Analysis of PIPE issuance for 12 months through March 2008

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

Proceeds

	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Less than $1 million	0.001	0.002	0.005	0.003	0.003	0.002	0.003	0.002	0.001	0	0.001	0.002
$1-1.99 million	0.037	0.040	0.036	0.023	0.027	0.025	0.026	0.020	0.018	0.022	0.015	0.023
$2-2.99 million	0.043	0.037	0.046	0.049	0.045	0.023	0.027	0.017	0.052	0.031	0.027	0.029
$3-4.99 million	0.103	0.061	0.069	0.067	0.064	0.086	0.075	0.054	0.083	0.056	0.058	0.029
$5-9.99 million	0.077	0.144	0.129	0.117	0.139	0.104	0.080	0.198	0.163	0.089	0.074	0.137
$10-14.99 million	0.194	0.126	0.162	0.168	0.232	0.047	0.138	0.189	0.154	0.030	0.079	0.077
$15-$49.99 million	0.440	0.834	0.609	0.393	0.339	0.133	0.396	0.783	0.712	0.232	0.538	0.285
$50 million and higher	1.326	2.209	2.812	2.851	2.751	1.460	2.346	9.562	12.089	20.507	2.333	3.544
Total	2.222	3.454	3.867	3.672	3.599	1.880	3.091	10.826	13.272	20.967	3.125	4.126
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.009	16	0.009	19	0.006	14	0.003	6	0.003	6	0.026	55	0.01%
$1-1.99 million	0.113	84	0.075	57	0.064	49	0.061	45	0.061	45	0.313	235	0.22%
$2-2.99 million	0.126	54	0.117	50	0.096	41	0.087	38	0.087	38	0.425	183	0.31%
$3-4.99 million	0.233	61	0.217	58	0.212	57	0.143	39	0.143	39	0.805	215	0.51%
$5-9.99 million	0.350	52	0.360	55	0.441	67	0.301	44	0.301	44	1.452	218	1.07%
$10-14.99 million	0.482	41	0.446	38	0.480	42	0.186	17	0.186	17	1.595	138	0.66%
$15-$49.99 million	1.883	76	0.865	36	1.892	74	1.055	41	1.055	41	5.695	227	3.74%
$50 million and higher	6.347	30	7.062	26	23.997	34	26.384	23	26.384	23	63.790	113	93.50%
Total	9.542	414	9.150	339	27.189	378	28.219	253	28.219	253	74.100	1384	100.00%
Type
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
convertible notes	0.862	0.412	0.235	0.152	0.218	0.678	0.637	0.287	5.601	1.445	0.509	0.605
convertible preferreds	0.150	0.279	0.637	0.296	2.074	0.049	0.112	7.807	0.246	19.127	0.314	0.838
equity line	0.055	0.124	0.067	0.040	0.169	0.100	0.225	0.060	0.070	0.023	0.085	0.010
notes with warrants	0.042	0.005	0.086	0.065	0.038	0.005	0.185	0.085	0.107	0.049	0.055	1.227
preferreds with warrants	0.001	0	0	0	0	0	0.004	0.005	0	0.006	0	0.006
stock	0.943	2.554	2.711	2.988	0.894	0.964	1.895	2.286	7.070	0.276	2.122	1.318
units of stock and warrants	0.169	0.080	0.132	0.111	0.206	0.083	0.033	0.286	0.177	0.040	0.040	0.122
warrants	0	0	0	0.020	0	0	0	0.009	0	0.001	0	0.001
Total	2.222	3.454	3.867	3.672	3.599	1.880	3.091	10.826	13.272	20.967	3.125	4.126
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
convertible notes	1.509	107	1.048	93	6.525	95	2.559	65	2.559	65	11.641	360	9.07%
convertible preferreds	1.066	51	2.420	43	8.165	42	20.278	37	20.278	37	31.929	173	71.86%
equity line	0.246	15	0.308	10	0.356	14	0.118	7	0.118	7	1.029	46	0.42%
notes with warrants	0.133	21	0.108	15	0.377	23	1.331	20	1.331	20	1.949	79	4.72%
preferreds with warrants	0.001	1	0	0	0.009	3	0.013	2	0.013	2	0.023	6	0.05%
stock	6.207	161	4.845	127	11.252	140	3.716	88	3.716	88	26.020	516	13.17%
units of stock and warrants	0.380	58	0.400	50	0.496	59	0.202	32	0.202	32	1.478	199	0.72%
warrants	0	0	0.020	1	0.009	2	0.002	2	0.002	2	0.030	5	0.01%
Total	9.542	414	9.150	339	27.189	378	28.219	253	28.219	253	74.100	1384	100.00%
Warrants
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Yes	0.536	0.668	0.900	0.462	0.642	0.323	0.505	0.866	5.594	0.307	0.674	1.587
No	1.685	2.786	2.966	3.209	2.956	1.557	2.586	9.960	7.678	20.660	2.451	2.540
Total	2.222	3.454	3.867	3.672	3.599	1.880	3.091	10.826	13.272	20.967	3.125	4.126
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	2.105	251	1.428	210	6.966	221	2.568	147	2.568	147	13.067	829	9.10%
No	7.437	163	7.723	129	20.223	157	25.650	106	25.650	106	61.034	555	90.90%
Total	9.542	414	9.150	339	27.189	378	28.219	253	28.219	253	74.100	1384	100.00%
Use of Proceeds
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Acquisition	0.158	0.948	1.415	1.940	0.092	0.799	0.046	0.169	0.153	0.069	0.072	0
Capex	0.383	0.114	0.046	0.096	0.041	0.414	0.464	0.405	0.252	0.151	0.144	0.865
GCP	0.292	0.916	0.289	0.196	0.547	0.285	0.218	8.285	5.410	12.539	0.096	0.252
Repay debt	0.003	0.274	0.156	0.888	0.080	0	0.009	0.216	0.033	1.314	0.187	0.680
Multiple/Other/NA	1.386	1.202	1.961	0.553	2.839	0.382	2.353	1.751	7.424	6.895	2.627	2.329
Total	2.222	3.454	3.867	3.672	3.599	1.880	3.091	10.826	13.272	20.967	3.125	4.126
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	2.521	20	2.830	22	0.369	24	0.141	10	0.141	10	5.862	76	0.50%
Capex	0.543	24	0.551	19	1.121	34	1.160	29	1.160	29	3.375	106	4.11%
GCP	1.497	117	1.028	102	13.913	68	12.886	53	12.886	53	29.324	340	45.66%
Repay debt	0.433	8	0.968	11	0.258	13	2.180	17	2.180	17	3.840	49	7.72%
Multiple/Other/NA	4.548	245	3.773	185	11.528	239	11.851	144	11.851	144	31.700	813	42.00%
Total	9.542	414	9.150	339	27.189	378	28.219	253	28.219	253	74.100	1384	100.00%
Industry Sector (by SIC code)
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Agriculture (0xxx)	0.004	0.023	0	0.042	0	0	0.026	0	0	0	0	0.004
Mining (1xxx)	0.104	0.115	0.065	0.018	0.078	0.487	0.185	0.340	0.104	0.008	0.048	0.048
Oil and gas (13xx)	0.099	1.196	0.212	2.558	0.033	0.477	0.119	0.244	0.190	0.060	0.741	0.095
Construction (15xx)	0	0	0	0.001	0	0.005	0.002	0.003	0	0	0.002	0
Manufacturing (2xxx, 3xxx)	0.243	0.412	1.075	0.157	0.343	0.239	0.662	0.995	0.355	0.250	0.405	0.656
Pharmaceuticals (2834-6)	0.250	0.452	0.504	0.155	0.426	0.165	0.379	0.615	0.327	0.091	0.067	0.190
Transportation (4xxx)	0.313	0.015	0.003	0.003	0.005	0	0.007	0.061	0.337	0.004	0.004	0
Communications (48xx)	0.022	0.017	0.024	0.077	0.120	0.031	0.022	0.068	0.052	0.053	0.404	0.005
Electric, gas, sanitary services (49xx)	0.265	0.034	1.437	0.204	0.030	0.354	0.355	0.004	0.058	0.002	0.060	0.996
Wholesale (5xxx)	0.031	0.004	0.074	0.103	0.024	0	0.009	0.117	0.061	0.003	0.052	0.003
Finance, insurance, real estate (6xxx)	0.658	0.947	0.208	0.070	2.341	0.015	0.008	8.043	11.618	20.440	1.148	1.298
Services (7xxx)	0.204	0.141	0.230	0.190	0.177	0.094	1.300	0.171	0.153	0.047	0.124	0.831
Health services (8xxx)	0.011	0.052	0.003	0.087	0.001	0	0.003	0.132	0.019	0.010	0.071	0
Non-operating (9995)	0.017	0.045	0.030	0.005	0.021	0.013	0.014	0.035	0	0	0	0
Total	2.222	3.454	3.867	3.672	3.599	1.880	3.091	10.826	13.272	20.967	3.125	4.126
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.027	5	0.042	2	0.026	3	0.004	1	0.004	1	0.099	11	0.01%
Mining (1xxx)	0.285	27	0.583	18	0.629	33	0.105	19	0.105	19	1.602	97	0.37%
Oil and gas (13xx)	1.507	30	3.069	28	0.552	29	0.896	19	0.896	19	6.023	106	3.18%
Construction (15xx)	0	0	0.006	2	0.005	2	0.002	1	0.002	1	0.013	5	0.01%
Manufacturing (2xxx, 3xxx)	1.730	137	0.739	96	2.011	98	1.311	81	1.311	81	5.791	412	4.65%
Pharmaceuticals (2834-6)	1.206	63	0.746	51	1.320	45	0.348	37	0.348	37	3.619	196	1.23%
Transportation (4xxx)	0.331	3	0.008	2	0.404	10	0.008	3	0.008	3	0.752	18	0.03%
Communications (48xx)	0.063	11	0.229	23	0.142	21	0.463	14	0.463	14	0.897	69	1.64%
Electric, gas, sanitary services (49xx)	1.736	11	0.588	6	0.417	15	1.058	5	1.058	5	3.799	37	3.75%
Wholesale (5xxx)	0.109	13	0.127	10	0.187	19	0.058	10	0.058	10	0.482	52	0.21%
Finance, insurance, real estate (6xxx)	1.814	22	2.426	14	19.668	37	22.886	25	22.886	25	46.794	98	81.10%
Services (7xxx)	0.575	68	0.461	73	1.623	53	1.001	32	1.001	32	3.661	226	3.55%
Health services (8xxx)	0.067	12	0.088	6	0.154	11	0.080	6	0.080	6	0.390	35	0.28%
Non-operating (9995)	0.092	12	0.039	8	0.049	2	0	0	0	0	0.179	22	0.00%
Total	9.542	414	9.150	339	27.189	378	28.219	253	28.219	253	74.100	1384	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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