Analysis of PIPE issuance for 13 months through December 2010

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

Proceeds

	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Less than $1 million	0	0	0	0.001	0.001	0.001	0	0.001	0.001	0.001	0.002	0.001	0.001
$1-1.99 million	0.024	0.030	0.020	0.032	0.023	0.015	0.024	0.020	0.020	0.012	0.027	0.017	0.021
$2-2.99 million	0.047	0.022	0.020	0.030	0.022	0.027	0.025	0.012	0.025	0.021	0.035	0.018	0.032
$3-4.99 million	0.059	0.016	0.032	0.059	0.043	0.028	0.035	0.019	0.029	0.028	0.034	0.041	0.029
$5-9.99 million	0.118	0.082	0.096	0.135	0.068	0.090	0.090	0.091	0.063	0.089	0.037	0.062	0.108
$10-14.99 million	0.099	0.054	0.024	0.096	0.093	0.045	0.142	0.055	0.041	0.096	0.108	0.147	0.089
$15-$49.99 million	0.332	0.305	0.180	0.270	0.386	0.396	0.405	0.255	0.264	0.323	0.286	0.281	0.222
$50 million and higher	0.231	0.458	0.710	0.757	1.509	2.061	1.676	0.932	1.340	1.321	1.861	2.050	0.924
Total	0.910	0.967	1.083	1.382	2.145	2.662	2.397	1.385	1.784	1.891	2.391	2.616	1.427
	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	0.001	1	0.002	4	0.003	5	0.004	7	0.009	17	0.009	17	0.009	17	0.04%
$1-1.99 million	0.082	60	0.061	48	0.052	40	0.065	52	0.260	200	0.284	218	0.260	200	1.17%
$2-2.99 million	0.073	31	0.074	32	0.059	25	0.085	37	0.291	125	0.338	145	0.291	125	1.31%
$3-4.99 million	0.108	28	0.107	29	0.077	21	0.104	28	0.395	106	0.454	121	0.395	106	1.78%
$5-9.99 million	0.313	46	0.248	42	0.243	39	0.207	33	1.011	160	1.129	178	1.011	160	4.57%
$10-14.99 million	0.174	16	0.280	26	0.192	18	0.345	30	0.990	90	1.089	99	0.990	90	4.47%
$15-$49.99 million	0.756	32	1.187	47	0.843	31	0.790	33	3.576	143	3.908	157	3.576	143	16.16%
$50 million and higher	1.925	15	5.246	26	3.592	23	4.835	21	15.598	85	15.829	88	15.598	85	70.48%
Total	3.431	229	7.204	254	5.060	202	6.435	241	22.130	926	23.040	1023	22.130	926	100.00%
Type
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
convertible notes	0.156	0.066	0.146	0.357	0.037	0.155	0.083	0.031	0.053	0.378	0.088	0.634	0.084
convertible preferreds	0.225	0.215	0.053	0.369	1.672	1.499	1.285	0.174	0.743	0.961	1.242	0.004	0.022
equity line	0.040	0.180	0.044	0.087	0.035	0.116	0.077	0.269	0.247	0.202	0.039	0.231	0.106
notes with stock	0	0	0.010	0.013	0	0	0	0.003	0	0.055	0.004	0	0.002
notes with warrants	0.013	0.054	0.017	0.010	0.055	0.041	0.057	0.028	0.028	0.006	0.096	0.088	0.034
preferreds with stock	0	0	0	0	0.008	0	0	0	0	0	0	0	0
preferreds with warrants	0.007	0	0.010	0.002	0.013	0.024	0.010	0	0	0	0	0	0.025
stock	0.410	0.413	0.776	0.470	0.282	0.800	0.864	0.829	0.679	0.181	0.821	1.601	0.818
units of stock and warrants	0.058	0.039	0.027	0.073	0.042	0.027	0.021	0.052	0.035	0.108	0.101	0.055	0.336
warrants	0	0	0	0	0	0	0	0	0	0	0	0.004	0.002
Total	0.910	0.967	1.083	1.382	2.145	2.662	2.397	1.385	1.784	1.891	2.391	2.616	1.427
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.569	52	0.275	30	0.462	38	0.806	38	2.111	158	2.267	175	2.111	158	9.54%
convertible preferreds	0.636	32	4.457	54	1.878	28	1.267	12	8.238	126	8.464	139	8.238	126	37.23%
equity line	0.311	22	0.228	21	0.718	41	0.376	24	1.632	108	1.672	112	1.632	108	7.37%
notes with stock	0.023	4	0	0	0.058	2	0.006	2	0.087	8	0.087	8	0.087	8	0.39%
notes with warrants	0.081	10	0.153	10	0.061	8	0.218	15	0.514	43	0.527	48	0.514	43	2.32%
preferreds with stock	0	0	0.008	1	0	0	0	0	0.008	1	0.008	1	0.008	1	0.04%
preferreds with warrants	0.011	3	0.046	8	0	0	0.025	1	0.083	12	0.090	13	0.083	12	0.38%
stock	1.659	83	1.946	105	1.689	60	3.239	104	8.534	352	8.944	394	8.534	352	38.56%
units of stock and warrants	0.140	23	0.090	25	0.195	25	0.492	43	0.917	116	0.975	131	0.917	116	4.14%
warrants	0	0	0	0	0	0	0.005	2	0.005	2	0.005	2	0.005	2	0.02%
Total	3.431	229	7.204	254	5.060	202	6.435	241	22.130	926	23.040	1023	22.130	926	100.00%
Warrants
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Yes	0.167	0.365	0.175	0.268	0.248	0.395	0.327	0.204	0.968	0.368	1.727	0.258	0.236
No	0.743	0.602	0.908	1.114	1.897	2.267	2.070	1.181	0.816	1.522	0.664	2.359	1.191
Total	0.910	0.967	1.083	1.382	2.145	2.662	2.397	1.385	1.784	1.891	2.391	2.616	1.427
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.807	113	0.970	120	1.540	89	2.221	114	5.538	436	5.705	479	5.538	436	25.03%
No	2.624	116	6.234	134	3.520	113	4.214	127	16.592	490	17.335	544	16.592	490	74.98%
Total	3.431	229	7.204	254	5.060	202	6.435	241	22.130	926	23.040	1023	22.130	926	100.00%
Use of Proceeds
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Acquisition	0	0.007	0	0.002	0.042	0	0	0.315	0	0	0.014	0.019	0.006
Capex	0.051	0.032	0.095	0.119	0.131	0.088	0.223	0.367	0.032	1.174	0.179	0.752	0.902
GCP	0.240	0.421	0.074	0.278	0.940	0.928	0.520	0.182	0.067	0.309	0.213	0.408	0.177
Refinance	0.041	0	0.078	0.178	0.015	0.600	0.910	0	0.063	0.100	0.194	0.100	0.002
Multiple/Other/NA	0.579	0.507	0.836	0.803	1.018	1.046	0.744	0.521	1.623	0.308	1.791	1.337	0.341
Total	0.910	0.967	1.083	1.382	2.145	2.662	2.397	1.385	1.784	1.891	2.391	2.616	1.427
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.009	2	0.042	2	0.315	2	0.039	4	0.405	10	0.405	10	0.405	10	1.83%
Capex	0.246	25	0.441	31	1.573	30	1.833	35	4.093	121	4.144	130	4.093	121	18.50%
GCP	0.773	59	2.388	66	0.557	55	0.797	67	4.515	247	4.755	266	4.515	247	20.40%
Refinance	0.256	5	1.525	4	0.163	3	0.296	7	2.240	19	2.281	21	2.240	19	10.12%
Multiple/Other/NA	2.146	138	2.808	151	2.452	112	3.470	128	10.876	529	11.455	596	10.876	529	49.15%
Total	3.431	229	7.204	254	5.060	202	6.435	241	22.130	926	23.040	1023	22.130	926	100.00%
Industry Sector (by SIC code)
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Agriculture (0xxx)	0	0	0.002	0	0.002	0	0.002	0.007	0	0	0	0.003	0.022
Mining (1xxx)	0.036	0.085	0.003	0.205	0.021	0.209	0.046	0.052	0.060	0.106	0.120	0.708	0.028
Oil and gas (13xx)	0.161	0.164	0.044	0.034	0.045	0.648	0.976	0.354	0.028	1.090	0.095	0.056	0.175
Construction (15xx)	0	0.001	0.030	0.005	0.004	0.005	0	0	0	0.010	0	0.150	0
Manufacturing (2xxx, 3xxx)	0.221	0.367	0.126	0.246	0.077	0.052	0.247	0.047	0.399	0.327	0.140	0.147	0.123
Pharmaceuticals (2834-6)	0.048	0.068	0.054	0.201	0.067	0.192	0.220	0.170	0.088	0.101	0.201	0.243	0.131
Transportation (4xxx)	0.029	0	0.071	0.001	0.032	0.022	0.001	0.050	0.207	0.101	0.192	0.002	0.500
Communications (48xx)	0.017	0.003	0.670	0.086	0.003	0.012	0.031	0.010	0.014	0	0	0.033	0.001
Electric, gas, sanitary services (49xx)	0.009	0	0	0.009	0	0.015	0.010	0.326	0.008	0.033	0.001	0.001	0.270
Wholesale (5xxx)	0.115	0.002	0.030	0.025	0.011	0.036	0.040	0.011	0.052	0.025	0.018	0.018	0.023
Finance, insurance, real estate (6xxx)	0.189	0.153	0.032	0.455	1.746	1.290	0.784	0.312	0.896	0.022	0.354	1.184	0.073
Services (7xxx)	0.032	0.028	0.021	0.100	0.107	0.045	0.036	0.020	0.033	0.035	0.045	0.058	0.071
Health services (8xxx)	0.049	0.095	0	0.015	0.029	0.136	0.002	0.026	0	0.029	1.226	0.013	0.009
Non-operating (9995)	0.005	0	0	0	0	0	0	0	0	0.010	0	0	0
Total	0.910	0.967	1.083	1.382	2.145	2.662	2.397	1.385	1.784	1.891	2.391	2.616	1.427
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.002	1	0.005	2	0.007	1	0.025	3	0.039	7	0.039	7	0.039	7	0.18%
Mining (1xxx)	0.292	17	0.275	18	0.218	18	0.856	32	1.641	85	1.677	93	1.641	85	7.42%
Oil and gas (13xx)	0.242	17	1.670	20	1.472	18	0.326	16	3.709	71	3.870	82	3.709	71	16.76%
Construction (15xx)	0.036	4	0.009	2	0.010	1	0.150	1	0.205	8	0.205	8	0.205	8	0.93%
Manufacturing (2xxx, 3xxx)	0.739	60	0.377	58	0.773	49	0.409	65	2.298	232	2.519	262	2.298	232	10.38%
Pharmaceuticals (2834-6)	0.323	40	0.479	36	0.359	28	0.575	32	1.737	136	1.785	146	1.737	136	7.85%
Transportation (4xxx)	0.072	3	0.056	4	0.359	6	0.694	5	1.180	18	1.209	20	1.180	18	5.33%
Communications (48xx)	0.759	11	0.046	9	0.024	5	0.034	5	0.863	30	0.879	33	0.863	30	3.90%
Electric, gas, sanitary services (49xx)	0.009	1	0.025	2	0.367	10	0.272	6	0.673	19	0.681	21	0.673	19	3.04%
Wholesale (5xxx)	0.056	10	0.087	10	0.088	11	0.059	15	0.291	46	0.405	52	0.291	46	1.31%
Finance, insurance, real estate (6xxx)	0.640	31	3.820	62	1.230	24	1.611	21	7.302	138	7.491	148	7.302	138	33.00%
Services (7xxx)	0.149	25	0.189	24	0.089	23	0.175	27	0.601	99	0.633	106	0.601	99	2.72%
Health services (8xxx)	0.111	9	0.168	7	0.054	7	1.248	13	1.581	36	1.630	43	1.581	36	7.14%
Non-operating (9995)	0	0	0	0	0.010	1	0	0	0.010	1	0.015	2	0.010	1	0.05%
Total	3.431	229	7.204	254	5.060	202	6.435	241	22.130	926	23.040	1023	22.130	926	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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