Analysis of PIPE issuance for 12 months through August 2007

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

Proceeds

	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Less than $1 million	0.002	0.004	0.003	0.004	0.001	0.001	0	0.001	0.002	0.005	0.003	0.003
$1-1.99 million	0.029	0.031	0.031	0.037	0.031	0.028	0.033	0.037	0.04	0.035	0.022	0.02
$2-2.99 million	0.04	0.055	0.041	0.039	0.032	0.035	0.036	0.043	0.037	0.043	0.049	0.037
$3-4.99 million	0.065	0.081	0.069	0.101	0.048	0.053	0.096	0.103	0.061	0.069	0.067	0.056
$5-9.99 million	0.101	0.127	0.098	0.237	0.117	0.181	0.2	0.077	0.144	0.129	0.117	0.11
$10-14.99 million	0.082	0.155	0.203	0.127	0.15	0.181	0.116	0.194	0.126	0.162	0.168	0.214
$15-$49.99 million	0.233	0.46	0.633	0.592	0.297	0.251	0.583	0.44	0.834	0.609	0.393	0.323
$50 million and higher	0.831	1.08	2.344	1.118	0.77	3.706	0.976	1.326	2.209	2.812	2.851	2.751
Total	1.382	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.863	3.671	3.514
	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	0.007	15	0.018	36	0.031	59	0.07%
$1-1.99 million	0.098	77	0.092	69	0.112	83	0.042	31	0.246	183	0.373	282	1.00%
$2-2.99 million	0.135	57	0.102	44	0.123	53	0.086	37	0.312	134	0.487	208	1.27%
$3-4.99 million	0.251	69	0.196	53	0.233	61	0.123	33	0.553	147	0.868	233	2.24%
$5-9.99 million	0.462	67	0.498	71	0.35	52	0.227	34	1.074	157	1.638	240	4.36%
$10-14.99 million	0.485	42	0.447	39	0.482	41	0.381	32	1.31	112	1.876	161	5.32%
$15-$49.99 million	1.685	63	1.131	46	1.883	76	0.716	28	3.73	150	5.647	224	15.14%
$50 million and higher	4.541	24	5.452	22	6.347	30	5.602	18	17.401	70	22.773	103	70.61%
Total	7.668	418	7.92	349	9.539	412	7.185	228	24.643	989	33.694	1510	100.00%
Type
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
convertible notes	0.203	0.233	0.435	0.293	0.889	0.254	0.202	0.862	0.412	0.233	0.152	0.186
convertible preferreds	0.343	0.408	0.707	0.028	0.106	2.42	0.617	0.15	0.279	0.637	0.296	2.057
equity line of credit	0.288	0.1	0.13	0.108	0.018	0.01	0.045	0.055	0.124	0.067	0.04	0.169
notes with warrants	0.078	0.086	0.073	0.041	0.105	0.017	0.025	0.042	0.005	0.086	0.065	0.02
preferreds with warrants	0	0.01	0.012	0.011	0	0.001	0	0.001	0	0	0	0
stock	0.385	1.101	1.954	1.653	0.213	1.598	0.957	0.943	2.554	2.709	2.988	0.878
units of stock and warrants	0.086	0.053	0.109	0.119	0.112	0.136	0.192	0.169	0.08	0.132	0.11	0.204
warrants	0	0	0	0	0	0	0	0	0	0	0.02	0
Total	1.382	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.863	3.671	3.514
	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	106	0.338	50	3.189	249	4.354	387	12.94%
convertible preferreds	1.143	40	3.143	37	1.066	51	2.353	31	6.562	119	8.048	169	26.63%
equity line of credit	0.339	16	0.074	7	0.246	15	0.208	9	0.529	31	1.155	55	2.15%
notes with warrants	0.201	23	0.148	18	0.133	21	0.085	10	0.365	49	0.644	85	1.48%
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	3.866	90	12.84	383	17.934	587	52.10%
units of stock and warrants	0.282	47	0.441	60	0.38	58	0.314	37	1.135	155	1.503	220	4.61%
warrants	0	0	0	0	0	0	0.02	1	0.02	1	0.02	1	0.08%
Total	7.668	418	7.92	349	9.539	412	7.185	228	24.643	989	33.694	1510	100.00%
Warrants
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Yes	0.531	0.554	0.557	0.655	1.185	0.538	0.741	0.536	0.668	0.898	0.461	0.597
No	0.851	1.438	2.864	1.601	0.26	3.898	1.298	1.685	2.786	2.965	3.209	2.917
Total	1.382	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.863	3.671	3.514
	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	2.103	250	1.059	136	5.626	623	7.923	936	22.83%
No	5.902	170	5.455	112	7.436	162	6.126	92	19.018	366	25.771	574	77.17%
Total	7.668	418	7.92	349	9.539	412	7.185	228	24.643	989	33.694	1510	100.00%
Use of Proceeds
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Acquisition	0.346	0.028	1.608	0.943	0.034	3.206	0.304	0.158	0.948	1.415	1.94	0.091
Capex	0.027	0.114	0.098	0.162	0.089	0.074	0.262	0.383	0.114	0.046	0.096	0.031
GCP	0.38	0.981	0.419	0.493	0.19	0.403	0.741	0.292	0.916	0.289	0.196	0.527
Repay debt	0.116	0.471	0.267	0.027	0.02	0.256	0.252	0.003	0.274	0.156	0.887	0.08
Multiple/Other/NA	0.513	0.398	1.029	0.629	1.112	0.496	0.481	1.386	1.202	1.957	0.553	2.784
Total	1.382	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.863	3.671	3.514
	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	2.031	14	8.097	57	11.022	97	32.86%
Capex	0.374	28	0.425	28	0.543	24	0.127	12	1.095	64	1.496	98	4.44%
GCP	1.894	133	1.333	102	1.497	117	0.722	62	3.552	281	5.826	433	14.41%
Repay debt	0.765	21	0.528	10	0.433	8	0.967	10	1.928	28	2.81	52	7.82%
Multiple/Other/NA	2.056	206	2.089	186	4.544	243	3.337	130	9.971	559	12.54	830	40.46%
Total	7.668	418	7.92	349	9.539	412	7.185	228	24.643	989	33.694	1510	100.00%
Industry Sector (by SIC code)
	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007
Agriculture (0xxx)	0	0	0	0	0.002	0.003	0.001	0.004	0.023	0	0.042	0
Mining (1xxx)	0.026	0.07	0.042	0.027	0.073	0.044	0.081	0.104	0.115	0.064	0.018	0.076
Oil and gas (13xx)	0.117	0.424	0.168	0.551	0.142	2.202	0.149	0.099	1.196	0.212	2.558	0.03
Construction (15xx)	0.029	0.007	0	0	0	0	0	0	0	0	0.001	0
Manufacturing (2xxx, 3xxx)	0.197	0.836	0.298	0.561	0.931	0.541	0.406	0.243	0.412	1.075	0.156	0.308
Pharmaceuticals (2834-6)	0.266	0.371	0.265	0.43	0.124	0.266	0.373	0.25	0.452	0.504	0.155	0.405
Transportation (4xxx)	0.08	0.001	0.009	0	0	0.002	0.001	0.313	0.015	0.003	0.003	0.005
Communications (48xx)	0.07	0.008	0.023	0.057	0.065	0.054	0.362	0.022	0.017	0.024	0.077	0.12
Electric, gas, sanitary services (49xx)	0.078	0.017	1.458	0.367	0	0.777	0.11	0.265	0.034	1.437	0.204	0.03
Wholesale (5xxx)	0.262	0.042	0.068	0.068	0.012	0.002	0.069	0.031	0.004	0.074	0.103	0.024
Finance, insurance, real estate (6xxx)	0.068	0.055	0.8	0.062	0.025	0.104	0.334	0.658	0.947	0.208	0.07	2.34
Services (7xxx)	0.119	0.132	0.243	0.111	0.056	0.353	0.1	0.204	0.141	0.23	0.19	0.154
Health services (8xxx)	0.007	0.013	0.033	0.012	0.01	0.067	0.018	0.011	0.052	0.003	0.087	0
Non-operating (9995)	0.062	0.018	0.016	0.011	0.004	0.02	0.035	0.017	0.045	0.027	0.005	0.021
Total	1.382	1.992	3.421	2.255	1.445	4.435	2.039	2.222	3.454	3.863	3.671	3.514
	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	0.30%
Mining (1xxx)	0.138	16	0.199	31	0.284	26	0.095	11	0.577	68	0.742	89	2.34%
Oil and gas (13xx)	1.143	39	2.493	36	1.507	30	2.588	19	6.588	85	7.848	135	26.73%
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	1.73	137	0.464	62	4.072	308	5.963	453	16.52%
Pharmaceuticals (2834-6)	1.065	76	0.763	51	1.206	63	0.56	37	2.529	151	3.859	237	10.26%
Transportation (4xxx)	0.01	4	0.003	2	0.331	3	0.008	2	0.342	7	0.432	13	1.39%
Communications (48xx)	0.088	22	0.481	18	0.063	11	0.197	14	0.742	43	0.9	72	3.01%
Electric, gas, sanitary services (49xx)	1.842	10	0.886	9	1.736	11	0.234	3	2.857	23	4.777	36	11.59%
Wholesale (5xxx)	0.177	12	0.084	8	0.109	13	0.127	10	0.32	31	0.759	49	1.30%
Finance, insurance, real estate (6xxx)	0.917	24	0.464	13	1.814	22	2.41	12	4.688	47	5.673	79	19.02%
Services (7xxx)	0.485	69	0.509	53	0.575	68	0.345	46	1.429	167	2.032	249	5.80%
Health services (8xxx)	0.059	14	0.095	9	0.067	12	0.087	5	0.25	26	0.316	45	1.01%
Non-operating (9995)	0.044	11	0.059	7	0.089	11	0.026	4	0.173	22	0.279	40	0.70%
Total	7.668	418	7.92	349	9.539	412	7.185	228	24.643	989	33.694	1510	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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