Analysis of PIPE issuance for 13 months through April 2011

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

Proceeds

	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Less than $1 million	0.001	0.001	0	0.001	0.001	0.001	0.002	0.001	0.001	0.001	0	0.001	0.002
$1-1.99 million	0.023	0.015	0.024	0.020	0.019	0.012	0.027	0.018	0.030	0.013	0.028	0.032	0.023
$2-2.99 million	0.022	0.027	0.025	0.012	0.028	0.021	0.035	0.018	0.042	0.007	0.023	0.030	0.011
$3-4.99 million	0.043	0.028	0.035	0.019	0.029	0.028	0.034	0.044	0.039	0.026	0.032	0.049	0.038
$5-9.99 million	0.068	0.090	0.085	0.091	0.063	0.089	0.037	0.068	0.122	0.047	0.129	0.088	0.076
$10-14.99 million	0.093	0.045	0.142	0.055	0.051	0.106	0.108	0.147	0.086	0.117	0.065	0.064	0.086
$15-$49.99 million	0.386	0.396	0.405	0.255	0.264	0.323	0.286	0.281	0.240	0.326	0.151	0.242	0.211
$50 million and higher	1.509	2.061	1.676	0.932	1.340	1.321	1.861	2.178	0.924	0.639	1.058	1.364	1.642
Total	2.145	2.662	2.392	1.385	1.796	1.901	2.391	2.755	1.485	1.175	1.487	1.870	2.089
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	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	0.004	6	0.012	22	0.012	21	0.06%
$1-1.99 million	0.061	48	0.051	39	0.075	59	0.073	57	0.023	18	0.095	75	0.282	221	0.260	203	1.44%
$2-2.99 million	0.074	32	0.061	26	0.095	41	0.060	26	0.011	5	0.071	31	0.301	130	0.279	120	1.07%
$3-4.99 million	0.107	29	0.077	21	0.118	32	0.107	29	0.038	10	0.145	39	0.446	121	0.403	109	2.19%
$5-9.99 million	0.243	41	0.243	39	0.227	36	0.265	40	0.076	11	0.340	51	1.053	167	0.985	155	5.14%
$10-14.99 million	0.280	26	0.212	20	0.342	30	0.246	23	0.086	7	0.332	30	1.165	106	1.072	97	5.02%
$15-$49.99 million	1.187	47	0.843	31	0.808	34	0.719	32	0.211	8	0.930	40	3.768	152	3.382	138	14.05%
$50 million and higher	5.246	26	3.592	23	4.962	21	3.060	18	1.642	12	4.703	30	18.503	100	16.994	93	71.04%
Total	7.199	253	5.081	204	6.631	260	4.531	228	2.089	74	6.620	302	25.531	1019	23.386	936	100.00%
Type
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
convertible notes	0.037	0.155	0.083	0.031	0.053	0.378	0.088	0.635	0.086	0.056	0.047	0.032	0.457
convertible preferreds	1.672	1.499	1.280	0.174	0.744	0.971	1.242	0.004	0.027	0.567	0.050	0.385	0.535
equity line	0.035	0.116	0.077	0.269	0.247	0.202	0.039	0.231	0.116	0.083	0.102	0.271	0.075
notes with stock	0	0	0	0.003	0	0.055	0.004	0	0.002	0	0	0	0
notes with warrants	0.055	0.041	0.057	0.028	0.028	0.006	0.096	0.088	0.039	0	0.008	0.030	0.004
preferreds with stock	0.008	0	0	0	0	0	0	0	0	0	0	0	0
preferreds with warrants	0.013	0.024	0.010	0	0	0	0	0.006	0.025	0.026	0	0	0.025
stock	0.282	0.800	0.864	0.829	0.689	0.181	0.821	1.729	0.847	0.362	1.070	0.845	0.961
units of stock and warrants	0.042	0.027	0.021	0.052	0.035	0.108	0.101	0.058	0.342	0.081	0.204	0.307	0.030
warrants	0	0	0	0	0	0	0	0.004	0.002	0	0.005	0	0
Total	2.145	2.662	2.392	1.385	1.796	1.901	2.391	2.755	1.485	1.175	1.487	1.870	2.089
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.275	30	0.462	38	0.809	40	0.135	33	0.457	14	0.592	47	2.138	155	2.101	144	8.94%
convertible preferreds	4.452	53	1.889	29	1.273	15	1.002	28	0.535	9	1.537	37	9.151	134	7.479	114	23.22%
equity line	0.228	21	0.718	41	0.386	25	0.456	28	0.075	6	0.531	34	1.862	121	1.827	116	8.02%
notes with stock	0	0	0.058	2	0.006	2	0	0	0	0	0	0	0.064	4	0.064	4	0.00%
notes with warrants	0.153	10	0.061	8	0.223	17	0.038	6	0.004	2	0.042	8	0.480	43	0.425	40	0.63%
preferreds with stock	0.008	1	0	0	0	0	0	0	0	0	0	0	0.008	1	0	0	0.00%
preferreds with warrants	0.046	8	0	0	0.031	2	0.026	2	0.025	1	0.051	3	0.129	13	0.116	11	0.77%
stock	1.946	105	1.699	61	3.396	111	2.277	86	0.961	36	3.238	122	10.280	399	9.997	368	48.91%
units of stock and warrants	0.090	25	0.195	25	0.501	46	0.592	44	0.030	6	0.623	50	1.409	146	1.367	136	9.41%
warrants	0	0	0	0	0.005	2	0.005	1	0	0	0.005	1	0.010	3	0.010	3	0.08%
Total	7.199	253	5.081	204	6.631	260	4.531	228	2.089	74	6.620	302	25.531	1019	23.386	936	100.00%
Warrants
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Yes	0.248	0.395	0.327	0.204	0.970	0.378	1.727	0.268	0.259	0.219	0.335	0.898	0.819
No	1.897	2.267	2.065	1.181	0.826	1.522	0.664	2.486	1.226	0.956	1.151	0.971	1.270
Total	2.145	2.662	2.392	1.385	1.796	1.901	2.391	2.755	1.485	1.175	1.487	1.870	2.089
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.970	120	1.551	90	2.254	126	1.453	115	0.819	37	2.272	152	7.047	488	6.799	445	34.32%
No	6.229	133	3.530	114	4.377	134	3.078	113	1.270	37	4.348	150	18.484	531	16.587	491	65.68%
Total	7.199	253	5.081	204	6.631	260	4.531	228	2.089	74	6.620	302	25.531	1019	23.386	936	100.00%
Use of Proceeds
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Acquisition	0.042	0	0	0.315	0	0	0.014	0.019	0.006	0.480	0	0.500	0.002
Capex	0.131	0.088	0.223	0.367	0.032	1.174	0.179	0.752	0.908	0.060	0.060	0.010	0.021
GCP	0.940	0.928	0.520	0.182	0.068	0.309	0.213	0.411	0.188	0.248	0.434	0.462	0.232
Refinance	0.015	0.600	0.910	0	0.063	0.100	0.194	0.100	0.002	0	0	0.005	0.087
Multiple/Other/NA	1.018	1.046	0.739	0.521	1.633	0.318	1.791	1.472	0.381	0.387	0.992	0.893	1.747
Total	2.145	2.662	2.392	1.385	1.796	1.901	2.391	2.755	1.485	1.175	1.487	1.870	2.089
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.042	2	0.315	2	0.039	4	0.980	2	0.002	1	0.982	3	1.378	11	1.337	9	14.83%
Capex	0.441	31	1.573	30	1.839	38	0.130	14	0.021	5	0.151	19	4.004	118	3.873	106	2.28%
GCP	2.388	66	0.558	55	0.812	71	1.143	80	0.232	16	1.375	96	5.133	288	4.194	265	20.77%
Refinance	1.525	4	0.163	3	0.296	7	0.005	1	0.087	3	0.092	4	2.076	18	2.061	17	1.39%
Multiple/Other/NA	2.803	150	2.472	114	3.645	140	2.273	131	1.747	49	4.020	180	12.939	584	11.921	539	60.73%
Total	7.199	253	5.081	204	6.631	260	4.531	228	2.089	74	6.620	302	25.531	1019	23.386	936	100.00%
Industry Sector (by SIC code)
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Agriculture (0xxx)	0.002	0	0.002	0.007	0	0	0	0.003	0.022	0	0.007	0.002	0
Mining (1xxx)	0.021	0.209	0.046	0.052	0.060	0.106	0.120	0.708	0.030	0.057	0.034	0.070	0.019
Oil and gas (13xx)	0.045	0.648	0.976	0.354	0.028	1.090	0.095	0.062	0.183	0.012	0.099	0.240	0.030
Construction (15xx)	0.004	0.005	0	0	0	0.010	0	0.150	0.010	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.077	0.052	0.247	0.047	0.399	0.337	0.140	0.150	0.130	0.182	0.093	0.272	0.349
Pharmaceuticals (2834-6)	0.067	0.192	0.220	0.170	0.088	0.101	0.201	0.244	0.136	0.120	0.129	0.141	0.085
Transportation (4xxx)	0.032	0.022	0.001	0.050	0.207	0.101	0.192	0.002	0.506	0.004	0	0	0
Communications (48xx)	0.003	0.012	0.031	0.010	0.015	0	0	0.033	0.001	0	0.002	0.504	0
Electric, gas, sanitary services (49xx)	0	0.015	0.010	0.326	0.008	0.033	0.001	0.001	0.270	0.159	0.753	0.010	0.025
Wholesale (5xxx)	0.011	0.036	0.040	0.011	0.052	0.025	0.018	0.018	0.026	0.005	0.033	0.020	0
Finance, insurance, real estate (6xxx)	1.746	1.290	0.779	0.312	0.896	0.022	0.354	1.312	0.075	0.104	0.215	0.519	0.934
Services (7xxx)	0.107	0.045	0.036	0.020	0.043	0.035	0.045	0.058	0.087	0.490	0.090	0.076	0.516
Health services (8xxx)	0.029	0.136	0.002	0.026	0	0.029	1.226	0.013	0.009	0.042	0.031	0.004	0.127
Non-operating (9995)	0	0	0	0	0	0.010	0	0	0	0	0	0.010	0.004
Total	2.145	2.662	2.392	1.385	1.796	1.901	2.391	2.755	1.485	1.175	1.487	1.870	2.089
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	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	0	0.009	4	0.047	10	0.044	9	0.14%
Mining (1xxx)	0.275	18	0.218	18	0.858	33	0.161	27	0.019	7	0.180	34	1.531	103	1.510	95	2.72%
Oil and gas (13xx)	1.670	20	1.472	18	0.340	18	0.351	17	0.030	9	0.381	26	3.862	82	3.817	73	5.76%
Construction (15xx)	0.009	2	0.010	1	0.160	2	0	0	0	0	0	0	0.179	5	0.175	4	0.00%
Manufacturing (2xxx, 3xxx)	0.377	58	0.783	50	0.419	69	0.547	70	0.349	15	0.896	85	2.475	262	2.398	244	13.53%
Pharmaceuticals (2834-6)	0.479	36	0.359	28	0.581	36	0.391	29	0.085	12	0.475	41	1.895	141	1.828	130	7.18%
Transportation (4xxx)	0.056	4	0.359	6	0.700	6	0.004	2	0	0	0.004	2	1.119	18	1.087	17	0.06%
Communications (48xx)	0.046	9	0.025	5	0.034	5	0.507	5	0	0	0.507	5	0.612	24	0.609	23	7.66%
Electric, gas, sanitary services (49xx)	0.025	2	0.367	10	0.272	6	0.922	5	0.025	2	0.947	7	1.611	25	1.611	25	14.31%
Wholesale (5xxx)	0.087	10	0.088	11	0.062	15	0.057	10	0	0	0.057	10	0.294	46	0.283	44	0.86%
Finance, insurance, real estate (6xxx)	3.815	61	1.230	24	1.741	22	0.839	24	0.934	16	1.773	40	8.559	147	6.813	126	26.78%
Services (7xxx)	0.189	24	0.099	24	0.190	32	0.655	21	0.516	8	1.171	29	1.648	109	1.541	100	17.69%
Health services (8xxx)	0.168	7	0.054	7	1.248	13	0.078	13	0.127	2	0.205	15	1.675	42	1.646	41	3.10%
Non-operating (9995)	0	0	0.010	1	0	0	0.010	1	0.004	3	0.014	4	0.024	5	0.024	5	0.21%
Total	7.199	253	5.081	204	6.631	260	4.531	228	2.089	74	6.620	302	25.531	1019	23.386	936	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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