Analysis of PIPE issuance for 13 months through May 2011

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

Proceeds

	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Less than $1 million	0.001	0	0.001	0.001	0.001	0.002	0.001	0.001	0.001	0	0.001	0.002	0.001
$1-1.99 million	0.015	0.024	0.020	0.019	0.012	0.027	0.018	0.030	0.013	0.028	0.032	0.023	0.012
$2-2.99 million	0.027	0.025	0.012	0.028	0.021	0.035	0.018	0.042	0.007	0.023	0.032	0.015	0.013
$3-4.99 million	0.028	0.035	0.019	0.029	0.028	0.034	0.044	0.039	0.026	0.032	0.049	0.047	0.050
$5-9.99 million	0.090	0.085	0.091	0.063	0.089	0.037	0.068	0.122	0.047	0.129	0.088	0.091	0.055
$10-14.99 million	0.045	0.142	0.055	0.051	0.106	0.108	0.147	0.086	0.117	0.065	0.064	0.073	0.145
$15-$49.99 million	0.396	0.405	0.255	0.264	0.323	0.286	0.281	0.240	0.326	0.151	0.242	0.211	0.410
$50 million and higher	2.061	1.676	0.932	1.340	1.321	1.861	2.178	0.924	0.639	1.058	1.364	1.642	0.787
Total	2.662	2.392	1.385	1.796	1.901	2.391	2.755	1.485	1.175	1.487	1.872	2.104	1.474
	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	0.003	5	0.004	7	0.002	3	0.003	4	0.005	7	0.013	22	0.012	19	0.06%
$1-1.99 million	0.051	39	0.075	59	0.073	57	0.035	28	0.108	85	0.272	213	0.258	202	1.33%
$2-2.99 million	0.061	26	0.095	41	0.062	27	0.029	12	0.090	39	0.299	128	0.271	116	1.11%
$3-4.99 million	0.077	21	0.118	32	0.107	29	0.097	26	0.204	55	0.462	125	0.433	117	2.52%
$5-9.99 million	0.243	39	0.227	36	0.265	40	0.147	21	0.411	61	1.055	165	0.966	150	5.07%
$10-14.99 million	0.212	20	0.342	30	0.246	23	0.218	18	0.464	41	1.204	108	1.160	104	5.72%
$15-$49.99 million	0.843	31	0.808	34	0.719	32	0.621	23	1.340	55	3.791	153	3.396	137	16.52%
$50 million and higher	3.592	23	4.962	21	3.060	18	2.429	17	5.490	35	17.781	98	15.720	88	67.69%
Total	5.081	204	6.631	260	4.533	229	3.578	149	8.111	378	24.877	1012	22.215	933	100.00%
Type
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
convertible notes	0.155	0.083	0.031	0.053	0.378	0.088	0.635	0.086	0.056	0.047	0.032	0.462	0.101
convertible preferreds	1.499	1.280	0.174	0.744	0.971	1.242	0.004	0.027	0.567	0.050	0.385	0.535	0.377
equity line	0.116	0.077	0.269	0.247	0.202	0.039	0.231	0.116	0.083	0.102	0.271	0.075	0.238
notes with stock	0	0	0.003	0	0.055	0.004	0	0.002	0	0	0	0	0
notes with warrants	0.041	0.057	0.028	0.028	0.006	0.096	0.088	0.039	0	0.008	0.030	0.012	0.015
preferreds with stock	0	0	0	0	0	0	0	0	0	0	0	0	0.003
preferreds with warrants	0.024	0.010	0	0	0	0	0.006	0.025	0.026	0	0	0.025	0.002
stock	0.800	0.864	0.829	0.689	0.181	0.821	1.729	0.847	0.362	1.070	0.847	0.965	0.648
units of stock and warrants	0.027	0.021	0.052	0.035	0.108	0.101	0.058	0.342	0.081	0.204	0.307	0.030	0.090
warrants	0	0	0	0	0	0	0.004	0.002	0	0.005	0	0	0
Total	2.662	2.392	1.385	1.796	1.901	2.391	2.755	1.485	1.175	1.487	1.872	2.104	1.474
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.462	38	0.809	40	0.135	33	0.563	29	0.698	62	2.207	159	2.051	149	8.61%
convertible preferreds	1.889	29	1.273	15	1.002	28	0.912	15	1.914	43	7.856	120	6.357	109	23.60%
equity line	0.718	41	0.386	25	0.456	28	0.314	15	0.770	43	2.066	125	1.950	115	9.49%
notes with stock	0.058	2	0.006	2	0	0	0	0	0	0	0.064	4	0.064	4	0.00%
notes with warrants	0.061	8	0.223	17	0.038	6	0.027	6	0.065	12	0.448	44	0.407	41	0.80%
preferreds with stock	0	0	0	0	0	0	0.003	1	0.003	1	0.003	1	0.003	1	0.04%
preferreds with warrants	0	0	0.031	2	0.026	2	0.027	2	0.053	4	0.117	12	0.094	7	0.65%
stock	1.699	61	3.396	111	2.279	87	1.613	67	3.892	154	10.651	400	9.851	369	47.98%
units of stock and warrants	0.195	25	0.501	46	0.592	44	0.120	14	0.712	58	1.456	144	1.429	135	8.78%
warrants	0	0	0.005	2	0.005	1	0	0	0.005	1	0.010	3	0.010	3	0.06%
Total	5.081	204	6.631	260	4.533	229	3.578	149	8.111	378	24.877	1012	22.215	933	100.00%
Warrants
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Yes	0.395	0.327	0.204	0.970	0.378	1.727	0.268	0.259	0.219	0.335	0.898	0.829	0.261
No	2.267	2.065	1.181	0.826	1.522	0.664	2.486	1.226	0.956	1.151	0.973	1.275	1.213
Total	2.662	2.392	1.385	1.796	1.901	2.391	2.755	1.485	1.175	1.487	1.872	2.104	1.474
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.551	90	2.254	126	1.453	115	1.090	73	2.543	188	7.071	481	6.676	443	31.35%
No	3.530	114	4.377	134	3.080	114	2.488	76	5.568	190	17.807	531	15.540	490	68.65%
Total	5.081	204	6.631	260	4.533	229	3.578	149	8.111	378	24.877	1012	22.215	933	100.00%
Use of Proceeds
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Acquisition	0	0	0.315	0	0	0.014	0.019	0.006	0.480	0	0.500	0.005	0.005
Capex	0.088	0.223	0.367	0.032	1.174	0.179	0.752	0.908	0.060	0.060	0.010	0.021	0
GCP	0.928	0.520	0.182	0.068	0.309	0.213	0.411	0.188	0.248	0.434	0.462	0.243	0.741
Refinance	0.600	0.910	0	0.063	0.100	0.194	0.100	0.002	0	0	0.005	0.087	0.039
Multiple/Other/NA	1.046	0.739	0.521	1.633	0.318	1.791	1.472	0.381	0.387	0.992	0.895	1.748	0.689
Total	2.662	2.392	1.385	1.796	1.901	2.391	2.755	1.485	1.175	1.487	1.872	2.104	1.474
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.315	2	0.039	4	0.980	2	0.010	3	0.990	5	1.345	11	1.345	11	12.21%
Capex	1.573	30	1.839	38	0.130	14	0.021	5	0.151	19	3.873	106	3.785	100	1.86%
GCP	0.558	55	0.812	71	1.143	80	0.984	48	2.127	128	4.946	297	4.018	279	26.22%
Refinance	0.163	3	0.296	7	0.005	1	0.126	8	0.131	9	2.100	22	1.500	21	1.61%
Multiple/Other/NA	2.472	114	3.645	140	2.275	132	2.438	85	4.712	217	12.614	576	11.568	522	58.09%
Total	5.081	204	6.631	260	4.533	229	3.578	149	8.111	378	24.877	1012	22.215	933	100.00%
Industry Sector (by SIC code)
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Agriculture (0xxx)	0	0.002	0.007	0	0	0	0.003	0.022	0	0.007	0.002	0	0
Mining (1xxx)	0.209	0.046	0.052	0.060	0.106	0.120	0.708	0.030	0.057	0.034	0.072	0.024	0.057
Oil and gas (13xx)	0.648	0.976	0.354	0.028	1.090	0.095	0.062	0.183	0.012	0.099	0.240	0.028	0.040
Construction (15xx)	0.005	0	0	0	0.010	0	0.150	0.010	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.052	0.247	0.047	0.399	0.337	0.140	0.150	0.130	0.182	0.093	0.272	0.351	0.281
Pharmaceuticals (2834-6)	0.192	0.220	0.170	0.088	0.101	0.201	0.244	0.136	0.120	0.129	0.141	0.087	0.174
Transportation (4xxx)	0.022	0.001	0.050	0.207	0.101	0.192	0.002	0.506	0.004	0	0	0	0.003
Communications (48xx)	0.012	0.031	0.010	0.015	0	0	0.033	0.001	0	0.002	0.504	0	0
Electric, gas, sanitary services (49xx)	0.015	0.010	0.326	0.008	0.033	0.001	0.001	0.270	0.159	0.753	0.010	0.025	0.066
Wholesale (5xxx)	0.036	0.040	0.011	0.052	0.025	0.018	0.018	0.026	0.005	0.033	0.020	0	0.019
Finance, insurance, real estate (6xxx)	1.290	0.779	0.312	0.896	0.022	0.354	1.312	0.075	0.104	0.215	0.519	0.942	0.774
Services (7xxx)	0.045	0.036	0.020	0.043	0.035	0.045	0.058	0.087	0.490	0.090	0.076	0.516	0.052
Health services (8xxx)	0.136	0.002	0.026	0	0.029	1.226	0.013	0.009	0.042	0.031	0.004	0.127	0.003
Non-operating (9995)	0	0	0	0	0.010	0	0	0	0	0	0.010	0.004	0.004
Total	2.662	2.392	1.385	1.796	1.901	2.391	2.755	1.485	1.175	1.487	1.872	2.104	1.474
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.007	1	0.025	3	0.009	4	0	0	0.009	4	0.044	9	0.044	9	0.11%
Mining (1xxx)	0.218	18	0.858	33	0.163	28	0.081	16	0.244	44	1.574	105	1.366	100	3.01%
Oil and gas (13xx)	1.472	18	0.340	18	0.351	17	0.068	14	0.420	31	3.855	78	3.207	72	5.18%
Construction (15xx)	0.010	1	0.160	2	0	0	0	0	0	0	0.175	4	0.170	3	0.00%
Manufacturing (2xxx, 3xxx)	0.783	50	0.419	69	0.547	70	0.632	32	1.180	102	2.682	261	2.629	250	14.55%
Pharmaceuticals (2834-6)	0.359	28	0.581	36	0.391	29	0.261	27	0.652	56	2.005	145	1.812	130	8.04%
Transportation (4xxx)	0.359	6	0.700	6	0.004	2	0.003	1	0.007	3	1.090	18	1.067	16	0.09%
Communications (48xx)	0.025	5	0.034	5	0.507	5	0	0	0.507	5	0.609	23	0.597	19	6.25%
Electric, gas, sanitary services (49xx)	0.367	10	0.272	6	0.922	5	0.091	5	1.013	10	1.677	28	1.662	27	12.49%
Wholesale (5xxx)	0.088	11	0.062	15	0.057	10	0.019	2	0.076	12	0.302	46	0.266	41	0.94%
Finance, insurance, real estate (6xxx)	1.230	24	1.741	22	0.839	24	1.716	29	2.555	53	7.595	139	6.304	124	31.50%
Services (7xxx)	0.099	24	0.190	32	0.655	21	0.567	16	1.222	37	1.593	108	1.548	99	15.07%
Health services (8xxx)	0.054	7	1.248	13	0.078	13	0.130	3	0.208	16	1.649	42	1.513	37	2.56%
Non-operating (9995)	0.010	1	0	0	0.010	1	0.008	4	0.018	5	0.028	6	0.028	6	0.22%
Total	5.081	204	6.631	260	4.533	229	3.578	149	8.111	378	24.877	1012	22.215	933	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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