Analysis of PIPE issuance for 13 months through January 2011

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

Proceeds

	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Less than $1 million	0	0	0.001	0.001	0.001	0	0.001	0.001	0.001	0.002	0.001	0.001	0.001
$1-1.99 million	0.030	0.020	0.032	0.023	0.015	0.024	0.020	0.020	0.012	0.027	0.018	0.030	0.012
$2-2.99 million	0.022	0.020	0.030	0.022	0.027	0.025	0.012	0.025	0.021	0.035	0.018	0.044	0.007
$3-4.99 million	0.016	0.032	0.059	0.043	0.028	0.035	0.019	0.029	0.028	0.034	0.044	0.039	0.025
$5-9.99 million	0.082	0.096	0.135	0.068	0.090	0.090	0.091	0.063	0.089	0.037	0.068	0.108	0.032
$10-14.99 million	0.054	0.024	0.096	0.093	0.045	0.142	0.055	0.041	0.096	0.108	0.147	0.086	0.117
$15-$49.99 million	0.305	0.180	0.270	0.386	0.396	0.405	0.255	0.264	0.323	0.286	0.281	0.240	0.306
$50 million and higher	0.458	0.710	0.757	1.509	2.061	1.676	0.932	1.340	1.321	1.861	2.050	0.924	0.429
Total	0.967	1.083	1.382	2.145	2.662	2.397	1.385	1.784	1.891	2.391	2.627	1.473	0.928
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	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	0.001	2	0.001	2	0.011	19	0.011	19	0.11%
$1-1.99 million	0.082	60	0.061	48	0.052	40	0.075	59	0.012	9	0.012	9	0.282	216	0.253	195	1.29%
$2-2.99 million	0.073	31	0.074	32	0.059	25	0.097	42	0.007	3	0.007	3	0.309	133	0.287	124	0.75%
$3-4.99 million	0.108	28	0.107	29	0.077	21	0.118	32	0.025	7	0.025	7	0.434	117	0.417	113	2.69%
$5-9.99 million	0.313	46	0.248	42	0.243	39	0.213	34	0.032	5	0.032	5	1.049	166	0.967	154	3.45%
$10-14.99 million	0.174	16	0.280	26	0.192	18	0.342	30	0.117	11	0.117	11	1.104	101	1.050	96	12.61%
$15-$49.99 million	0.756	32	1.187	47	0.843	31	0.808	34	0.306	14	0.306	14	3.899	158	3.594	144	32.97%
$50 million and higher	1.925	15	5.246	26	3.592	23	4.835	21	0.429	3	0.429	3	16.027	88	15.568	84	46.23%
Total	3.431	229	7.204	254	5.060	202	6.491	259	0.928	54	0.928	54	23.114	998	22.148	929	100.00%
Type
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
convertible notes	0.066	0.146	0.357	0.037	0.155	0.083	0.031	0.053	0.378	0.088	0.635	0.086	0.055
convertible preferreds	0.215	0.053	0.369	1.672	1.499	1.285	0.174	0.743	0.961	1.242	0.004	0.027	0.357
equity line	0.180	0.044	0.087	0.035	0.116	0.077	0.269	0.247	0.202	0.039	0.231	0.116	0.076
notes with stock	0	0.010	0.013	0	0	0	0.003	0	0.055	0.004	0	0.002	0
notes with warrants	0.054	0.017	0.010	0.055	0.041	0.057	0.028	0.028	0.006	0.096	0.088	0.039	0
preferreds with stock	0	0	0	0.008	0	0	0	0	0	0	0	0	0
preferreds with warrants	0	0.010	0.002	0.013	0.024	0.010	0	0	0	0	0.006	0.025	0.026
stock	0.413	0.776	0.470	0.282	0.800	0.864	0.829	0.679	0.181	0.821	1.601	0.836	0.334
units of stock and warrants	0.039	0.027	0.073	0.042	0.027	0.021	0.052	0.035	0.108	0.101	0.058	0.342	0.080
warrants	0	0	0	0	0	0	0	0	0	0	0.004	0.002	0
Total	0.967	1.083	1.382	2.145	2.662	2.397	1.385	1.784	1.891	2.391	2.627	1.473	0.928
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.569	52	0.275	30	0.462	38	0.809	40	0.055	7	0.055	7	2.170	167	2.104	155	5.93%
convertible preferreds	0.636	32	4.457	54	1.878	28	1.273	15	0.357	8	0.357	8	8.600	137	8.386	126	38.47%
equity line	0.311	22	0.228	21	0.718	41	0.386	25	0.076	6	0.076	6	1.718	115	1.538	104	8.19%
notes with stock	0.023	4	0	0	0.058	2	0.006	2	0	0	0	0	0.087	8	0.087	8	0.00%
notes with warrants	0.081	10	0.153	10	0.061	8	0.223	17	0	0	0	0	0.519	45	0.464	42	0.00%
preferreds with stock	0	0	0.008	1	0	0	0	0	0	0	0	0	0.008	1	0.008	1	0.00%
preferreds with warrants	0.011	3	0.046	8	0	0	0.031	2	0.026	2	0.026	2	0.115	15	0.115	15	2.80%
stock	1.659	83	1.946	105	1.689	60	3.257	109	0.334	22	0.334	22	8.885	379	8.472	355	35.99%
units of stock and warrants	0.140	23	0.090	25	0.195	25	0.501	47	0.080	9	0.080	9	1.006	129	0.967	121	8.62%
warrants	0	0	0	0	0	0	0.005	2	0	0	0	0	0.005	2	0.005	2	0.00%
Total	3.431	229	7.204	254	5.060	202	6.491	259	0.928	54	0.928	54	23.114	998	22.148	929	100.00%
Warrants
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Yes	0.365	0.175	0.268	0.248	0.395	0.327	0.204	0.968	0.368	1.727	0.268	0.258	0.218
No	0.602	0.908	1.114	1.897	2.267	2.070	1.181	0.816	1.522	0.664	2.359	1.215	0.710
Total	0.967	1.083	1.382	2.145	2.662	2.397	1.385	1.784	1.891	2.391	2.627	1.473	0.928
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.807	113	0.970	120	1.540	89	2.253	127	0.218	22	0.218	22	5.789	471	5.424	436	23.49%
No	2.624	116	6.234	134	3.520	113	4.237	132	0.710	32	0.710	32	17.325	527	16.723	493	76.51%
Total	3.431	229	7.204	254	5.060	202	6.491	259	0.928	54	0.928	54	23.114	998	22.148	929	100.00%
Use of Proceeds
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Acquisition	0.007	0	0.002	0.042	0	0	0.315	0	0	0.014	0.019	0.006	0
Capex	0.032	0.095	0.119	0.131	0.088	0.223	0.367	0.032	1.174	0.179	0.752	0.908	0.060
GCP	0.421	0.074	0.278	0.940	0.928	0.520	0.182	0.067	0.309	0.213	0.411	0.182	0.246
Refinance	0	0.078	0.178	0.015	0.600	0.910	0	0.063	0.100	0.194	0.100	0.002	0
Multiple/Other/NA	0.507	0.836	0.803	1.018	1.046	0.744	0.521	1.623	0.308	1.791	1.345	0.375	0.622
Total	0.967	1.083	1.382	2.145	2.662	2.397	1.385	1.784	1.891	2.391	2.627	1.473	0.928
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	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	0	0	0	0.405	10	0.399	9	0.00%
Capex	0.246	25	0.441	31	1.573	30	1.839	38	0.060	6	0.060	6	4.159	130	4.127	123	6.47%
GCP	0.773	59	2.388	66	0.557	55	0.806	70	0.246	17	0.246	17	4.769	267	4.349	243	26.51%
Refinance	0.256	5	1.525	4	0.163	3	0.296	7	0	0	0	0	2.240	19	2.240	19	0.00%
Multiple/Other/NA	2.146	138	2.808	151	2.452	112	3.511	140	0.622	31	0.622	31	11.539	572	11.032	535	67.03%
Total	3.431	229	7.204	254	5.060	202	6.491	259	0.928	54	0.928	54	23.114	998	22.148	929	100.00%
Industry Sector (by SIC code)
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Agriculture (0xxx)	0	0.002	0	0.002	0	0.002	0.007	0	0	0	0.003	0.022	0
Mining (1xxx)	0.085	0.003	0.205	0.021	0.209	0.046	0.052	0.060	0.106	0.120	0.708	0.032	0.052
Oil and gas (13xx)	0.164	0.044	0.034	0.045	0.648	0.976	0.354	0.028	1.090	0.095	0.062	0.183	0.012
Construction (15xx)	0.001	0.030	0.005	0.004	0.005	0	0	0	0.010	0	0.150	0.010	0
Manufacturing (2xxx, 3xxx)	0.367	0.126	0.246	0.077	0.052	0.247	0.047	0.399	0.327	0.140	0.150	0.130	0.182
Pharmaceuticals (2834-6)	0.068	0.054	0.201	0.067	0.192	0.220	0.170	0.088	0.101	0.201	0.244	0.136	0.120
Transportation (4xxx)	0	0.071	0.001	0.032	0.022	0.001	0.050	0.207	0.101	0.192	0.002	0.500	0.003
Communications (48xx)	0.003	0.670	0.086	0.003	0.012	0.031	0.010	0.014	0	0	0.033	0.001	0.004
Electric, gas, sanitary services (49xx)	0	0	0.009	0	0.015	0.010	0.326	0.008	0.033	0.001	0.001	0.270	0.159
Wholesale (5xxx)	0.002	0.030	0.025	0.011	0.036	0.040	0.011	0.052	0.025	0.018	0.018	0.023	0.005
Finance, insurance, real estate (6xxx)	0.153	0.032	0.455	1.746	1.290	0.784	0.312	0.896	0.022	0.354	1.184	0.075	0.096
Services (7xxx)	0.028	0.021	0.100	0.107	0.045	0.036	0.020	0.033	0.035	0.045	0.058	0.082	0.281
Health services (8xxx)	0.095	0	0.015	0.029	0.136	0.002	0.026	0	0.029	1.226	0.013	0.009	0.015
Non-operating (9995)	0	0	0	0	0	0	0	0	0.010	0	0	0	0
Total	0.967	1.083	1.382	2.145	2.662	2.397	1.385	1.784	1.891	2.391	2.627	1.473	0.928
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	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	0	0	0	0.039	7	0.039	7	0.00%
Mining (1xxx)	0.292	17	0.275	18	0.218	18	0.860	34	0.052	5	0.052	5	1.697	92	1.612	83	5.60%
Oil and gas (13xx)	0.242	17	1.670	20	1.472	18	0.340	18	0.012	4	0.012	4	3.735	77	3.571	70	1.29%
Construction (15xx)	0.036	4	0.009	2	0.010	1	0.160	2	0	0	0	0	0.215	9	0.214	8	0.00%
Manufacturing (2xxx, 3xxx)	0.739	60	0.377	58	0.773	49	0.419	69	0.182	14	0.182	14	2.490	250	2.123	230	19.61%
Pharmaceuticals (2834-6)	0.323	40	0.479	36	0.359	28	0.581	36	0.120	13	0.120	13	1.864	153	1.795	144	12.93%
Transportation (4xxx)	0.072	3	0.056	4	0.359	6	0.694	5	0.003	1	0.003	1	1.183	19	1.183	19	0.32%
Communications (48xx)	0.759	11	0.046	9	0.024	5	0.034	5	0.004	1	0.004	1	0.867	31	0.864	29	0.43%
Electric, gas, sanitary services (49xx)	0.009	1	0.025	2	0.367	10	0.272	6	0.159	2	0.159	2	0.831	21	0.831	21	17.13%
Wholesale (5xxx)	0.056	10	0.087	10	0.088	11	0.059	15	0.005	2	0.005	2	0.295	48	0.293	47	0.54%
Finance, insurance, real estate (6xxx)	0.640	31	3.820	62	1.230	24	1.613	22	0.096	5	0.096	5	7.399	144	7.246	133	10.34%
Services (7xxx)	0.149	25	0.189	24	0.089	23	0.185	31	0.281	4	0.281	4	0.892	107	0.865	102	30.28%
Health services (8xxx)	0.111	9	0.168	7	0.054	7	1.248	13	0.015	3	0.015	3	1.596	39	1.500	35	1.62%
Non-operating (9995)	0	0	0	0	0.010	1	0	0	0	0	0	0	0.010	1	0.010	1	0.00%
Total	3.431	229	7.204	254	5.060	202	6.491	259	0.928	54	0.928	54	23.114	998	22.148	929	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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