Analysis of PIPE issuance for 12 months through June 2007

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

Proceeds

	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Less than $1 million	0.003	0.008	0.002	0.004	0.003	0.004	0.001	0.001	0	0.001	0.002	0.003
$1-1.99 million	0.035	0.042	0.029	0.031	0.031	0.037	0.031	0.028	0.033	0.037	0.040	0.029
$2-2.99 million	0.032	0.029	0.040	0.055	0.041	0.039	0.032	0.035	0.036	0.043	0.037	0.037
$3-4.99 million	0.060	0.056	0.065	0.081	0.069	0.101	0.048	0.053	0.096	0.095	0.061	0.052
$5-9.99 million	0.116	0.175	0.101	0.127	0.098	0.237	0.117	0.181	0.200	0.085	0.144	0.117
$10-14.99 million	0.107	0.142	0.082	0.155	0.203	0.127	0.150	0.181	0.116	0.194	0.126	0.140
$15-$49.99 million	0.409	0.649	0.233	0.460	0.633	0.592	0.297	0.251	0.583	0.440	0.834	0.615
$50 million and higher	0.878	0.978	0.831	1.080	2.344	1.118	0.770	3.706	0.976	1.326	2.209	2.636
Total	1.640	2.078	1.382	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.629
	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	0.007	13	0.009	18	0.033	56	0.05%
$1-1.99 million	0.107	78	0.098	77	0.092	69	0.107	79	0.198	148	0.404	303	1.15%
$2-2.99 million	0.102	44	0.135	57	0.102	44	0.117	50	0.220	94	0.456	195	1.28%
$3-4.99 million	0.180	48	0.251	69	0.196	53	0.208	54	0.404	107	0.835	224	2.35%
$5-9.99 million	0.392	60	0.462	67	0.498	71	0.346	51	0.843	122	1.698	249	4.89%
$10-14.99 million	0.331	28	0.485	42	0.447	39	0.461	39	0.907	78	1.723	148	5.27%
$15-$49.99 million	1.290	52	1.685	63	1.131	46	1.889	76	3.020	122	5.994	237	17.53%
$50 million and higher	2.686	20	4.541	24	5.452	22	6.171	29	11.623	51	18.850	95	67.48%
Total	5.101	349	7.668	418	7.920	349	9.305	391	17.224	740	29.993	1507	100.00%
Type
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
convertible notes	0.202	0.263	0.203	0.233	0.435	0.293	0.889	0.254	0.202	0.862	0.412	0.213
convertible preferreds	0.047	0.096	0.343	0.408	0.707	0.028	0.106	2.420	0.617	0.150	0.279	0.509
equity line of credit	0.078	0.183	0.288	0.100	0.130	0.108	0.018	0.010	0.045	0.055	0.124	0.051
notes with warrants	0.041	0.206	0.078	0.086	0.073	0.041	0.105	0.017	0.025	0.042	0.005	0.081
preferreds with warrants	0	0	0	0.010	0.012	0.011	0	0.001	0	0.001	0	0
stock	1.141	1.237	0.385	1.101	1.954	1.653	0.213	1.598	0.957	0.943	2.554	2.669
units of stock and warrants	0.131	0.093	0.086	0.053	0.109	0.119	0.112	0.136	0.192	0.169	0.080	0.106
Total	1.640	2.078	1.382	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.629
	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	1.345	93	1.487	98	2.832	191	4.462	407	16.44%
convertible preferreds	0.487	32	1.143	40	3.143	37	0.938	49	4.081	86	5.710	158	23.69%
equity line of credit	0.549	19	0.339	16	0.074	7	0.230	13	0.304	20	1.191	55	1.76%
notes with warrants	0.325	31	0.201	23	0.148	18	0.128	18	0.275	36	0.801	90	1.60%
preferreds with warrants	0	0	0.033	4	0.001	1	0.001	1	0.002	2	0.035	6	0.01%
stock	2.762	118	4.709	175	2.768	133	6.166	157	8.934	290	16.405	583	51.87%
units of stock and warrants	0.310	46	0.282	47	0.441	60	0.355	55	0.796	115	1.388	208	4.62%
Total	5.101	349	7.668	418	7.920	349	9.305	391	17.224	740	29.993	1507	100.00%
Warrants
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Yes	0.605	0.671	0.531	0.554	0.557	0.655	1.185	0.538	0.741	0.536	0.668	0.791
No	1.035	1.407	0.851	1.438	2.864	1.601	0.260	3.898	1.298	1.685	2.786	2.838
Total	1.640	2.078	1.382	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.629
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	1.808	221	1.766	248	2.464	237	1.996	235	4.460	472	8.034	941	25.89%
No	3.293	128	5.902	170	5.455	112	7.309	156	12.765	268	21.959	566	74.11%
Total	5.101	349	7.668	418	7.920	349	9.305	391	17.224	740	29.993	1507	100.00%
Use of Proceeds
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Acquisition	0.661	0.180	0.346	0.028	1.608	0.943	0.034	3.206	0.304	0.158	0.948	1.415
Capex	0.137	0.669	0.027	0.114	0.098	0.162	0.089	0.074	0.262	0.383	0.114	0.046
GCP	0.198	0.201	0.380	0.981	0.419	0.493	0.190	0.403	0.741	0.292	0.916	0.285
Repay debt	0.116	0.100	0.116	0.471	0.267	0.027	0.020	0.256	0.252	0.003	0.274	0.181
Multiple/Other/NA	0.528	0.928	0.513	0.398	1.029	0.629	1.112	0.496	0.481	1.386	1.202	1.703
Total	1.640	2.078	1.382	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.629
	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	2.521	19	6.066	42	9.832	96	35.22%
Capex	0.832	27	0.374	28	0.425	28	0.543	24	0.968	52	2.174	107	5.62%
GCP	0.779	77	1.894	133	1.333	102	1.493	114	2.826	216	5.499	426	16.41%
Repay debt	0.332	15	0.765	21	0.528	10	0.458	8	0.986	18	2.084	54	5.72%
Multiple/Other/NA	1.970	206	2.056	206	2.089	186	4.290	226	6.379	412	10.405	824	37.04%
Total	5.101	349	7.668	418	7.920	349	9.305	391	17.224	740	29.993	1507	100.00%
Industry Sector (by SIC code)
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Agriculture (0xxx)	0.001	0	0	0	0	0	0.002	0.003	0.001	0.004	0.023	0
Mining (1xxx)	0.075	0.040	0.026	0.070	0.042	0.027	0.073	0.044	0.081	0.104	0.115	0.064
Oil and gas (13xx)	0.096	0.309	0.117	0.424	0.168	0.551	0.142	2.202	0.149	0.099	1.196	0.209
Construction (15xx)	0.001	0	0.029	0.007	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.388	0.271	0.197	0.836	0.298	0.561	0.931	0.541	0.406	0.243	0.412	1.053
Pharmaceuticals (2834-6)	0.225	0.423	0.266	0.371	0.265	0.430	0.124	0.266	0.373	0.250	0.452	0.451
Transportation (4xxx)	0	0.592	0.080	0.001	0.009	0	0	0.002	0.001	0.313	0.015	0
Communications (48xx)	0.004	0.026	0.070	0.008	0.023	0.057	0.065	0.054	0.362	0.022	0.017	0.053
Electric, gas, sanitary services (49xx)	0.006	0.161	0.078	0.017	1.458	0.367	0	0.777	0.110	0.265	0.034	1.436
Wholesale (5xxx)	0.057	0.042	0.262	0.042	0.068	0.068	0.012	0.002	0.069	0.031	0.004	0.063
Finance, insurance, real estate (6xxx)	0.010	0.032	0.068	0.055	0.800	0.062	0.025	0.104	0.334	0.658	0.947	0.072
Services (7xxx)	0.057	0.096	0.119	0.132	0.243	0.111	0.056	0.353	0.100	0.204	0.141	0.199
Health services (8xxx)	0.675	0.032	0.007	0.013	0.033	0.012	0.010	0.067	0.018	0.011	0.052	0.002
Non-operating (9995)	0.045	0.056	0.062	0.018	0.016	0.011	0.004	0.020	0.035	0.017	0.045	0.027
Total	1.640	2.078	1.382	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.629
	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	0.027	5	0.033	8	0.034	9	0.19%
Mining (1xxx)	0.141	23	0.138	16	0.199	31	0.284	26	0.483	57	0.761	96	2.80%
Oil and gas (13xx)	0.522	31	1.143	39	2.493	36	1.504	28	3.997	64	5.662	134	23.21%
Construction (15xx)	0.030	2	0.007	1	0	0	0	0	0	0	0.038	3	0.00%
Manufacturing (2xxx, 3xxx)	0.855	95	1.694	120	1.878	109	1.708	131	3.586	240	6.135	455	20.82%
Pharmaceuticals (2834-6)	0.913	44	1.065	76	0.763	51	1.152	62	1.915	113	3.893	233	11.12%
Transportation (4xxx)	0.672	7	0.010	4	0.003	2	0.328	2	0.331	4	1.012	15	1.92%
Communications (48xx)	0.101	18	0.088	22	0.481	18	0.092	12	0.574	30	0.762	70	3.33%
Electric, gas, sanitary services (49xx)	0.245	7	1.842	10	0.886	9	1.735	10	2.622	19	4.709	36	15.22%
Wholesale (5xxx)	0.361	16	0.177	12	0.084	8	0.098	11	0.181	19	0.719	47	1.05%
Finance, insurance, real estate (6xxx)	0.111	16	0.917	24	0.464	13	1.677	18	2.141	31	3.169	71	12.43%
Services (7xxx)	0.271	49	0.485	69	0.509	53	0.543	64	1.052	117	1.809	235	6.11%
Health services (8xxx)	0.714	17	0.059	14	0.095	9	0.066	11	0.162	20	0.935	51	0.94%
Non-operating (9995)	0.163	23	0.044	11	0.059	7	0.089	11	0.148	18	0.355	52	0.86%
Total	5.101	349	7.668	418	7.920	349	9.305	391	17.224	740	29.993	1507	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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