Analysis of PIPE issuance for 13 months through August 2010

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

Proceeds

	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Less than $1 million	0	0	0.001	0.001	0	0	0	0.001	0.001	0.001	0	0.001	0
$1-1.99 million	0.015	0.026	0.019	0.022	0.024	0.030	0.020	0.032	0.023	0.015	0.025	0.021	0.019
$2-2.99 million	0.021	0.023	0.037	0.017	0.047	0.022	0.018	0.030	0.022	0.027	0.023	0.012	0.021
$3-4.99 million	0.021	0.036	0.069	0.036	0.059	0.016	0.032	0.059	0.043	0.028	0.035	0.023	0.024
$5-9.99 million	0.098	0.085	0.105	0.049	0.118	0.082	0.096	0.135	0.068	0.090	0.090	0.094	0.063
$10-14.99 million	0.054	0.097	0.180	0.080	0.099	0.054	0.024	0.096	0.093	0.045	0.142	0.055	0.030
$15-$49.99 million	0.242	0.536	0.237	0.245	0.332	0.305	0.192	0.270	0.386	0.391	0.405	0.255	0.264
$50 million and higher	0.807	1.145	0.534	4.288	0.231	0.458	0.710	0.791	1.509	2.058	1.676	0.805	1.540
Total	1.258	1.948	1.184	4.737	0.910	0.967	1.092	1.416	2.145	2.654	2.396	1.266	1.962
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.002	4	0.001	1	0.002	4	0.001	3	0.004	8	0.006	12	0.03%
$1-1.99 million	0.065	49	0.082	60	0.062	49	0.040	31	0.184	140	0.289	218	1.32%
$2-2.99 million	0.102	43	0.070	30	0.072	31	0.033	14	0.175	75	0.321	137	1.26%
$3-4.99 million	0.164	44	0.108	28	0.107	29	0.047	13	0.262	70	0.482	131	1.89%
$5-9.99 million	0.272	42	0.313	46	0.248	42	0.158	26	0.718	114	1.173	184	5.17%
$10-14.99 million	0.359	32	0.174	16	0.280	26	0.085	8	0.538	50	1.048	96	3.87%
$15-$49.99 million	0.814	35	0.767	32	1.182	47	0.520	18	2.470	97	4.062	162	17.77%
$50 million and higher	5.053	18	1.959	15	5.243	26	2.345	13	9.547	54	16.553	90	68.69%
Total	6.831	267	3.475	228	7.195	254	3.228	126	13.898	608	23.935	1030	100.00%
Type
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
convertible notes	0.131	0.543	0.060	0.034	0.156	0.066	0.146	0.357	0.037	0.155	0.084	0.031	0.247
convertible preferreds	0.400	0.313	0.338	0.594	0.225	0.215	0.053	0.403	1.672	1.499	1.285	0.113	0.742
equity line	0.136	0.206	0.094	0.095	0.040	0.180	0.044	0.087	0.035	0.116	0.077	0.269	0.247
notes with stock	0.002	0	0.002	0.004	0	0	0.010	0.013	0	0	0	0.003	0
notes with warrants	0.154	0.051	0.012	0.009	0.013	0.054	0.017	0.010	0.055	0.041	0.057	0.028	0.028
preferreds with stock	0.002	0	0	0	0	0	0	0	0.008	0	0	0	0
preferreds with warrants	0	0.005	0.075	0.013	0.007	0	0.010	0.002	0.013	0.024	0.010	0	0
stock	0.383	0.590	0.413	3.739	0.410	0.413	0.785	0.470	0.282	0.792	0.862	0.773	0.677
units of stock and warrants	0.050	0.239	0.190	0.248	0.058	0.039	0.027	0.073	0.042	0.027	0.021	0.051	0.022
Total	1.258	1.948	1.184	4.737	0.910	0.967	1.092	1.416	2.145	2.654	2.396	1.266	1.962
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.249	41	0.569	52	0.276	31	0.278	20	1.123	103	2.046	176	8.08%
convertible preferreds	1.158	40	0.671	32	4.457	54	0.854	12	5.982	98	7.853	165	43.04%
equity line	0.229	16	0.311	22	0.228	21	0.515	29	1.054	72	1.625	100	7.58%
notes with stock	0.006	2	0.023	4	0	0	0.003	1	0.026	5	0.033	8	0.19%
notes with warrants	0.034	11	0.081	10	0.153	10	0.055	6	0.290	26	0.530	43	2.09%
preferreds with stock	0	0	0	0	0.008	1	0	0	0.008	1	0.011	2	0.06%
preferreds with warrants	0.096	3	0.011	3	0.046	8	0	0	0.058	11	0.159	15	0.42%
stock	4.563	110	1.668	82	1.936	104	1.449	44	5.054	230	10.590	399	36.36%
units of stock and warrants	0.496	44	0.140	23	0.090	25	0.073	14	0.303	62	1.088	122	2.18%
Total	6.831	267	3.475	228	7.195	254	3.228	126	13.898	608	23.935	1030	100.00%
Warrants
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Yes	0.370	0.434	0.789	0.322	0.167	0.365	0.172	0.268	0.248	0.395	0.327	0.148	1.146
No	0.887	1.514	0.394	4.415	0.743	0.602	0.920	1.148	1.897	2.259	2.069	1.119	0.816
Total	1.258	1.948	1.184	4.737	0.910	0.967	1.092	1.416	2.145	2.654	2.396	1.266	1.962
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	1.279	129	0.805	112	0.970	120	1.293	56	3.069	288	5.151	497	22.08%
No	5.552	138	2.670	116	6.225	134	1.935	70	10.830	320	18.784	533	77.92%
Total	6.831	267	3.475	228	7.195	254	3.228	126	13.898	608	23.935	1030	100.00%
Use of Proceeds
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Acquisition	0.005	0.041	0	0.328	0	0.007	0	0.002	0.042	0	0	0.315	0
Capex	0.134	0.082	0.161	0.012	0.051	0.032	0.095	0.041	0.131	0.088	0.222	0.365	0.032
GCP	0.162	0.955	0.309	3.367	0.240	0.421	0.086	0.391	0.940	0.928	0.520	0.175	0.065
Refinance	0.167	0.171	0.113	0	0.041	0	0.078	0.178	0.015	0.600	0.910	0	0.063
Multiple/Other/NA	0.790	0.698	0.601	1.030	0.579	0.507	0.833	0.803	1.018	1.038	0.744	0.411	1.802
Total	1.258	1.948	1.184	4.737	0.910	0.967	1.092	1.416	2.145	2.654	2.396	1.266	1.962
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.328	2	0.009	2	0.042	2	0.315	2	0.366	6	0.741	12	2.63%
Capex	0.224	22	0.168	24	0.440	31	0.397	12	1.006	67	1.446	99	7.24%
GCP	3.916	66	0.897	60	2.388	66	0.240	28	3.525	154	8.559	252	25.36%
Refinance	0.153	5	0.256	5	1.525	4	0.063	2	1.845	11	2.336	23	13.28%
Multiple/Other/NA	2.209	172	2.144	137	2.800	151	2.212	82	7.157	370	10.853	644	51.50%
Total	6.831	267	3.475	228	7.195	254	3.228	126	13.898	608	23.935	1030	100.00%
Industry Sector (by SIC code)
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Agriculture (0xxx)	0	0.050	0	0	0	0	0.002	0	0.002	0	0.002	0.007	0
Mining (1xxx)	0.120	0.055	0.056	0.231	0.036	0.085	0.003	0.205	0.021	0.209	0.047	0.055	0.060
Oil and gas (13xx)	0.001	0.127	0.023	0.248	0.161	0.164	0.044	0.034	0.045	0.648	0.976	0.354	0.015
Construction (15xx)	0	0	0.002	0	0	0.001	0.028	0.005	0.004	0.005	0	0	0
Manufacturing (2xxx, 3xxx)	0.570	0.189	0.220	0.184	0.221	0.367	0.138	0.246	0.077	0.052	0.245	0.047	0.393
Pharmaceuticals (2834-6)	0.165	0.225	0.235	0.105	0.048	0.068	0.054	0.201	0.067	0.192	0.220	0.170	0.087
Transportation (4xxx)	0	0.023	0.008	0.050	0.029	0	0.071	0.001	0.032	0.022	0.001	0.050	0.207
Communications (48xx)	0.017	0.012	0.012	1.695	0.017	0.003	0.670	0.120	0.003	0.012	0.031	0.010	0.014
Electric, gas, sanitary services (49xx)	0.017	0.201	0.006	1.594	0.009	0	0	0.009	0	0.015	0.010	0.326	0.008
Wholesale (5xxx)	0.009	0.010	0.020	0.002	0.115	0.002	0.030	0.025	0.011	0.036	0.040	0.011	0.051
Finance, insurance, real estate (6xxx)	0.158	0.754	0.492	0.600	0.189	0.153	0.032	0.455	1.746	1.282	0.784	0.191	0.896
Services (7xxx)	0.169	0.241	0.102	0.026	0.032	0.028	0.021	0.100	0.107	0.045	0.036	0.020	0.231
Health services (8xxx)	0.030	0.030	0.007	0.003	0.049	0.095	0	0.015	0.029	0.136	0.002	0.026	0
Non-operating (9995)	0.003	0.030	0	0	0.005	0	0	0	0	0	0	0	0.002
Total	1.258	1.948	1.184	4.737	0.910	0.967	1.092	1.416	2.145	2.654	2.396	1.266	1.962
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.002	1	0.005	2	0.007	1	0.014	4	0.064	5	0.10%
Mining (1xxx)	0.323	28	0.292	17	0.276	19	0.115	12	0.683	48	1.181	81	4.91%
Oil and gas (13xx)	0.432	21	0.242	17	1.670	20	0.368	8	2.280	45	2.840	73	16.41%
Construction (15xx)	0.002	1	0.033	3	0.009	2	0	0	0.042	5	0.044	6	0.30%
Manufacturing (2xxx, 3xxx)	0.624	76	0.751	60	0.375	57	0.440	26	1.566	143	2.949	264	11.27%
Pharmaceuticals (2834-6)	0.388	39	0.323	40	0.479	36	0.257	22	1.060	98	1.837	161	7.63%
Transportation (4xxx)	0.087	4	0.072	3	0.056	4	0.257	4	0.385	11	0.495	16	2.77%
Communications (48xx)	1.724	10	0.793	11	0.046	9	0.024	5	0.863	25	2.616	43	6.21%
Electric, gas, sanitary services (49xx)	1.608	8	0.009	1	0.025	2	0.334	6	0.368	9	2.194	22	2.65%
Wholesale (5xxx)	0.137	10	0.056	10	0.087	10	0.062	6	0.205	26	0.361	41	1.48%
Finance, insurance, real estate (6xxx)	1.281	34	0.640	31	3.812	62	1.086	15	5.538	108	7.732	171	39.85%
Services (7xxx)	0.161	24	0.149	25	0.189	24	0.251	16	0.589	65	1.159	106	4.24%
Health services (8xxx)	0.059	11	0.111	9	0.168	7	0.026	4	0.304	20	0.423	37	2.19%
Non-operating (9995)	0.005	1	0	0	0	0	0.002	1	0.002	1	0.039	4	0.01%
Total	6.831	267	3.475	228	7.195	254	3.228	126	13.898	608	23.935	1030	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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