Analysis of PIPE issuance for 12 months through February 2009

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

Proceeds

	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Less than $1 million	0.002	0.001	0.003	0.006	0.005	0	0	0	0.001	0.001	0	0.001
$1-1.99 million	0.032	0.040	0.023	0.034	0.026	0.015	0.034	0.015	0.021	0.020	0.017	0.028
$2-2.99 million	0.032	0.026	0.032	0.045	0.029	0.033	0.040	0.021	0.010	0.021	0.011	0.004
$3-4.99 million	0.052	0.062	0.088	0.065	0.059	0.041	0.044	0.038	0.014	0.025	0.028	0.035
$5-9.99 million	0.172	0.081	0.095	0.143	0.118	0.086	0.134	0.037	0.072	0.065	0.046	0.062
$10-14.99 million	0.086	0.090	0.088	0.111	0.115	0.075	0.059	0.045	0.045	0.053	0.053	0.053
$15-$49.99 million	0.362	0.328	0.418	0.540	0.362	0.317	0.367	0.239	0.239	0.451	0.107	0.288
$50 million and higher	3.721	14.802	2.503	1.599	6.534	0.865	14.843	6.675	1.864	1.040	0.580	7.705
Total	4.459	15.431	3.250	2.544	7.249	1.432	15.523	7.071	2.267	1.676	0.842	8.176
	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	0.001	1	0.001	1	0.021	34	0.01%
$1-1.99 million	0.096	69	0.075	59	0.057	45	0.045	32	0.045	32	0.305	229	0.50%
$2-2.99 million	0.103	44	0.102	44	0.051	22	0.015	7	0.015	7	0.303	131	0.17%
$3-4.99 million	0.215	56	0.145	39	0.077	21	0.063	18	0.063	18	0.553	148	0.70%
$5-9.99 million	0.320	48	0.338	53	0.174	29	0.108	16	0.108	16	1.112	172	1.20%
$10-14.99 million	0.289	25	0.249	21	0.143	13	0.106	10	0.106	10	0.873	77	1.18%
$15-$49.99 million	1.286	47	1.046	42	0.930	40	0.395	17	0.395	17	4.019	161	4.38%
$50 million and higher	18.904	38	22.242	31	9.579	24	8.285	13	8.285	13	62.733	118	91.86%
Total	21.225	343	24.203	299	11.014	197	9.019	114	9.019	114	69.919	1070	100.00%
Type
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
convertible notes	0.645	0.288	0.657	0.276	0.287	0.374	0.916	0.339	0.606	0.563	0.108	7.337
convertible preferreds	0.941	12.172	1.647	0.947	6.260	0.252	8.841	1.876	0.484	0.656	0.043	0.077
equity line	0.060	0.120	0.203	0.008	0.127	0.116	0.015	0.115	0	0.235	0.041	0.197
notes with warrants	1.244	0.109	0.166	0.310	0.130	0.127	0.201	0.787	0.063	0.027	0.016	0.086
preferreds with warrants	0.006	0	0	0	0.003	0	5.025	3.000	0	0	0	0.004
stock	1.416	2.670	0.543	0.761	0.338	0.416	0.493	0.916	0.826	0.146	0.554	0.394
units of stock and warrants	0.145	0.068	0.034	0.225	0.103	0.146	0.032	0.037	0.288	0.049	0.080	0.082
warrants	0.001	0.004	0	0.017	0	0	0	0	0	0	0	0
Total	4.459	15.431	3.250	2.544	7.249	1.432	15.523	7.071	2.267	1.676	0.842	8.176
	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	7.444	27	7.444	27	12.396	281	82.54%
convertible preferreds	14.765	54	15.353	40	3.016	32	0.120	17	0.120	17	34.196	162	1.33%
equity line	0.331	8	0.258	11	0.350	13	0.238	7	0.238	7	1.237	41	2.64%
notes with warrants	0.586	31	0.458	31	0.877	20	0.102	10	0.102	10	3.268	101	1.13%
preferreds with warrants	0	0	5.028	3	3.000	1	0.004	1	0.004	1	8.038	6	0.04%
stock	3.974	121	1.247	83	1.887	58	0.948	44	0.948	44	9.472	347	10.51%
units of stock and warrants	0.326	33	0.281	45	0.375	21	0.162	8	0.162	8	1.290	125	1.80%
warrants	0.021	6	0	0	0	0	0	0	0	0	0.022	7	0.00%
Total	21.225	343	24.203	299	11.014	197	9.019	114	9.019	114	69.919	1070	100.00%
Warrants
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Yes	1.712	8.557	0.636	0.956	0.591	0.582	5.578	4.028	0.615	0.458	0.401	0.537
No	2.747	6.874	2.614	1.588	6.658	0.850	9.945	3.043	1.652	1.218	0.441	7.639
Total	4.459	15.431	3.250	2.544	7.249	1.432	15.523	7.071	2.267	1.676	0.842	8.176
	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	5.101	106	0.938	61	0.938	61	24.651	605	10.40%
No	11.076	162	17.453	109	5.913	91	8.080	53	8.080	53	45.269	465	89.59%
Total	21.225	343	24.203	299	11.014	197	9.019	114	9.019	114	69.919	1070	100.00%
Use of Proceeds
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Acquisition	0.011	0.216	1.024	0.455	4.147	0.030	0.129	0.085	0	0	0.050	0
Capex	0.860	0.064	0.340	0.179	0.111	0.187	0.134	0.558	0.311	0.271	0.111	0.133
GCP	0.338	0.304	0.265	0.411	0.578	0.155	0.230	0.405	0.468	0.089	0.244	0.066
Refinance	0.680	0.132	0.247	0.023	0.090	0.175	0.137	0.030	0.008	0.029	0	0.010
Multiple/Other/NA	2.569	14.715	1.373	1.477	2.323	0.885	14.893	5.992	1.479	1.287	0.438	7.967
Total	4.459	15.431	3.250	2.544	7.249	1.432	15.523	7.071	2.267	1.676	0.842	8.176
	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	6.147	25	0.55%
Capex	0.583	35	0.431	37	1.141	16	0.244	10	0.244	10	3.258	108	2.71%
GCP	0.980	91	0.963	78	0.962	40	0.309	23	0.309	23	3.552	276	3.43%
Refinance	0.402	8	0.402	11	0.067	8	0.010	1	0.010	1	1.561	32	0.11%
Multiple/Other/NA	17.565	194	18.102	166	8.759	132	8.405	79	8.405	79	55.401	629	93.19%
Total	21.225	343	24.203	299	11.014	197	9.019	114	9.019	114	69.919	1070	100.00%
Industry Sector (by SIC code)
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Agriculture (0xxx)	0	0	0.005	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0.045	0.005	0.153	0.250	0.051	0.085	0.114	0.018	0.256	0.300	0.106	7.391
Oil and gas (13xx)	0.095	0.106	0.210	0.371	0.254	0.301	0.113	0.021	0.061	0.055	0.025	0.061
Construction (15xx)	0	0	0.385	0.038	0	0	0	0	0	0.006	0	0
Manufacturing (2xxx, 3xxx)	0.667	0.461	1.000	0.162	4.267	0.319	0.095	3.388	0.603	0.498	0.188	0.129
Pharmaceuticals (2834-6)	0.271	0.078	0.432	0.319	0.236	0.273	0.221	0.099	0.280	0.203	0.018	0.317
Transportation (4xxx)	0	0.104	0.300	0.078	0.002	0.017	0.006	0	0.501	0	0.200	0.181
Communications (48xx)	0.007	0.016	0.051	0.060	0.653	0.007	0.009	0.098	0.010	0.004	0.002	0.003
Electric, gas, sanitary services (49xx)	0.996	0	0.008	0.057	0.036	0.065	1.043	0.502	0.005	0.013	0	0.018
Wholesale (5xxx)	0.019	0.017	0.001	0.062	0.043	0.005	0.039	0.021	0.468	0.003	0	0.011
Finance, insurance, real estate (6xxx)	1.421	14.390	0.634	0.780	0.285	0.204	13.261	2.760	0.063	0.547	0.052	0.032
Services (7xxx)	0.917	0.191	0.049	0.191	1.407	0.154	0.609	0.107	0.019	0.041	0.238	0.029
Health services (8xxx)	0.021	0.049	0.011	0.172	0.015	0.003	0.007	0.057	0.001	0.001	0.008	0.004
Non-operating (9995)	0	0.014	0.010	0.004	0	0	0.007	0	0	0.005	0.005	0
Total	4.459	15.431	3.250	2.544	7.249	1.432	15.523	7.071	2.267	1.676	0.842	8.176
	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	7.497	17	7.497	17	8.774	87	83.12%
Oil and gas (13xx)	0.687	30	0.668	21	0.137	11	0.086	9	0.086	9	1.673	81	0.95%
Construction (15xx)	0.423	6	0	0	0.006	1	0	0	0	0	0.429	7	0.00%
Manufacturing (2xxx, 3xxx)	1.623	92	4.681	77	4.488	52	0.317	27	0.317	27	11.776	274	3.51%
Pharmaceuticals (2834-6)	0.830	48	0.730	41	0.583	28	0.334	21	0.334	21	2.747	159	3.70%
Transportation (4xxx)	0.482	7	0.024	5	0.501	2	0.381	3	0.381	3	1.388	17	4.22%
Communications (48xx)	0.127	14	0.669	8	0.112	7	0.004	3	0.004	3	0.920	35	0.04%
Electric, gas, sanitary services (49xx)	0.065	4	1.143	17	0.520	6	0.018	1	0.018	1	2.742	31	0.20%
Wholesale (5xxx)	0.080	9	0.086	16	0.492	11	0.011	4	0.011	4	0.688	44	0.12%
Finance, insurance, real estate (6xxx)	15.805	54	13.750	39	3.369	34	0.084	8	0.084	8	34.428	150	0.93%
Services (7xxx)	0.430	47	2.170	37	0.167	21	0.267	14	0.267	14	3.953	144	2.96%
Health services (8xxx)	0.233	11	0.025	7	0.059	5	0.013	5	0.013	5	0.350	30	0.14%
Non-operating (9995)	0.028	4	0.007	2	0.005	1	0.005	2	0.005	2	0.045	9	0.06%
Total	21.225	343	24.203	299	11.014	197	9.019	114	9.019	114	69.919	1070	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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