Analysis of PIPE issuance for 12 months through February 2008

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

Proceeds

	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Less than $1 million	0	0.001	0.002	0.005	0.003	0.003	0.002	0.003	0.002	0.001	0	0.001
$1-1.99 million	0.033	0.037	0.040	0.036	0.023	0.027	0.025	0.025	0.020	0.018	0.022	0.015
$2-2.99 million	0.036	0.043	0.037	0.046	0.049	0.045	0.023	0.027	0.017	0.052	0.031	0.011
$3-4.99 million	0.096	0.103	0.061	0.069	0.067	0.064	0.086	0.075	0.054	0.082	0.056	0.054
$5-9.99 million	0.200	0.077	0.144	0.129	0.117	0.139	0.104	0.080	0.198	0.163	0.089	0.055
$10-14.99 million	0.116	0.194	0.126	0.162	0.168	0.232	0.047	0.138	0.189	0.154	0.030	0.067
$15-$49.99 million	0.583	0.440	0.834	0.609	0.393	0.339	0.168	0.396	0.783	0.712	0.232	0.526
$50 million and higher	0.976	1.326	2.209	2.812	2.851	2.751	1.340	2.346	9.562	12.089	20.507	2.333
Total	2.039	2.222	3.454	3.867	3.672	3.599	1.795	3.090	10.826	13.271	20.967	3.062
	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	0.001	2	0.001	2	0.024	53	0.00%
$1-1.99 million	0.113	84	0.075	57	0.063	48	0.037	27	0.037	27	0.321	240	0.15%
$2-2.99 million	0.126	54	0.117	50	0.096	41	0.042	18	0.042	18	0.416	178	0.17%
$3-4.99 million	0.233	61	0.217	58	0.211	57	0.110	30	0.110	30	0.868	232	0.46%
$5-9.99 million	0.350	52	0.360	55	0.441	67	0.144	21	0.144	21	1.495	222	0.60%
$10-14.99 million	0.482	41	0.446	38	0.480	42	0.097	9	0.097	9	1.621	140	0.40%
$15-$49.99 million	1.883	76	0.900	37	1.892	74	0.758	30	0.758	30	6.016	238	3.15%
$50 million and higher	6.347	30	6.942	25	23.997	34	22.840	14	22.840	14	61.103	110	95.05%
Total	9.542	414	9.065	339	27.187	377	24.030	151	24.030	151	71.864	1413	100.00%
Type
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
convertible notes	0.202	0.862	0.412	0.235	0.152	0.218	0.558	0.637	0.287	5.601	1.445	0.499
convertible preferreds	0.617	0.150	0.279	0.637	0.296	2.074	0.049	0.112	7.807	0.246	19.127	0.287
equity line	0.045	0.055	0.124	0.067	0.040	0.169	0.100	0.225	0.060	0.070	0.023	0.085
notes with warrants	0.025	0.042	0.005	0.086	0.065	0.038	0.005	0.185	0.085	0.107	0.049	0.046
preferreds with warrants	0	0.001	0	0	0	0	0	0.004	0.005	0	0.006	0
stock	0.957	0.943	2.554	2.711	2.988	0.894	0.999	1.894	2.286	7.070	0.276	2.107
units of stock and warrants	0.192	0.169	0.080	0.132	0.111	0.206	0.083	0.033	0.286	0.176	0.040	0.039
warrants	0	0	0	0	0.020	0	0	0	0.009	0	0.001	0
Total	2.039	2.222	3.454	3.867	3.672	3.599	1.795	3.090	10.826	13.271	20.967	3.062
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
convertible notes	1.509	107	0.928	92	6.525	95	1.944	41	1.944	41	11.108	369	8.09%
convertible preferreds	1.066	51	2.420	43	8.165	42	19.414	21	19.414	21	31.682	170	80.79%
equity line	0.246	15	0.308	10	0.356	14	0.108	6	0.108	6	1.064	49	0.45%
notes with warrants	0.133	21	0.108	15	0.377	23	0.095	9	0.095	9	0.738	73	0.40%
preferreds with warrants	0.001	1	0	0	0.009	3	0.006	1	0.006	1	0.016	5	0.02%
stock	6.207	161	4.880	128	11.250	139	2.383	55	2.383	55	25.678	538	9.92%
units of stock and warrants	0.380	58	0.400	50	0.495	59	0.079	17	0.079	17	1.547	205	0.33%
warrants	0	0	0.020	1	0.009	2	0.001	1	0.001	1	0.030	4	0.00%
Total	9.542	414	9.065	339	27.187	377	24.030	151	24.030	151	71.864	1413	100.00%
Warrants
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Yes	0.741	0.536	0.668	0.900	0.462	0.642	0.323	0.505	0.866	5.593	0.307	0.632
No	1.298	1.685	2.786	2.966	3.209	2.956	1.472	2.584	9.960	7.678	20.660	2.430
Total	2.039	2.222	3.454	3.867	3.672	3.599	1.795	3.090	10.826	13.271	20.967	3.062
	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	6.965	221	0.939	88	0.939	88	12.178	857	3.91%
No	7.437	163	7.638	129	20.222	156	23.090	63	23.090	63	59.685	556	96.09%
Total	9.542	414	9.065	339	27.187	377	24.030	151	24.030	151	71.864	1413	100.00%
Use of Proceeds
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Acquisition	0.304	0.158	0.948	1.415	1.940	0.092	0.799	0.046	0.169	0.153	0.069	0.072
Capex	0.262	0.383	0.114	0.046	0.096	0.041	0.414	0.463	0.405	0.252	0.151	0.146
GCP	0.741	0.292	0.916	0.289	0.196	0.547	0.320	0.218	8.285	5.410	12.539	0.089
Repay debt	0.252	0.003	0.274	0.156	0.888	0.080	0	0.009	0.216	0.033	1.314	0.187
Multiple/Other/NA	0.481	1.386	1.202	1.961	0.553	2.839	0.262	2.353	1.751	7.423	6.895	2.569
Total	2.039	2.222	3.454	3.867	3.672	3.599	1.795	3.090	10.826	13.271	20.967	3.062
	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	6.166	85	0.59%
Capex	0.543	24	0.551	19	1.120	33	0.296	17	0.296	17	2.772	104	1.23%
GCP	1.497	117	1.063	103	13.913	68	12.628	20	12.628	20	29.841	351	52.55%
Repay debt	0.433	8	0.968	11	0.258	13	1.500	13	1.500	13	3.411	48	6.24%
Multiple/Other/NA	4.548	245	3.653	184	11.527	239	9.464	91	9.464	91	29.674	825	39.38%
Total	9.542	414	9.065	339	27.187	377	24.030	151	24.030	151	71.864	1413	100.00%
Industry Sector (by SIC code)
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Agriculture (0xxx)	0.001	0.004	0.023	0	0.042	0	0	0.026	0	0	0	0
Mining (1xxx)	0.081	0.104	0.115	0.065	0.018	0.078	0.367	0.185	0.340	0.104	0.008	0.050
Oil and gas (13xx)	0.149	0.099	1.196	0.212	2.558	0.033	0.477	0.119	0.244	0.190	0.060	0.721
Construction (15xx)	0	0	0	0	0.001	0	0.005	0.002	0.003	0	0	0
Manufacturing (2xxx, 3xxx)	0.406	0.243	0.412	1.075	0.157	0.343	0.239	0.660	0.995	0.355	0.250	0.394
Pharmaceuticals (2834-6)	0.373	0.250	0.452	0.504	0.155	0.426	0.165	0.379	0.615	0.327	0.091	0.062
Transportation (4xxx)	0.001	0.313	0.015	0.003	0.003	0.005	0	0.007	0.061	0.337	0.004	0.004
Communications (48xx)	0.362	0.022	0.017	0.024	0.077	0.120	0.031	0.022	0.068	0.052	0.053	0.404
Electric, gas, sanitary services (49xx)	0.110	0.265	0.034	1.437	0.204	0.030	0.354	0.355	0.004	0.058	0.002	0.060
Wholesale (5xxx)	0.069	0.031	0.004	0.074	0.103	0.024	0	0.009	0.117	0.061	0.003	0.037
Finance, insurance, real estate (6xxx)	0.334	0.658	0.947	0.208	0.070	2.341	0.015	0.008	8.043	11.618	20.440	1.144
Services (7xxx)	0.100	0.204	0.141	0.230	0.190	0.177	0.129	1.300	0.171	0.152	0.047	0.117
Health services (8xxx)	0.018	0.011	0.052	0.003	0.087	0.001	0	0.003	0.132	0.019	0.010	0.071
Non-operating (9995)	0.035	0.017	0.045	0.030	0.005	0.021	0.013	0.014	0.035	0	0	0
Total	2.039	2.222	3.454	3.867	3.672	3.599	1.795	3.090	10.826	13.271	20.967	3.062
	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	0	0	0	0.096	11	0.00%
Mining (1xxx)	0.285	27	0.463	17	0.629	33	0.058	10	0.058	10	1.516	96	0.24%
Oil and gas (13xx)	1.507	30	3.069	28	0.552	29	0.780	9	0.780	9	6.057	103	3.25%
Construction (15xx)	0	0	0.006	2	0.005	2	0	0	0	0	0.011	4	0.00%
Manufacturing (2xxx, 3xxx)	1.730	137	0.739	96	2.010	97	0.643	55	0.643	55	5.528	429	2.68%
Pharmaceuticals (2834-6)	1.206	63	0.746	51	1.320	45	0.152	19	0.152	19	3.797	201	0.63%
Transportation (4xxx)	0.331	3	0.008	2	0.404	10	0.008	3	0.008	3	0.753	19	0.03%
Communications (48xx)	0.063	11	0.229	23	0.142	21	0.458	12	0.458	12	1.254	69	1.91%
Electric, gas, sanitary services (49xx)	1.736	11	0.588	6	0.417	15	0.062	2	0.062	2	2.913	38	0.26%
Wholesale (5xxx)	0.109	13	0.127	10	0.187	19	0.041	6	0.041	6	0.533	52	0.17%
Finance, insurance, real estate (6xxx)	1.814	22	2.426	14	19.668	37	21.584	16	21.584	16	45.826	96	89.82%
Services (7xxx)	0.575	68	0.496	74	1.623	53	0.164	13	0.164	13	2.957	231	0.68%
Health services (8xxx)	0.067	12	0.088	6	0.154	11	0.080	6	0.080	6	0.408	39	0.33%
Non-operating (9995)	0.092	12	0.039	8	0.049	2	0	0	0	0	0.215	25	0.00%
Total	9.542	414	9.065	339	27.187	377	24.030	151	24.030	151	71.864	1413	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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