Analysis of PIPE issuance for 12 months through September 2008

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

Proceeds

	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Less than $1 million	0.003	0.002	0.001	0	0.002	0.002	0.001	0.003	0.006	0.005	0	0
$1-1.99 million	0.026	0.020	0.019	0.022	0.015	0.032	0.040	0.023	0.034	0.026	0.013	0.024
$2-2.99 million	0.027	0.017	0.052	0.033	0.029	0.032	0.026	0.032	0.045	0.029	0.031	0.036
$3-4.99 million	0.075	0.054	0.083	0.053	0.058	0.052	0.062	0.088	0.065	0.059	0.036	0.036
$5-9.99 million	0.080	0.198	0.167	0.089	0.074	0.172	0.081	0.095	0.143	0.111	0.081	0.134
$10-14.99 million	0.138	0.189	0.154	0.030	0.091	0.086	0.090	0.088	0.111	0.115	0.085	0.056
$15-$49.99 million	0.396	0.783	0.712	0.232	0.498	0.362	0.328	0.418	0.540	0.362	0.317	0.311
$50 million and higher	2.346	9.562	12.621	20.507	1.639	3.721	14.802	2.603	1.599	6.534	0.865	15.868
Total	3.091	10.826	13.808	20.966	2.406	4.459	15.431	3.350	2.544	7.242	1.428	16.465
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.006	14	0.004	7	0.011	16	0.006	11	0.020	34	0.026	48	0.03%
$1-1.99 million	0.066	50	0.069	51	0.096	69	0.064	51	0.229	171	0.294	221	0.31%
$2-2.99 million	0.096	41	0.094	41	0.103	44	0.095	41	0.291	126	0.387	167	0.39%
$3-4.99 million	0.212	57	0.163	44	0.215	56	0.131	36	0.510	136	0.722	193	0.69%
$5-9.99 million	0.445	67	0.335	50	0.320	48	0.326	51	0.981	149	1.426	216	1.32%
$10-14.99 million	0.480	42	0.208	19	0.289	25	0.255	22	0.752	66	1.232	108	1.01%
$15-$49.99 million	1.892	74	1.092	44	1.286	47	0.990	39	3.368	130	5.259	204	4.53%
$50 million and higher	24.529	34	25.867	27	19.004	39	23.267	31	68.139	97	92.669	131	91.72%
Total	27.726	379	27.831	283	21.325	344	25.134	282	74.290	909	102.016	1288	100.00%
Type
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
convertible notes	0.637	0.287	5.345	1.444	0.510	0.645	0.288	0.657	0.276	0.287	0.374	0.432
convertible preferreds	0.112	7.807	0.439	19.127	0.329	0.941	12.172	1.647	0.947	6.253	0.252	7.433
equity line	0.225	0.060	0.070	0.023	0.085	0.060	0.120	0.203	0.008	0.127	0.116	0
notes with warrants	0.185	0.085	0.107	0.049	0.055	1.244	0.109	0.166	0.310	0.130	0.127	0.169
preferreds with warrants	0.004	0.005	0	0.006	0	0.006	0	0	0	0.003	0	5.025
stock	1.895	2.286	7.670	0.258	1.384	1.416	2.670	0.643	0.761	0.338	0.416	3.376
units of stock and warrants	0.033	0.286	0.177	0.058	0.042	0.145	0.068	0.034	0.225	0.103	0.142	0.029
warrants	0	0.009	0	0.001	0	0.001	0.004	0	0.017	0	0	0
Total	3.091	10.826	13.808	20.966	2.406	4.459	15.431	3.350	2.544	7.242	1.428	16.465
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
convertible notes	6.270	94	2.599	72	1.221	90	1.094	80	4.914	242	11.184	336	6.61%
convertible preferreds	8.358	44	20.398	43	14.765	54	13.938	39	49.101	136	57.459	180	66.09%
equity line	0.356	14	0.168	8	0.331	8	0.243	10	0.742	26	1.098	40	1.00%
notes with warrants	0.377	23	1.349	21	0.586	31	0.426	29	2.361	81	2.738	104	3.18%
preferreds with warrants	0.009	3	0.013	2	0	0	5.028	3	5.041	5	5.050	8	6.79%
stock	11.852	140	3.058	96	4.074	122	4.130	80	11.262	298	23.113	438	15.16%
units of stock and warrants	0.496	59	0.245	39	0.326	33	0.275	41	0.846	113	1.342	172	1.14%
warrants	0.009	2	0.002	2	0.021	6	0	0	0.023	8	0.032	10	0.03%
Total	27.726	379	27.831	283	21.325	344	25.134	282	74.290	909	102.016	1288	100.00%
Warrants
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Yes	0.505	0.866	6.206	0.306	0.693	1.712	8.557	0.636	0.956	0.591	0.578	5.495
No	2.586	9.960	7.603	20.660	1.713	2.747	6.874	2.714	1.588	6.651	0.850	10.969
Total	3.091	10.826	13.808	20.966	2.406	4.459	15.431	3.350	2.544	7.242	1.428	16.465
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	7.577	223	2.711	168	10.149	181	6.664	179	19.525	528	27.102	751	26.28%
No	20.148	156	25.120	115	11.176	163	18.470	103	54.765	381	74.914	537	73.72%
Total	27.726	379	27.831	283	21.325	344	25.134	282	74.290	909	102.016	1288	100.00%
Use of Proceeds
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Acquisition	0.046	0.169	0.153	0.069	0.072	0.011	0.216	1.024	0.455	4.147	0.030	0.129
Capex	0.464	0.405	0.253	0.151	0.146	0.860	0.064	0.340	0.179	0.111	0.187	0.083
GCP	0.218	8.285	5.410	12.539	0.096	0.338	0.304	0.265	0.411	0.571	0.155	0.225
Refinance	0.009	0.216	0.037	1.314	0.187	0.680	0.132	0.347	0.023	0.090	0.175	0.106
Multiple/Other/NA	2.353	1.751	7.956	6.894	1.906	2.569	14.715	1.373	1.477	2.323	0.882	15.921
Total	3.091	10.826	13.808	20.966	2.406	4.459	15.431	3.350	2.544	7.242	1.428	16.465
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.369	24	0.152	11	1.695	15	4.306	7	6.153	33	6.522	57	8.28%
Capex	1.122	35	1.157	28	0.583	35	0.380	34	2.120	97	3.242	132	2.85%
GCP	13.913	68	12.973	67	0.980	91	0.951	76	14.903	234	28.816	302	20.06%
Refinance	0.261	13	2.180	17	0.502	9	0.371	9	3.053	35	3.315	48	4.11%
Multiple/Other/NA	12.060	239	11.369	160	17.565	194	19.127	156	48.061	510	60.121	749	64.69%
Total	27.726	379	27.831	283	21.325	344	25.134	282	74.290	909	102.016	1288	100.00%
Industry Sector (by SIC code)
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Agriculture (0xxx)	0.026	0	0	0	0	0.004	0	0.005	0	0	0	0
Mining (1xxx)	0.185	0.340	0.104	0.008	0.048	0.045	0.005	0.153	0.250	0.051	0.081	0.113
Oil and gas (13xx)	0.119	0.244	0.190	0.060	0.743	0.095	0.106	0.210	0.371	0.254	0.301	0.103
Construction (15xx)	0.002	0.003	0	0	0.002	0	0	0.385	0.038	0	0	0
Manufacturing (2xxx, 3xxx)	0.662	0.995	0.355	0.250	0.405	0.667	0.461	1.000	0.162	4.267	0.319	0.092
Pharmaceuticals (2834-6)	0.379	0.615	0.327	0.090	0.079	0.271	0.078	0.432	0.319	0.236	0.273	0.134
Transportation (4xxx)	0.007	0.061	0.337	0.004	0.004	0	0.104	0.300	0.078	0.002	0.017	0.006
Communications (48xx)	0.022	0.068	0.052	0.053	0.421	0.007	0.016	0.051	0.060	0.653	0.007	0.009
Electric, gas, sanitary services (49xx)	0.355	0.004	0.061	0.002	0.060	0.996	0	0.008	0.057	0.036	0.065	1.376
Wholesale (5xxx)	0.009	0.117	0.061	0.003	0.052	0.019	0.017	0.001	0.062	0.043	0.005	0.039
Finance, insurance, real estate (6xxx)	0.008	8.043	12.151	20.440	0.398	1.416	14.390	0.734	0.780	0.278	0.204	14.450
Services (7xxx)	1.300	0.171	0.153	0.047	0.124	0.917	0.191	0.049	0.191	1.407	0.154	0.129
Health services (8xxx)	0.003	0.132	0.019	0.010	0.071	0.021	0.049	0.011	0.172	0.015	0.003	0.007
Non-operating (9995)	0.014	0.035	0	0	0	0	0.014	0.010	0.004	0	0	0.007
Total	3.091	10.826	13.808	20.966	2.406	4.459	15.431	3.350	2.544	7.242	1.428	16.465
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.026	3	0.004	1	0.005	2	0	0	0.009	3	0.035	6	0.01%
Mining (1xxx)	0.629	33	0.101	18	0.407	15	0.245	27	0.754	60	1.383	93	1.01%
Oil and gas (13xx)	0.552	29	0.898	20	0.687	30	0.659	20	2.244	70	2.796	99	3.02%
Construction (15xx)	0.005	2	0.002	1	0.423	6	0	0	0.425	7	0.430	9	0.57%
Manufacturing (2xxx, 3xxx)	2.011	98	1.321	84	1.623	92	4.678	75	7.622	251	9.633	349	10.26%
Pharmaceuticals (2834-6)	1.320	45	0.439	42	0.830	48	0.643	37	1.911	127	3.232	172	2.57%
Transportation (4xxx)	0.404	10	0.008	3	0.482	7	0.024	5	0.514	15	0.918	25	0.69%
Communications (48xx)	0.142	21	0.482	16	0.127	14	0.669	8	1.278	38	1.420	59	1.72%
Electric, gas, sanitary services (49xx)	0.420	15	1.058	5	0.065	4	1.477	16	2.599	25	3.020	40	3.50%
Wholesale (5xxx)	0.187	19	0.074	12	0.080	9	0.086	16	0.240	37	0.427	56	0.32%
Finance, insurance, real estate (6xxx)	20.201	38	22.255	32	15.905	55	14.932	35	53.091	122	73.292	160	71.46%
Services (7xxx)	1.623	53	1.088	41	0.430	47	1.690	34	3.208	122	4.832	175	4.32%
Health services (8xxx)	0.154	11	0.102	8	0.233	11	0.025	7	0.359	26	0.513	37	0.48%
Non-operating (9995)	0.049	2	0	0	0.028	4	0.007	2	0.035	6	0.084	8	0.05%
Total	27.726	379	27.831	283	21.325	344	25.134	282	74.290	909	102.016	1288	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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