Analysis of PIPE issuance for 12 months through December 2008

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

Proceeds

	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Less than $1 million	0	0.002	0.002	0.001	0.003	0.006	0.005	0	0	0	0.001	0.001
$1-1.99 million	0.022	0.015	0.032	0.040	0.023	0.034	0.026	0.015	0.032	0.015	0.021	0.018
$2-2.99 million	0.033	0.029	0.032	0.026	0.032	0.045	0.029	0.033	0.042	0.021	0.012	0.009
$3-4.99 million	0.053	0.058	0.052	0.062	0.088	0.065	0.059	0.041	0.044	0.034	0.014	0.022
$5-9.99 million	0.089	0.074	0.172	0.081	0.095	0.143	0.118	0.086	0.134	0.042	0.072	0.037
$10-14.99 million	0.030	0.091	0.086	0.090	0.088	0.111	0.115	0.075	0.059	0.045	0.045	0.043
$15-$49.99 million	0.232	0.498	0.362	0.328	0.418	0.540	0.362	0.317	0.367	0.239	0.239	0.406
$50 million and higher	20.507	1.639	3.721	14.802	2.603	1.599	6.534	0.865	14.843	6.675	1.864	0.940
Total	20.966	2.406	4.459	15.431	3.350	2.544	7.249	1.432	15.523	7.072	2.269	1.477
	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	10	0.002	3	0.022	36	0.022	36	0.03%
$1-1.99 million	0.069	51	0.096	69	0.073	58	0.055	43	0.293	221	0.293	221	0.35%
$2-2.99 million	0.094	41	0.103	44	0.104	45	0.042	18	0.343	148	0.343	148	0.41%
$3-4.99 million	0.163	44	0.215	56	0.145	39	0.070	19	0.593	158	0.593	158	0.70%
$5-9.99 million	0.335	50	0.320	48	0.338	53	0.151	25	1.145	176	1.145	176	1.36%
$10-14.99 million	0.208	19	0.289	25	0.249	21	0.133	12	0.879	77	0.879	77	1.04%
$15-$49.99 million	1.092	44	1.286	47	1.046	42	0.885	39	4.309	172	4.309	172	5.12%
$50 million and higher	25.867	27	19.004	39	22.242	31	9.479	24	76.593	121	76.593	121	90.99%
Total	27.831	283	21.325	344	24.204	299	10.818	183	84.178	1109	84.178	1109	100.00%
Type
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
convertible notes	1.444	0.510	0.645	0.288	0.657	0.276	0.287	0.374	0.916	0.340	0.606	0.557
convertible preferreds	19.127	0.329	0.941	12.172	1.647	0.947	6.260	0.252	8.841	1.876	0.484	0.496
equity line	0.023	0.085	0.060	0.120	0.203	0.008	0.127	0.116	0.015	0.115	0	0.230
notes with warrants	0.049	0.055	1.244	0.109	0.166	0.310	0.130	0.127	0.201	0.787	0.065	0.021
preferreds with warrants	0.006	0	0.006	0	0	0	0.003	0	5.025	3.000	0	0
stock	0.258	1.384	1.416	2.670	0.643	0.761	0.338	0.416	0.493	0.916	0.826	0.127
units of stock and warrants	0.058	0.042	0.145	0.068	0.034	0.225	0.103	0.146	0.032	0.037	0.288	0.045
warrants	0.001	0	0.001	0.004	0	0.017	0	0	0	0	0	0
Total	20.966	2.406	4.459	15.431	3.350	2.544	7.249	1.432	15.523	7.072	2.269	1.477
	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	1.504	49	6.902	297	6.902	297	8.20%
convertible preferreds	20.398	43	14.765	54	15.353	40	2.856	29	53.372	166	53.372	166	63.40%
equity line	0.168	8	0.331	8	0.258	11	0.345	12	1.102	39	1.102	39	1.31%
notes with warrants	1.349	21	0.586	31	0.458	31	0.874	20	3.267	103	3.267	103	3.88%
preferreds with warrants	0.013	2	0	0	5.028	3	3.000	1	8.041	6	8.041	6	9.55%
stock	3.058	96	4.074	122	1.247	83	1.869	53	10.248	354	10.248	354	12.17%
units of stock and warrants	0.245	39	0.326	33	0.281	45	0.371	19	1.223	136	1.223	136	1.45%
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	24.204	299	10.818	183	84.178	1109	84.178	1109	100.00%
Warrants
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Yes	0.306	0.693	1.712	8.557	0.636	0.956	0.591	0.582	5.578	4.029	0.617	0.436
No	20.660	1.713	2.747	6.874	2.714	1.588	6.658	0.850	9.945	3.043	1.652	1.041
Total	20.966	2.406	4.459	15.431	3.350	2.544	7.249	1.432	15.523	7.072	2.269	1.477
	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	6.751	190	5.083	100	24.694	639	24.694	639	29.34%
No	25.120	115	11.176	163	17.453	109	5.735	83	59.483	470	59.483	470	70.66%
Total	27.831	283	21.325	344	24.204	299	10.818	183	84.178	1109	84.178	1109	100.00%
Use of Proceeds
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Acquisition	0.069	0.072	0.011	0.216	1.024	0.455	4.147	0.030	0.129	0.085	0	0
Capex	0.151	0.146	0.860	0.064	0.340	0.179	0.111	0.187	0.134	0.559	0.311	0.271
GCP	12.539	0.096	0.338	0.304	0.265	0.411	0.578	0.155	0.230	0.405	0.468	0.078
Refinance	1.314	0.187	0.680	0.132	0.347	0.023	0.090	0.175	0.137	0.030	0.008	0.029
Multiple/Other/NA	6.894	1.906	2.569	14.715	1.373	1.477	2.323	0.885	14.893	5.992	1.482	1.100
Total	20.966	2.406	4.459	15.431	3.350	2.544	7.249	1.432	15.523	7.072	2.269	1.477
	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	6.238	34	7.41%
Capex	1.157	28	0.583	35	0.431	37	1.142	16	3.312	116	3.312	116	3.93%
GCP	12.973	67	0.980	91	0.963	78	0.951	38	15.866	274	15.866	274	18.85%
Refinance	2.180	17	0.502	9	0.402	11	0.067	8	3.151	45	3.151	45	3.75%
Multiple/Other/NA	11.369	160	17.565	194	18.102	166	8.574	120	55.610	640	55.610	640	66.06%
Total	27.831	283	21.325	344	24.204	299	10.818	183	84.178	1109	84.178	1109	100.00%
Industry Sector (by SIC code)
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Agriculture (0xxx)	0	0	0	0	0.005	0	0	0	0	0	0	0
Mining (1xxx)	0.008	0.048	0.045	0.005	0.153	0.250	0.051	0.085	0.114	0.019	0.256	0.292
Oil and gas (13xx)	0.060	0.743	0.095	0.106	0.210	0.371	0.254	0.301	0.113	0.021	0.061	0.054
Construction (15xx)	0	0.002	0	0	0.385	0.038	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.250	0.405	0.667	0.461	1.000	0.162	4.267	0.319	0.095	3.388	0.603	0.492
Pharmaceuticals (2834-6)	0.090	0.079	0.271	0.078	0.432	0.319	0.236	0.273	0.221	0.099	0.283	0.194
Transportation (4xxx)	0.004	0.004	0	0.104	0.300	0.078	0.002	0.017	0.006	0	0.501	0
Communications (48xx)	0.053	0.421	0.007	0.016	0.051	0.060	0.653	0.007	0.009	0.098	0.010	0.004
Electric, gas, sanitary services (49xx)	0.002	0.060	0.996	0	0.008	0.057	0.036	0.065	1.043	0.502	0.005	0.003
Wholesale (5xxx)	0.003	0.052	0.019	0.017	0.001	0.062	0.043	0.005	0.039	0.021	0.468	0.005
Finance, insurance, real estate (6xxx)	20.440	0.398	1.421	14.390	0.734	0.780	0.285	0.204	13.261	2.760	0.063	0.393
Services (7xxx)	0.047	0.124	0.917	0.191	0.049	0.191	1.407	0.154	0.609	0.107	0.019	0.034
Health services (8xxx)	0.010	0.071	0.021	0.049	0.011	0.172	0.015	0.003	0.007	0.057	0.001	0.001
Non-operating (9995)	0	0	0	0.014	0.010	0.004	0	0	0.007	0	0	0.005
Total	20.966	2.406	4.459	15.431	3.350	2.544	7.249	1.432	15.523	7.072	2.269	1.477
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.005	2	0	0	0	0	0.005	2	0.005	2	0.01%
Mining (1xxx)	0.101	18	0.407	15	0.250	29	0.567	15	1.326	77	1.326	77	1.58%
Oil and gas (13xx)	0.898	20	0.687	30	0.668	21	0.136	10	2.389	81	2.389	81	2.84%
Construction (15xx)	0.002	1	0.423	6	0	0	0	0	0.425	7	0.425	7	0.50%
Manufacturing (2xxx, 3xxx)	1.321	84	1.623	92	4.681	77	4.482	49	12.108	302	12.108	302	14.38%
Pharmaceuticals (2834-6)	0.439	42	0.830	48	0.730	41	0.576	28	2.575	159	2.575	159	3.06%
Transportation (4xxx)	0.008	3	0.482	7	0.024	5	0.501	2	1.015	17	1.015	17	1.21%
Communications (48xx)	0.482	16	0.127	14	0.669	8	0.112	7	1.390	45	1.390	45	1.65%
Electric, gas, sanitary services (49xx)	1.058	5	0.065	4	1.143	17	0.510	5	2.776	31	2.776	31	3.30%
Wholesale (5xxx)	0.074	12	0.080	9	0.086	16	0.493	12	0.734	49	0.734	49	0.87%
Finance, insurance, real estate (6xxx)	22.259	33	15.905	55	13.750	39	3.216	31	55.129	158	55.129	158	65.49%
Services (7xxx)	1.088	41	0.430	47	2.170	37	0.160	18	3.849	143	3.849	143	4.57%
Health services (8xxx)	0.102	8	0.233	11	0.025	7	0.059	5	0.418	31	0.418	31	0.50%
Non-operating (9995)	0	0	0.028	4	0.007	2	0.005	1	0.040	7	0.040	7	0.05%
Total	27.831	283	21.325	344	24.204	299	10.818	183	84.178	1109	84.178	1109	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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