Analysis of PIPE issuance for 12 months through January 2009

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

Proceeds

	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Less than $1 million	0.002	0.002	0.001	0.003	0.006	0.005	0	0	0	0.001	0.001	0
$1-1.99 million	0.015	0.032	0.040	0.023	0.034	0.026	0.015	0.034	0.015	0.021	0.023	0.013
$2-2.99 million	0.029	0.032	0.026	0.032	0.045	0.029	0.033	0.040	0.021	0.012	0.021	0.004
$3-4.99 million	0.058	0.052	0.062	0.088	0.065	0.059	0.041	0.044	0.038	0.014	0.025	0.034
$5-9.99 million	0.074	0.172	0.081	0.095	0.143	0.118	0.086	0.134	0.037	0.072	0.059	0.032
$10-14.99 million	0.091	0.086	0.090	0.088	0.111	0.115	0.075	0.059	0.045	0.045	0.053	0.053
$15-$49.99 million	0.498	0.362	0.328	0.418	0.540	0.362	0.317	0.367	0.239	0.239	0.451	0.096
$50 million and higher	1.639	3.721	14.802	2.503	1.599	6.534	0.865	14.843	6.675	1.864	0.940	0.580
Total	2.406	4.459	15.431	3.250	2.544	7.249	1.432	15.523	7.071	2.269	1.573	0.813
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.011	16	0.006	10	0.002	3	0	0	0	0	0.022	35	0.00%
$1-1.99 million	0.096	69	0.075	59	0.060	47	0.013	10	0.013	10	0.291	220	1.60%
$2-2.99 million	0.103	44	0.102	44	0.054	23	0.004	2	0.004	2	0.324	140	0.49%
$3-4.99 million	0.215	56	0.145	39	0.077	21	0.034	10	0.034	10	0.582	156	4.18%
$5-9.99 million	0.320	48	0.338	53	0.168	28	0.032	5	0.032	5	1.105	171	3.94%
$10-14.99 million	0.289	25	0.249	21	0.143	13	0.053	5	0.053	5	0.912	80	6.52%
$15-$49.99 million	1.286	47	1.046	42	0.930	40	0.096	5	0.096	5	4.218	168	11.81%
$50 million and higher	18.904	38	22.242	31	9.479	24	0.580	5	0.580	5	56.566	119	71.34%
Total	21.225	343	24.203	299	10.913	199	0.813	42	0.813	42	64.019	1089	100.00%
Type
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
convertible notes	0.510	0.645	0.288	0.657	0.276	0.287	0.374	0.916	0.339	0.606	0.563	0.105
convertible preferreds	0.329	0.941	12.172	1.647	0.947	6.260	0.252	8.841	1.876	0.484	0.556	0.018
equity line	0.085	0.060	0.120	0.203	0.008	0.127	0.116	0.015	0.115	0	0.235	0.035
notes with warrants	0.055	1.244	0.109	0.166	0.310	0.130	0.127	0.201	0.787	0.065	0.022	0.012
preferreds with warrants	0	0.006	0	0	0	0.003	0	5.025	3.000	0	0	0
stock	1.384	1.416	2.670	0.543	0.761	0.338	0.416	0.493	0.916	0.826	0.147	0.562
units of stock and warrants	0.042	0.145	0.068	0.034	0.225	0.103	0.146	0.032	0.037	0.288	0.049	0.080
warrants	0	0.001	0.004	0	0.017	0	0	0	0	0	0	0
Total	2.406	4.459	15.431	3.250	2.544	7.249	1.432	15.523	7.071	2.269	1.573	0.813
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
convertible notes	1.221	90	1.577	86	1.508	52	0.105	11	0.105	11	5.567	288	12.92%
convertible preferreds	14.765	54	15.353	40	2.916	32	0.018	6	0.018	6	34.324	167	2.21%
equity line	0.331	8	0.258	11	0.350	13	0.035	2	0.035	2	1.119	40	4.31%
notes with warrants	0.586	31	0.458	31	0.875	21	0.012	2	0.012	2	3.231	101	1.48%
preferreds with warrants	0	0	5.028	3	3.000	1	0	0	0	0	8.034	5	0.00%
stock	3.974	121	1.247	83	1.889	59	0.562	18	0.562	18	10.472	351	69.13%
units of stock and warrants	0.326	33	0.281	45	0.375	21	0.080	3	0.080	3	1.250	130	9.84%
warrants	0.021	6	0	0	0	0	0	0	0	0	0.022	7	0.00%
Total	21.225	343	24.203	299	10.913	199	0.813	42	0.813	42	64.019	1089	100.00%
Warrants
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Yes	0.693	1.712	8.557	0.636	0.956	0.591	0.582	5.578	4.028	0.617	0.453	0.410
No	1.713	2.747	6.874	2.614	1.588	6.658	0.850	9.945	3.043	1.652	1.120	0.403
Total	2.406	4.459	15.431	3.250	2.544	7.249	1.432	15.523	7.071	2.269	1.573	0.813
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	10.149	181	6.751	190	5.098	107	0.410	18	0.410	18	24.813	619	50.43%
No	11.076	162	17.453	109	5.815	92	0.403	24	0.403	24	39.206	470	49.57%
Total	21.225	343	24.203	299	10.913	199	0.813	42	0.813	42	64.019	1089	100.00%
Use of Proceeds
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Acquisition	0.072	0.011	0.216	1.024	0.455	4.147	0.030	0.129	0.085	0	0	0.050
Capex	0.146	0.860	0.064	0.340	0.179	0.111	0.187	0.134	0.558	0.311	0.271	0.128
GCP	0.096	0.338	0.304	0.265	0.411	0.578	0.155	0.230	0.405	0.468	0.089	0.238
Refinance	0.187	0.680	0.132	0.247	0.023	0.090	0.175	0.137	0.030	0.008	0.029	0
Multiple/Other/NA	1.906	2.569	14.715	1.373	1.477	2.323	0.885	14.893	5.992	1.482	1.184	0.398
Total	2.406	4.459	15.431	3.250	2.544	7.249	1.432	15.523	7.071	2.269	1.573	0.813
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	1.695	15	4.306	7	0.085	1	0.050	1	0.050	1	6.219	30	6.15%
Capex	0.583	35	0.431	37	1.141	16	0.128	4	0.128	4	3.288	111	15.74%
GCP	0.980	91	0.963	78	0.962	40	0.238	11	0.238	11	3.576	274	29.27%
Refinance	0.402	8	0.402	11	0.067	8	0	0	0	0	1.737	40	0.00%
Multiple/Other/NA	17.565	194	18.102	166	8.659	134	0.398	26	0.398	26	49.199	634	48.95%
Total	21.225	343	24.203	299	10.913	199	0.813	42	0.813	42	64.019	1089	100.00%
Industry Sector (by SIC code)
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Agriculture (0xxx)	0	0	0	0.005	0	0	0	0	0	0	0	0
Mining (1xxx)	0.048	0.045	0.005	0.153	0.250	0.051	0.085	0.114	0.018	0.256	0.300	0.104
Oil and gas (13xx)	0.743	0.095	0.106	0.210	0.371	0.254	0.301	0.113	0.021	0.061	0.055	0.024
Construction (15xx)	0.002	0	0	0.385	0.038	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.405	0.667	0.461	1.000	0.162	4.267	0.319	0.095	3.388	0.603	0.498	0.179
Pharmaceuticals (2834-6)	0.079	0.271	0.078	0.432	0.319	0.236	0.273	0.221	0.099	0.283	0.204	0.031
Transportation (4xxx)	0.004	0	0.104	0.300	0.078	0.002	0.017	0.006	0	0.501	0	0.200
Communications (48xx)	0.421	0.007	0.016	0.051	0.060	0.653	0.007	0.009	0.098	0.010	0.004	0.002
Electric, gas, sanitary services (49xx)	0.060	0.996	0	0.008	0.057	0.036	0.065	1.043	0.502	0.005	0.013	0
Wholesale (5xxx)	0.052	0.019	0.017	0.001	0.062	0.043	0.005	0.039	0.021	0.468	0.005	0
Finance, insurance, real estate (6xxx)	0.398	1.421	14.390	0.634	0.780	0.285	0.204	13.261	2.760	0.063	0.447	0.023
Services (7xxx)	0.124	0.917	0.191	0.049	0.191	1.407	0.154	0.609	0.107	0.019	0.041	0.238
Health services (8xxx)	0.071	0.021	0.049	0.011	0.172	0.015	0.003	0.007	0.057	0.001	0.001	0.006
Non-operating (9995)	0	0	0.014	0.010	0.004	0	0	0.007	0	0	0.005	0.005
Total	2.406	4.459	15.431	3.250	2.544	7.249	1.432	15.523	7.071	2.269	1.573	0.813
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.005	2	0	0	0	0	0	0	0	0	0.005	2	0.00%
Mining (1xxx)	0.407	15	0.250	29	0.574	18	0.104	6	0.104	6	1.428	82	12.79%
Oil and gas (13xx)	0.687	30	0.668	21	0.137	11	0.024	4	0.024	4	2.355	83	2.95%
Construction (15xx)	0.423	6	0	0	0	0	0	0	0	0	0.425	7	0.00%
Manufacturing (2xxx, 3xxx)	1.623	92	4.681	77	4.488	52	0.179	9	0.179	9	12.043	284	22.02%
Pharmaceuticals (2834-6)	0.830	48	0.730	41	0.586	30	0.031	4	0.031	4	2.526	153	3.81%
Transportation (4xxx)	0.482	7	0.024	5	0.501	2	0.200	1	0.200	1	1.211	16	24.60%
Communications (48xx)	0.127	14	0.669	8	0.112	7	0.002	1	0.002	1	1.338	42	0.25%
Electric, gas, sanitary services (49xx)	0.065	4	1.143	17	0.520	6	0	0	0	0	2.784	31	0.00%
Wholesale (5xxx)	0.080	9	0.086	16	0.493	12	0	0	0	0	0.730	47	0.00%
Finance, insurance, real estate (6xxx)	15.805	54	13.750	39	3.269	34	0.023	5	0.023	5	34.666	156	2.83%
Services (7xxx)	0.430	47	2.170	37	0.167	21	0.238	9	0.238	9	4.048	148	29.27%
Health services (8xxx)	0.233	11	0.025	7	0.059	5	0.006	1	0.006	1	0.415	29	0.74%
Non-operating (9995)	0.028	4	0.007	2	0.005	1	0.005	2	0.005	2	0.045	9	0.62%
Total	21.225	343	24.203	299	10.913	199	0.813	42	0.813	42	64.019	1089	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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