Analysis of PIPE issuance for 12 months through March 2009

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

Proceeds

	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Less than $1 million	0.001	0.003	0.006	0.005	0	0	0	0.001	0.001	0	0.001	0
$1-1.99 million	0.040	0.023	0.034	0.026	0.015	0.034	0.015	0.023	0.020	0.017	0.031	0.018
$2-2.99 million	0.026	0.032	0.045	0.029	0.033	0.040	0.021	0.010	0.021	0.011	0.010	0.013
$3-4.99 million	0.062	0.088	0.065	0.059	0.041	0.044	0.038	0.014	0.025	0.028	0.038	0.042
$5-9.99 million	0.081	0.095	0.143	0.118	0.086	0.134	0.037	0.067	0.058	0.046	0.080	0.062
$10-14.99 million	0.090	0.088	0.111	0.115	0.075	0.059	0.045	0.045	0.063	0.053	0.053	0.042
$15-$49.99 million	0.328	0.418	0.540	0.362	0.317	0.367	0.239	0.239	0.451	0.107	0.333	0.222
$50 million and higher	14.802	2.503	1.599	6.649	0.865	14.843	6.675	1.864	1.040	0.580	7.705	2.374
Total	15.431	3.250	2.544	7.364	1.432	15.523	7.071	2.262	1.680	0.842	8.252	2.772
	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	0.019	30	0.01%
$1-1.99 million	0.096	69	0.075	59	0.058	46	0.066	48	0.066	48	0.295	222	0.56%
$2-2.99 million	0.103	44	0.102	44	0.051	22	0.034	15	0.034	15	0.290	125	0.29%
$3-4.99 million	0.215	56	0.145	39	0.077	21	0.108	31	0.108	31	0.546	147	0.91%
$5-9.99 million	0.320	48	0.338	53	0.162	27	0.188	30	0.188	30	1.008	158	1.58%
$10-14.99 million	0.289	25	0.249	21	0.153	14	0.148	14	0.148	14	0.839	74	1.25%
$15-$49.99 million	1.286	47	1.046	42	0.930	40	0.662	28	0.662	28	3.924	157	5.58%
$50 million and higher	18.904	38	22.357	32	9.579	24	10.659	27	10.659	27	61.500	121	89.83%
Total	21.225	343	24.318	300	11.013	197	11.866	194	11.866	194	68.422	1034	100.00%
Type
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
convertible notes	0.288	0.657	0.276	0.402	0.374	0.916	0.339	0.606	0.563	0.108	7.347	0.262
convertible preferreds	12.172	1.647	0.947	6.260	0.252	8.841	1.876	0.480	0.656	0.043	0.080	0.901
equity line	0.120	0.203	0.008	0.127	0.116	0.015	0.115	0	0.235	0.041	0.197	0.055
notes with warrants	0.109	0.166	0.310	0.130	0.127	0.201	0.787	0.063	0.027	0.016	0.111	0.236
preferreds with warrants	0	0	0	0.003	0	5.025	3.000	0	0	0	0.010	0
stock	2.670	0.543	0.761	0.338	0.416	0.493	0.916	0.826	0.149	0.554	0.423	1.291
units of stock and warrants	0.068	0.034	0.225	0.103	0.146	0.032	0.037	0.288	0.049	0.080	0.084	0.028
warrants	0.004	0	0.017	0	0	0	0	0	0	0	0	0
Total	15.431	3.250	2.544	7.364	1.432	15.523	7.071	2.262	1.680	0.842	8.252	2.772
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
convertible notes	1.221	90	1.692	87	1.508	52	7.716	49	7.716	49	12.138	278	65.03%
convertible preferreds	14.765	54	15.353	40	3.012	32	1.024	31	1.024	31	34.154	157	8.63%
equity line	0.331	8	0.258	11	0.350	13	0.293	9	0.293	9	1.232	41	2.47%
notes with warrants	0.586	31	0.458	31	0.877	20	0.363	23	0.363	23	2.284	105	3.06%
preferreds with warrants	0	0	5.028	3	3.000	1	0.010	2	0.010	2	8.038	6	0.08%
stock	3.974	121	1.247	83	1.891	58	2.268	67	2.268	67	9.380	329	19.11%
units of stock and warrants	0.326	33	0.281	45	0.375	21	0.192	13	0.192	13	1.174	112	1.62%
warrants	0.021	6	0	0	0	0	0	0	0	0	0.021	6	0.00%
Total	21.225	343	24.318	300	11.013	197	11.866	194	11.866	194	68.422	1034	100.00%
Warrants
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Yes	8.557	0.636	0.956	0.591	0.582	5.578	4.028	0.611	0.458	0.401	0.601	0.324
No	6.874	2.614	1.588	6.773	0.850	9.945	3.043	1.652	1.222	0.441	7.651	2.448
Total	15.431	3.250	2.544	7.364	1.432	15.523	7.071	2.262	1.680	0.842	8.252	2.772
	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	5.097	106	1.326	101	1.326	101	23.322	578	11.17%
No	11.076	162	17.568	110	5.916	91	10.540	93	10.540	93	45.100	456	88.83%
Total	21.225	343	24.318	300	11.013	197	11.866	194	11.866	194	68.422	1034	100.00%
Use of Proceeds
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Acquisition	0.216	1.024	0.455	4.147	0.030	0.129	0.085	0	0	0.050	0	0.018
Capex	0.064	0.340	0.179	0.111	0.187	0.134	0.558	0.311	0.271	0.111	0.163	0.112
GCP	0.304	0.265	0.411	0.693	0.155	0.230	0.405	0.468	0.089	0.244	0.075	0.396
Refinance	0.132	0.247	0.023	0.090	0.175	0.137	0.030	0.008	0.029	0	0.010	0.283
Multiple/Other/NA	14.715	1.373	1.477	2.323	0.885	14.893	5.992	1.475	1.291	0.438	8.003	1.963
Total	15.431	3.250	2.544	7.364	1.432	15.523	7.071	2.262	1.680	0.842	8.252	2.772
	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	0.068	2	0.068	2	6.154	25	0.57%
Capex	0.583	35	0.431	37	1.141	16	0.387	19	0.387	19	2.541	107	3.26%
GCP	0.980	91	1.078	79	0.962	40	0.715	40	0.715	40	3.734	250	6.03%
Refinance	0.402	8	0.402	11	0.067	8	0.293	6	0.293	6	1.163	33	2.47%
Multiple/Other/NA	17.565	194	18.102	166	8.759	132	10.404	127	10.404	127	54.829	619	87.68%
Total	21.225	343	24.318	300	11.013	197	11.866	194	11.866	194	68.422	1034	100.00%
Industry Sector (by SIC code)
	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009
Agriculture (0xxx)	0	0.005	0	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0.005	0.153	0.250	0.051	0.085	0.114	0.018	0.256	0.300	0.106	7.391	0.770
Oil and gas (13xx)	0.106	0.210	0.371	0.254	0.301	0.113	0.021	0.061	0.055	0.025	0.088	0.019
Construction (15xx)	0	0.385	0.038	0	0	0	0	0	0.006	0	0	0
Manufacturing (2xxx, 3xxx)	0.461	1.000	0.162	4.267	0.319	0.095	3.388	0.603	0.498	0.188	0.149	0.790
Pharmaceuticals (2834-6)	0.078	0.432	0.319	0.351	0.273	0.221	0.099	0.280	0.203	0.018	0.317	0.141
Transportation (4xxx)	0.104	0.300	0.078	0.002	0.017	0.006	0	0.501	0	0.200	0.181	0
Communications (48xx)	0.016	0.051	0.060	0.653	0.007	0.009	0.098	0.010	0.004	0.002	0.003	0.547
Electric, gas, sanitary services (49xx)	0	0.008	0.057	0.036	0.065	1.043	0.502	0.005	0.013	0	0.018	0
Wholesale (5xxx)	0.017	0.001	0.062	0.043	0.005	0.039	0.021	0.468	0.003	0	0.011	0.008
Finance, insurance, real estate (6xxx)	14.390	0.634	0.780	0.285	0.204	13.261	2.760	0.059	0.550	0.052	0.038	0.407
Services (7xxx)	0.191	0.049	0.191	1.407	0.154	0.609	0.107	0.019	0.041	0.238	0.050	0.031
Health services (8xxx)	0.049	0.011	0.172	0.015	0.003	0.007	0.057	0.001	0.001	0.008	0.006	0.059
Non-operating (9995)	0.014	0.010	0.004	0	0	0.007	0	0	0.005	0.005	0	0
Total	15.431	3.250	2.544	7.364	1.432	15.523	7.071	2.262	1.680	0.842	8.252	2.772
	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	8.266	29	8.266	29	9.498	91	69.66%
Oil and gas (13xx)	0.687	30	0.668	21	0.137	11	0.132	14	0.132	14	1.625	76	1.11%
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	1.127	44	1.127	44	11.920	265	9.50%
Pharmaceuticals (2834-6)	0.830	48	0.845	42	0.583	28	0.475	35	0.475	35	2.732	153	4.00%
Transportation (4xxx)	0.482	7	0.024	5	0.501	2	0.381	3	0.381	3	1.388	17	3.21%
Communications (48xx)	0.127	14	0.669	8	0.112	7	0.552	8	0.552	8	1.460	37	4.65%
Electric, gas, sanitary services (49xx)	0.065	4	1.143	17	0.520	6	0.018	1	0.018	1	1.746	28	0.15%
Wholesale (5xxx)	0.080	9	0.086	16	0.492	11	0.019	6	0.019	6	0.676	42	0.16%
Finance, insurance, real estate (6xxx)	15.805	54	13.750	39	3.369	34	0.498	17	0.498	17	33.420	144	4.20%
Services (7xxx)	0.430	47	2.170	37	0.167	21	0.319	26	0.319	26	3.087	131	2.69%
Health services (8xxx)	0.233	11	0.025	7	0.059	5	0.073	9	0.073	9	0.390	32	0.62%
Non-operating (9995)	0.028	4	0.007	2	0.005	1	0.005	2	0.005	2	0.045	9	0.04%
Total	21.225	343	24.318	300	11.013	197	11.866	194	11.866	194	68.422	1034	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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