Analysis of PIPE issuance for 12 months through January 2010

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

Proceeds

	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Less than $1 million	0.001	0	0.001	0.001	0.001	0.002	0	0	0.001	0.001	0	0
$1-1.99 million	0.033	0.020	0.023	0.015	0.026	0.017	0.015	0.026	0.019	0.020	0.027	0.019
$2-2.99 million	0.010	0.015	0.015	0.025	0.036	0.021	0.021	0.023	0.037	0.017	0.047	0.022
$3-4.99 million	0.042	0.042	0.027	0.046	0.061	0.063	0.021	0.036	0.069	0.039	0.058	0.013
$5-9.99 million	0.087	0.057	0.066	0.056	0.156	0.081	0.098	0.084	0.105	0.049	0.124	0.074
$10-14.99 million	0.053	0.054	0.058	0.073	0.103	0.113	0.054	0.097	0.180	0.080	0.099	0.054
$15-$49.99 million	0.352	0.202	0.308	0.318	0.257	0.213	0.242	0.536	0.237	0.269	0.332	0.260
$50 million and higher	0.505	6.434	0	0.519	3.372	1.150	0.807	1.145	0.534	4.233	0.231	0.375
Total	1.083	6.822	0.496	1.054	4.012	1.662	1.258	1.947	1.184	4.709	0.919	0.817
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.003	7	0.002	2	0.002	4	0	0	0	0	0.008	15	0.00%
$1-1.99 million	0.063	46	0.058	42	0.067	51	0.019	13	0.019	13	0.259	190	2.33%
$2-2.99 million	0.077	34	0.066	28	0.102	43	0.022	9	0.022	9	0.291	125	2.69%
$3-4.99 million	0.133	35	0.120	34	0.166	45	0.013	3	0.013	3	0.516	141	1.59%
$5-9.99 million	0.278	47	0.263	42	0.278	43	0.074	11	0.074	11	1.037	166	9.06%
$10-14.99 million	0.234	21	0.264	24	0.359	32	0.054	5	0.054	5	1.018	92	6.61%
$15-$49.99 million	0.883	30	0.992	39	0.839	36	0.260	12	0.260	12	3.527	140	31.82%
$50 million and higher	3.892	16	3.102	25	4.999	17	0.375	3	0.375	3	19.307	83	45.90%
Total	5.562	236	4.866	236	6.811	271	0.817	56	0.817	56	25.962	952	100.00%
Type
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
convertible notes	0.147	0.263	0.122	0.169	0.180	0.120	0.131	0.543	0.060	0.034	0.157	0.061
convertible preferreds	0.080	4.951	0.121	0.149	0.576	0.256	0.400	0.313	0.338	0.594	0.225	0.212
equity line	0.197	0.057	0.010	0.165	0.102	0.670	0.136	0.206	0.094	0.095	0.040	0.155
notes with stock	0	0	0.022	0.004	0.002	0	0.002	0	0.002	0.004	0	0
notes with warrants	0.111	0.243	0.013	0.126	0.136	0.019	0.154	0.051	0.012	0.009	0.013	0.020
preferreds with stock	0	0	0	0	0	0	0.002	0	0	0	0	0
preferreds with warrants	0.010	0	0.005	0	0.007	0.111	0	0.005	0.075	0.013	0.007	0
stock	0.455	1.301	0.169	0.415	2.952	0.412	0.383	0.589	0.413	3.710	0.410	0.331
units of stock and warrants	0.084	0.008	0.033	0.026	0.057	0.073	0.050	0.239	0.190	0.250	0.065	0.038
Total	1.083	6.822	0.496	1.054	4.012	1.662	1.258	1.947	1.184	4.709	0.919	0.817
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.471	60	0.794	47	0.251	42	0.061	9	0.061	9	1.986	195	7.47%
convertible preferreds	0.846	31	0.970	41	1.157	40	0.212	9	0.212	9	8.216	147	25.95%
equity line	0.277	13	1.012	16	0.229	16	0.155	9	0.155	9	1.927	61	18.97%
notes with stock	0.028	4	0.002	1	0.006	2	0	0	0	0	0.036	7	0.00%
notes with warrants	0.276	24	0.225	9	0.034	11	0.020	1	0.020	1	0.909	65	2.45%
preferreds with stock	0	0	0.002	1	0	0	0	0	0	0	0.002	1	0.00%
preferreds with warrants	0.012	3	0.116	8	0.096	3	0	0	0	0	0.234	16	0.00%
stock	3.536	86	1.384	90	4.533	111	0.331	21	0.331	21	11.539	360	40.51%
units of stock and warrants	0.117	15	0.362	23	0.505	46	0.038	7	0.038	7	1.113	100	4.65%
Total	5.562	236	4.866	236	6.811	271	0.817	56	0.817	56	25.962	952	100.00%
Warrants
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Yes	0.608	0.311	0.262	0.322	0.438	0.498	0.370	0.434	0.789	0.324	0.177	0.226
No	0.476	6.511	0.234	0.731	3.574	1.163	0.887	1.513	0.394	4.385	0.742	0.591
Total	1.083	6.822	0.496	1.054	4.012	1.662	1.258	1.947	1.184	4.709	0.919	0.817
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	1.022	106	1.302	127	1.290	133	0.226	26	0.226	26	4.759	473	27.66%
No	4.540	130	3.564	109	5.521	138	0.591	30	0.591	30	21.203	479	72.34%
Total	5.562	236	4.866	236	6.811	271	0.817	56	0.817	56	25.962	952	100.00%
Use of Proceeds
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Acquisition	0	4.518	0	0	2.509	0.078	0.005	0.040	0	0.328	0	0.007
Capex	0.174	0.119	0.030	0.065	0.255	0.136	0.134	0.082	0.161	0.012	0.051	0.021
GCP	0.096	0.397	0.056	0.150	0.539	0.102	0.162	0.955	0.309	3.340	0.241	0.393
Refinance	0.010	0.283	0.085	0.155	0.256	0.021	0.167	0.171	0.113	0	0.040	0
Multiple/Other/NA	0.803	1.506	0.325	0.683	0.454	1.324	0.790	0.698	0.601	1.029	0.586	0.397
Total	1.083	6.822	0.496	1.054	4.012	1.662	1.258	1.947	1.184	4.709	0.919	0.817
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	2.509	5	0.124	5	0.328	2	0.007	1	0.007	1	7.486	16	0.86%
Capex	0.351	25	0.352	19	0.224	22	0.021	5	0.021	5	1.241	88	2.57%
GCP	0.745	60	1.220	42	3.890	67	0.393	21	0.393	21	6.740	222	48.10%
Refinance	0.495	13	0.359	9	0.153	5	0	0	0	0	1.300	33	0.00%
Multiple/Other/NA	1.462	133	2.811	161	2.216	175	0.397	29	0.397	29	9.195	593	48.59%
Total	5.562	236	4.866	236	6.811	271	0.817	56	0.817	56	25.962	952	100.00%
Industry Sector (by SIC code)
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Agriculture (0xxx)	0	0	0	0.010	0	0	0	0.050	0	0	0	0
Mining (1xxx)	0.191	0.530	0.071	0.140	0.100	0.030	0.120	0.054	0.056	0.232	0.036	0.061
Oil and gas (13xx)	0.092	0.025	0.005	0.090	0.058	0.006	0.001	0.127	0.023	0.248	0.161	0.150
Construction (15xx)	0	0	0	0	0	0.001	0	0	0.002	0	0	0.001
Manufacturing (2xxx, 3xxx)	0.149	4.793	0.211	0.250	0.272	0.209	0.570	0.189	0.220	0.157	0.221	0.348
Pharmaceuticals (2834-6)	0.324	0.121	0.061	0.098	0.226	0.176	0.165	0.225	0.235	0.105	0.054	0.068
Transportation (4xxx)	0.181	0	0.045	0.005	0.167	0.673	0	0.023	0.008	0.050	0.029	0
Communications (48xx)	0.003	0.547	0.008	0.040	0.003	0	0.017	0.012	0.012	1.695	0.017	0
Electric, gas, sanitary services (49xx)	0.018	0	0.016	0.005	0.179	0.082	0.017	0.201	0.006	1.594	0.009	0
Wholesale (5xxx)	0.011	0.009	0.008	0.049	0.366	0.217	0.009	0.010	0.020	0.002	0.116	0.002
Finance, insurance, real estate (6xxx)	0.058	0.457	0.010	0.079	2.539	0.224	0.158	0.754	0.492	0.598	0.189	0.148
Services (7xxx)	0.050	0.281	0.050	0.287	0.040	0.014	0.169	0.241	0.102	0.026	0.033	0.028
Health services (8xxx)	0.006	0.059	0.011	0.001	0.062	0.031	0.030	0.030	0.007	0.003	0.049	0.011
Non-operating (9995)	0	0	0	0	0	0	0.003	0.030	0	0	0.005	0
Total	1.083	6.822	0.496	1.054	4.012	1.662	1.258	1.947	1.184	4.709	0.919	0.817
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.010	1	0.050	1	0	0	0	0	0	0	0.060	2	0.00%
Mining (1xxx)	0.312	20	0.204	10	0.324	28	0.061	6	0.061	6	1.622	83	7.47%
Oil and gas (13xx)	0.154	14	0.134	9	0.432	21	0.150	5	0.150	5	0.987	58	18.36%
Construction (15xx)	0	0	0.001	1	0.002	1	0.001	1	0.001	1	0.005	3	0.12%
Manufacturing (2xxx, 3xxx)	0.733	76	0.967	62	0.597	77	0.348	19	0.348	19	7.587	271	42.59%
Pharmaceuticals (2834-6)	0.384	33	0.566	40	0.394	40	0.068	9	0.068	9	1.858	152	8.32%
Transportation (4xxx)	0.217	4	0.695	4	0.087	4	0	0	0	0	1.180	14	0.00%
Communications (48xx)	0.051	8	0.029	8	1.724	10	0	0	0	0	2.354	33	0.00%
Electric, gas, sanitary services (49xx)	0.200	10	0.300	7	1.608	8	0	0	0	0	2.127	26	0.00%
Wholesale (5xxx)	0.423	11	0.236	11	0.138	11	0.002	1	0.002	1	0.818	41	0.24%
Finance, insurance, real estate (6xxx)	2.628	23	1.136	41	1.279	34	0.148	8	0.148	8	5.706	122	18.12%
Services (7xxx)	0.378	27	0.423	24	0.162	25	0.028	5	0.028	5	1.321	99	3.43%
Health services (8xxx)	0.074	9	0.091	16	0.059	11	0.011	2	0.011	2	0.300	45	1.35%
Non-operating (9995)	0	0	0.033	2	0.005	1	0	0	0	0	0.037	3	0.00%
Total	5.562	236	4.866	236	6.811	271	0.817	56	0.817	56	25.962	952	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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