Analysis of PIPE issuance for 13 months through September 2011

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

Proceeds

	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Less than $1 million	0.001	0.002	0.001	0.001	0.001	0	0.001	0.002	0.002	0.001	0.001	0	0.002
$1-1.99 million	0.012	0.027	0.018	0.030	0.013	0.028	0.031	0.023	0.017	0.026	0.021	0.016	0.013
$2-2.99 million	0.021	0.035	0.018	0.042	0.007	0.021	0.032	0.017	0.015	0.034	0.021	0.014	0.011
$3-4.99 million	0.028	0.034	0.044	0.039	0.026	0.032	0.049	0.047	0.050	0.061	0.042	0.026	0.028
$5-9.99 million	0.089	0.044	0.068	0.122	0.047	0.135	0.088	0.091	0.056	0.131	0.065	0.107	0.096
$10-14.99 million	0.106	0.108	0.147	0.086	0.117	0.065	0.064	0.073	0.155	0.093	0.075	0.067	0.023
$15-$49.99 million	0.323	0.286	0.281	0.240	0.326	0.151	0.263	0.211	0.427	0.289	0.198	0.342	0.137
$50 million and higher	1.321	1.861	2.178	0.924	0.639	1.116	1.364	1.642	1.132	0.420	0.150	5.729	1.130
Total	1.901	2.397	2.755	1.485	1.175	1.549	1.892	2.106	1.855	1.056	0.572	6.300	1.441
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.004	7	0.002	4	0.005	8	0.003	5	0.010	17	0.015	25	0.014	24	0.06%
$1-1.99 million	0.075	59	0.072	56	0.067	51	0.050	38	0.188	145	0.276	213	0.264	204	1.05%
$2-2.99 million	0.095	41	0.060	26	0.067	29	0.046	20	0.173	75	0.289	125	0.268	116	0.96%
$3-4.99 million	0.118	32	0.107	29	0.158	42	0.096	26	0.360	97	0.506	137	0.478	129	2.01%
$5-9.99 million	0.233	37	0.271	41	0.278	41	0.268	43	0.817	125	1.139	176	1.050	162	4.55%
$10-14.99 million	0.342	30	0.246	23	0.321	28	0.165	15	0.732	66	1.179	106	1.074	96	4.08%
$15-$49.99 million	0.808	34	0.740	33	0.928	36	0.677	26	2.344	95	3.475	142	3.152	129	13.06%
$50 million and higher	4.962	21	3.118	19	3.194	24	7.009	14	13.322	57	19.605	87	18.284	78	74.23%
Total	6.637	261	4.616	231	5.017	259	8.314	187	17.947	677	26.484	1011	24.584	938	100.00%
Type
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
convertible notes	0.378	0.088	0.635	0.086	0.056	0.053	0.032	0.462	0.108	0.124	0.179	0.182	0.297
convertible preferreds	0.971	1.242	0.004	0.027	0.567	0.050	0.384	0.537	0.379	0.240	0.014	0.489	0.461
equity line	0.202	0.039	0.231	0.116	0.083	0.102	0.271	0.075	0.243	0.117	0.057	0.282	0.048
notes with stock	0.055	0.004	0	0.002	0	0	0	0	0	0	0	0.002	0
notes with warrants	0.006	0.096	0.088	0.039	0	0.008	0.030	0.012	0.015	0.015	0.036	0.096	0.013
preferreds with stock	0	0	0	0	0	0	0	0	0.003	0	0	0	0
preferreds with warrants	0	0	0.006	0.025	0.026	0	0	0.025	0.002	0.005	0	5.000	0.006
stock	0.181	0.827	1.729	0.847	0.362	1.126	0.868	0.965	1.014	0.491	0.157	0.159	0.604
units of stock and warrants	0.108	0.101	0.058	0.342	0.081	0.204	0.307	0.030	0.092	0.063	0.129	0.090	0.011
warrants	0	0	0.004	0.002	0	0.005	0	0	0	0	0	0	0
Total	1.901	2.397	2.755	1.485	1.175	1.549	1.892	2.106	1.855	1.056	0.572	6.300	1.441
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.809	40	0.141	34	0.694	50	0.658	36	1.493	120	2.680	177	2.302	160	8.32%
convertible preferreds	1.273	15	1.001	28	1.156	34	0.965	24	3.121	86	5.365	117	4.394	101	17.39%
equity line	0.386	25	0.456	28	0.436	26	0.388	22	1.279	76	1.867	113	1.665	101	7.13%
notes with stock	0.006	2	0	0	0	0	0.002	1	0.002	1	0.062	4	0.007	3	0.01%
notes with warrants	0.223	17	0.038	6	0.042	8	0.145	14	0.225	28	0.454	47	0.448	45	1.25%
preferreds with stock	0	0	0	0	0.003	1	0	0	0.003	1	0.003	1	0.003	1	0.02%
preferreds with warrants	0.031	2	0.026	2	0.032	3	5.006	2	5.064	7	5.095	9	5.095	9	28.22%
stock	3.403	112	2.356	88	2.471	111	0.921	62	5.747	261	9.331	388	9.150	373	32.02%
units of stock and warrants	0.501	46	0.592	44	0.185	26	0.230	26	1.007	96	1.616	152	1.508	142	5.61%
warrants	0.005	2	0.005	1	0	0	0	0	0.005	1	0.010	3	0.010	3	0.03%
Total	6.637	261	4.616	231	5.017	259	8.314	187	17.947	677	26.484	1011	24.584	938	100.00%
Warrants
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Yes	0.378	1.733	0.268	0.259	0.219	0.340	0.897	0.832	0.290	0.544	0.208	5.235	0.271
No	1.522	0.664	2.486	1.226	0.956	1.209	0.994	1.275	1.565	0.513	0.364	1.066	1.170
Total	1.901	2.397	2.755	1.485	1.175	1.549	1.892	2.106	1.855	1.056	0.572	6.300	1.441
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.261	127	1.456	115	1.665	137	5.714	78	8.835	330	11.474	487	11.095	457	49.23%
No	4.377	134	3.159	116	3.353	122	2.600	109	9.112	347	15.011	524	13.488	481	50.77%
Total	6.637	261	4.616	231	5.017	259	8.314	187	17.947	677	26.484	1011	24.584	938	100.00%
Use of Proceeds
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Acquisition	0	0.014	0.019	0.006	0.480	0	0.500	0.005	0.005	0.151	0.018	0	0
Capex	1.174	0.179	0.752	0.908	0.060	0.060	0.010	0.021	0.002	0.132	0.155	0.028	0.005
GCP	0.309	0.219	0.411	0.188	0.248	0.434	0.462	0.243	1.087	0.190	0.083	0.389	0.143
Refinance	0.100	0.194	0.100	0.002	0	0	0.026	0.087	0.038	0.012	0.004	0	0.148
Multiple/Other/NA	0.318	1.791	1.472	0.381	0.387	1.055	0.894	1.750	0.722	0.570	0.312	5.883	1.145
Total	1.901	2.397	2.755	1.485	1.175	1.549	1.892	2.106	1.855	1.056	0.572	6.300	1.441
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.039	4	0.980	2	0.161	12	0.018	2	1.159	16	1.199	20	1.199	20	6.46%
Capex	1.839	38	0.130	14	0.155	13	0.188	8	0.473	35	3.486	91	2.312	73	2.64%
GCP	0.818	72	1.143	80	1.521	75	0.615	59	3.279	214	4.406	312	4.097	286	18.27%
Refinance	0.296	7	0.026	2	0.138	10	0.152	5	0.316	17	0.712	25	0.612	24	1.76%
Multiple/Other/NA	3.645	140	2.336	133	3.043	149	7.341	113	12.719	395	16.682	563	16.364	535	70.87%
Total	6.637	261	4.616	231	5.017	259	8.314	187	17.947	677	26.484	1011	24.584	938	100.00%
Industry Sector (by SIC code)
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Agriculture (0xxx)	0	0	0.003	0.022	0	0.007	0.002	0	0.001	0.001	0	0.009	0.009
Mining (1xxx)	0.106	0.120	0.708	0.030	0.057	0.032	0.072	0.024	0.077	0.060	0.016	0.039	0.035
Oil and gas (13xx)	1.090	0.095	0.062	0.183	0.012	0.099	0.240	0.028	0.040	0.030	0.059	0.060	0.036
Construction (15xx)	0.010	0	0.150	0.010	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.337	0.146	0.150	0.130	0.182	0.099	0.272	0.351	0.283	0.278	0.076	0.228	1.010
Pharmaceuticals (2834-6)	0.101	0.201	0.244	0.136	0.120	0.129	0.141	0.087	0.174	0.166	0.092	0.147	0.041
Transportation (4xxx)	0.101	0.192	0.002	0.506	0.004	0	0	0	0.003	0.101	0	0.042	0.075
Communications (48xx)	0	0	0.033	0.001	0	0.002	0.504	0	0	0.087	0.013	0.005	0.126
Electric, gas, sanitary services (49xx)	0.033	0.001	0.001	0.270	0.159	0.753	0.010	0.025	0.066	0.001	0.150	0.161	0.009
Wholesale (5xxx)	0.025	0.018	0.018	0.026	0.005	0.033	0.020	0.002	0.020	0.077	0.025	0.204	0.024
Finance, insurance, real estate (6xxx)	0.022	0.354	1.312	0.075	0.104	0.215	0.541	0.942	1.124	0.201	0.099	5.287	0.031
Services (7xxx)	0.035	0.045	0.058	0.087	0.490	0.147	0.075	0.516	0.059	0.038	0.035	0.118	0.043
Health services (8xxx)	0.029	1.226	0.013	0.009	0.042	0.032	0.004	0.127	0.003	0.017	0.007	0	0.003
Non-operating (9995)	0.010	0	0	0	0	0	0.010	0.004	0.004	0	0	0.002	0
Total	1.901	2.397	2.755	1.485	1.175	1.549	1.892	2.106	1.855	1.056	0.572	6.300	1.441
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.025	3	0.009	4	0.002	2	0.017	4	0.029	10	0.054	13	0.054	13	0.16%
Mining (1xxx)	0.858	33	0.161	27	0.160	28	0.090	21	0.411	76	1.375	117	1.269	109	2.29%
Oil and gas (13xx)	0.340	18	0.351	17	0.098	16	0.155	14	0.605	47	2.035	73	0.945	65	3.37%
Construction (15xx)	0.160	2	0	0	0	0	0	0	0	0	0.170	3	0.160	2	0.00%
Manufacturing (2xxx, 3xxx)	0.426	70	0.553	71	0.911	61	1.314	38	2.779	170	3.542	262	3.205	240	15.48%
Pharmaceuticals (2834-6)	0.581	36	0.391	29	0.428	52	0.280	29	1.099	110	1.781	152	1.680	146	6.12%
Transportation (4xxx)	0.700	6	0.004	2	0.104	5	0.117	6	0.224	13	1.026	21	0.925	19	1.25%
Communications (48xx)	0.034	5	0.507	5	0.087	4	0.143	5	0.737	14	0.771	19	0.771	19	4.11%
Electric, gas, sanitary services (49xx)	0.272	6	0.922	5	0.092	6	0.320	4	1.334	15	1.639	25	1.606	21	7.43%
Wholesale (5xxx)	0.062	15	0.057	10	0.099	8	0.253	10	0.409	28	0.496	47	0.471	43	2.28%
Finance, insurance, real estate (6xxx)	1.741	22	0.860	25	2.267	34	5.417	21	8.544	80	10.307	110	10.285	102	47.61%
Services (7xxx)	0.190	32	0.712	21	0.613	32	0.195	30	1.520	83	1.745	121	1.710	115	8.47%
Health services (8xxx)	1.248	13	0.078	14	0.147	7	0.010	4	0.235	25	1.512	41	1.483	38	1.31%
Non-operating (9995)	0	0	0.010	1	0.008	4	0.002	1	0.021	6	0.031	7	0.021	6	0.12%
Total	6.637	261	4.616	231	5.017	259	8.314	187	17.947	677	26.484	1011	24.584	938	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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