Analysis of PIPE issuance for 13 months through June 2010

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

Proceeds

	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Less than $1 million	0.001	0.003	0	0	0.001	0.001	0	0	0	0.001	0.001	0.001	0
$1-1.99 million	0.026	0.017	0.015	0.026	0.019	0.022	0.024	0.030	0.020	0.032	0.023	0.015	0.022
$2-2.99 million	0.036	0.021	0.021	0.023	0.037	0.017	0.047	0.022	0.018	0.030	0.022	0.030	0.018
$3-4.99 million	0.061	0.063	0.021	0.036	0.069	0.036	0.059	0.016	0.032	0.059	0.043	0.027	0.043
$5-9.99 million	0.156	0.081	0.098	0.085	0.105	0.049	0.118	0.082	0.096	0.135	0.068	0.083	0.068
$10-14.99 million	0.103	0.113	0.054	0.097	0.180	0.080	0.099	0.054	0.024	0.096	0.093	0.045	0.128
$15-$49.99 million	0.257	0.213	0.242	0.536	0.237	0.245	0.332	0.305	0.192	0.270	0.386	0.391	0.380
$50 million and higher	3.372	1.150	0.807	1.145	0.534	4.288	0.231	0.458	0.710	0.791	1.509	2.313	1.421
Total	4.012	1.663	1.258	1.948	1.184	4.737	0.910	0.967	1.092	1.416	2.145	2.903	2.080
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.003	3	0.002	4	0.001	1	0.002	4	0.003	5	0.009	14	0.03%
$1-1.99 million	0.058	42	0.065	49	0.082	60	0.060	47	0.142	107	0.290	217	1.34%
$2-2.99 million	0.066	28	0.102	43	0.070	30	0.070	30	0.140	60	0.344	147	1.32%
$3-4.99 million	0.120	34	0.164	44	0.108	28	0.112	30	0.220	58	0.565	152	2.07%
$5-9.99 million	0.264	42	0.272	42	0.313	46	0.218	37	0.532	83	1.224	193	5.02%
$10-14.99 million	0.264	24	0.359	32	0.174	16	0.266	25	0.440	41	1.166	106	4.15%
$15-$49.99 million	0.992	39	0.814	35	0.767	32	1.157	46	1.925	78	3.988	162	18.16%
$50 million and higher	3.102	25	5.053	18	1.959	15	5.243	26	7.202	41	18.730	94	67.92%
Total	4.868	237	6.831	267	3.475	228	7.128	245	10.603	473	26.315	1085	100.00%
Type
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
convertible notes	0.180	0.120	0.131	0.543	0.060	0.034	0.156	0.066	0.146	0.357	0.037	0.155	0.083
convertible preferreds	0.576	0.256	0.400	0.313	0.338	0.594	0.225	0.215	0.053	0.403	1.672	1.499	1.248
equity line	0.102	0.670	0.136	0.206	0.094	0.095	0.040	0.180	0.044	0.087	0.035	0.116	0.075
notes with stock	0.002	0	0.002	0	0.002	0.004	0	0	0.010	0.013	0	0	0
notes with warrants	0.136	0.019	0.154	0.051	0.012	0.009	0.013	0.054	0.017	0.010	0.055	0.041	0.057
preferreds with stock	0	0	0.002	0	0	0	0	0	0	0	0.008	0	0
preferreds with warrants	0.007	0.111	0	0.005	0.075	0.013	0.007	0	0.010	0.002	0.013	0.023	0.010
stock	2.952	0.413	0.383	0.590	0.413	3.739	0.410	0.413	0.785	0.470	0.282	1.042	0.593
units of stock and warrants	0.057	0.073	0.050	0.239	0.190	0.248	0.058	0.039	0.027	0.073	0.042	0.027	0.014
Total	4.012	1.663	1.258	1.948	1.184	4.737	0.910	0.967	1.092	1.416	2.145	2.903	2.080
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.794	47	0.249	41	0.569	52	0.275	30	0.844	82	2.067	192	7.96%
convertible preferreds	0.970	41	1.158	40	0.671	32	4.420	51	5.090	83	7.794	179	48.01%
equity line	1.012	16	0.229	16	0.311	22	0.226	20	0.537	42	1.880	81	5.06%
notes with stock	0.002	1	0.006	2	0.023	4	0	0	0.023	4	0.032	8	0.22%
notes with warrants	0.225	9	0.034	11	0.081	10	0.153	10	0.234	20	0.630	51	2.21%
preferreds with stock	0.002	1	0	0	0	0	0.008	1	0.008	1	0.011	2	0.08%
preferreds with warrants	0.116	8	0.096	3	0.011	3	0.046	8	0.057	11	0.276	24	0.54%
stock	1.386	91	4.563	110	1.668	82	1.917	101	3.586	183	12.486	425	33.82%
units of stock and warrants	0.362	23	0.496	44	0.140	23	0.083	24	0.223	47	1.139	123	2.10%
Total	4.868	237	6.831	267	3.475	228	7.128	245	10.603	473	26.315	1085	100.00%
Warrants
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Yes	0.438	0.498	0.370	0.434	0.789	0.322	0.167	0.365	0.172	0.268	0.248	0.391	0.299
No	3.574	1.164	0.887	1.514	0.394	4.415	0.743	0.602	0.920	1.148	1.897	2.512	1.782
Total	4.012	1.663	1.258	1.948	1.184	4.737	0.910	0.967	1.092	1.416	2.145	2.903	2.080
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	1.302	127	1.279	129	0.805	112	0.938	115	1.743	227	4.762	535	16.44%
No	3.566	110	5.552	138	2.670	116	6.191	130	8.860	246	21.553	550	83.56%
Total	4.868	237	6.831	267	3.475	228	7.128	245	10.603	473	26.315	1085	100.00%
Use of Proceeds
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Acquisition	2.509	0.078	0.005	0.041	0	0.328	0	0.007	0	0.002	0.042	0	0
Capex	0.255	0.136	0.134	0.082	0.161	0.012	0.051	0.032	0.095	0.041	0.131	0.088	0.223
GCP	0.539	0.102	0.162	0.955	0.309	3.367	0.240	0.421	0.086	0.391	0.940	1.183	0.261
Refinance	0.256	0.021	0.167	0.171	0.113	0	0.041	0	0.078	0.178	0.015	0.600	0.910
Multiple/Other/NA	0.454	1.325	0.790	0.698	0.601	1.030	0.579	0.507	0.833	0.803	1.018	1.032	0.686
Total	4.012	1.663	1.258	1.948	1.184	4.737	0.910	0.967	1.092	1.416	2.145	2.903	2.080
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.125	5	0.328	2	0.009	2	0.042	2	0.051	4	3.013	16	0.48%
Capex	0.352	19	0.224	22	0.168	24	0.441	32	0.610	56	1.441	106	5.75%
GCP	1.220	42	3.916	66	0.897	60	2.384	64	3.281	124	8.955	260	30.94%
Refinance	0.359	9	0.153	5	0.256	5	1.525	4	1.782	9	2.550	28	16.81%
Multiple/Other/NA	2.812	162	2.209	172	2.144	137	2.736	143	4.880	280	10.356	675	46.02%
Total	4.868	237	6.831	267	3.475	228	7.128	245	10.603	473	26.315	1085	100.00%
Industry Sector (by SIC code)
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Agriculture (0xxx)	0	0	0	0.050	0	0	0	0	0.002	0	0.002	0	0.002
Mining (1xxx)	0.100	0.030	0.120	0.055	0.056	0.231	0.036	0.085	0.003	0.205	0.021	0.209	0.051
Oil and gas (13xx)	0.058	0.006	0.001	0.127	0.023	0.248	0.161	0.164	0.044	0.034	0.045	0.648	0.975
Construction (15xx)	0	0.001	0	0	0.002	0	0	0.001	0.028	0.005	0.004	0.005	0
Manufacturing (2xxx, 3xxx)	0.272	0.209	0.570	0.189	0.220	0.184	0.221	0.367	0.138	0.246	0.077	0.045	0.237
Pharmaceuticals (2834-6)	0.226	0.176	0.165	0.225	0.235	0.105	0.048	0.068	0.054	0.201	0.067	0.192	0.218
Transportation (4xxx)	0.167	0.673	0	0.023	0.008	0.050	0.029	0	0.071	0.001	0.032	0.022	0.001
Communications (48xx)	0.003	0	0.017	0.012	0.012	1.695	0.017	0.003	0.670	0.120	0.003	0.002	0.025
Electric, gas, sanitary services (49xx)	0.179	0.082	0.017	0.201	0.006	1.594	0.009	0	0	0.009	0	0.015	0.010
Wholesale (5xxx)	0.366	0.217	0.009	0.010	0.020	0.002	0.115	0.002	0.030	0.025	0.011	0.046	0.040
Finance, insurance, real estate (6xxx)	2.539	0.225	0.158	0.754	0.492	0.600	0.189	0.153	0.032	0.455	1.746	1.537	0.496
Services (7xxx)	0.040	0.014	0.169	0.241	0.102	0.026	0.032	0.028	0.021	0.100	0.107	0.045	0.022
Health services (8xxx)	0.062	0.031	0.030	0.030	0.007	0.003	0.049	0.095	0	0.015	0.029	0.136	0.002
Non-operating (9995)	0	0	0.003	0.030	0	0	0.005	0	0	0	0	0	0
Total	4.012	1.663	1.258	1.948	1.184	4.737	0.910	0.967	1.092	1.416	2.145	2.903	2.080
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.050	1	0	0	0.002	1	0.005	2	0.007	3	0.057	4	0.07%
Mining (1xxx)	0.205	10	0.323	28	0.292	17	0.280	20	0.572	37	1.200	83	5.39%
Oil and gas (13xx)	0.134	9	0.432	21	0.242	17	1.668	19	1.910	36	2.535	74	18.01%
Construction (15xx)	0.001	1	0.002	1	0.033	3	0.009	2	0.042	5	0.046	7	0.40%
Manufacturing (2xxx, 3xxx)	0.967	62	0.624	76	0.751	60	0.360	55	1.111	115	2.974	288	10.48%
Pharmaceuticals (2834-6)	0.566	40	0.388	39	0.323	40	0.478	35	0.802	75	1.982	171	7.56%
Transportation (4xxx)	0.695	4	0.087	4	0.072	3	0.056	4	0.128	7	1.077	17	1.21%
Communications (48xx)	0.029	8	1.724	10	0.793	11	0.030	5	0.823	16	2.579	35	7.76%
Electric, gas, sanitary services (49xx)	0.300	7	1.608	8	0.009	1	0.025	2	0.034	3	2.121	22	0.32%
Wholesale (5xxx)	0.236	11	0.137	10	0.056	10	0.097	13	0.154	23	0.893	49	1.45%
Finance, insurance, real estate (6xxx)	1.137	42	1.281	34	0.640	31	3.779	59	4.419	90	9.376	179	41.68%
Services (7xxx)	0.423	24	0.161	24	0.149	25	0.174	22	0.323	47	0.947	103	3.05%
Health services (8xxx)	0.091	16	0.059	11	0.111	9	0.168	7	0.278	16	0.490	50	2.62%
Non-operating (9995)	0.033	2	0.005	1	0	0	0	0	0	0	0.037	3	0.00%
Total	4.868	237	6.831	267	3.475	228	7.128	245	10.603	473	26.315	1085	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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