Analysis of PIPE issuance for 13 months through November 2011

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

Proceeds

	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Less than $1 million	0.001	0.001	0.001	0	0.001	0.002	0.002	0.001	0.001	0	0.002	0	0
$1-1.99 million	0.018	0.030	0.013	0.028	0.031	0.023	0.017	0.026	0.019	0.020	0.020	0.023	0.016
$2-2.99 million	0.018	0.042	0.007	0.021	0.032	0.017	0.015	0.034	0.023	0.014	0.016	0.020	0.019
$3-4.99 million	0.044	0.039	0.026	0.032	0.049	0.047	0.050	0.057	0.042	0.023	0.036	0.013	0.043
$5-9.99 million	0.068	0.122	0.047	0.135	0.088	0.091	0.056	0.131	0.065	0.107	0.122	0.025	0.069
$10-14.99 million	0.147	0.086	0.117	0.065	0.064	0.073	0.155	0.093	0.075	0.067	0.033	0.083	0.061
$15-$49.99 million	0.281	0.240	0.326	0.151	0.263	0.211	0.427	0.289	0.198	0.342	0.149	0.146	0.233
$50 million and higher	2.178	0.924	0.639	1.116	1.364	1.642	1.132	0.420	0.150	5.729	1.130	0.759	0.695
Total	2.755	1.485	1.175	1.549	1.892	2.106	1.855	1.053	0.573	6.301	1.508	1.069	1.136
	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	0.002	4	0.005	8	0.003	5	0.001	3	0.011	20	0.013	24	0.012	22	0.05%
$1-1.99 million	0.072	56	0.067	51	0.059	44	0.039	29	0.236	180	0.284	216	0.266	202	1.17%
$2-2.99 million	0.060	26	0.067	29	0.053	23	0.039	17	0.219	95	0.278	121	0.261	113	1.08%
$3-4.99 million	0.107	29	0.154	41	0.101	27	0.056	15	0.418	112	0.501	135	0.457	123	2.07%
$5-9.99 million	0.271	41	0.278	41	0.294	47	0.094	14	0.937	143	1.127	173	1.059	161	4.63%
$10-14.99 million	0.246	23	0.321	28	0.175	16	0.144	14	0.886	81	1.120	102	0.973	89	4.38%
$15-$49.99 million	0.740	33	0.928	36	0.688	27	0.379	17	2.735	113	3.256	136	2.975	124	13.53%
$50 million and higher	3.118	19	3.194	24	7.009	14	1.454	9	14.775	66	17.877	80	15.699	70	73.08%
Total	4.616	231	5.014	258	8.381	203	2.206	118	20.217	810	24.456	987	21.702	904	100.00%
Type
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
convertible notes	0.635	0.086	0.056	0.053	0.032	0.462	0.108	0.124	0.180	0.182	0.303	0.025	0.254
convertible preferreds	0.004	0.027	0.567	0.050	0.384	0.537	0.379	0.240	0.014	0.489	0.476	0.466	0.054
equity line	0.231	0.116	0.083	0.102	0.271	0.075	0.243	0.117	0.057	0.282	0.068	0.123	0.141
notes with stock	0	0.002	0	0	0	0	0	0	0	0.002	0	0	0.003
notes with warrants	0.088	0.039	0	0.008	0.030	0.012	0.015	0.015	0.036	0.096	0.013	0.075	0.025
preferreds with stock	0	0	0	0	0	0	0.003	0	0	0	0	0	0.040
preferreds with warrants	0.006	0.025	0.026	0	0	0.025	0.002	0.005	0	5.000	0.006	0	0
stock	1.729	0.847	0.362	1.126	0.868	0.965	1.014	0.488	0.157	0.160	0.625	0.359	0.584
units of stock and warrants	0.058	0.342	0.081	0.204	0.307	0.030	0.092	0.063	0.129	0.090	0.017	0.021	0.036
warrants	0.004	0.002	0	0.005	0	0	0	0	0	0	0	0	0
Total	2.755	1.485	1.175	1.549	1.892	2.106	1.855	1.053	0.573	6.301	1.508	1.069	1.136
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.141	34	0.694	50	0.664	39	0.279	25	1.778	148	2.499	171	1.863	159	8.79%
convertible preferreds	1.001	28	1.156	34	0.980	28	0.519	15	3.656	105	3.687	117	3.683	114	18.08%
equity line	0.456	28	0.436	26	0.407	23	0.264	20	1.563	97	1.910	117	1.679	107	7.73%
notes with stock	0	0	0	0	0.002	1	0.003	1	0.004	2	0.005	3	0.005	3	0.02%
notes with warrants	0.038	6	0.042	8	0.145	14	0.101	5	0.326	33	0.453	43	0.365	39	1.61%
preferreds with stock	0	0	0.003	1	0	0	0.040	1	0.043	2	0.043	2	0.043	2	0.21%
preferreds with warrants	0.026	2	0.032	3	5.006	2	0	0	5.064	7	5.095	9	5.089	8	25.05%
stock	2.356	88	2.467	110	0.942	68	0.944	41	6.708	307	9.284	380	7.555	343	33.18%
units of stock and warrants	0.592	44	0.185	26	0.235	28	0.057	10	1.070	108	1.470	142	1.412	127	5.29%
warrants	0.005	1	0	0	0	0	0	0	0.005	1	0.010	3	0.006	2	0.02%
Total	4.616	231	5.014	258	8.381	203	2.206	118	20.217	810	24.456	987	21.702	904	100.00%
Warrants
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Yes	0.268	0.259	0.219	0.340	0.897	0.832	0.290	0.540	0.208	5.235	0.288	0.595	0.196
No	2.486	1.226	0.956	1.209	0.994	1.275	1.565	0.513	0.365	1.066	1.220	0.475	0.941
Total	2.755	1.485	1.175	1.549	1.892	2.106	1.855	1.053	0.573	6.301	1.508	1.069	1.136
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.456	115	1.661	136	5.730	85	0.790	54	9.638	390	10.165	473	9.897	437	47.67%
No	3.159	116	3.353	122	2.651	118	1.416	64	10.579	420	14.291	514	11.805	467	52.33%
Total	4.616	231	5.014	258	8.381	203	2.206	118	20.217	810	24.456	987	21.702	904	100.00%
Use of Proceeds
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Acquisition	0.019	0.006	0.480	0	0.500	0.005	0.005	0.151	0.018	0	0	0	0.179
Capex	0.752	0.908	0.060	0.060	0.010	0.021	0.002	0.132	0.155	0.028	0.005	0.002	0.001
GCP	0.411	0.188	0.248	0.434	0.462	0.243	1.087	0.190	0.083	0.388	0.172	0.599	0.145
Refinance	0.100	0.002	0	0	0.026	0.087	0.038	0.012	0.004	0	0.148	0.002	0.052
Multiple/Other/NA	1.472	0.381	0.387	1.055	0.894	1.750	0.722	0.567	0.313	5.885	1.183	0.466	0.760
Total	2.755	1.485	1.175	1.549	1.892	2.106	1.855	1.053	0.573	6.301	1.508	1.069	1.136
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.980	2	0.161	12	0.018	2	0.179	3	1.338	19	1.363	22	1.344	20	6.62%
Capex	0.130	14	0.155	13	0.188	8	0.003	2	0.476	37	2.136	64	1.384	48	2.35%
GCP	1.143	80	1.521	75	0.643	63	0.744	36	4.051	254	4.650	299	4.239	277	20.04%
Refinance	0.026	2	0.138	10	0.152	5	0.054	6	0.370	23	0.472	26	0.372	24	1.83%
Multiple/Other/NA	2.336	133	3.039	148	7.381	125	1.226	71	13.982	477	15.835	576	14.363	535	69.16%
Total	4.616	231	5.014	258	8.381	203	2.206	118	20.217	810	24.456	987	21.702	904	100.00%
Industry Sector (by SIC code)
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Agriculture (0xxx)	0.003	0.022	0	0.007	0.002	0	0.001	0.001	0	0.009	0.009	0	0
Mining (1xxx)	0.708	0.030	0.057	0.032	0.072	0.024	0.077	0.060	0.016	0.039	0.033	0.086	0.039
Oil and gas (13xx)	0.062	0.183	0.012	0.099	0.240	0.028	0.040	0.030	0.059	0.060	0.035	0.461	0.046
Construction (15xx)	0.150	0.010	0	0	0	0	0	0	0	0	0	0	0.003
Manufacturing (2xxx, 3xxx)	0.150	0.130	0.182	0.099	0.272	0.351	0.283	0.274	0.076	0.228	1.015	0.172	0.149
Pharmaceuticals (2834-6)	0.244	0.136	0.120	0.129	0.141	0.087	0.174	0.166	0.092	0.147	0.041	0.067	0.167
Transportation (4xxx)	0.002	0.506	0.004	0	0	0	0.003	0.101	0	0.042	0.075	0	0.180
Communications (48xx)	0.033	0.001	0	0.002	0.504	0	0	0.087	0.013	0.005	0.126	0.005	0
Electric, gas, sanitary services (49xx)	0.001	0.270	0.159	0.753	0.010	0.025	0.066	0.001	0.150	0.161	0.019	0	0.007
Wholesale (5xxx)	0.018	0.026	0.005	0.033	0.020	0.002	0.020	0.077	0.025	0.204	0.024	0.003	0.008
Finance, insurance, real estate (6xxx)	1.312	0.075	0.104	0.215	0.541	0.942	1.124	0.201	0.099	5.287	0.044	0.196	0.113
Services (7xxx)	0.058	0.087	0.490	0.147	0.075	0.516	0.059	0.038	0.035	0.119	0.053	0.047	0.421
Health services (8xxx)	0.013	0.009	0.042	0.032	0.004	0.127	0.003	0.017	0.007	0	0.035	0.022	0.005
Non-operating (9995)	0	0	0	0	0.010	0.004	0.004	0	0	0.002	0	0.011	0
Total	2.755	1.485	1.175	1.549	1.892	2.106	1.855	1.053	0.573	6.301	1.508	1.069	1.136
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.009	4	0.002	2	0.017	4	0	0	0.029	10	0.054	13	0.051	12	0.14%
Mining (1xxx)	0.161	27	0.160	28	0.087	21	0.124	11	0.533	87	1.271	108	0.563	96	2.64%
Oil and gas (13xx)	0.351	17	0.098	16	0.154	15	0.507	9	1.111	57	1.355	71	1.293	66	5.50%
Construction (15xx)	0	0	0	0	0	0	0.003	1	0.003	1	0.163	3	0.013	2	0.01%
Manufacturing (2xxx, 3xxx)	0.553	71	0.908	60	1.320	41	0.321	27	3.102	199	3.382	243	3.232	228	15.34%
Pharmaceuticals (2834-6)	0.391	29	0.428	52	0.280	29	0.233	26	1.332	136	1.713	160	1.468	148	6.59%
Transportation (4xxx)	0.004	2	0.104	5	0.117	6	0.180	2	0.404	15	0.913	18	0.911	17	2.00%
Communications (48xx)	0.507	5	0.087	4	0.143	5	0.005	1	0.742	15	0.776	20	0.743	16	3.67%
Electric, gas, sanitary services (49xx)	0.922	5	0.092	6	0.330	5	0.007	1	1.351	17	1.622	22	1.621	21	6.68%
Wholesale (5xxx)	0.057	10	0.099	8	0.253	10	0.010	4	0.420	32	0.463	40	0.445	36	2.08%
Finance, insurance, real estate (6xxx)	0.860	25	2.267	34	5.430	23	0.309	10	8.866	92	10.253	110	8.941	97	43.85%
Services (7xxx)	0.712	21	0.613	32	0.206	36	0.468	18	1.998	107	2.144	130	2.085	120	9.88%
Health services (8xxx)	0.078	14	0.147	7	0.042	7	0.027	6	0.294	34	0.316	41	0.303	37	1.45%
Non-operating (9995)	0.010	1	0.008	4	0.002	1	0.011	2	0.032	8	0.032	8	0.032	8	0.16%
Total	4.616	231	5.014	258	8.381	203	2.206	118	20.217	810	24.456	987	21.702	904	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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