Analysis of PIPE issuance for 12 months through June 2008

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

Proceeds

	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
Less than $1 million	0.003	0.003	0.002	0.003	0.002	0.001	0	0.001	0.002	0.001	0.003	0.005
$1-1.99 million	0.023	0.027	0.025	0.026	0.020	0.018	0.022	0.015	0.030	0.038	0.023	0.028
$2-2.99 million	0.049	0.045	0.023	0.027	0.017	0.052	0.033	0.029	0.032	0.026	0.032	0.029
$3-4.99 million	0.067	0.064	0.087	0.075	0.054	0.083	0.053	0.058	0.047	0.056	0.088	0.050
$5-9.99 million	0.117	0.139	0.104	0.080	0.198	0.166	0.089	0.074	0.177	0.081	0.095	0.108
$10-14.99 million	0.168	0.232	0.047	0.138	0.189	0.154	0.030	0.091	0.086	0.090	0.088	0.087
$15-$49.99 million	0.393	0.339	0.133	0.396	0.783	0.712	0.232	0.538	0.362	0.313	0.418	0.473
$50 million and higher	2.851	2.751	1.460	2.346	9.562	12.689	20.507	1.583	3.721	14.802	2.603	1.599
Total	3.672	3.599	1.880	3.091	10.826	13.874	20.966	2.389	4.457	15.408	3.350	2.379
	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	0.010	15	0.013	21	0.027	54	0.03%
$1-1.99 million	0.075	57	0.064	49	0.068	50	0.088	64	0.156	114	0.295	220	0.32%
$2-2.99 million	0.117	50	0.096	41	0.094	41	0.086	37	0.180	78	0.392	169	0.37%
$3-4.99 million	0.217	58	0.212	57	0.158	43	0.194	51	0.352	94	0.781	209	0.72%
$5-9.99 million	0.360	55	0.444	67	0.340	51	0.285	43	0.625	94	1.429	216	1.28%
$10-14.99 million	0.446	38	0.480	42	0.208	19	0.265	23	0.473	42	1.399	122	0.97%
$15-$49.99 million	0.865	36	1.892	74	1.132	45	1.204	43	2.336	88	5.092	198	4.77%
$50 million and higher	7.062	26	24.597	34	25.812	26	19.004	39	44.816	65	76.475	125	91.55%
Total	9.151	339	27.791	378	27.813	281	21.137	315	48.950	596	85.892	1313	100.00%
Type
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
convertible notes	0.152	0.218	0.678	0.637	0.287	5.603	1.444	0.509	0.645	0.288	0.657	0.260
convertible preferreds	0.296	2.074	0.049	0.112	7.807	0.246	19.127	0.314	0.940	12.172	1.647	0.897
equity line	0.040	0.169	0.100	0.225	0.060	0.070	0.023	0.085	0.060	0.120	0.203	0.008
notes with warrants	0.065	0.038	0.006	0.185	0.085	0.107	0.049	0.055	1.244	0.109	0.166	0.267
preferreds with warrants	0	0	0	0.004	0.005	0	0.006	0	0.006	0	0	0
stock	2.988	0.894	0.964	1.895	2.286	7.670	0.258	1.384	1.416	2.647	0.643	0.722
units of stock and warrants	0.111	0.206	0.083	0.033	0.286	0.177	0.058	0.042	0.145	0.068	0.034	0.215
warrants	0.020	0	0	0	0.009	0	0.001	0	0.001	0.004	0	0.010
Total	3.672	3.599	1.880	3.091	10.826	13.874	20.966	2.389	4.457	15.408	3.350	2.379
	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	1.205	84	3.803	155	11.379	343	7.77%
convertible preferreds	2.420	43	8.165	42	20.381	42	14.715	49	35.096	91	45.681	176	71.70%
equity line	0.308	10	0.356	14	0.168	8	0.331	8	0.499	16	1.163	40	1.02%
notes with warrants	0.108	15	0.377	23	1.349	21	0.543	23	1.892	44	2.377	82	3.87%
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	3.058	96	4.013	115	7.071	211	23.768	478	14.45%
units of stock and warrants	0.400	50	0.496	59	0.245	39	0.317	31	0.561	70	1.457	179	1.15%
warrants	0.020	1	0.009	2	0.002	2	0.014	5	0.016	7	0.044	10	0.03%
Total	9.151	339	27.791	378	27.813	281	21.137	315	48.950	596	85.892	1313	100.00%
Warrants
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
Yes	0.462	0.642	0.323	0.505	0.866	6.204	0.306	0.677	1.710	8.542	0.636	0.860
No	3.209	2.956	1.557	2.586	9.960	7.671	20.660	1.713	2.747	6.866	2.714	1.519
Total	3.672	3.599	1.880	3.091	10.826	13.874	20.966	2.389	4.457	15.408	3.350	2.379
	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	2.693	166	10.038	163	12.731	329	21.734	761	26.01%
No	7.723	129	20.216	156	25.120	115	11.100	152	36.219	267	64.158	552	73.99%
Total	9.151	339	27.791	378	27.813	281	21.137	315	48.950	596	85.892	1313	100.00%
Use of Proceeds
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
Acquisition	1.940	0.092	0.799	0.046	0.169	0.153	0.069	0.072	0.011	0.211	1.024	0.447
Capex	0.096	0.041	0.414	0.464	0.405	0.252	0.151	0.146	0.860	0.064	0.340	0.152
GCP	0.196	0.547	0.285	0.218	8.285	5.410	12.539	0.096	0.337	0.304	0.265	0.365
Repay debt	0.888	0.080	0	0.009	0.216	0.035	1.314	0.187	0.680	0.132	0.347	0.023
Multiple/Other/NA	0.553	2.839	0.382	2.353	1.751	8.024	6.894	1.889	2.569	14.698	1.373	1.392
Total	3.672	3.599	1.880	3.091	10.826	13.874	20.966	2.389	4.457	15.408	3.350	2.379
	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	1.683	13	1.834	24	5.034	70	3.75%
Capex	0.551	19	1.121	34	1.157	28	0.556	34	1.713	62	3.385	115	3.50%
GCP	1.028	102	13.913	68	12.971	66	0.934	84	13.905	150	28.846	320	28.41%
Repay debt	0.968	11	0.260	13	2.180	17	0.502	9	2.682	26	3.911	50	5.48%
Multiple/Other/NA	3.773	185	12.128	239	11.352	159	17.463	175	28.815	334	44.716	758	58.87%
Total	9.151	339	27.791	378	27.813	281	21.137	315	48.950	596	85.892	1313	100.00%
Industry Sector (by SIC code)
	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008
Agriculture (0xxx)	0.042	0	0	0.026	0	0	0	0	0.004	0	0.005	0
Mining (1xxx)	0.018	0.078	0.487	0.185	0.340	0.104	0.008	0.048	0.045	0.005	0.153	0.234
Oil and gas (13xx)	2.558	0.033	0.477	0.119	0.244	0.190	0.060	0.743	0.095	0.106	0.210	0.371
Construction (15xx)	0.001	0	0.005	0.002	0.003	0	0	0.002	0	0	0.385	0.007
Manufacturing (2xxx, 3xxx)	0.157	0.343	0.239	0.662	0.995	0.355	0.250	0.405	0.667	0.445	1.000	0.139
Pharmaceuticals (2834-6)	0.155	0.426	0.165	0.379	0.615	0.327	0.090	0.079	0.271	0.078	0.432	0.313
Transportation (4xxx)	0.003	0.005	0	0.007	0.061	0.337	0.004	0.004	0	0.104	0.300	0.078
Communications (48xx)	0.077	0.120	0.031	0.022	0.068	0.052	0.053	0.404	0.007	0.016	0.051	0.050
Electric, gas, sanitary services (49xx)	0.204	0.030	0.354	0.355	0.004	0.060	0.002	0.060	0.996	0	0.008	0.057
Wholesale (5xxx)	0.103	0.024	0	0.009	0.117	0.061	0.003	0.052	0.019	0.017	0.001	0.062
Finance, insurance, real estate (6xxx)	0.070	2.341	0.015	0.008	8.043	12.218	20.440	0.398	1.416	14.390	0.734	0.717
Services (7xxx)	0.190	0.177	0.094	1.300	0.171	0.153	0.047	0.124	0.916	0.186	0.049	0.177
Health services (8xxx)	0.087	0.001	0	0.003	0.132	0.019	0.010	0.071	0.021	0.049	0.011	0.171
Non-operating (9995)	0.005	0.021	0.013	0.014	0.035	0	0	0	0	0.013	0.010	0.004
Total	3.672	3.599	1.880	3.091	10.826	13.874	20.966	2.389	4.457	15.408	3.350	2.379
	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	0.005	2	0.009	3	0.077	8	0.02%
Mining (1xxx)	0.583	18	0.629	33	0.101	18	0.392	14	0.493	32	1.705	83	1.01%
Oil and gas (13xx)	3.069	28	0.552	29	0.898	20	0.687	30	1.585	50	5.206	107	3.24%
Construction (15xx)	0.006	2	0.005	2	0.002	1	0.392	3	0.394	4	0.405	8	0.80%
Manufacturing (2xxx, 3xxx)	0.739	96	2.011	98	1.321	84	1.584	85	2.905	169	5.656	363	5.93%
Pharmaceuticals (2834-6)	0.746	51	1.320	45	0.439	42	0.823	46	1.262	88	3.329	184	2.58%
Transportation (4xxx)	0.008	2	0.404	10	0.008	3	0.482	7	0.490	10	0.902	22	1.00%
Communications (48xx)	0.229	23	0.142	21	0.465	15	0.117	12	0.582	27	0.953	71	1.19%
Electric, gas, sanitary services (49xx)	0.588	6	0.419	15	1.058	5	0.065	4	1.122	9	2.129	30	2.29%
Wholesale (5xxx)	0.127	10	0.187	19	0.074	12	0.080	9	0.154	21	0.469	50	0.31%
Finance, insurance, real estate (6xxx)	2.426	14	20.268	37	22.255	32	15.841	50	38.096	82	60.790	133	77.83%
Services (7xxx)	0.461	73	1.623	53	1.086	40	0.411	40	1.497	80	3.581	206	3.06%
Health services (8xxx)	0.088	6	0.154	11	0.102	8	0.231	10	0.333	18	0.575	35	0.68%
Non-operating (9995)	0.039	8	0.049	2	0	0	0.026	3	0.026	3	0.114	13	0.05%
Total	9.151	339	27.791	378	27.813	281	21.137	315	48.950	596	85.892	1313	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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