Analysis of PIPE issuance for 12 months through December 2009

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

Proceeds

	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Less than $1 million	0	0.001	0	0.001	0.001	0.001	0.002	0	0	0.001	0.001	0
$1-1.99 million	0.017	0.033	0.020	0.023	0.015	0.026	0.017	0.015	0.026	0.019	0.021	0.020
$2-2.99 million	0.011	0.010	0.015	0.015	0.025	0.036	0.021	0.021	0.023	0.037	0.017	0.040
$3-4.99 million	0.029	0.042	0.042	0.027	0.046	0.061	0.063	0.021	0.036	0.069	0.042	0.030
$5-9.99 million	0.046	0.087	0.057	0.066	0.056	0.151	0.081	0.098	0.084	0.105	0.049	0.124
$10-14.99 million	0.053	0.053	0.054	0.058	0.073	0.103	0.113	0.054	0.097	0.180	0.080	0.087
$15-$49.99 million	0.107	0.352	0.202	0.308	0.318	0.257	0.213	0.242	0.536	0.237	0.269	0.332
$50 million and higher	0.580	0.505	6.434	0	0.519	3.372	1.150	0.807	1.145	0.534	4.233	0.173
Total	0.843	1.083	6.822	0.496	1.054	4.007	1.662	1.258	1.947	1.184	4.713	0.807
	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	0.008	14	0.03%
$1-1.99 million	0.070	51	0.063	46	0.058	42	0.061	47	0.252	186	0.252	186	0.97%
$2-2.99 million	0.036	16	0.077	34	0.066	28	0.095	40	0.273	118	0.273	118	1.06%
$3-4.99 million	0.113	32	0.133	35	0.120	34	0.141	39	0.507	140	0.507	140	1.96%
$5-9.99 million	0.190	30	0.273	46	0.263	42	0.278	43	1.004	161	1.004	161	3.88%
$10-14.99 million	0.159	15	0.234	21	0.264	24	0.347	31	1.004	91	1.004	91	3.88%
$15-$49.99 million	0.661	28	0.883	30	0.992	39	0.839	36	3.374	133	3.374	133	13.04%
$50 million and higher	7.519	27	3.892	16	3.102	25	4.941	16	19.454	84	19.454	84	75.18%
Total	8.749	201	5.557	235	4.866	236	6.704	255	25.876	927	25.876	927	100.00%
Type
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
convertible notes	0.108	0.147	0.263	0.122	0.169	0.180	0.120	0.131	0.543	0.060	0.034	0.149
convertible preferreds	0.043	0.080	4.951	0.121	0.149	0.576	0.256	0.400	0.313	0.338	0.594	0.167
equity line	0.041	0.197	0.057	0.010	0.165	0.102	0.670	0.136	0.206	0.094	0.095	0.040
notes with stock	0	0	0	0.022	0.004	0.002	0	0.002	0	0.002	0.004	0
notes with warrants	0.016	0.111	0.243	0.013	0.126	0.131	0.019	0.154	0.051	0.012	0.009	0.007
preferreds with stock	0	0	0	0	0	0	0	0.002	0	0	0	0
preferreds with warrants	0	0.010	0	0.005	0	0.007	0.111	0	0.005	0.075	0.013	0.007
stock	0.554	0.455	1.301	0.169	0.415	2.952	0.412	0.383	0.589	0.413	3.714	0.377
units of stock and warrants	0.081	0.084	0.008	0.033	0.026	0.057	0.073	0.050	0.239	0.190	0.250	0.059
Total	0.843	1.083	6.822	0.496	1.054	4.007	1.662	1.258	1.947	1.184	4.713	0.807
	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	0.794	47	0.243	40	2.025	196	2.025	196	7.83%
convertible preferreds	5.074	33	0.846	31	0.970	41	1.099	39	7.989	144	7.989	144	30.87%
equity line	0.295	10	0.277	13	1.012	16	0.229	16	1.813	55	1.813	55	7.01%
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	0.028	9	0.894	65	0.894	65	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	0.096	3	0.234	16	0.234	16	0.90%
stock	2.309	71	3.536	86	1.384	90	4.504	103	11.733	350	11.733	350	45.34%
units of stock and warrants	0.173	12	0.117	15	0.362	23	0.498	43	1.150	93	1.150	93	4.44%
Total	8.749	201	5.557	235	4.866	236	6.704	255	25.876	927	25.876	927	100.00%
Warrants
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Yes	0.402	0.608	0.311	0.262	0.322	0.433	0.498	0.370	0.434	0.789	0.324	0.153
No	0.441	0.476	6.511	0.234	0.731	3.574	1.163	0.887	1.513	0.394	4.389	0.654
Total	0.843	1.083	6.822	0.496	1.054	4.007	1.662	1.258	1.947	1.184	4.713	0.807
	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	1.302	127	1.266	125	4.907	459	4.907	459	18.96%
No	7.428	99	4.540	130	3.564	109	5.438	130	20.969	468	20.969	468	81.04%
Total	8.749	201	5.557	235	4.866	236	6.704	255	25.876	927	25.876	927	100.00%
Use of Proceeds
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Acquisition	0.050	0	4.518	0	0	2.509	0.078	0.005	0.040	0	0.328	0
Capex	0.111	0.174	0.119	0.030	0.065	0.255	0.136	0.134	0.082	0.161	0.012	0.049
GCP	0.245	0.096	0.397	0.056	0.150	0.534	0.102	0.162	0.955	0.309	3.344	0.207
Refinance	0	0.010	0.283	0.085	0.155	0.256	0.021	0.167	0.171	0.113	0	0.040
Multiple/Other/NA	0.438	0.803	1.506	0.325	0.683	0.454	1.324	0.790	0.698	0.601	1.029	0.511
Total	0.843	1.083	6.822	0.496	1.054	4.007	1.662	1.258	1.947	1.184	4.713	0.807
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	4.568	4	2.509	5	0.124	5	0.328	2	7.529	16	7.529	16	29.10%
Capex	0.404	20	0.351	25	0.352	19	0.222	21	1.329	85	1.329	85	5.14%
GCP	0.737	44	0.740	59	1.220	42	3.860	63	6.557	208	6.557	208	25.34%
Refinance	0.293	6	0.495	13	0.359	9	0.153	5	1.300	33	1.300	33	5.02%
Multiple/Other/NA	2.747	127	1.462	133	2.811	161	2.140	164	9.161	585	9.161	585	35.40%
Total	8.749	201	5.557	235	4.866	236	6.704	255	25.876	927	25.876	927	100.00%
Industry Sector (by SIC code)
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Agriculture (0xxx)	0	0	0	0	0.010	0	0	0	0.050	0	0	0
Mining (1xxx)	0.106	0.191	0.530	0.071	0.140	0.100	0.030	0.120	0.054	0.056	0.232	0.031
Oil and gas (13xx)	0.026	0.092	0.025	0.005	0.090	0.058	0.006	0.001	0.127	0.023	0.248	0.152
Construction (15xx)	0	0	0	0	0	0	0.001	0	0	0.002	0	0
Manufacturing (2xxx, 3xxx)	0.188	0.149	4.793	0.211	0.250	0.267	0.209	0.570	0.189	0.220	0.157	0.207
Pharmaceuticals (2834-6)	0.018	0.324	0.121	0.061	0.098	0.226	0.176	0.165	0.225	0.235	0.105	0.051
Transportation (4xxx)	0.200	0.181	0	0.045	0.005	0.167	0.673	0	0.023	0.008	0.050	0.029
Communications (48xx)	0.002	0.003	0.547	0.008	0.040	0.003	0	0.017	0.012	0.012	1.695	0.017
Electric, gas, sanitary services (49xx)	0	0.018	0	0.016	0.005	0.179	0.082	0.017	0.201	0.006	1.594	0.009
Wholesale (5xxx)	0	0.011	0.009	0.008	0.049	0.366	0.217	0.009	0.010	0.020	0.005	0.043
Finance, insurance, real estate (6xxx)	0.052	0.058	0.457	0.010	0.079	2.539	0.224	0.158	0.754	0.492	0.598	0.193
Services (7xxx)	0.238	0.050	0.281	0.050	0.287	0.040	0.014	0.169	0.241	0.102	0.027	0.033
Health services (8xxx)	0.008	0.006	0.059	0.011	0.001	0.062	0.031	0.030	0.030	0.007	0.003	0.044
Non-operating (9995)	0.005	0	0	0	0	0	0	0.003	0.030	0	0	0
Total	0.843	1.083	6.822	0.496	1.054	4.007	1.662	1.258	1.947	1.184	4.713	0.807
	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	0.204	10	0.319	26	1.661	82	1.661	82	6.42%
Oil and gas (13xx)	0.144	14	0.154	14	0.134	9	0.423	19	0.855	56	0.855	56	3.30%
Construction (15xx)	0	0	0	0	0.001	1	0.002	1	0.003	2	0.003	2	0.01%
Manufacturing (2xxx, 3xxx)	5.130	48	0.728	75	0.967	62	0.583	71	7.408	256	7.408	256	28.63%
Pharmaceuticals (2834-6)	0.462	35	0.384	33	0.566	40	0.391	38	1.804	146	1.804	146	6.97%
Transportation (4xxx)	0.381	3	0.217	4	0.695	4	0.087	4	1.380	15	1.380	15	5.33%
Communications (48xx)	0.552	8	0.051	8	0.029	8	1.724	10	2.355	34	2.355	34	9.10%
Electric, gas, sanitary services (49xx)	0.018	1	0.200	10	0.300	7	1.608	8	2.127	26	2.127	26	8.22%
Wholesale (5xxx)	0.020	7	0.423	11	0.236	11	0.068	9	0.747	38	0.747	38	2.89%
Finance, insurance, real estate (6xxx)	0.568	21	2.628	23	1.136	41	1.283	34	5.614	119	5.614	119	21.70%
Services (7xxx)	0.569	27	0.378	27	0.423	24	0.162	25	1.532	103	1.532	103.000	5.92%
Health services (8xxx)	0.073	9	0.074	9	0.091	16	0.054	10	0.292	44	0.292	44	1.13%
Non-operating (9995)	0.005	2	0	0	0.033	2	0	0	0.038	4	0.038	4	0.15%
Total	8.749	201	5.557	235	4.866	236	6.704	255	25.876	927	25.876	927	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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