Analysis of PIPE issuance for 13 months through March 2011

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

Proceeds

	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Less than $1 million	0.001	0.001	0.001	0	0.001	0.001	0.001	0.002	0.001	0.001	0.001	0	0.001
$1-1.99 million	0.032	0.023	0.015	0.024	0.020	0.020	0.012	0.027	0.018	0.030	0.014	0.028	0.027
$2-2.99 million	0.030	0.022	0.027	0.025	0.012	0.025	0.021	0.035	0.018	0.042	0.007	0.023	0.028
$3-4.99 million	0.059	0.043	0.028	0.035	0.019	0.029	0.028	0.034	0.044	0.039	0.026	0.032	0.042
$5-9.99 million	0.135	0.068	0.090	0.090	0.091	0.063	0.089	0.037	0.068	0.122	0.047	0.129	0.070
$10-14.99 million	0.096	0.093	0.045	0.142	0.055	0.051	0.106	0.108	0.147	0.086	0.117	0.065	0.064
$15-$49.99 million	0.270	0.386	0.396	0.405	0.255	0.264	0.323	0.286	0.281	0.240	0.326	0.151	0.221
$50 million and higher	0.757	1.509	2.061	1.676	0.932	1.340	1.321	1.861	2.178	0.924	0.429	1.058	1.364
Total	1.382	2.145	2.662	2.397	1.385	1.794	1.901	2.391	2.755	1.485	0.966	1.487	1.816
	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	0.002	4	0.003	5	0.004	7	0.002	3	0.002	3	0.012	20	0.011	19	0.05%
$1-1.99 million	0.061	48	0.052	40	0.075	59	0.070	55	0.070	55	0.291	227	0.258	202	1.64%
$2-2.99 million	0.074	32	0.059	25	0.095	41	0.058	25	0.058	25	0.316	136	0.285	123	1.36%
$3-4.99 million	0.107	29	0.077	21	0.118	32	0.099	27	0.099	27	0.460	125	0.400	109	2.32%
$5-9.99 million	0.248	42	0.243	39	0.227	36	0.246	38	0.246	38	1.099	174	0.964	155	5.76%
$10-14.99 million	0.280	26	0.212	20	0.342	30	0.246	23	0.246	23	1.175	108	1.079	99	5.76%
$15-$49.99 million	1.187	47	0.843	31	0.808	34	0.697	31	0.697	31	3.806	153	3.536	143	16.33%
$50 million and higher	5.246	26	3.592	23	4.962	21	2.850	18	2.850	18	17.408	97	16.651	88	66.76%
Total	7.204	254	5.080	204	6.631	260	4.269	220	4.269	220	24.565	1040	23.184	938	100.00%
Type
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
convertible notes	0.357	0.037	0.155	0.083	0.031	0.053	0.378	0.088	0.635	0.086	0.056	0.047	0.029
convertible preferreds	0.369	1.672	1.499	1.285	0.174	0.743	0.971	1.242	0.004	0.027	0.357	0.050	0.376
equity line	0.087	0.035	0.116	0.077	0.269	0.247	0.202	0.039	0.231	0.116	0.083	0.102	0.271
notes with stock	0.013	0	0	0	0.003	0	0.055	0.004	0	0.002	0	0	0
notes with warrants	0.010	0.055	0.041	0.057	0.028	0.028	0.006	0.096	0.088	0.039	0	0.008	0.030
preferreds with stock	0	0.008	0	0	0	0	0	0	0	0	0	0	0
preferreds with warrants	0.002	0.013	0.024	0.010	0	0	0	0	0.006	0.025	0.026	0	0
stock	0.470	0.282	0.800	0.864	0.829	0.689	0.181	0.821	1.729	0.847	0.363	1.070	0.829
units of stock and warrants	0.073	0.042	0.027	0.021	0.052	0.035	0.108	0.101	0.058	0.342	0.081	0.204	0.282
warrants	0	0	0	0	0	0	0	0	0.004	0.002	0	0.005	0
Total	1.382	2.145	2.662	2.397	1.385	1.794	1.901	2.391	2.755	1.485	0.966	1.487	1.816
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.275	30	0.462	38	0.809	40	0.132	32	0.132	32	2.035	164	1.677	140	3.09%
convertible preferreds	4.457	54	1.888	29	1.273	15	0.783	27	0.783	27	8.770	141	8.400	125	18.34%
equity line	0.228	21	0.718	41	0.386	25	0.456	28	0.456	28	1.874	122	1.787	115	10.68%
notes with stock	0	0	0.058	2	0.006	2	0	0	0	0	0.077	6	0.064	4	0.00%
notes with warrants	0.153	10	0.061	8	0.223	17	0.038	6	0.038	6	0.486	45	0.476	41	0.89%
preferreds with stock	0.008	1	0	0	0	0	0	0	0	0	0.008	1	0.008	1	0.00%
preferreds with warrants	0.046	8	0	0	0.031	2	0.026	2	0.026	2	0.105	13	0.104	12	0.61%
stock	1.946	105	1.699	61	3.396	111	2.262	83	2.262	83	9.773	400	9.303	360	52.99%
units of stock and warrants	0.090	25	0.195	25	0.501	46	0.567	41	0.567	41	1.427	145	1.354	137	13.28%
warrants	0	0	0	0	0.005	2	0.005	1	0.005	1	0.010	3	0.010	3	0.12%
Total	7.204	254	5.080	204	6.631	260	4.269	220	4.269	220	24.565	1040	23.184	938	100.00%
Warrants
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Yes	0.268	0.248	0.395	0.327	0.204	0.968	0.378	1.727	0.268	0.259	0.220	0.335	0.864
No	1.114	1.897	2.267	2.070	1.181	0.826	1.522	0.664	2.486	1.226	0.746	1.151	0.952
Total	1.382	2.145	2.662	2.397	1.385	1.794	1.901	2.391	2.755	1.485	0.966	1.487	1.816
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.970	120	1.550	90	2.254	126	1.419	112	1.419	112	6.462	492	6.194	448	33.24%
No	6.234	134	3.530	114	4.377	134	2.850	108	2.850	108	18.104	548	16.990	490	66.76%
Total	7.204	254	5.080	204	6.631	260	4.269	220	4.269	220	24.565	1040	23.184	938	100.00%
Use of Proceeds
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Acquisition	0.002	0.042	0	0	0.315	0	0	0.014	0.019	0.006	0	0	0.500
Capex	0.119	0.131	0.088	0.223	0.367	0.032	1.174	0.179	0.752	0.908	0.060	0.060	0.009
GCP	0.278	0.940	0.928	0.520	0.182	0.067	0.309	0.213	0.411	0.188	0.248	0.434	0.459
Refinance	0.178	0.015	0.600	0.910	0	0.063	0.100	0.194	0.100	0.002	0	0	0.005
Multiple/Other/NA	0.803	1.018	1.046	0.744	0.521	1.633	0.318	1.791	1.472	0.381	0.659	0.992	0.843
Total	1.382	2.145	2.662	2.397	1.385	1.794	1.901	2.391	2.755	1.485	0.966	1.487	1.816
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.042	2	0.315	2	0.039	4	0.500	1	0.500	1	0.899	10	0.896	9	11.71%
Capex	0.441	31	1.573	30	1.839	38	0.129	14	0.129	14	4.101	121	3.982	113	3.02%
GCP	2.388	66	0.557	55	0.812	71	1.141	79	1.141	79	5.176	297	4.897	271	26.73%
Refinance	1.525	4	0.163	3	0.296	7	0.005	1	0.005	1	2.167	18	1.989	15	0.12%
Multiple/Other/NA	2.808	151	2.472	114	3.645	140	2.494	125	2.494	125	12.222	594	11.419	530	58.42%
Total	7.204	254	5.080	204	6.631	260	4.269	220	4.269	220	24.565	1040	23.184	938	100.00%
Industry Sector (by SIC code)
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Agriculture (0xxx)	0	0.002	0	0.002	0.007	0	0	0	0.003	0.022	0	0.007	0.002
Mining (1xxx)	0.205	0.021	0.209	0.046	0.052	0.060	0.106	0.120	0.708	0.030	0.057	0.034	0.067
Oil and gas (13xx)	0.034	0.045	0.648	0.976	0.354	0.028	1.090	0.095	0.062	0.183	0.012	0.099	0.217
Construction (15xx)	0.005	0.004	0.005	0	0	0	0.010	0	0.150	0.010	0	0	0
Manufacturing (2xxx, 3xxx)	0.246	0.077	0.052	0.247	0.047	0.399	0.337	0.140	0.150	0.130	0.182	0.093	0.261
Pharmaceuticals (2834-6)	0.201	0.067	0.192	0.220	0.170	0.088	0.101	0.201	0.244	0.136	0.120	0.129	0.141
Transportation (4xxx)	0.001	0.032	0.022	0.001	0.050	0.207	0.101	0.192	0.002	0.506	0.004	0	0
Communications (48xx)	0.086	0.003	0.012	0.031	0.010	0.014	0	0	0.033	0.001	0	0.002	0.504
Electric, gas, sanitary services (49xx)	0.009	0	0.015	0.010	0.326	0.008	0.033	0.001	0.001	0.270	0.159	0.753	0.010
Wholesale (5xxx)	0.025	0.011	0.036	0.040	0.011	0.052	0.025	0.018	0.018	0.026	0.005	0.033	0.020
Finance, insurance, real estate (6xxx)	0.455	1.746	1.290	0.784	0.312	0.896	0.022	0.354	1.312	0.075	0.104	0.215	0.508
Services (7xxx)	0.100	0.107	0.045	0.036	0.020	0.043	0.035	0.045	0.058	0.087	0.281	0.090	0.074
Health services (8xxx)	0.015	0.029	0.136	0.002	0.026	0	0.029	1.226	0.013	0.009	0.042	0.031	0.001
Non-operating (9995)	0	0	0	0	0	0	0.010	0	0	0	0	0	0.010
Total	1.382	2.145	2.662	2.397	1.385	1.794	1.901	2.391	2.755	1.485	0.966	1.487	1.816
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.005	2	0.007	1	0.025	3	0.009	4	0.009	4	0.047	10	0.047	10	0.21%
Mining (1xxx)	0.275	18	0.218	18	0.858	33	0.158	26	0.158	26	1.714	102	1.510	95	3.70%
Oil and gas (13xx)	1.670	20	1.472	18	0.340	18	0.328	15	0.328	15	3.843	77	3.809	71	7.68%
Construction (15xx)	0.009	2	0.010	1	0.160	2	0	0	0	0	0.184	6	0.179	5	0.00%
Manufacturing (2xxx, 3xxx)	0.377	58	0.783	50	0.419	69	0.536	68	0.536	68	2.361	268	2.116	245	12.56%
Pharmaceuticals (2834-6)	0.479	36	0.359	28	0.581	36	0.391	29	0.391	29	2.012	149	1.810	129	9.16%
Transportation (4xxx)	0.056	4	0.359	6	0.700	6	0.004	2	0.004	2	1.120	19	1.119	18	0.09%
Communications (48xx)	0.046	9	0.024	5	0.034	5	0.507	5	0.507	5	0.697	28	0.611	24	11.88%
Electric, gas, sanitary services (49xx)	0.025	2	0.367	10	0.272	6	0.922	5	0.922	5	1.594	24	1.586	23	21.60%
Wholesale (5xxx)	0.087	10	0.088	11	0.062	15	0.057	10	0.057	10	0.319	50	0.294	46	1.34%
Finance, insurance, real estate (6xxx)	3.820	62	1.230	24	1.741	22	0.827	22	0.827	22	8.073	145	7.618	130	19.37%
Services (7xxx)	0.189	24	0.099	24	0.190	32	0.445	21	0.445	21	1.022	116	0.922	101	10.42%
Health services (8xxx)	0.168	7	0.054	7	1.248	13	0.074	12	0.074	12	1.560	44	1.545	39	1.73%
Non-operating (9995)	0	0	0.010	1	0	0	0.010	1	0.010	1	0.020	2	0.020	2	0.23%
Total	7.204	254	5.080	204	6.631	260	4.269	220	4.269	220	24.565	1040	23.184	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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