Analysis of PIPE issuance for 12 months through April 2008

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

Proceeds

	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Less than $1 million	0.002	0.005	0.003	0.003	0.002	0.003	0.002	0.001	0	0.001	0.002	0
$1-1.99 million	0.040	0.036	0.023	0.027	0.025	0.026	0.020	0.018	0.022	0.015	0.030	0.029
$2-2.99 million	0.037	0.046	0.049	0.045	0.023	0.027	0.017	0.052	0.031	0.027	0.032	0.021
$3-4.99 million	0.061	0.069	0.067	0.064	0.087	0.075	0.054	0.083	0.056	0.058	0.047	0.046
$5-9.99 million	0.144	0.129	0.117	0.139	0.104	0.080	0.198	0.166	0.089	0.074	0.178	0.072
$10-14.99 million	0.126	0.162	0.168	0.232	0.047	0.138	0.189	0.154	0.030	0.079	0.086	0.080
$15-$49.99 million	0.834	0.609	0.393	0.339	0.133	0.396	0.783	0.712	0.232	0.538	0.362	0.298
$50 million and higher	2.209	2.812	2.851	2.751	1.460	2.346	9.562	12.689	20.507	1.583	3.721	14.802
Total	3.454	3.867	3.672	3.599	1.880	3.091	10.826	13.874	20.967	2.375	4.459	15.349
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.009	19	0.006	14	0.003	6	0	0	0.003	6	0.025	52	0.01%
$1-1.99 million	0.075	57	0.064	49	0.068	50	0.029	21	0.097	71	0.312	233	0.22%
$2-2.99 million	0.117	50	0.096	41	0.089	39	0.021	9	0.110	48	0.405	175	0.25%
$3-4.99 million	0.217	58	0.212	57	0.161	44	0.046	12	0.207	56	0.766	206	0.48%
$5-9.99 million	0.360	55	0.444	67	0.342	51	0.072	11	0.414	62	1.491	224	0.96%
$10-14.99 million	0.446	38	0.480	42	0.196	18	0.080	7	0.276	25	1.490	129	0.64%
$15-$49.99 million	0.865	36	1.892	74	1.132	45	0.298	10	1.430	55	5.629	223	3.31%
$50 million and higher	7.062	26	24.597	34	25.812	26	14.802	12	40.614	38	77.294	122	94.12%
Total	9.151	339	27.791	378	27.801	279	15.349	82	43.150	361	87.413	1364	100.00%
Type
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
convertible notes	0.412	0.235	0.152	0.218	0.678	0.637	0.287	5.603	1.445	0.509	0.644	0.267
convertible preferreds	0.279	0.637	0.296	2.074	0.049	0.112	7.807	0.246	19.127	0.314	0.940	12.163
equity line	0.124	0.067	0.040	0.169	0.100	0.225	0.060	0.070	0.023	0.085	0.060	0.120
notes with warrants	0.005	0.086	0.065	0.038	0.006	0.185	0.085	0.107	0.049	0.055	1.244	0.105
preferreds with warrants	0	0	0	0	0	0.004	0.005	0	0.006	0	0.006	0
stock	2.554	2.711	2.988	0.894	0.964	1.895	2.286	7.670	0.258	1.372	1.419	2.638
units of stock and warrants	0.080	0.132	0.111	0.206	0.083	0.033	0.286	0.177	0.058	0.040	0.145	0.052
warrants	0	0	0.020	0	0	0	0.009	0	0.001	0	0.001	0.004
Total	3.454	3.867	3.672	3.599	1.880	3.091	10.826	13.874	20.967	2.375	4.459	15.349
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
convertible notes	1.048	93	6.528	95	2.598	71	0.267	18	2.864	89	11.087	348	6.64%
convertible preferreds	2.420	43	8.165	42	20.381	42	12.163	14	32.543	56	44.044	176	75.42%
equity line	0.308	10	0.356	14	0.168	8	0.120	2	0.288	10	1.143	45	0.67%
notes with warrants	0.108	15	0.377	23	1.349	21	0.105	7	1.454	28	2.030	83	3.37%
preferreds with warrants	0	0	0.009	3	0.013	2	0	0	0.013	2	0.022	5	0.03%
stock	4.845	127	11.852	140	3.049	95	2.638	32	5.687	127	27.649	508	13.18%
units of stock and warrants	0.400	50	0.496	59	0.243	38	0.052	7	0.294	45	1.402	192	0.68%
warrants	0.020	1	0.009	2	0.002	2	0.004	2	0.006	4	0.035	7	0.01%
Total	9.151	339	27.791	378	27.801	279	15.349	82	43.150	361	87.413	1364	100.00%
Warrants
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Yes	0.668	0.900	0.462	0.642	0.323	0.505	0.866	6.204	0.307	0.674	1.709	8.505
No	2.786	2.966	3.209	2.956	1.557	2.586	9.960	7.671	20.660	1.701	2.750	6.844
Total	3.454	3.867	3.672	3.599	1.880	3.091	10.826	13.874	20.967	2.375	4.459	15.349
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	1.428	210	7.575	222	2.690	165	8.505	42	11.195	207	21.767	813	25.94%
No	7.723	129	20.216	156	25.111	114	6.844	40	31.954	154	65.646	551	74.05%
Total	9.151	339	27.791	378	27.801	279	15.349	82	43.150	361	87.413	1364	100.00%
Use of Proceeds
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Acquisition	0.948	1.415	1.940	0.092	0.799	0.046	0.169	0.153	0.069	0.072	0.011	0.196
Capex	0.114	0.046	0.096	0.041	0.414	0.464	0.405	0.252	0.151	0.144	0.860	0.062
GCP	0.916	0.289	0.196	0.547	0.285	0.218	8.285	5.410	12.539	0.096	0.337	0.303
Refinance	0.274	0.156	0.888	0.080	0	0.009	0.216	0.035	1.314	0.187	0.680	0.107
Multiple/Other/NA	1.202	1.961	0.553	2.839	0.382	2.353	1.751	8.024	6.895	1.877	2.571	14.681
Total	3.454	3.867	3.672	3.599	1.880	3.091	10.826	13.874	20.967	2.375	4.459	15.349
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	2.831	22	0.369	24	0.152	11	0.196	6	0.348	17	5.911	78	0.81%
Capex	0.551	19	1.121	34	1.155	27	0.062	4	1.216	31	3.048	98	2.82%
GCP	1.028	102	13.913	68	12.971	66	0.303	24	13.274	90	29.419	340	30.76%
Refinance	0.968	11	0.260	13	2.180	17	0.107	3	2.287	20	3.947	51	5.30%
Multiple/Other/NA	3.773	185	12.128	239	11.343	158	14.681	45	26.024	203	45.088	797	60.31%
Total	9.151	339	27.791	378	27.801	279	15.349	82	43.150	361	87.413	1364	100.00%
Industry Sector (by SIC code)
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Agriculture (0xxx)	0.023	0	0.042	0	0	0.026	0	0	0	0	0.004	0
Mining (1xxx)	0.115	0.065	0.018	0.078	0.487	0.185	0.340	0.104	0.008	0.048	0.049	0.006
Oil and gas (13xx)	1.196	0.212	2.558	0.033	0.477	0.119	0.244	0.190	0.060	0.741	0.095	0.100
Construction (15xx)	0	0	0.001	0	0.005	0.002	0.003	0	0	0.002	0	0
Manufacturing (2xxx, 3xxx)	0.412	1.075	0.157	0.343	0.239	0.662	0.995	0.355	0.250	0.405	0.667	0.431
Pharmaceuticals (2834-6)	0.452	0.504	0.155	0.426	0.165	0.379	0.615	0.327	0.091	0.067	0.271	0.078
Transportation (4xxx)	0.015	0.003	0.003	0.005	0	0.007	0.061	0.337	0.004	0.004	0	0.104
Communications (48xx)	0.017	0.024	0.077	0.120	0.031	0.022	0.068	0.052	0.053	0.404	0.007	0.015
Electric, gas, sanitary services (49xx)	0.034	1.437	0.204	0.030	0.354	0.355	0.004	0.060	0.002	0.060	0.996	0
Wholesale (5xxx)	0.004	0.074	0.103	0.024	0	0.009	0.117	0.061	0.003	0.052	0.019	0.017
Finance, insurance, real estate (6xxx)	0.947	0.208	0.070	2.341	0.015	0.008	8.043	12.218	20.440	0.398	1.416	14.390
Services (7xxx)	0.141	0.230	0.190	0.177	0.094	1.300	0.171	0.153	0.047	0.124	0.914	0.161
Health services (8xxx)	0.052	0.003	0.087	0.001	0	0.003	0.132	0.019	0.010	0.071	0.021	0.034
Non-operating (9995)	0.045	0.030	0.005	0.021	0.013	0.014	0.035	0	0	0	0	0.013
Total	3.454	3.867	3.672	3.599	1.880	3.091	10.826	13.874	20.967	2.375	4.459	15.349
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.042	2	0.026	3	0.004	1	0	0	0.004	1	0.095	9	0.01%
Mining (1xxx)	0.583	18	0.629	33	0.105	18	0.006	2	0.111	20	1.503	89	0.26%
Oil and gas (13xx)	3.069	28	0.552	29	0.896	19	0.100	4	0.996	23	6.025	101	2.31%
Construction (15xx)	0.006	2	0.005	2	0.002	1	0	0	0.002	1	0.013	5	0.00%
Manufacturing (2xxx, 3xxx)	0.739	96	2.011	98	1.321	84	0.431	28	1.752	112	5.989	400	4.06%
Pharmaceuticals (2834-6)	0.746	51	1.320	45	0.428	41	0.078	7	0.506	48	3.528	187	1.17%
Transportation (4xxx)	0.008	2	0.404	10	0.008	3	0.104	4	0.111	7	0.542	21	0.26%
Communications (48xx)	0.229	23	0.142	21	0.465	15	0.015	6	0.479	21	0.892	72	1.11%
Electric, gas, sanitary services (49xx)	0.588	6	0.419	15	1.058	5	0	0	1.058	5	3.536	34	2.45%
Wholesale (5xxx)	0.127	10	0.187	19	0.074	12	0.017	2	0.091	14	0.484	51	0.21%
Finance, insurance, real estate (6xxx)	2.426	14	20.268	37	22.255	32	14.390	12	36.645	44	60.495	112	84.92%
Services (7xxx)	0.461	73	1.623	53	1.085	40	0.161	13	1.246	53	3.701	226	2.89%
Health services (8xxx)	0.088	6	0.154	11	0.102	8	0.034	3	0.136	11	0.434	38	0.32%
Non-operating (9995)	0.039	8	0.049	2	0	0	0.013	1	0.013	1	0.175	19	0.03%
Total	9.151	339	27.791	378	27.801	279	15.349	82	43.150	361	87.413	1364	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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