Analysis of PIPE issuance for 12 months through November 2008

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

Proceeds

	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Less than $1 million	0.001	0	0.002	0.002	0.001	0.003	0.006	0.005	0	0	0	0.001
$1-1.99 million	0.019	0.022	0.015	0.032	0.040	0.023	0.034	0.026	0.013	0.032	0.015	0.019
$2-2.99 million	0.052	0.033	0.029	0.032	0.026	0.032	0.045	0.029	0.031	0.042	0.021	0.012
$3-4.99 million	0.083	0.053	0.058	0.052	0.062	0.088	0.065	0.059	0.041	0.044	0.034	0.011
$5-9.99 million	0.167	0.089	0.074	0.172	0.081	0.095	0.143	0.118	0.086	0.134	0.042	0.072
$10-14.99 million	0.154	0.030	0.091	0.086	0.090	0.088	0.111	0.115	0.075	0.059	0.045	0.045
$15-$49.99 million	0.712	0.232	0.498	0.362	0.328	0.418	0.540	0.362	0.317	0.367	0.239	0.199
$50 million and higher	12.621	20.507	1.639	3.721	14.802	2.603	1.599	6.534	0.865	15.193	6.675	1.727
Total	13.808	20.966	2.406	4.459	15.431	3.350	2.544	7.249	1.428	15.873	7.072	2.086
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.004	7	0.011	16	0.006	11	0.001	2	0.021	36	0.022	38	0.03%
$1-1.99 million	0.069	51	0.096	69	0.072	57	0.034	26	0.271	203	0.290	219	0.33%
$2-2.99 million	0.094	41	0.103	44	0.102	44	0.033	14	0.331	143	0.383	165	0.40%
$3-4.99 million	0.163	44	0.215	56	0.145	39	0.045	12	0.568	151	0.651	173	0.69%
$5-9.99 million	0.335	50	0.320	48	0.338	53	0.114	18	1.108	169	1.274	196	1.34%
$10-14.99 million	0.208	19	0.289	25	0.249	21	0.090	8	0.836	73	0.990	86	1.01%
$15-$49.99 million	1.092	44	1.286	47	1.046	42	0.438	21	3.863	154	4.575	185	4.66%
$50 million and higher	25.867	27	19.004	39	22.592	32	8.402	18	75.866	116	88.487	128	91.55%
Total	27.831	283	21.325	344	24.550	299	9.158	119	82.864	1045	96.672	1190	100.00%
Type
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
convertible notes	5.345	1.444	0.510	0.645	0.288	0.657	0.276	0.287	0.374	0.916	0.340	0.466
convertible preferreds	0.439	19.127	0.329	0.941	12.172	1.647	0.947	6.260	0.252	9.191	1.876	0.484
equity line	0.070	0.023	0.085	0.060	0.120	0.203	0.008	0.127	0.116	0.015	0.115	0
notes with warrants	0.107	0.049	0.055	1.244	0.109	0.166	0.310	0.130	0.127	0.201	0.787	0.064
preferreds with warrants	0	0.006	0	0.006	0	0	0	0.003	0	5.025	3.000	0
stock	7.670	0.258	1.384	1.416	2.670	0.643	0.761	0.338	0.416	0.493	0.916	0.784
units of stock and warrants	0.177	0.058	0.042	0.145	0.068	0.034	0.225	0.103	0.142	0.032	0.037	0.288
warrants	0	0.001	0	0.001	0.004	0	0.017	0	0	0	0	0
Total	13.808	20.966	2.406	4.459	15.431	3.350	2.544	7.249	1.428	15.873	7.072	2.086
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
convertible notes	2.599	72	1.221	90	1.577	86	0.806	34	6.204	282	11.549	320	7.49%
convertible preferreds	20.398	43	14.765	54	15.703	41	2.360	16	53.226	154	53.665	172	64.23%
equity line	0.168	8	0.331	8	0.258	11	0.115	3	0.872	30	0.943	35	1.05%
notes with warrants	1.349	21	0.586	31	0.458	31	0.851	15	3.244	98	3.351	106	3.91%
preferreds with warrants	0.013	2	0	0	5.028	3	3.000	1	8.041	6	8.041	6	9.70%
stock	3.058	96	4.074	122	1.247	83	1.700	36	10.079	337	17.749	389	12.16%
units of stock and warrants	0.245	39	0.326	33	0.278	44	0.326	14	1.175	130	1.351	154	1.42%
warrants	0.002	2	0.021	6	0	0	0	0	0.023	8	0.023	8	0.03%
Total	27.831	283	21.325	344	24.550	299	9.158	119	82.864	1045	96.672	1190	100.00%
Warrants
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Yes	6.206	0.306	0.693	1.712	8.557	0.636	0.956	0.591	0.578	5.578	4.029	0.478
No	7.603	20.660	1.713	2.747	6.874	2.714	1.588	6.658	0.850	10.295	3.043	1.608
Total	13.808	20.966	2.406	4.459	15.431	3.350	2.544	7.249	1.428	15.873	7.072	2.086
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	2.711	168	10.149	181	6.747	189	4.507	66	24.115	604	30.320	689	29.10%
No	25.120	115	11.176	163	17.803	110	4.651	53	58.749	441	66.352	501	70.90%
Total	27.831	283	21.325	344	24.550	299	9.158	119	82.864	1045	96.672	1190	100.00%
Use of Proceeds
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Acquisition	0.153	0.069	0.072	0.011	0.216	1.024	0.455	4.147	0.030	0.129	0.085	0
Capex	0.253	0.151	0.146	0.860	0.064	0.340	0.179	0.111	0.187	0.134	0.559	0.271
GCP	5.410	12.539	0.096	0.338	0.304	0.265	0.411	0.578	0.155	0.230	0.405	0.464
Refinance	0.037	1.314	0.187	0.680	0.132	0.347	0.023	0.090	0.175	0.137	0.030	0.008
Multiple/Other/NA	7.956	6.894	1.906	2.569	14.715	1.373	1.477	2.323	0.882	15.243	5.992	1.342
Total	13.808	20.966	2.406	4.459	15.431	3.350	2.544	7.249	1.428	15.873	7.072	2.086
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.152	11	1.695	15	4.306	7	0.085	1	6.238	34	6.391	47	7.53%
Capex	1.157	28	0.583	35	0.431	37	0.830	12	3.001	112	3.254	124	3.62%
GCP	12.973	67	0.980	91	0.963	78	0.870	26	15.785	262	21.195	292	19.05%
Refinance	2.180	17	0.502	9	0.402	11	0.038	5	3.122	42	3.159	48	3.77%
Multiple/Other/NA	11.369	160	17.565	194	18.448	166	7.335	75	54.717	595	62.673	679	66.03%
Total	27.831	283	21.325	344	24.550	299	9.158	119	82.864	1045	96.672	1190	100.00%
Industry Sector (by SIC code)
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Agriculture (0xxx)	0	0	0	0.004	0	0.005	0	0	0	0	0	0
Mining (1xxx)	0.104	0.008	0.048	0.045	0.005	0.153	0.250	0.051	0.081	0.114	0.019	0.256
Oil and gas (13xx)	0.190	0.060	0.743	0.095	0.106	0.210	0.371	0.254	0.301	0.113	0.021	0.021
Construction (15xx)	0	0	0.002	0	0	0.385	0.038	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.355	0.250	0.405	0.667	0.461	1.000	0.162	4.267	0.319	0.095	3.388	0.465
Pharmaceuticals (2834-6)	0.327	0.090	0.079	0.271	0.078	0.432	0.319	0.236	0.273	0.221	0.099	0.283
Transportation (4xxx)	0.337	0.004	0.004	0	0.104	0.300	0.078	0.002	0.017	0.006	0	0.501
Communications (48xx)	0.052	0.053	0.421	0.007	0.016	0.051	0.060	0.653	0.007	0.009	0.098	0.010
Electric, gas, sanitary services (49xx)	0.061	0.002	0.060	0.996	0	0.008	0.057	0.036	0.065	1.393	0.502	0.005
Wholesale (5xxx)	0.061	0.003	0.052	0.019	0.017	0.001	0.062	0.043	0.005	0.039	0.021	0.468
Finance, insurance, real estate (6xxx)	12.151	20.440	0.398	1.416	14.390	0.734	0.780	0.285	0.204	13.261	2.760	0.061
Services (7xxx)	0.153	0.047	0.124	0.917	0.191	0.049	0.191	1.407	0.154	0.609	0.107	0.015
Health services (8xxx)	0.019	0.010	0.071	0.021	0.049	0.011	0.172	0.015	0.003	0.007	0.057	0.001
Non-operating (9995)	0	0	0	0	0.014	0.010	0.004	0	0	0.007	0	0
Total	13.808	20.966	2.406	4.459	15.431	3.350	2.544	7.249	1.428	15.873	7.072	2.086
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.004	1	0.005	2	0	0	0	0	0.009	3	0.009	3	0.01%
Mining (1xxx)	0.101	18	0.407	15	0.246	28	0.276	10	1.031	71	1.135	83	1.24%
Oil and gas (13xx)	0.898	20	0.687	30	0.668	21	0.042	6	2.296	77	2.485	88	2.77%
Construction (15xx)	0.002	1	0.423	6	0	0	0	0	0.425	7	0.425	7	0.51%
Manufacturing (2xxx, 3xxx)	1.321	84	1.623	92	4.681	77	3.853	30	11.478	283	11.833	318	13.85%
Pharmaceuticals (2834-6)	0.439	42	0.830	48	0.730	41	0.382	19	2.380	150	2.707	164	2.87%
Transportation (4xxx)	0.008	3	0.482	7	0.024	5	0.501	2	1.015	17	1.351	22	1.22%
Communications (48xx)	0.482	16	0.127	14	0.669	8	0.108	4	1.386	42	1.437	48	1.67%
Electric, gas, sanitary services (49xx)	1.058	5	0.065	4	1.493	18	0.507	4	3.123	31	3.184	38	3.77%
Wholesale (5xxx)	0.074	12	0.080	9	0.086	16	0.489	9	0.729	46	0.790	54	0.88%
Finance, insurance, real estate (6xxx)	22.255	32	15.905	55	13.750	39	2.821	19	54.730	145	66.881	164	66.05%
Services (7xxx)	1.088	41	0.430	47	2.170	37	0.122	12	3.811	137	3.964	162	4.60%
Health services (8xxx)	0.102	8	0.233	11	0.025	7	0.058	4	0.417	30	0.436	33	0.50%
Non-operating (9995)	0	0	0.028	4	0.007	2	0	0	0.035	6	0.035	6	0.04%
Total	27.831	283	21.325	344	24.550	299	9.158	119	82.864	1045	96.672	1190	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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