Analysis of PIPE issuance for 13 months through July 2011

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

Proceeds

	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Less than $1 million	0.001	0.001	0.001	0.002	0.001	0.001	0.001	0	0.001	0.002	0.002	0.001	0.001
$1-1.99 million	0.020	0.019	0.012	0.027	0.018	0.030	0.013	0.028	0.031	0.023	0.017	0.026	0.017
$2-2.99 million	0.012	0.028	0.021	0.035	0.018	0.042	0.007	0.021	0.032	0.015	0.015	0.034	0.013
$3-4.99 million	0.019	0.029	0.028	0.034	0.044	0.039	0.026	0.032	0.049	0.047	0.050	0.057	0.034
$5-9.99 million	0.091	0.063	0.089	0.044	0.068	0.122	0.047	0.129	0.088	0.091	0.056	0.127	0.055
$10-14.99 million	0.055	0.051	0.106	0.108	0.147	0.086	0.117	0.065	0.064	0.073	0.155	0.093	0.063
$15-$49.99 million	0.255	0.264	0.323	0.286	0.281	0.240	0.326	0.151	0.242	0.211	0.427	0.289	0.183
$50 million and higher	0.932	1.340	1.321	1.861	2.178	0.924	0.639	1.116	1.364	1.642	1.132	0.415	0.150
Total	1.385	1.796	1.901	2.397	2.755	1.485	1.175	1.543	1.871	2.104	1.855	1.043	0.516
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.003	5	0.004	7	0.002	4	0.004	7	0.001	2	0.008	13	0.015	25	0.014	24	0.08%
$1-1.99 million	0.051	39	0.075	59	0.072	56	0.067	51	0.017	13	0.156	120	0.282	218	0.262	202	1.54%
$2-2.99 million	0.061	26	0.095	41	0.060	26	0.065	28	0.013	6	0.138	60	0.294	127	0.282	122	1.37%
$3-4.99 million	0.077	21	0.118	32	0.107	29	0.154	41	0.034	9	0.294	79	0.488	132	0.469	127	2.91%
$5-9.99 million	0.243	39	0.233	37	0.265	40	0.274	40	0.055	10	0.593	90	1.070	166	0.979	152	5.87%
$10-14.99 million	0.212	20	0.342	30	0.246	23	0.321	28	0.063	6	0.630	57	1.184	107	1.129	102	6.23%
$15-$49.99 million	0.843	31	0.808	34	0.719	32	0.928	36	0.183	6	1.829	74	3.480	139	3.224	130	18.10%
$50 million and higher	3.592	23	4.962	21	3.118	19	3.190	24	0.150	1	6.458	44	15.012	88	14.081	81	63.90%
Total	5.081	204	6.637	261	4.588	229	5.002	255	0.516	53	10.106	537	21.824	1002	20.439	940	100.00%
Type
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
convertible notes	0.031	0.053	0.378	0.088	0.635	0.086	0.056	0.047	0.032	0.462	0.108	0.124	0.167
convertible preferreds	0.174	0.744	0.971	1.242	0.004	0.027	0.567	0.050	0.384	0.535	0.379	0.240	0.012
equity line	0.269	0.247	0.202	0.039	0.231	0.116	0.083	0.102	0.271	0.075	0.243	0.112	0.057
notes with stock	0.003	0	0.055	0.004	0	0.002	0	0	0	0	0	0	0
notes with warrants	0.028	0.028	0.006	0.096	0.088	0.039	0	0.008	0.030	0.012	0.015	0.015	0.021
preferreds with stock	0	0	0	0	0	0	0	0	0	0	0.003	0	0
preferreds with warrants	0	0	0	0	0.006	0.025	0.026	0	0	0.025	0.002	0.005	0
stock	0.829	0.689	0.181	0.827	1.729	0.847	0.362	1.126	0.847	0.965	1.014	0.481	0.150
units of stock and warrants	0.052	0.035	0.108	0.101	0.058	0.342	0.081	0.204	0.307	0.030	0.092	0.066	0.109
warrants	0	0	0	0	0.004	0.002	0	0.005	0	0	0	0	0
Total	1.385	1.796	1.901	2.397	2.755	1.485	1.175	1.543	1.871	2.104	1.855	1.043	0.516
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.462	38	0.809	40	0.135	33	0.693	49	0.167	10	0.996	92	2.267	170	2.235	163	9.86%
convertible preferreds	1.889	29	1.273	15	1.001	28	1.154	33	0.012	4	2.166	65	5.329	109	5.154	104	21.43%
equity line	0.718	41	0.386	25	0.456	28	0.431	25	0.057	8	0.944	61	2.047	127	1.779	112	9.34%
notes with stock	0.058	2	0.006	2	0	0	0	0	0	0	0	0	0.064	4	0.061	3	0.00%
notes with warrants	0.061	8	0.223	17	0.038	6	0.042	8	0.021	2	0.102	16	0.386	41	0.358	38	1.01%
preferreds with stock	0	0	0	0	0	0	0.003	1	0	0	0.003	1	0.003	1	0.003	1	0.03%
preferreds with warrants	0	0	0.031	2	0.026	2	0.032	3	0	0	0.058	5	0.089	7	0.089	7	0.57%
stock	1.699	61	3.403	112	2.335	87	2.460	110	0.150	17	4.945	214	10.046	387	9.217	364	48.93%
units of stock and warrants	0.195	25	0.501	46	0.592	44	0.187	26	0.109	12	0.888	82	1.585	153	1.533	145	8.79%
warrants	0	0	0.005	2	0.005	1	0	0	0	0	0.005	1	0.010	3	0.010	3	0.05%
Total	5.081	204	6.637	261	4.588	229	5.002	255	0.516	53	10.106	537	21.824	1002	20.439	940	100.00%
Warrants
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Yes	0.204	0.970	0.378	1.733	0.268	0.259	0.219	0.334	0.897	0.829	0.290	0.541	0.167
No	1.181	0.826	1.522	0.664	2.486	1.226	0.956	1.209	0.973	1.275	1.565	0.502	0.349
Total	1.385	1.796	1.901	2.397	2.755	1.485	1.175	1.543	1.871	2.104	1.855	1.043	0.516
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.551	90	2.261	127	1.450	114	1.660	136	0.167	22	3.277	272	7.089	489	6.886	461	32.43%
No	3.530	114	4.377	134	3.138	115	3.342	119	0.349	31	6.829	265	14.735	513	13.554	479	67.57%
Total	5.081	204	6.637	261	4.588	229	5.002	255	0.516	53	10.106	537	21.824	1002	20.439	940	100.00%
Use of Proceeds
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Acquisition	0.315	0	0	0.014	0.019	0.006	0.480	0	0.500	0.005	0.005	0.145	0.018
Capex	0.367	0.032	1.174	0.179	0.752	0.908	0.060	0.060	0.010	0.021	0.002	0.132	0.155
GCP	0.182	0.068	0.309	0.219	0.411	0.188	0.248	0.434	0.462	0.243	1.087	0.187	0.072
Refinance	0	0.063	0.100	0.194	0.100	0.002	0	0	0.005	0.087	0.038	0.012	0.002
Multiple/Other/NA	0.521	1.633	0.318	1.791	1.472	0.381	0.387	1.049	0.894	1.748	0.722	0.565	0.269
Total	1.385	1.796	1.901	2.397	2.755	1.485	1.175	1.543	1.871	2.104	1.855	1.043	0.516
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.315	2	0.039	4	0.980	2	0.155	10	0.018	2	1.154	14	1.508	20	1.193	18	11.42%
Capex	1.573	30	1.839	38	0.130	14	0.155	13	0.155	3	0.441	30	3.852	98	3.485	90	4.36%
GCP	0.558	55	0.818	72	1.143	80	1.517	74	0.072	16	2.732	170	4.109	297	3.927	285	27.03%
Refinance	0.163	3	0.296	7	0.005	1	0.138	10	0.002	1	0.144	12	0.603	22	0.603	22	1.42%
Multiple/Other/NA	2.472	114	3.645	140	2.330	132	3.036	148	0.269	31	5.635	311	11.751	565	11.231	525	55.76%
Total	5.081	204	6.637	261	4.588	229	5.002	255	0.516	53	10.106	537	21.824	1002	20.439	940	100.00%
Industry Sector (by SIC code)
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Agriculture (0xxx)	0.007	0	0	0	0.003	0.022	0	0.007	0.002	0	0.001	0.001	0
Mining (1xxx)	0.052	0.060	0.106	0.120	0.708	0.030	0.057	0.032	0.072	0.024	0.077	0.060	0.016
Oil and gas (13xx)	0.354	0.028	1.090	0.095	0.062	0.183	0.012	0.099	0.240	0.028	0.040	0.030	0.051
Construction (15xx)	0	0	0.010	0	0.150	0.010	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.047	0.399	0.337	0.146	0.150	0.130	0.182	0.093	0.272	0.351	0.283	0.277	0.076
Pharmaceuticals (2834-6)	0.170	0.088	0.101	0.201	0.244	0.136	0.120	0.129	0.141	0.087	0.174	0.168	0.070
Transportation (4xxx)	0.050	0.207	0.101	0.192	0.002	0.506	0.004	0	0	0	0.003	0.101	0
Communications (48xx)	0.010	0.015	0	0	0.033	0.001	0	0.002	0.504	0	0	0.087	0.013
Electric, gas, sanitary services (49xx)	0.326	0.008	0.033	0.001	0.001	0.270	0.159	0.753	0.010	0.025	0.066	0.001	0.150
Wholesale (5xxx)	0.011	0.052	0.025	0.018	0.018	0.026	0.005	0.033	0.020	0	0.020	0.077	0.011
Finance, insurance, real estate (6xxx)	0.312	0.896	0.022	0.354	1.312	0.075	0.104	0.215	0.519	0.942	1.124	0.197	0.099
Services (7xxx)	0.020	0.043	0.035	0.045	0.058	0.087	0.490	0.147	0.075	0.516	0.059	0.027	0.026
Health services (8xxx)	0.026	0	0.029	1.226	0.013	0.009	0.042	0.032	0.004	0.127	0.003	0.017	0.005
Non-operating (9995)	0	0	0.010	0	0	0	0	0	0.010	0.004	0.004	0	0
Total	1.385	1.796	1.901	2.397	2.755	1.485	1.175	1.543	1.871	2.104	1.855	1.043	0.516
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.007	1	0.025	3	0.009	4	0.002	2	0	0	0.012	6	0.044	10	0.037	9	0.12%
Mining (1xxx)	0.218	18	0.858	33	0.161	27	0.160	28	0.016	6	0.337	61	1.413	112	1.361	106	3.33%
Oil and gas (13xx)	1.472	18	0.340	18	0.351	17	0.098	16	0.051	5	0.500	38	2.312	74	1.958	69	4.95%
Construction (15xx)	0.010	1	0.160	2	0	0	0	0	0	0	0	0	0.170	3	0.170	3	0.00%
Manufacturing (2xxx, 3xxx)	0.783	50	0.426	70	0.547	70	0.911	61	0.076	15	1.535	146	2.744	266	2.697	255	15.19%
Pharmaceuticals (2834-6)	0.359	28	0.581	36	0.391	29	0.430	52	0.070	8	0.890	89	1.830	153	1.661	140	8.81%
Transportation (4xxx)	0.359	6	0.700	6	0.004	2	0.104	5	0	0	0.108	7	1.166	19	1.116	18	1.07%
Communications (48xx)	0.025	5	0.034	5	0.507	5	0.087	4	0.013	2	0.607	11	0.666	21	0.656	20	6.01%
Electric, gas, sanitary services (49xx)	0.367	10	0.272	6	0.922	5	0.092	6	0.150	1	1.164	12	1.803	28	1.477	25	11.52%
Wholesale (5xxx)	0.088	11	0.062	15	0.057	10	0.097	7	0.011	4	0.166	21	0.315	47	0.304	45	1.64%
Finance, insurance, real estate (6xxx)	1.230	24	1.741	22	0.839	24	2.263	34	0.099	3	3.201	61	6.171	107	5.859	98	31.67%
Services (7xxx)	0.099	24	0.190	32	0.712	21	0.602	29	0.026	7	1.340	57	1.628	113	1.608	107	13.26%
Health services (8xxx)	0.054	7	1.248	13	0.078	14	0.147	7	0.005	2	0.230	23	1.532	43	1.507	39	2.28%
Non-operating (9995)	0.010	1	0	0	0.010	1	0.008	4	0	0	0.018	5	0.028	6	0.028	6	0.18%
Total	5.081	204	6.637	261	4.588	229	5.002	255	0.516	53	10.106	537	21.824	1002	20.439	940	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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