Analysis of PIPE issuance for 12 months through April 2007

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

Proceeds

	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Less than $1 million	0.004	0.001	0.003	0.008	0.002	0.004	0.003	0.004	0.001	0.001	0	0.001
$1-1.99 million	0.049	0.044	0.035	0.042	0.029	0.031	0.031	0.037	0.031	0.029	0.033	0.030
$2-2.99 million	0.052	0.060	0.032	0.029	0.040	0.053	0.041	0.039	0.032	0.035	0.036	0.043
$3-4.99 million	0.069	0.047	0.060	0.056	0.065	0.081	0.069	0.101	0.048	0.053	0.096	0.076
$5-9.99 million	0.190	0.115	0.116	0.175	0.101	0.127	0.098	0.237	0.117	0.181	0.194	0.085
$10-14.99 million	0.187	0.138	0.107	0.142	0.082	0.155	0.203	0.127	0.150	0.181	0.116	0.172
$15-$49.99 million	0.514	0.733	0.409	0.649	0.233	0.460	0.633	0.592	0.297	0.251	0.598	0.438
$50 million and higher	3.722	1.406	0.878	0.978	0.831	1.080	2.344	1.118	0.770	3.706	0.976	1.226
Total	4.786	2.545	1.640	2.078	1.382	1.990	3.421	2.255	1.445	4.437	2.048	2.071
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.012	19	0.012	19	0.002	5	0.001	3	0.003	8	0.032	56	0.03%
$1-1.99 million	0.107	78	0.098	77	0.093	70	0.030	23	0.123	93	0.422	318	1.23%
$2-2.99 million	0.102	44	0.133	56	0.102	44	0.043	18	0.145	62	0.492	211	1.45%
$3-4.99 million	0.180	48	0.251	69	0.196	53	0.076	19	0.272	72	0.820	220	2.72%
$5-9.99 million	0.392	60	0.462	67	0.492	70	0.085	13	0.576	83	1.736	258	5.76%
$10-14.99 million	0.331	28	0.485	42	0.447	39	0.172	15	0.619	54	1.759	153	6.19%
$15-$49.99 million	1.290	52	1.685	63	1.146	47	0.438	18	1.583	65	5.805	228	15.83%
$50 million and higher	2.686	20	4.541	24	5.452	22	1.226	5	6.679	27	19.033	89	66.78%
Total	5.101	349	7.666	417	7.930	350	2.071	114	10.002	464	30.099	1533	100.00%
Type
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
convertible notes	0.348	1.478	0.202	0.263	0.203	0.233	0.435	0.293	0.889	0.254	0.211	0.729
convertible preferreds	0.457	0.257	0.047	0.096	0.343	0.405	0.707	0.028	0.106	2.420	0.617	0.175
equity line of credit	0.180	0.205	0.078	0.183	0.288	0.100	0.130	0.108	0.018	0.010	0.045	0.045
notes with warrants	0.069	0.088	0.041	0.206	0.078	0.086	0.073	0.041	0.105	0.017	0.025	0.042
preferreds with warrants	0	0	0	0	0	0.010	0.012	0.011	0	0.001	0	0.001
stock	3.643	0.422	1.141	1.237	0.385	1.101	1.954	1.653	0.213	1.598	0.957	0.935
units of stock and warrants	0.090	0.095	0.131	0.093	0.086	0.053	0.109	0.119	0.112	0.138	0.192	0.145
warrants	0	0	0	0	0	0	0	0	0	0	0	0
Total	4.786	2.545	1.640	2.078	1.382	1.990	3.421	2.255	1.445	4.437	2.048	2.071
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.668	103	0.962	113	1.354	93	0.729	30	2.083	123	5.539	432	20.83%
convertible preferreds	0.487	32	1.141	39	3.143	37	0.175	17	3.318	54	5.660	164	33.17%
equity line of credit	0.549	19	0.339	16	0.074	7	0.045	3	0.119	10	1.391	60	1.19%
notes with warrants	0.325	31	0.201	23	0.148	18	0.042	4	0.189	22	0.872	99	1.89%
preferreds with warrants	0	0	0.033	4	0.001	1	0.001	1	0.002	2	0.035	6	0.02%
stock	2.762	118	4.709	175	2.768	133	0.935	45	3.703	178	15.239	573	37.02%
units of stock and warrants	0.310	46	0.282	47	0.442	61	0.145	14	0.587	75	1.363	198	5.87%
warrants	0	0	0	0	0	0	0	0	0	0	0	1	0.00%
Total	5.101	349	7.666	417	7.930	350	2.071	114	10.002	464	30.099	1533	100.00%
Warrants
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Yes	1.038	0.625	0.605	0.671	0.531	0.552	0.557	0.655	1.185	0.539	0.741	0.505
No	3.749	1.920	1.035	1.407	0.851	1.438	2.864	1.601	0.260	3.898	1.307	1.566
Total	4.786	2.545	1.640	2.078	1.382	1.990	3.421	2.255	1.445	4.437	2.048	2.071
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	1.808	221	1.764	247	2.466	238	0.505	68	2.971	306	8.205	966	29.70%
No	3.293	128	5.902	170	5.464	112	1.566	46	7.030	158	21.894	567	70.29%
Total	5.101	349	7.666	417	7.930	350	2.071	114	10.002	464	30.099	1533	100.00%
Use of Proceeds
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Acquisition	3.266	0.169	0.661	0.180	0.346	0.028	1.608	0.943	0.034	3.206	0.304	0.154
Capex	0.315	0.085	0.137	0.669	0.027	0.114	0.098	0.162	0.089	0.074	0.262	0.379
GCP	0.476	1.468	0.198	0.201	0.380	0.981	0.419	0.493	0.190	0.404	0.741	0.289
Repay debt	0.153	0.157	0.116	0.100	0.116	0.471	0.267	0.027	0.020	0.256	0.252	0.003
Multiple/Other/NA	0.577	0.665	0.528	0.928	0.513	0.396	1.029	0.629	1.112	0.496	0.490	1.247
Total	4.786	2.545	1.640	2.078	1.382	1.990	3.421	2.255	1.445	4.437	2.048	2.071
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	1.187	24	2.579	30	3.545	23	0.154	4	3.699	27	10.900	106	36.98%
Capex	0.832	27	0.374	28	0.425	28	0.379	9	0.804	37	2.410	114	8.04%
GCP	0.779	77	1.894	133	1.335	103	0.289	34	1.623	137	6.240	435	16.23%
Repay debt	0.332	15	0.765	21	0.528	10	0.003	1	0.531	11	1.939	61	5.31%
Multiple/Other/NA	1.970	206	2.054	205	2.098	186	1.247	66	3.345	252	8.610	817	33.44%
Total	5.101	349	7.666	417	7.930	350	2.071	114	10.002	464	30.099	1533	100.00%
Industry Sector (by SIC code)
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Agriculture (0xxx)	0.002	0.038	0.001	0	0	0	0	0	0.002	0.003	0.001	0.002
Mining (1xxx)	0.075	0.029	0.075	0.040	0.026	0.070	0.042	0.027	0.073	0.044	0.081	0.091
Oil and gas (13xx)	0.082	0.193	0.096	0.309	0.117	0.424	0.168	0.551	0.142	2.202	0.149	0.091
Construction (15xx)	0.020	0.015	0.001	0	0.029	0.007	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.521	0.515	0.388	0.271	0.197	0.836	0.298	0.561	0.931	0.543	0.406	0.224
Pharmaceuticals (2834-6)	0.357	0.197	0.225	0.423	0.266	0.371	0.265	0.430	0.124	0.266	0.382	0.250
Transportation (4xxx)	0.192	0.073	0	0.592	0.080	0.001	0.009	0	0	0.002	0.001	0.313
Communications (48xx)	0.074	1.030	0.004	0.026	0.070	0.008	0.023	0.057	0.065	0.054	0.362	0.022
Electric, gas, sanitary services (49xx)	0.576	0.075	0.006	0.161	0.078	0.017	1.458	0.367	0	0.777	0.110	0.265
Wholesale (5xxx)	0.003	0.081	0.057	0.042	0.262	0.042	0.068	0.068	0.012	0.002	0.069	0.027
Finance, insurance, real estate (6xxx)	2.606	0.032	0.010	0.032	0.068	0.053	0.800	0.062	0.025	0.104	0.334	0.658
Services (7xxx)	0.200	0.240	0.057	0.096	0.119	0.132	0.243	0.111	0.056	0.353	0.100	0.101
Health services (8xxx)	0.078	0.005	0.675	0.032	0.007	0.013	0.033	0.012	0.010	0.067	0.018	0.011
Non-operating (9995)	0	0.021	0.045	0.056	0.062	0.018	0.016	0.011	0.004	0.020	0.035	0.015
Total	4.786	2.545	1.640	2.078	1.382	1.990	3.421	2.255	1.445	4.437	2.048	2.071
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.001	1	0	0	0.006	3	0.002	1	0.008	4	0.049	8	0.08%
Mining (1xxx)	0.141	23	0.138	16	0.199	31	0.091	7	0.290	38	0.672	93	2.90%
Oil and gas (13xx)	0.522	31	1.143	39	2.493	36	0.091	7	2.584	43	4.524	138	25.83%
Construction (15xx)	0.030	2	0.007	1	0	0	0	0	0	0	0.073	5	0.00%
Manufacturing (2xxx, 3xxx)	0.855	95	1.694	120	1.880	110	0.224	39	2.104	149	5.689	466	21.04%
Pharmaceuticals (2834-6)	0.913	44	1.065	76	0.772	51	0.250	19	1.022	70	3.554	227	10.22%
Transportation (4xxx)	0.672	7	0.010	4	0.003	2	0.313	1	0.316	3	1.262	17	3.16%
Communications (48xx)	0.101	18	0.088	22	0.481	18	0.022	4	0.503	22	1.796	78	5.03%
Electric, gas, sanitary services (49xx)	0.245	7	1.842	10	0.886	9	0.265	3	1.152	12	3.890	35	11.52%
Wholesale (5xxx)	0.361	16	0.177	12	0.084	8	0.027	4	0.111	12	0.733	47	1.11%
Finance, insurance, real estate (6xxx)	0.111	16	0.915	23	0.464	13	0.658	5	1.122	18	4.786	73	11.22%
Services (7xxx)	0.271	49	0.485	69	0.509	53	0.101	19	0.610	72	1.806	247	6.10%
Health services (8xxx)	0.714	17	0.059	14	0.095	9	0.011	2	0.107	11	0.964	52	1.07%
Non-operating (9995)	0.163	23	0.044	11	0.059	7	0.015	3	0.074	10	0.302	47	0.74%
Total	5.101	349	7.666	417	7.930	350	2.071	114	10.002	464	30.099	1533	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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