Analysis of PIPE issuance for 12 months through November 2009

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

Proceeds

	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Less than $1 million	0.001	0	0.001	0	0.001	0.001	0.001	0.002	0	0	0.001	0.001
$1-1.99 million	0.017	0.017	0.031	0.020	0.023	0.015	0.026	0.017	0.015	0.026	0.019	0.018
$2-2.99 million	0.023	0.011	0.010	0.015	0.015	0.025	0.036	0.021	0.023	0.025	0.037	0.015
$3-4.99 million	0.025	0.029	0.042	0.042	0.027	0.046	0.061	0.063	0.021	0.033	0.065	0.039
$5-9.99 million	0.058	0.046	0.087	0.057	0.066	0.056	0.151	0.081	0.098	0.084	0.105	0.043
$10-14.99 million	0.063	0.053	0.053	0.054	0.058	0.073	0.103	0.113	0.054	0.097	0.180	0.067
$15-$49.99 million	0.451	0.107	0.352	0.202	0.308	0.318	0.257	0.213	0.242	0.536	0.237	0.269
$50 million and higher	1.040	0.580	0.505	6.434	0	0.519	3.672	1.150	1.157	1.145	0.529	4.233
Total	1.679	0.843	1.081	6.822	0.496	1.054	4.307	1.662	1.610	1.946	1.175	4.686
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.001	2	0.003	7	0.002	2	0.002	3	0.008	14	0.009	15	0.03%
$1-1.99 million	0.068	50	0.063	46	0.058	42	0.037	28	0.226	166	0.243	181	0.88%
$2-2.99 million	0.036	16	0.077	34	0.070	30	0.052	22	0.235	102	0.258	112	0.92%
$3-4.99 million	0.113	32	0.133	35	0.117	33	0.104	29	0.467	129	0.493	136	1.82%
$5-9.99 million	0.190	30	0.273	46	0.263	42	0.148	23	0.874	141	0.932	152	3.40%
$10-14.99 million	0.159	15	0.234	21	0.264	24	0.247	22	0.904	82	0.967	88	3.52%
$15-$49.99 million	0.661	28	0.883	30	0.992	39	0.507	22	3.042	119	3.493	137	11.84%
$50 million and higher	7.519	27	4.192	15	3.452	27	4.762	14	19.925	83	20.966	88	77.58%
Total	8.747	200	5.857	234	5.217	239	5.861	163	25.682	836	27.361	909	100.00%
Type
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
convertible notes	0.563	0.108	0.147	0.263	0.122	0.169	0.180	0.120	0.131	0.542	0.060	0.026
convertible preferreds	0.656	0.043	0.080	4.951	0.121	0.149	0.576	0.256	0.400	0.313	0.333	0.593
equity line	0.235	0.041	0.197	0.057	0.010	0.165	0.102	0.670	0.136	0.206	0.094	0.095
notes with stock	0	0	0	0	0.022	0.004	0.002	0	0.002	0	0.002	0.004
notes with warrants	0.027	0.016	0.111	0.243	0.013	0.126	0.131	0.019	0.154	0.051	0.012	0.008
preferreds with stock	0	0	0	0	0	0	0	0	0.002	0	0	0
preferreds with warrants	0	0	0.010	0	0.005	0	0.007	0.111	0	0.005	0.075	0.013
stock	0.148	0.554	0.453	1.301	0.169	0.415	3.252	0.412	0.633	0.589	0.413	3.697
units of stock and warrants	0.050	0.081	0.084	0.008	0.033	0.026	0.057	0.073	0.152	0.239	0.186	0.250
Total	1.679	0.843	1.081	6.822	0.496	1.054	4.307	1.662	1.610	1.946	1.175	4.686
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.517	49	0.471	60	0.793	47	0.086	22	1.867	178	2.430	194	7.27%
convertible preferreds	5.074	33	0.846	31	0.970	41	0.926	26	7.816	131	8.472	147	30.43%
equity line	0.295	10	0.277	13	1.012	16	0.189	12	1.773	51	2.008	61	6.90%
notes with stock	0	0	0.028	4	0.002	1	0.006	2	0.036	7	0.036	7	0.14%
notes with warrants	0.370	24	0.271	23	0.225	9	0.019	5	0.886	61	0.913	66	3.45%
preferreds with stock	0	0	0	0	0.002	1	0	0	0.002	1	0.002	1	0.01%
preferreds with warrants	0.010	2	0.012	3	0.116	8	0.088	2	0.226	15	0.226	15	0.88%
stock	2.307	70	3.836	85	1.634	91	4.110	66	11.887	312	12.035	331	46.29%
units of stock and warrants	0.173	12	0.117	15	0.464	25	0.436	28	1.189	80	1.240	87	4.63%
Total	8.747	200	5.857	234	5.217	239	5.861	163	25.682	836	27.361	909	100.00%
Warrants
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Yes	0.459	0.402	0.608	0.311	0.262	0.322	0.433	0.498	0.472	0.433	0.786	0.316
No	1.220	0.441	0.474	6.511	0.234	0.731	3.874	1.163	1.137	1.513	0.389	4.370
Total	1.679	0.843	1.081	6.822	0.496	1.054	4.307	1.662	1.610	1.946	1.175	4.686
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	1.321	102	1.017	105	1.403	129	1.102	83	4.843	419	5.302	457	18.86%
No	7.426	98	4.840	129	3.814	110	4.759	80	20.839	417	22.059	452	81.14%
Total	8.747	200	5.857	234	5.217	239	5.861	163	25.682	836	27.361	909	100.00%
Use of Proceeds
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Acquisition	0	0.050	0	4.518	0	0	0.009	0.078	0.005	0.040	0	0.328
Capex	0.271	0.111	0.174	0.119	0.030	0.065	0.255	0.136	0.134	0.082	0.161	0.007
GCP	0.090	0.245	0.094	0.397	0.056	0.150	0.534	0.102	0.164	0.955	0.309	3.320
Refinance	0.029	0	0.010	0.283	0.085	0.155	0.256	0.021	0.167	0.171	0.113	0
Multiple/Other/NA	1.290	0.438	0.803	1.506	0.325	0.683	3.254	1.324	1.140	0.697	0.592	1.031
Total	1.679	0.843	1.081	6.822	0.496	1.054	4.307	1.662	1.610	1.946	1.175	4.686
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	4.568	4	0.009	2	0.124	5	0.328	2	5.029	13	5.029	13	19.58%
Capex	0.404	20	0.351	25	0.352	19	0.168	12	1.275	76	1.546	79	4.96%
GCP	0.735	43	0.740	59	1.222	43	3.629	45	6.325	190	6.415	203	24.63%
Refinance	0.293	6	0.495	13	0.359	9	0.113	3	1.260	31	1.288	34	4.91%
Multiple/Other/NA	2.747	127	4.262	135	3.160	163	1.623	101	11.793	526	13.082	580	45.92%
Total	8.747	200	5.857	234	5.217	239	5.861	163	25.682	836	27.361	909	100.00%
Industry Sector (by SIC code)
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Agriculture (0xxx)	0	0	0	0	0	0.010	0	0	0	0.050	0	0
Mining (1xxx)	0.301	0.106	0.191	0.530	0.071	0.140	0.100	0.030	0.220	0.054	0.056	0.230
Oil and gas (13xx)	0.055	0.026	0.092	0.025	0.005	0.090	0.058	0.006	0.001	0.127	0.023	0.248
Construction (15xx)	0.006	0	0	0	0	0	0	0.001	0	0	0.002	0
Manufacturing (2xxx, 3xxx)	0.497	0.188	0.149	4.793	0.211	0.250	0.267	0.209	0.570	0.189	0.220	0.154
Pharmaceuticals (2834-6)	0.203	0.018	0.324	0.121	0.061	0.098	0.226	0.176	0.165	0.225	0.235	0.105
Transportation (4xxx)	0	0.200	0.181	0	0.045	0.005	0.167	0.673	0	0.023	0.008	0.050
Communications (48xx)	0.004	0.002	0.003	0.547	0.008	0.040	0.003	0	0.017	0.012	0.012	1.695
Electric, gas, sanitary services (49xx)	0.013	0	0.018	0	0.016	0.005	0.179	0.082	0.017	0.201	0.006	1.587
Wholesale (5xxx)	0.003	0	0.011	0.009	0.008	0.049	0.366	0.217	0.009	0.010	0.020	0.002
Finance, insurance, real estate (6xxx)	0.550	0.052	0.056	0.457	0.010	0.079	2.839	0.224	0.408	0.754	0.486	0.585
Services (7xxx)	0.041	0.238	0.050	0.281	0.050	0.287	0.040	0.014	0.169	0.240	0.102	0.027
Health services (8xxx)	0.001	0.008	0.006	0.059	0.011	0.001	0.062	0.031	0.032	0.030	0.003	0.003
Non-operating (9995)	0.005	0.005	0	0	0	0	0	0	0.003	0.030	0	0
Total	1.679	0.843	1.081	6.822	0.496	1.054	4.307	1.662	1.610	1.946	1.175	4.686
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.010	1	0.050	1	0	0	0.060	2	0.060	2	0.23%
Mining (1xxx)	0.826	26	0.312	20	0.304	11	0.286	19	1.728	76	2.029	84	6.73%
Oil and gas (13xx)	0.144	14	0.154	14	0.134	9	0.271	10	0.702	47	0.757	51	2.73%
Construction (15xx)	0	0	0	0	0.001	1	0.002	1	0.003	2	0.009	3	0.01%
Manufacturing (2xxx, 3xxx)	5.130	48	0.728	75	0.967	62	0.374	44	7.199	229	7.696	248	28.03%
Pharmaceuticals (2834-6)	0.462	35	0.384	33	0.566	40	0.340	29	1.753	137	1.956	147	6.83%
Transportation (4xxx)	0.381	3	0.217	4	0.695	4	0.058	2	1.352	13	1.352	13	5.26%
Communications (48xx)	0.552	8	0.051	8	0.029	8	1.707	7	2.339	31	2.343	34	9.11%
Electric, gas, sanitary services (49xx)	0.018	1	0.200	10	0.300	7	1.594	4	2.112	22	2.125	24	8.22%
Wholesale (5xxx)	0.020	7	0.423	11	0.236	11	0.022	4	0.700	33	0.703	35	2.73%
Finance, insurance, real estate (6xxx)	0.566	20	2.928	22	1.386	42	1.071	23	5.951	107	6.501	121	23.17%
Services (7xxx)	0.569	27	0.378	27	0.422	24	0.129	17	1.498	95	1.540	103	5.83%
Health services (8xxx)	0.073	9	0.074	9	0.093	17	0.006	3	0.246	38	0.247	39	0.96%
Non-operating (9995)	0.005	2	0	0	0.033	2	0	0	0.038	4	0.043	5	0.15%
Total	8.747	200	5.857	234	5.217	239	5.861	163	25.682	836	27.361	909	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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