Analysis of PIPE issuance for 12 months through July 2009

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

Proceeds

	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Less than $1 million	0	0	0	0.001	0.001	0	0.001	0	0.002	0.001	0.001	0.002
$1-1.99 million	0.015	0.034	0.015	0.023	0.019	0.017	0.031	0.020	0.023	0.015	0.024	0.014
$2-2.99 million	0.033	0.040	0.021	0.010	0.023	0.011	0.010	0.015	0.015	0.025	0.036	0.015
$3-4.99 million	0.041	0.044	0.038	0.014	0.025	0.029	0.042	0.042	0.027	0.046	0.061	0.060
$5-9.99 million	0.086	0.134	0.037	0.067	0.058	0.046	0.087	0.057	0.066	0.056	0.138	0.076
$10-14.99 million	0.075	0.059	0.045	0.045	0.063	0.053	0.053	0.054	0.058	0.073	0.103	0.100
$15-$49.99 million	0.317	0.367	0.239	0.239	0.451	0.107	0.352	0.202	0.308	0.353	0.272	0.174
$50 million and higher	0.865	14.843	6.675	1.864	1.040	0.580	0.505	6.434	0	0.510	3.672	1.150
Total	1.432	15.523	7.071	2.262	1.681	0.843	1.081	6.822	0.497	1.079	4.308	1.591
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.002	3	0.001	2	0.004	8	0.002	2	0.007	12	0.009	16	0.04%
$1-1.99 million	0.057	45	0.068	50	0.062	45	0.014	10	0.143	105	0.249	189	0.88%
$2-2.99 million	0.054	23	0.036	16	0.077	34	0.015	6	0.127	56	0.255	110	0.78%
$3-4.99 million	0.077	21	0.113	32	0.133	35	0.060	16	0.306	83	0.469	126	1.89%
$5-9.99 million	0.162	27	0.190	30	0.260	44	0.076	13	0.526	87	0.908	149	3.24%
$10-14.99 million	0.153	14	0.159	15	0.234	21	0.100	9	0.494	45	0.781	70	3.05%
$15-$49.99 million	0.930	40	0.661	28	0.933	32	0.174	7	1.768	67	3.382	133	10.90%
$50 million and higher	9.579	24	7.519	27	4.183	15	1.150	7	12.851	49	38.139	92	79.21%
Total	11.014	197	8.747	200	5.885	234	1.591	70	16.223	504	44.192	885	100.00%
Type
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
convertible notes	0.374	0.916	0.339	0.606	0.563	0.108	0.147	0.263	0.122	0.169	0.180	0.114
convertible preferreds	0.252	8.841	1.876	0.480	0.656	0.043	0.080	4.951	0.121	0.139	0.576	0.255
equity line	0.116	0.015	0.115	0	0.235	0.041	0.197	0.057	0.010	0.165	0.102	0.670
notes with stock	0	0	0	0	0	0	0	0	0.022	0.004	0.002	0
notes with warrants	0.127	0.201	0.787	0.063	0.027	0.016	0.111	0.243	0.013	0.126	0.131	0.017
preferreds with stock	0	0	0	0	0.001	0	0	0	0.001	0	0	0
preferreds with warrants	0	5.025	3.000	0	0	0	0.010	0	0.005	0	0.007	0.111
stock	0.416	0.493	0.916	0.826	0.148	0.554	0.453	1.301	0.169	0.450	3.244	0.358
units of stock and warrants	0.146	0.032	0.037	0.288	0.050	0.081	0.084	0.008	0.033	0.026	0.066	0.066
Total	1.432	15.523	7.071	2.262	1.681	0.843	1.081	6.822	0.497	1.079	4.308	1.591
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
convertible notes	1.508	52	0.517	49	0.471	60	0.114	13	1.102	122	3.900	229	6.79%
convertible preferreds	3.012	32	5.074	33	0.837	31	0.255	13	6.165	77	18.270	131	38.00%
equity line	0.350	13	0.295	10	0.277	13	0.670	4	1.242	27	1.723	45	7.66%
notes with stock	0	0	0	0	0.028	4	0	0	0.028	4	0.028	4	0.17%
notes with warrants	0.877	20	0.370	24	0.271	23	0.017	2	0.658	49	1.864	88	4.06%
preferreds with stock	0.001	1	0	0	0.001	1	0	0	0.001	1	0.002	2	0.01%
preferreds with warrants	3.000	1	0.010	2	0.012	3	0.111	7	0.133	12	8.158	15	0.82%
stock	1.889	57	2.307	70	3.863	84	0.358	26	6.529	180	9.328	296	40.25%
units of stock and warrants	0.376	21	0.173	12	0.125	15	0.066	5	0.364	32	0.918	75	2.24%
Total	11.014	197	8.747	200	5.885	234	1.591	70	16.223	504	44.192	885	100.00%
Warrants
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Yes	0.582	5.578	4.028	0.611	0.459	0.402	0.608	0.311	0.262	0.322	0.435	0.471
No	0.850	9.945	3.043	1.652	1.222	0.441	0.474	6.511	0.235	0.757	3.873	1.120
Total	1.432	15.523	7.071	2.262	1.681	0.843	1.081	6.822	0.497	1.079	4.308	1.591
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	5.098	106	1.321	102	1.020	104	0.471	41	2.811	247	14.069	469	17.33%
No	5.916	91	7.426	98	4.866	130	1.120	29	13.411	257	30.123	416	82.67%
Total	11.014	197	8.747	200	5.885	234	1.591	70	16.223	504	44.192	885	100.00%
Use of Proceeds
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Acquisition	0.030	0.129	0.085	0	0	0.050	0	4.518	0	0	0.009	0.078
Capex	0.187	0.134	0.558	0.311	0.271	0.111	0.174	0.119	0.030	0.065	0.264	0.126
GCP	0.155	0.230	0.405	0.468	0.090	0.245	0.094	0.397	0.056	0.150	0.534	0.086
Refinance	0.175	0.137	0.030	0.008	0.029	0	0.010	0.283	0.085	0.155	0.256	0.019
Multiple/Other/NA	0.885	14.893	5.992	1.475	1.291	0.438	0.803	1.506	0.326	0.709	3.246	1.281
Total	1.432	15.523	7.071	2.262	1.681	0.843	1.081	6.822	0.497	1.079	4.308	1.591
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.085	1	4.568	4	0.009	2	0.078	1	4.656	7	4.900	11	28.70%
Capex	1.141	16	0.404	20	0.359	25	0.126	8	0.889	53	2.350	95	5.48%
GCP	0.963	40	0.735	43	0.740	59	0.086	9	1.561	111	2.909	192	9.62%
Refinance	0.067	8	0.293	6	0.495	13	0.019	1	0.807	20	1.186	38	4.97%
Multiple/Other/NA	8.759	132	2.747	127	4.281	135	1.281	51	8.310	313	32.847	549	51.22%
Total	11.014	197	8.747	200	5.885	234	1.591	70	16.223	504	44.192	885	100.00%
Industry Sector (by SIC code)
	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0.010	0	0
Mining (1xxx)	0.085	0.114	0.018	0.256	0.301	0.106	0.191	0.530	0.071	0.140	0.100	0.026
Oil and gas (13xx)	0.301	0.113	0.021	0.061	0.055	0.026	0.092	0.025	0.005	0.090	0.067	0.006
Construction (15xx)	0	0	0	0	0.006	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.319	0.095	3.388	0.603	0.498	0.188	0.149	4.793	0.212	0.285	0.260	0.209
Pharmaceuticals (2834-6)	0.273	0.221	0.099	0.280	0.203	0.018	0.324	0.121	0.061	0.098	0.226	0.161
Transportation (4xxx)	0.017	0.006	0	0.501	0	0.200	0.181	0	0.045	0.005	0.167	0.650
Communications (48xx)	0.007	0.009	0.098	0.010	0.004	0.002	0.003	0.547	0.008	0.040	0.003	0
Electric, gas, sanitary services (49xx)	0.065	1.043	0.502	0.005	0.013	0	0.018	0	0.016	0.005	0.179	0.082
Wholesale (5xxx)	0.005	0.039	0.021	0.468	0.003	0	0.011	0.009	0.008	0.049	0.366	0.195
Finance, insurance, real estate (6xxx)	0.204	13.261	2.760	0.059	0.550	0.052	0.056	0.457	0.010	0.069	2.839	0.220
Services (7xxx)	0.154	0.609	0.107	0.019	0.041	0.238	0.050	0.281	0.050	0.287	0.040	0.012
Health services (8xxx)	0.003	0.007	0.057	0.001	0.001	0.008	0.006	0.059	0.011	0.001	0.062	0.030
Non-operating (9995)	0	0.007	0	0	0.005	0.005	0	0	0	0	0	0
Total	1.432	15.523	7.071	2.262	1.681	0.843	1.081	6.822	0.497	1.079	4.308	1.591
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.010	1	0	0	0.010	1	0.010	1	0.06%
Mining (1xxx)	0.575	18	0.826	26	0.312	20	0.026	2	1.164	48	1.939	83	7.17%
Oil and gas (13xx)	0.137	11	0.144	14	0.163	14	0.006	2	0.312	30	0.863	55	1.92%
Construction (15xx)	0.006	1	0	0	0	0	0	0	0	0	0.006	1	0.00%
Manufacturing (2xxx, 3xxx)	4.488	52	5.130	48	0.756	75	0.209	17	6.095	140	10.996	241	37.57%
Pharmaceuticals (2834-6)	0.583	28	0.462	35	0.384	33	0.161	14	1.008	82	2.084	139	6.21%
Transportation (4xxx)	0.501	2	0.381	3	0.217	4	0.650	2	1.248	9	1.772	15	7.69%
Communications (48xx)	0.112	7	0.552	8	0.051	8	0	0	0.603	16	0.731	26	3.72%
Electric, gas, sanitary services (49xx)	0.520	6	0.018	1	0.200	10	0.082	2	0.300	13	1.928	33	1.85%
Wholesale (5xxx)	0.492	11	0.020	7	0.423	11	0.195	4	0.638	22	1.173	41	3.93%
Finance, insurance, real estate (6xxx)	3.369	34	0.566	20	2.918	22	0.220	11	3.705	53	20.538	112	22.84%
Services (7xxx)	0.167	21	0.569	27	0.378	27	0.012	6	0.958	60	1.889	97	5.91%
Health services (8xxx)	0.059	5	0.073	9	0.074	9	0.030	10	0.177	28	0.246	36	1.09%
Non-operating (9995)	0.005	1	0.005	2	0	0	0	0	0.005	2	0.017	5	0.03%
Total	11.014	197	8.747	200	5.885	234	1.591	70	16.223	504	44.192	885	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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