Analysis of PIPE issuance for year to date through September

Total: $14.160 billion in 1,145 deals

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

Proceeds

	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Less than $1 million	0.002	0.006	0.003	0.002	0.005	0.003	0.002	0.004	0.005
$1-1.99 million	0.031	0.036	0.034	0.035	0.032	0.032	0.044	0.042	0.022
$2-2.99 million	0.049	0.041	0.050	0.055	0.042	0.048	0.035	0.038	0.036
$3-4.99 million	0.069	0.074	0.091	0.068	0.081	0.062	0.093	0.095	0.053
$5-9.99 million	0.071	0.130	0.138	0.136	0.160	0.185	0.106	0.181	0.142
$10-14.99 million	0.091	0.136	0.176	0.131	0.071	0.112	0.171	0.177	0.138
$15-$49.99 million	0.194	0.411	0.353	0.356	0.126	0.460	0.472	0.534	0.562
$50 million and higher	0.535	0.244	0.423	1.390	0.335	0.801	0.308	2.384	0.379
Total	1.044	1.083	1.266	2.172	0.854	1.708	1.235	3.459	1.339
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Less than $1 million	0.011	15	0.010	16	0.011	28	0.030	59	0.28%
$1-1.99 million	0.102	75	0.101	76	0.109	82	0.311	233	2.18%
$2-2.99 million	0.141	58	0.145	63	0.110	48	0.396	169	2.58%
$3-4.99 million	0.232	61	0.211	58	0.240	65	0.688	184	5.02%
$5-9.99 million	0.340	52	0.481	71	0.430	64	1.251	187	8.86%
$10-14.99 million	0.403	36	0.314	29	0.486	44	1.201	109	8.50%
$15-$49.99 million	0.958	41	0.942	37	1.568	68	3.467	146	24.50%
$50 million and higher	1.202	11	2.526	23	3.071	24	6.799	58	48.02%
Total	3.392	349	4.734	373	6.033	423	14.160	1145	100.00%
Type
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
convertible notes	0.133	0.251	0.278	0.633	0.320	0.405	0.182	0.937	0.265
convertible preferreds	0.176	0.244	0.102	0.694	0.086	0.204	0.229	0.643	0.033
equity line of credit	0.087	0.080	0.199	0.360	0.054	0.215	0.350	0.308	0.170
notes with warrants	0.007	0.012	0.033	0.013	0.005	0.064	0.056	0.028	0.019
preferreds with warrants	0	0	0	0	0.001	0.010	0.004	0	0
stock	0.572	0.478	0.583	0.445	0.347	0.754	0.401	1.426	0.733
units of stock and warrants	0.068	0.018	0.071	0.026	0.040	0.056	0.013	0.118	0.089
warrants	0	0	0	0	0.001	0	0	0	0.030
Total	1.044	1.083	1.266	2.172	0.854	1.708	1.235	3.459	1.339
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
convertible notes	0.661	95	1.358	105	1.383	126	3.402	326	24.03%
convertible preferreds	0.521	55	0.985	60	0.905	39	2.410	154	17.02%
equity line of credit	0.366	23	0.629	20	0.828	38	1.823	81	12.87%
notes with warrants	0.053	10	0.082	18	0.102	19	0.237	47	1.67%
preferreds with warrants	0	0	0.012	5	0.004	1	0.015	6	0.11%
stock	1.634	129	1.545	128	2.560	156	5.739	413	40.53%
units of stock and warrants	0.157	37	0.123	36	0.220	41	0.500	114	3.53%
warrants	0	0	0.001	1	0.030	3	0.031	4	0.22%
Total	3.392	349	4.734	373	6.033	423	14.160	1145	100.00%
Warrants
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Yes	0.240	0.445	0.705	0.734	0.331	0.541	0.473	0.775	0.491
No	0.803	0.638	0.561	1.438	0.524	1.167	0.762	2.685	0.848
Total	1.044	1.083	1.266	2.172	0.854	1.708	1.235	3.459	1.339
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Yes	1.389	205	1.606	220	1.739	245	4.734	670	33.43%
No	2.003	144	3.128	153	4.295	178	9.426	475	66.57%
Total	3.392	349	4.734	373	6.033	423	14.160	1145	100.00%
Use of Proceeds
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Acquisition	0.361	0.063	0.044	0.828	0.091	0.490	0.073	0.339	0.133
Capex	0.016	0.045	0.025	0.084	0.043	0.071	0.130	1.086	0.161
GCP	0.160	0.211	0.392	0.471	0.201	0.357	0.430	0.499	0.155
Redeem convertibles	0	0	0	0	0.004	0	0	0	0
Refinance	0.004	0	0.003	0	0	0.113	0.038	0.345	0
Repay bank debt	0	0.040	0	0	0	0	0	0	0
Repay debt	0	0.115	0.145	0.037	0.021	0.032	0	0.371	0.057
Multiple/Other/NA	0.501	0.608	0.656	0.752	0.494	0.644	0.563	0.819	0.834
Total	1.044	1.083	1.266	2.172	0.854	1.708	1.235	3.459	1.339
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Acquisition	0.469	17	1.409	25	0.546	28	2.424	70	17.12%
Capex	0.086	13	0.198	18	1.377	32	1.661	63	11.73%
GCP	0.764	117	1.029	123	1.083	127	2.876	367	20.31%
Redeem convertibles	0	0	0.004	1	0	0	0.004	1	0.03%
Refinance	0.007	3	0.113	6	0.383	10	0.504	19	3.56%
Repay bank debt	0.040	1	0	0	0	0	0.040	1	0.28%
Repay debt	0.260	7	0.090	8	0.429	14	0.779	29	5.50%
Multiple/Other/NA	1.766	191	1.891	192	2.216	212	5.873	595	41.48%
Total	3.392	349	4.734	373	6.033	423	14.160	1145	100.00%
Industry Sector (by SIC code)
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Agriculture (0xxx)	0	0.003	0	0	0	0	0	0	0
Mining (1xxx)	0.013	0.031	0.027	0.088	0.017	0.023	0.032	0.339	0.007
Oil and gas (13xx)	0.149	0.088	0.041	0.177	0.039	0.139	0.179	0.240	0.266
Manufacturing (2xxx, 3xxx)	0.139	0.460	0.495	0.233	0.156	0.433	0.254	0.585	0.309
Pharmaceuticals (2833-6)	0.064	0.043	0.149	0.188	0.105	0.234	0.164	0.557	0.294
Transportation (4xxx)	0	0.022	0.006	0.001	0.060	0.063	0	0.024	0
Communications (48xx)	0.033	0.093	0.038	0.415	0.014	0.023	0.169	0.680	0.012
Electric, gas, sanitary services (49xx)	0	0.022	0	0.014	0.002	0.227	0.047	0.384	0.005
Wholesale (5xxx)	0.362	0.053	0.291	0.038	0.007	0.148	0.006	0.200	0.085
Finance, insurance, real estate (6xxx)	0.104	0.119	0.028	0.542	0.263	0.181	0.132	0.182	0.200
Services (7xxx)	0.155	0.134	0.172	0.267	0.186	0.223	0.205	0.228	0.156
Health services (8xxx)	0.025	0.016	0.018	0.208	0.006	0.014	0.046	0.041	0.006
Total	1.044	1.083	1.266	2.172	0.854	1.708	1.235	3.459	1.339
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Agriculture (0xxx)	0.003	1	0	0	0	0	0.003	1	0.02%
Mining (1xxx)	0.071	16	0.128	16	0.378	19	0.578	51	4.08%
Oil and gas (13xx)	0.278	22	0.355	30	0.685	45	1.318	97	9.31%
Manufacturing (2xxx, 3xxx)	1.094	113	0.822	122	1.148	127	3.064	362	21.64%
Pharmaceuticals (2833-6)	0.256	42	0.527	53	1.014	54	1.797	149	12.69%
Transportation (4xxx)	0.028	3	0.124	5	0.024	5	0.176	13	1.24%
Communications (48xx)	0.163	23	0.452	14	0.861	21	1.476	58	10.42%
Electric, gas, sanitary services (49xx)	0.022	2	0.244	7	0.435	13	0.701	22	4.95%
Wholesale (5xxx)	0.705	21	0.194	11	0.291	17	1.190	49	8.40%
Finance, insurance, real estate (6xxx)	0.252	21	0.985	34	0.514	26	1.751	81	12.37%
Services (7xxx)	0.461	72	0.676	70	0.590	85	1.727	227	12.20%
Health services (8xxx)	0.059	13	0.228	11	0.093	11	0.380	35	2.68%
Total	3.392	349	4.734	373	6.033	423	14.160	1145	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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