Analysis of PIPE issuance for 12 months through July 2007

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

Proceeds

	Aug-06	Sep-06	Oct-06	Nov-06	Dec-06	Jan-07	Feb-07	Mar-07	Apr-07	May-07	Jun-07	Jul-07
Less than $1 million	0.008	0.002	0.004	0.003	0.004	0.001	0.001	0	0.001	0.002	0.005	0.002
$1-1.99 million	0.042	0.029	0.031	0.031	0.037	0.031	0.028	0.033	0.037	0.04	0.033	0.022
$2-2.99 million	0.029	0.04	0.055	0.041	0.039	0.032	0.035	0.036	0.043	0.037	0.041	0.038
$3-4.99 million	0.056	0.065	0.081	0.069	0.101	0.048	0.053	0.096	0.095	0.061	0.069	0.056
$5-9.99 million	0.175	0.101	0.127	0.098	0.237	0.117	0.181	0.2	0.085	0.144	0.129	0.117
$10-14.99 million	0.142	0.082	0.155	0.203	0.127	0.15	0.181	0.116	0.194	0.126	0.162	0.131
$15-$49.99 million	0.649	0.233	0.46	0.633	0.592	0.297	0.251	0.583	0.44	0.834	0.609	0.393
$50 million and higher	0.978	0.831	1.08	2.344	1.118	0.77	3.706	0.976	1.326	2.209	2.761	2.851
Total	2.078	1.382	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.808	3.611
	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	0.002	3	0.013	24	0.034	58	0.06%
$1-1.99 million	0.098	77	0.092	69	0.11	82	0.022	17	0.224	168	0.394	297	1.07%
$2-2.99 million	0.135	57	0.102	44	0.121	52	0.038	17	0.262	113	0.466	200	1.25%
$3-4.99 million	0.251	69	0.196	53	0.225	59	0.056	14	0.477	126	0.848	227	2.27%
$5-9.99 million	0.462	67	0.498	71	0.358	53	0.117	17	0.972	141	1.711	251	4.63%
$10-14.99 million	0.485	42	0.447	39	0.482	41	0.131	11	1.059	91	1.768	152	5.04%
$15-$49.99 million	1.685	63	1.131	46	1.883	76	0.393	13	3.407	135	5.973	235	16.21%
$50 million and higher	4.541	24	5.452	22	6.296	30	2.851	9	14.6	61	20.949	100	69.48%
Total	7.668	418	7.92	349	9.484	409	3.611	101	21.014	859	32.143	1520	100.00%
Type
	Aug-06	Sep-06	Oct-06	Nov-06	Dec-06	Jan-07	Feb-07	Mar-07	Apr-07	May-07	Jun-07	Jul-07
convertible notes	0.263	0.203	0.233	0.435	0.293	0.889	0.254	0.202	0.862	0.412	0.233	0.139
convertible preferreds	0.096	0.343	0.408	0.707	0.028	0.106	2.42	0.617	0.15	0.279	0.637	0.286
equity line of credit	0.183	0.288	0.1	0.13	0.108	0.018	0.01	0.045	0.055	0.124	0.067	0.04
notes with warrants	0.206	0.078	0.086	0.073	0.041	0.105	0.017	0.025	0.042	0.005	0.084	0.05
preferreds with warrants	0	0	0.01	0.012	0.011	0	0.001	0	0.001	0	0	0
stock	1.237	0.385	1.101	1.954	1.653	0.213	1.598	0.957	0.943	2.554	2.659	2.97
units of stock and warrants	0.093	0.086	0.053	0.109	0.119	0.112	0.136	0.192	0.169	0.08	0.13	0.106
warrants	0	0	0	0	0	0	0	0	0	0	0	0.02
Total	2.078	1.382	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.808	3.611
	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	1.506	105	0.139	23	2.99	221	4.418	402	14.23%
convertible preferreds	1.143	40	3.143	37	1.066	51	0.286	16	4.495	104	6.077	170	21.39%
equity line of credit	0.339	16	0.074	7	0.246	15	0.04	3	0.36	25	1.169	56	1.71%
notes with warrants	0.201	23	0.148	18	0.131	20	0.05	4	0.329	42	0.813	91	1.57%
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	6.155	160	2.97	41	11.893	334	18.223	589	56.60%
units of stock and warrants	0.282	47	0.441	60	0.378	57	0.106	13	0.926	130	1.387	205	4.41%
warrants	0	0	0	0	0	0	0.02	1	0.02	1	0.02	1	0.10%
Total	7.668	418	7.92	349	9.484	409	3.611	101	21.014	859	32.143	1520	100.00%
Warrants
	Aug-06	Sep-06	Oct-06	Nov-06	Dec-06	Jan-07	Feb-07	Mar-07	Apr-07	May-07	Jun-07	Jul-07
Yes	0.671	0.531	0.554	0.557	0.655	1.185	0.538	0.741	0.536	0.668	0.843	0.405
No	1.407	0.851	1.438	2.864	1.601	0.26	3.898	1.298	1.685	2.786	2.965	3.206
Total	2.078	1.382	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.808	3.611
	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	2.048	247	0.405	56	4.917	540	7.886	936	23.40%
No	5.902	170	5.455	112	7.436	162	3.206	45	16.097	319	24.257	584	76.60%
Total	7.668	418	7.92	349	9.484	409	3.611	101	21.014	859	32.143	1520	100.00%
Use of Proceeds
	Aug-06	Sep-06	Oct-06	Nov-06	Dec-06	Jan-07	Feb-07	Mar-07	Apr-07	May-07	Jun-07	Jul-07
Acquisition	0.18	0.346	0.028	1.608	0.943	0.034	3.206	0.304	0.158	0.948	1.415	1.94
Capex	0.669	0.027	0.114	0.098	0.162	0.089	0.074	0.262	0.383	0.114	0.046	0.09
GCP	0.201	0.38	0.981	0.419	0.493	0.19	0.403	0.741	0.292	0.916	0.287	0.178
Repay debt	0.1	0.116	0.471	0.267	0.027	0.02	0.256	0.252	0.003	0.274	0.156	0.887
Multiple/Other/NA	0.928	0.513	0.398	1.029	0.629	1.112	0.496	0.481	1.386	1.202	1.904	0.516
Total	2.078	1.382	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.808	3.611
	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	1.94	8	8.005	51	11.111	102	38.09%
Capex	0.374	28	0.425	28	0.543	24	0.09	8	1.058	60	2.128	104	5.03%
GCP	1.894	133	1.333	102	1.495	115	0.178	24	3.006	241	5.48	425	14.30%
Repay debt	0.765	21	0.528	10	0.433	8	0.887	6	1.848	24	2.83	53	8.79%
Multiple/Other/NA	2.056	206	2.089	186	4.492	242	0.516	55	7.097	483	10.594	836	33.77%
Total	7.668	418	7.92	349	9.484	409	3.611	101	21.014	859	32.143	1520	100.00%
Industry Sector (by SIC code)
	Aug-06	Sep-06	Oct-06	Nov-06	Dec-06	Jan-07	Feb-07	Mar-07	Apr-07	May-07	Jun-07	Jul-07
Agriculture (0xxx)	0	0	0	0	0	0.002	0.003	0.001	0.004	0.023	0	0.042
Mining (1xxx)	0.04	0.026	0.07	0.042	0.027	0.073	0.044	0.081	0.104	0.115	0.064	0.014
Oil and gas (13xx)	0.309	0.117	0.424	0.168	0.551	0.142	2.202	0.149	0.099	1.196	0.21	2.549
Construction (15xx)	0	0.029	0.007	0	0	0	0	0	0	0	0	0.001
Manufacturing (2xxx, 3xxx)	0.271	0.197	0.836	0.298	0.561	0.931	0.541	0.406	0.243	0.412	1.073	0.135
Pharmaceuticals (2834-6)	0.423	0.266	0.371	0.265	0.43	0.124	0.266	0.373	0.25	0.452	0.453	0.152
Transportation (4xxx)	0.592	0.08	0.001	0.009	0	0	0.002	0.001	0.313	0.015	0.003	0.003
Communications (48xx)	0.026	0.07	0.008	0.023	0.057	0.065	0.054	0.362	0.022	0.017	0.024	0.077
Electric, gas, sanitary services (49xx)	0.161	0.078	0.017	1.458	0.367	0	0.777	0.11	0.265	0.034	1.437	0.204
Wholesale (5xxx)	0.042	0.262	0.042	0.068	0.068	0.012	0.002	0.069	0.031	0.004	0.074	0.103
Finance, insurance, real estate (6xxx)	0.032	0.068	0.055	0.8	0.062	0.025	0.104	0.334	0.658	0.947	0.208	0.07
Services (7xxx)	0.096	0.119	0.132	0.243	0.111	0.056	0.353	0.1	0.204	0.141	0.23	0.167
Health services (8xxx)	0.032	0.007	0.013	0.033	0.012	0.01	0.067	0.018	0.011	0.052	0.003	0.087
Non-operating (9995)	0.056	0.062	0.018	0.016	0.011	0.004	0.02	0.035	0.017	0.045	0.027	0.005
Total	2.078	1.382	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.808	3.611
	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	0.36%
Mining (1xxx)	0.138	16	0.199	31	0.284	26	0.014	4	0.497	61	0.7	88	2.37%
Oil and gas (13xx)	1.143	39	2.493	36	1.505	29	2.549	13	6.548	78	8.116	140	31.16%
Construction (15xx)	0.007	1	0	0	0	0	0.001	1	0.001	1	0.038	3	0.00%
Manufacturing (2xxx, 3xxx)	1.694	120	1.878	109	1.728	136	0.135	19	3.741	264	5.902	448	17.80%
Pharmaceuticals (2834-6)	1.065	76	0.763	51	1.155	62	0.152	13	2.07	126	3.823	232	9.85%
Transportation (4xxx)	0.01	4	0.003	2	0.331	3	0.003	1	0.337	6	1.019	17	1.60%
Communications (48xx)	0.088	22	0.481	18	0.063	11	0.077	8	0.621	37	0.805	75	2.96%
Electric, gas, sanitary services (49xx)	1.842	10	0.886	9	1.736	11	0.204	1	2.827	21	4.909	36	13.45%
Wholesale (5xxx)	0.177	12	0.084	8	0.109	13	0.103	6	0.296	27	0.777	51	1.41%
Finance, insurance, real estate (6xxx)	0.917	24	0.464	13	1.814	22	0.07	5	2.348	40	3.365	76	11.17%
Services (7xxx)	0.485	69	0.509	53	0.575	68	0.167	21	1.251	142	1.951	246	5.95%
Health services (8xxx)	0.059	14	0.095	9	0.067	12	0.087	5	0.25	26	0.348	52	1.19%
Non-operating (9995)	0.044	11	0.059	7	0.089	11	0.005	2	0.153	20	0.314	46	0.73%
Total	7.668	418	7.92	349	9.484	409	3.611	101	21.014	859	32.143	1520	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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