Analysis of PIPE issuance for 13 months through October 2011

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

Proceeds

	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Less than $1 million	0.002	0.001	0.001	0.001	0	0.001	0.002	0.002	0.001	0.001	0	0.002	0
$1-1.99 million	0.027	0.018	0.030	0.013	0.028	0.031	0.023	0.017	0.026	0.019	0.020	0.019	0.020
$2-2.99 million	0.035	0.018	0.042	0.007	0.021	0.032	0.017	0.015	0.034	0.023	0.014	0.013	0.016
$3-4.99 million	0.034	0.044	0.039	0.026	0.032	0.049	0.047	0.050	0.061	0.042	0.023	0.036	0.010
$5-9.99 million	0.044	0.068	0.122	0.047	0.135	0.088	0.091	0.056	0.131	0.065	0.107	0.122	0.025
$10-14.99 million	0.108	0.147	0.086	0.117	0.065	0.064	0.073	0.155	0.093	0.075	0.067	0.033	0.061
$15-$49.99 million	0.286	0.281	0.240	0.326	0.151	0.263	0.211	0.427	0.289	0.198	0.342	0.157	0.146
$50 million and higher	1.861	2.178	0.924	0.639	1.116	1.364	1.642	1.132	0.420	0.150	5.729	1.130	0.309
Total	2.397	2.755	1.485	1.175	1.549	1.892	2.106	1.855	1.056	0.573	6.301	1.513	0.587
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	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	1	0.010	18	0.014	25	0.013	22	0.05%
$1-1.99 million	0.075	59	0.072	56	0.067	51	0.058	43	0.020	14	0.216	164	0.292	223	0.264	200	1.16%
$2-2.99 million	0.095	41	0.060	26	0.067	29	0.050	22	0.016	7	0.193	84	0.288	125	0.252	110	1.04%
$3-4.99 million	0.118	32	0.107	29	0.158	42	0.101	27	0.010	3	0.375	101	0.493	133	0.459	124	2.02%
$5-9.99 million	0.233	37	0.271	41	0.278	41	0.294	47	0.025	4	0.869	133	1.102	170	1.058	163	4.67%
$10-14.99 million	0.342	30	0.246	23	0.321	28	0.175	16	0.061	6	0.803	73	1.145	103	1.036	94	4.32%
$15-$49.99 million	0.808	34	0.740	33	0.928	36	0.697	27	0.146	7	2.510	103	3.318	137	3.032	126	13.49%
$50 million and higher	4.962	21	3.118	19	3.194	24	7.009	14	0.309	3	13.630	60	18.592	81	16.732	74	73.26%
Total	6.637	261	4.616	231	5.017	259	8.387	201	0.587	45	18.606	736	25.243	997	22.846	913	100.00%
Type
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
convertible notes	0.088	0.635	0.086	0.056	0.053	0.032	0.462	0.108	0.124	0.180	0.182	0.303	0.024
convertible preferreds	1.242	0.004	0.027	0.567	0.050	0.384	0.537	0.379	0.240	0.014	0.489	0.473	0.012
equity line	0.039	0.231	0.116	0.083	0.102	0.271	0.075	0.243	0.117	0.057	0.282	0.068	0.111
notes with stock	0.004	0	0.002	0	0	0	0	0	0	0	0.002	0	0
notes with warrants	0.096	0.088	0.039	0	0.008	0.030	0.012	0.015	0.015	0.036	0.096	0.013	0.075
preferreds with stock	0	0	0	0	0	0	0	0.003	0	0	0	0	0
preferreds with warrants	0	0.006	0.025	0.026	0	0	0.025	0.002	0.005	0	5.000	0.006	0
stock	0.827	1.729	0.847	0.362	1.126	0.868	0.965	1.014	0.491	0.157	0.160	0.634	0.356
units of stock and warrants	0.101	0.058	0.342	0.081	0.204	0.307	0.030	0.092	0.063	0.129	0.090	0.015	0.009
warrants	0	0.004	0.002	0	0.005	0	0	0	0	0	0	0	0
Total	2.397	2.755	1.485	1.175	1.549	1.892	2.106	1.855	1.056	0.573	6.301	1.513	0.587
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.809	40	0.141	34	0.694	50	0.664	39	0.024	9	1.523	132	2.332	172	2.244	155	8.19%
convertible preferreds	1.273	15	1.001	28	1.156	34	0.977	27	0.012	6	3.146	95	4.419	110	3.177	107	16.91%
equity line	0.386	25	0.456	28	0.436	26	0.407	23	0.111	9	1.410	86	1.796	111	1.757	106	7.58%
notes with stock	0.006	2	0	0	0	0	0.002	1	0	0	0.002	1	0.007	3	0.003	2	0.01%
notes with warrants	0.223	17	0.038	6	0.042	8	0.145	14	0.075	2	0.300	30	0.523	47	0.427	40	1.61%
preferreds with stock	0	0	0	0	0.003	1	0	0	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	0	0	5.064	7	5.095	9	5.095	9	27.22%
stock	3.403	112	2.356	88	2.471	111	0.951	68	0.356	16	6.133	283	9.536	395	8.709	356	32.96%
units of stock and warrants	0.501	46	0.592	44	0.185	26	0.234	27	0.009	3	1.020	100	1.521	146	1.420	134	5.48%
warrants	0.005	2	0.005	1	0	0	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	8.387	201	0.587	45	18.606	736	25.243	997	22.846	913	100.00%
Warrants
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Yes	1.733	0.268	0.259	0.219	0.340	0.897	0.832	0.290	0.544	0.208	5.235	0.284	0.127
No	0.664	2.486	1.226	0.956	1.209	0.994	1.275	1.565	0.513	0.365	1.066	1.229	0.460
Total	2.397	2.755	1.485	1.175	1.549	1.892	2.106	1.855	1.056	0.573	6.301	1.513	0.587
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.261	127	1.456	115	1.665	137	5.727	83	0.127	20	8.975	355	11.235	482	9.502	438	48.24%
No	4.377	134	3.159	116	3.353	122	2.660	118	0.460	25	9.632	381	14.008	515	13.344	475	51.77%
Total	6.637	261	4.616	231	5.017	259	8.387	201	0.587	45	18.606	736	25.243	997	22.846	913	100.00%
Use of Proceeds
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Acquisition	0.014	0.019	0.006	0.480	0	0.500	0.005	0.005	0.151	0.018	0	0	0
Capex	0.179	0.752	0.908	0.060	0.060	0.010	0.021	0.002	0.132	0.155	0.028	0.005	0.002
GCP	0.219	0.411	0.188	0.248	0.434	0.462	0.243	1.087	0.190	0.083	0.388	0.181	0.126
Refinance	0.194	0.100	0.002	0	0	0.026	0.087	0.038	0.012	0.004	0	0.148	0.001
Multiple/Other/NA	1.791	1.472	0.381	0.387	1.055	0.894	1.750	0.722	0.570	0.313	5.885	1.179	0.457
Total	2.397	2.755	1.485	1.175	1.549	1.892	2.106	1.855	1.056	0.573	6.301	1.513	0.587
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.039	4	0.980	2	0.161	12	0.018	2	0	0	1.159	16	1.199	20	1.184	19	6.23%
Capex	1.839	38	0.130	14	0.155	13	0.188	8	0.002	1	0.475	36	2.314	74	2.135	63	2.55%
GCP	0.818	72	1.143	80	1.521	75	0.651	63	0.126	15	3.442	233	4.260	305	4.041	278	18.50%
Refinance	0.296	7	0.026	2	0.138	10	0.152	5	0.001	1	0.317	18	0.613	25	0.419	21	1.70%
Multiple/Other/NA	3.645	140	2.336	133	3.043	149	7.377	123	0.457	28	13.213	433	16.858	573	15.066	532	71.01%
Total	6.637	261	4.616	231	5.017	259	8.387	201	0.587	45	18.606	736	25.243	997	22.846	913	100.00%
Industry Sector (by SIC code)
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Agriculture (0xxx)	0	0.003	0.022	0	0.007	0.002	0	0.001	0.001	0	0.009	0.009	0
Mining (1xxx)	0.120	0.708	0.030	0.057	0.032	0.072	0.024	0.077	0.060	0.016	0.039	0.033	0.082
Oil and gas (13xx)	0.095	0.062	0.183	0.012	0.099	0.240	0.028	0.040	0.030	0.059	0.060	0.044	0.011
Construction (15xx)	0	0.150	0.010	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.146	0.150	0.130	0.182	0.099	0.272	0.351	0.283	0.278	0.076	0.228	1.013	0.167
Pharmaceuticals (2834-6)	0.201	0.244	0.136	0.120	0.129	0.141	0.087	0.174	0.166	0.092	0.147	0.041	0.067
Transportation (4xxx)	0.192	0.002	0.506	0.004	0	0	0	0.003	0.101	0	0.042	0.075	0
Communications (48xx)	0	0.033	0.001	0	0.002	0.504	0	0	0.087	0.013	0.005	0.126	0.005
Electric, gas, sanitary services (49xx)	0.001	0.001	0.270	0.159	0.753	0.010	0.025	0.066	0.001	0.150	0.161	0.019	0
Wholesale (5xxx)	0.018	0.018	0.026	0.005	0.033	0.020	0.002	0.020	0.077	0.025	0.204	0.024	0.003
Finance, insurance, real estate (6xxx)	0.354	1.312	0.075	0.104	0.215	0.541	0.942	1.124	0.201	0.099	5.287	0.044	0.196
Services (7xxx)	0.045	0.058	0.087	0.490	0.147	0.075	0.516	0.059	0.038	0.035	0.119	0.052	0.024
Health services (8xxx)	1.226	0.013	0.009	0.042	0.032	0.004	0.127	0.003	0.017	0.007	0	0.035	0.022
Non-operating (9995)	0	0	0	0	0	0.010	0.004	0.004	0	0	0.002	0	0.010
Total	2.397	2.755	1.485	1.175	1.549	1.892	2.106	1.855	1.056	0.573	6.301	1.513	0.587
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	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	0	0.029	10	0.054	13	0.054	13	0.16%
Mining (1xxx)	0.858	33	0.161	27	0.160	28	0.087	21	0.082	3	0.491	79	1.349	112	1.229	100	2.64%
Oil and gas (13xx)	0.340	18	0.351	17	0.098	16	0.163	15	0.011	3	0.624	51	0.963	69	0.868	65	3.35%
Construction (15xx)	0.160	2	0	0	0	0	0	0	0	0	0	0	0.160	2	0.160	2	0.00%
Manufacturing (2xxx, 3xxx)	0.426	70	0.553	71	0.911	61	1.317	40	0.167	11	2.948	183	3.374	253	3.228	227	15.84%
Pharmaceuticals (2834-6)	0.581	36	0.391	29	0.428	52	0.280	29	0.067	11	1.165	121	1.746	157	1.546	145	6.26%
Transportation (4xxx)	0.700	6	0.004	2	0.104	5	0.117	6	0	0	0.224	13	0.925	19	0.733	16	1.20%
Communications (48xx)	0.034	5	0.507	5	0.087	4	0.143	5	0.005	1	0.742	15	0.776	20	0.776	20	3.99%
Electric, gas, sanitary services (49xx)	0.272	6	0.922	5	0.092	6	0.330	5	0	0	1.344	16	1.616	22	1.616	21	7.22%
Wholesale (5xxx)	0.062	15	0.057	10	0.099	8	0.253	10	0.003	1	0.412	29	0.473	44	0.456	37	2.21%
Finance, insurance, real estate (6xxx)	1.741	22	0.860	25	2.267	34	5.430	23	0.196	4	8.753	86	10.494	108	10.140	104	47.04%
Services (7xxx)	0.190	32	0.712	21	0.613	32	0.205	35	0.024	6	1.554	94	1.744	126	1.699	117	8.35%
Health services (8xxx)	1.248	13	0.078	14	0.147	7	0.042	7	0.022	4	0.289	32	1.537	45	0.310	39	1.55%
Non-operating (9995)	0	0	0.010	1	0.008	4	0.002	1	0.010	1	0.031	7	0.031	7	0.031	7	0.17%
Total	6.637	261	4.616	231	5.017	259	8.387	201	0.587	45	18.606	736	25.243	997	22.846	913	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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