multiple/Other/NA	1.029	0.629	1.112	0.496	0.481	1.386	1.202	1.959	0.553	2.837	0.260	2.326
Total	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.866	3.672	3.587	1.792	3.008
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	3.545	23	2.521	20	2.830	22	0.046	3	8.943	68	11.494	94	30.29%
Capex	0.425	28	0.543	24	0.541	18	0.408	7	1.917	77	2.177	98	6.49%
GCP	1.333	102	1.497	117	1.062	102	0.218	20	4.109	341	5.021	428	13.92%
Repay debt	0.528	10	0.433	8	0.968	11	0.009	1	1.938	30	2.233	44	6.56%
Multiple/Other/NA	2.089	186	4.547	244	3.651	182	2.326	60	12.613	672	14.271	806	42.73%
Total	7.920	349	9.541	413	9.051	335	3.008	91	29.520	1188	35.196	1470	100.00%
Industry Sector (by SIC code)
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Agriculture (0xxx)	0	0	0.002	0.003	0.001	0.004	0.023	0	0.042	0	0	0.026
Mining (1xxx)	0.042	0.027	0.073	0.044	0.081	0.104	0.115	0.064	0.018	0.076	0.367	0.181
Oil and gas (13xx)	0.168	0.551	0.142	2.202	0.149	0.099	1.196	0.212	2.558	0.033	0.476	0.060
Construction (15xx)	0	0	0	0	0	0	0	0	0.001	0	0.005	0.002
Manufacturing (2xxx, 3xxx)	0.298	0.561	0.931	0.541	0.406	0.243	0.412	1.075	0.157	0.343	0.238	0.656
Pharmaceuticals (2834-6)	0.265	0.430	0.124	0.266	0.373	0.250	0.452	0.504	0.155	0.416	0.164	0.379
Transportation (4xxx)	0.009	0	0	0.002	0.001	0.313	0.015	0.003	0.003	0.005	0	0.007
Communications (48xx)	0.023	0.057	0.065	0.054	0.362	0.022	0.017	0.024	0.077	0.120	0.031	0.018
Electric, gas, sanitary services (49xx)	1.458	0.367	0	0.777	0.110	0.265	0.034	1.437	0.204	0.030	0.354	0.354
Wholesale (5xxx)	0.068	0.068	0.012	0.002	0.069	0.031	0.004	0.074	0.103	0.024	0	0.008
Finance, insurance, real estate (6xxx)	0.800	0.062	0.025	0.104	0.334	0.658	0.947	0.208	0.070	2.341	0.015	0.006
Services (7xxx)	0.243	0.111	0.056	0.353	0.100	0.204	0.141	0.230	0.190	0.177	0.129	1.295
Health services (8xxx)	0.033	0.012	0.010	0.067	0.018	0.011	0.052	0.003	0.087	0.001	0	0.003
Non-operating (9995)	0.016	0.011	0.004	0.020	0.035	0.017	0.045	0.030	0.005	0.021	0.013	0.014
Total	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.866	3.672	3.587	1.792	3.008
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.006	3	0.027	5	0.042	2	0.026	3	0.101	13	0.101	13	0.34%
Mining (1xxx)	0.199	31	0.284	26	0.461	16	0.181	7	1.125	80	1.193	94	3.81%
Oil and gas (13xx)	2.493	36	1.507	30	3.067	27	0.060	3	7.128	96	7.847	123	24.15%
Construction (15xx)	0	0	0	0	0.006	2	0.002	1	0.008	3	0.008	3	0.03%
Manufacturing (2xxx, 3xxx)	1.878	109	1.730	137	0.738	95	0.656	29	5.002	370	5.860	447	16.94%
Pharmaceuticals (2834-6)	0.763	51	1.206	63	0.735	50	0.379	15	3.082	179	3.777	230	10.44%
Transportation (4xxx)	0.003	2	0.331	3	0.008	2	0.007	1	0.349	8	0.358	11	1.18%
Communications (48xx)	0.481	18	0.063	11	0.229	23	0.018	5	0.791	57	0.871	75	2.68%
Electric, gas, sanitary services (49xx)	0.886	9	1.736	11	0.588	6	0.354	6	3.565	32	5.390	40	12.08%
Wholesale (5xxx)	0.084	8	0.109	13	0.127	10	0.008	2	0.328	33	0.463	41	1.11%
Finance, insurance, real estate (6xxx)	0.464	13	1.814	22	2.426	14	0.006	2	4.710	51	5.571	69	15.96%
Services (7xxx)	0.509	53	0.575	68	0.496	74	1.295	15	2.875	210	3.228	252	9.74%
Health services (8xxx)	0.095	9	0.067	12	0.088	6	0.003	1	0.254	28	0.299	38	0.86%
Non-operating (9995)	0.059	7	0.092	12	0.039	8	0.014	1	0.203	28	0.230	34	0.69%
Total	7.920	349	9.541	413	9.051	335	3.008	91	29.520	1188	35.196	1470	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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