Analysis of PIPE issuance for 13 months through October 2010

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

Proceeds

	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Less than $1 million	0.001	0.001	0	0	0	0.001	0.001	0.001	0	0.001	0.001	0.001	0.002
$1-1.99 million	0.019	0.022	0.024	0.030	0.020	0.032	0.023	0.015	0.025	0.020	0.020	0.012	0.020
$2-2.99 million	0.037	0.017	0.047	0.022	0.018	0.030	0.022	0.027	0.025	0.012	0.021	0.021	0.031
$3-4.99 million	0.069	0.036	0.059	0.016	0.032	0.059	0.043	0.028	0.035	0.019	0.029	0.028	0.030
$5-9.99 million	0.105	0.049	0.118	0.082	0.096	0.135	0.068	0.090	0.090	0.096	0.063	0.089	0.035
$10-14.99 million	0.180	0.080	0.099	0.054	0.024	0.096	0.093	0.045	0.142	0.055	0.030	0.096	0.094
$15-$49.99 million	0.237	0.245	0.332	0.305	0.180	0.270	0.386	0.391	0.405	0.255	0.264	0.323	0.218
$50 million and higher	0.534	4.288	0.231	0.458	0.710	0.757	1.509	2.061	1.676	0.812	1.540	1.321	1.740
Total	1.184	4.737	0.910	0.967	1.080	1.382	2.145	2.657	2.398	1.270	1.969	1.891	2.169
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.002	4	0.001	1	0.002	4	0.003	5	0.002	3	0.007	13	0.009	17	0.008	16	0.04%
$1-1.99 million	0.065	49	0.082	60	0.062	49	0.052	40	0.020	18	0.216	167	0.281	216	0.262	202	1.20%
$2-2.99 million	0.102	43	0.070	30	0.074	32	0.054	23	0.031	13	0.230	98	0.331	141	0.294	126	1.28%
$3-4.99 million	0.164	44	0.108	28	0.107	29	0.077	21	0.030	8	0.321	86	0.485	130	0.416	111	1.79%
$5-9.99 million	0.272	42	0.313	46	0.248	42	0.248	40	0.035	6	0.844	134	1.116	176	1.011	160	4.71%
$10-14.99 million	0.359	32	0.174	16	0.280	26	0.181	17	0.094	8	0.727	67	1.087	99	0.906	83	4.06%
$15-$49.99 million	0.814	35	0.756	32	1.182	47	0.843	31	0.218	8	2.999	118	3.813	153	3.576	142	16.73%
$50 million and higher	5.053	18	1.925	15	5.246	26	3.672	22	1.740	5	12.583	68	17.636	86	17.102	80	70.19%
Total	6.831	267	3.429	228	7.200	255	5.130	199	2.169	69	17.927	751	24.758	1018	23.574	920	100.00%
Type
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
convertible notes	0.060	0.034	0.156	0.066	0.146	0.357	0.037	0.155	0.084	0.031	0.249	0.378	0.087
convertible preferreds	0.338	0.594	0.225	0.215	0.053	0.369	1.672	1.499	1.285	0.119	0.743	0.961	1.242
equity line	0.094	0.095	0.040	0.180	0.044	0.087	0.035	0.116	0.077	0.269	0.247	0.202	0.024
notes with stock	0.002	0.004	0	0	0.010	0.013	0	0	0	0.003	0	0.055	0
notes with warrants	0.012	0.009	0.013	0.054	0.017	0.010	0.055	0.041	0.057	0.028	0.028	0.006	0.036
preferreds with stock	0	0	0	0	0	0	0.008	0	0	0	0	0	0
preferreds with warrants	0.075	0.013	0.007	0	0.010	0.002	0.013	0.024	0.010	0	0	0	0
stock	0.413	3.739	0.410	0.413	0.774	0.470	0.282	0.795	0.864	0.769	0.679	0.181	0.684
units of stock and warrants	0.190	0.248	0.058	0.039	0.027	0.073	0.042	0.027	0.021	0.052	0.024	0.108	0.096
Total	1.184	4.737	0.910	0.967	1.080	1.382	2.145	2.657	2.398	1.270	1.969	1.891	2.169
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.249	41	0.569	52	0.276	31	0.657	37	0.087	17	1.589	137	1.839	178	1.779	164	8.86%
convertible preferreds	1.158	40	0.636	32	4.457	54	1.823	28	1.242	3	8.158	117	9.316	157	8.977	143	45.51%
equity line	0.229	16	0.311	22	0.228	21	0.718	41	0.024	3	1.280	87	1.509	103	1.415	95	7.14%
notes with stock	0.006	2	0.023	4	0	0	0.058	2	0	0	0.081	6	0.087	8	0.085	7	0.45%
notes with warrants	0.034	11	0.081	10	0.153	10	0.061	8	0.036	6	0.332	34	0.366	45	0.354	43	1.85%
preferreds with stock	0	0	0	0	0.008	1	0	0	0	0	0.008	1	0.008	1	0.008	1	0.04%
preferreds with warrants	0.096	3	0.011	3	0.046	8	0	0	0	0	0.058	11	0.154	14	0.079	13	0.32%
stock	4.563	110	1.656	82	1.941	105	1.629	59	0.684	30	5.911	276	10.473	386	10.060	347	32.97%
units of stock and warrants	0.496	44	0.140	23	0.090	25	0.184	24	0.096	10	0.510	82	1.006	126	0.817	107	2.84%
Total	6.831	267	3.429	228	7.200	255	5.130	199	2.169	69	17.927	751	24.758	1018	23.574	920	100.00%
Warrants
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Yes	0.789	0.322	0.167	0.365	0.172	0.268	0.248	0.395	0.327	0.149	1.153	0.368	1.626
No	0.394	4.415	0.743	0.602	0.908	1.114	1.897	2.262	2.071	1.121	0.816	1.522	0.542
Total	1.184	4.737	0.910	0.967	1.080	1.382	2.145	2.657	2.398	1.270	1.969	1.891	2.169
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.279	129	0.805	112	0.970	120	1.670	87	1.626	39	5.071	358	6.350	487	5.560	429	28.29%
No	5.552	138	2.624	116	6.230	135	3.460	112	0.542	30	12.856	393	18.408	531	18.014	491	71.71%
Total	6.831	267	3.429	228	7.200	255	5.130	199	2.169	69	17.927	751	24.758	1018	23.574	920	100.00%
Use of Proceeds
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Acquisition	0	0.328	0	0.007	0	0.002	0.042	0	0	0.315	0	0	0
Capex	0.161	0.012	0.051	0.032	0.095	0.119	0.131	0.088	0.224	0.367	0.032	1.174	0.054
GCP	0.309	3.367	0.240	0.421	0.074	0.278	0.940	0.928	0.520	0.182	0.067	0.309	0.185
Refinance	0.113	0	0.041	0	0.078	0.178	0.015	0.600	0.910	0	0.063	0.100	0.192
Multiple/Other/NA	0.601	1.030	0.579	0.507	0.833	0.803	1.018	1.041	0.744	0.406	1.808	0.308	1.737
Total	1.184	4.737	0.910	0.967	1.080	1.382	2.145	2.657	2.398	1.270	1.969	1.891	2.169
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.328	2	0.009	2	0.042	2	0.315	2	0	0	0.366	6	0.694	8	0.694	8	2.04%
Capex	0.224	22	0.246	25	0.442	32	1.573	30	0.054	8	2.315	95	2.539	117	2.378	107	12.91%
GCP	3.916	66	0.773	59	2.388	66	0.557	55	0.185	22	3.903	202	7.819	268	7.510	243	21.77%
Refinance	0.153	5	0.256	5	1.525	4	0.163	3	0.192	3	2.137	15	2.290	20	2.177	17	11.92%
Multiple/Other/NA	2.209	172	2.144	137	2.803	151	2.522	109	1.737	36	9.206	433	11.415	605	10.814	545	51.35%
Total	6.831	267	3.429	228	7.200	255	5.130	199	2.169	69	17.927	751	24.758	1018	23.574	920	100.00%
Industry Sector (by SIC code)
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Agriculture (0xxx)	0	0	0	0	0.002	0	0.002	0	0.002	0.007	0	0	0
Mining (1xxx)	0.056	0.231	0.036	0.085	0.003	0.205	0.021	0.209	0.047	0.052	0.060	0.106	0.114
Oil and gas (13xx)	0.023	0.248	0.161	0.164	0.044	0.034	0.045	0.648	0.976	0.354	0.015	1.090	0.035
Construction (15xx)	0.002	0	0	0.001	0.028	0.005	0.004	0.005	0	0	0	0.010	0
Manufacturing (2xxx, 3xxx)	0.220	0.184	0.221	0.367	0.126	0.246	0.077	0.052	0.247	0.047	0.399	0.327	0.109
Pharmaceuticals (2834-6)	0.235	0.105	0.048	0.068	0.054	0.201	0.067	0.192	0.220	0.170	0.088	0.101	0.107
Transportation (4xxx)	0.008	0.050	0.029	0	0.071	0.001	0.032	0.022	0.001	0.050	0.207	0.101	0.192
Communications (48xx)	0.012	1.695	0.017	0.003	0.670	0.086	0.003	0.012	0.031	0.010	0.014	0	0
Electric, gas, sanitary services (49xx)	0.006	1.594	0.009	0	0	0.009	0	0.015	0.010	0.326	0.008	0.033	0.001
Wholesale (5xxx)	0.020	0.002	0.115	0.002	0.030	0.025	0.011	0.036	0.040	0.011	0.052	0.025	0.016
Finance, insurance, real estate (6xxx)	0.492	0.600	0.189	0.153	0.032	0.455	1.746	1.285	0.784	0.197	0.896	0.022	0.354
Services (7xxx)	0.102	0.026	0.032	0.028	0.021	0.100	0.107	0.045	0.036	0.020	0.231	0.035	0.017
Health services (8xxx)	0.007	0.003	0.049	0.095	0	0.015	0.029	0.136	0.002	0.026	0	0.029	1.225
Non-operating (9995)	0	0	0.005	0	0	0	0	0	0	0	0	0.010	0
Total	1.184	4.737	0.910	0.967	1.080	1.382	2.145	2.657	2.398	1.270	1.969	1.891	2.169
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.002	1	0.005	2	0.007	1	0	0	0.014	4	0.014	4	0.014	4	0.08%
Mining (1xxx)	0.323	28	0.292	17	0.276	19	0.218	18	0.114	10	0.900	64	1.223	92	1.167	80	5.02%
Oil and gas (13xx)	0.432	21	0.242	17	1.670	20	1.458	16	0.035	3	3.406	56	3.837	77	3.815	72	19.00%
Construction (15xx)	0.002	1	0.033	3	0.009	2	0.010	1	0	0	0.052	6	0.054	7	0.052	6	0.29%
Manufacturing (2xxx, 3xxx)	0.624	76	0.739	60	0.377	58	0.773	49	0.109	20	1.997	187	2.622	263	2.402	233	11.14%
Pharmaceuticals (2834-6)	0.388	39	0.323	40	0.479	36	0.359	28	0.107	10	1.269	114	1.657	153	1.421	136	7.08%
Transportation (4xxx)	0.087	4	0.072	3	0.056	4	0.359	6	0.192	3	0.678	16	0.765	20	0.757	19	3.78%
Communications (48xx)	1.724	10	0.759	11	0.046	9	0.024	5	0	0	0.829	25	2.552	35	2.540	32	4.62%
Electric, gas, sanitary services (49xx)	1.608	8	0.009	1	0.025	2	0.367	10	0.001	1	0.402	14	2.010	22	2.004	21	2.24%
Wholesale (5xxx)	0.137	10	0.056	10	0.087	10	0.088	11	0.016	6	0.247	37	0.384	47	0.364	44	1.38%
Finance, insurance, real estate (6xxx)	1.281	34	0.640	31	3.815	62	1.115	23	0.354	4	5.924	120	7.205	154	6.714	140	33.05%
Services (7xxx)	0.161	24	0.149	25	0.189	24	0.287	23	0.017	6	0.641	78	0.802	102	0.700	94	3.58%
Health services (8xxx)	0.059	11	0.111	9	0.168	7	0.054	7	1.225	6	1.558	29	1.617	40	1.610	37	8.69%
Non-operating (9995)	0.005	1	0	0	0	0	0.010	1	0	0	0.010	1	0.015	2	0.015	2	0.06%
Total	6.831	267	3.429	228	7.200	255	5.130	199	2.169	69	17.927	751	24.758	1018	23.574	920	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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