Analysis of PIPE issuance for year to date through October

Total: $16.183 billion in 1,277 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	10/2005
Less than $1 million	0.002	0.006	0.003	0.002	0.005	0.003	0.002	0.004	0.005	0.007
$1-1.99 million	0.031	0.036	0.034	0.035	0.032	0.032	0.044	0.044	0.028	0.027
$2-2.99 million	0.049	0.041	0.050	0.058	0.042	0.048	0.035	0.038	0.044	0.019
$3-4.99 million	0.069	0.074	0.091	0.068	0.081	0.062	0.093	0.095	0.056	0.066
$5-9.99 million	0.071	0.130	0.138	0.136	0.160	0.185	0.106	0.181	0.153	0.137
$10-14.99 million	0.091	0.136	0.176	0.131	0.071	0.112	0.171	0.177	0.138	0.121
$15-$49.99 million	0.194	0.411	0.353	0.356	0.126	0.460	0.472	0.534	0.567	0.408
$50 million and higher	0.535	0.244	0.423	1.390	0.335	0.801	0.308	2.384	0.754	0.821
Total	1.044	1.083	1.266	2.175	0.854	1.708	1.235	3.461	1.749	1.609
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Less than $1 million	0.011	15	0.010	16	0.011	30	0.007	10	0.037	71	0.33%
$1-1.99 million	0.102	75	0.101	76	0.118	88	0.027	20	0.347	259	2.29%
$2-2.99 million	0.141	58	0.148	64	0.118	52	0.019	8	0.426	182	2.59%
$3-4.99 million	0.232	61	0.211	58	0.243	66	0.066	19	0.759	204	4.53%
$5-9.99 million	0.340	52	0.481	71	0.441	66	0.137	22	1.401	211	8.71%
$10-14.99 million	0.403	36	0.314	29	0.486	44	0.121	10	1.322	119	8.17%
$15-$49.99 million	0.958	41	0.942	37	1.573	68	0.408	17	3.880	163	23.96%
$50 million and higher	1.202	11	2.526	23	3.446	25	0.821	9	7.995	68	49.41%
Total	3.392	349	4.737	374	6.445	439	1.609	115	16.183	1277	100.00%
Type
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
convertible notes	0.133	0.251	0.278	0.633	0.320	0.405	0.182	0.938	0.277	0.504
convertible preferreds	0.176	0.244	0.102	0.694	0.086	0.204	0.229	0.643	0.414	0.131
equity line of credit	0.087	0.080	0.199	0.360	0.054	0.215	0.350	0.308	0.170	0.335
notes with warrants	0.007	0.012	0.033	0.013	0.005	0.064	0.056	0.028	0.019	0.036
preferreds with warrants	0	0	0	0	0.001	0.010	0.004	0	0	0
stock	0.572	0.478	0.583	0.445	0.347	0.754	0.401	1.426	0.748	0.542
units of stock and warrants	0.068	0.018	0.071	0.029	0.040	0.056	0.013	0.118	0.090	0.061
warrants	0	0	0	0	0.001	0	0	0	0.030	0
Total	1.044	1.083	1.266	2.175	0.854	1.708	1.235	3.461	1.749	1.609
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
convertible notes	0.661	95	1.358	105	1.397	132	0.504	33	3.920	365	24.22%
convertible preferreds	0.521	55	0.985	60	1.286	43	0.131	15	2.922	173	18.06%
equity line of credit	0.366	23	0.629	20	0.828	38	0.335	9	2.158	90	13.33%
notes with warrants	0.053	10	0.082	18	0.102	19	0.036	3	0.274	50	1.69%
preferreds with warrants	0	0	0.012	5	0.004	1	0	0	0.015	6	0.09%
stock	1.634	129	1.545	128	2.575	159	0.542	42	6.296	458	38.91%
units of stock and warrants	0.157	37	0.125	37	0.222	44	0.061	12	0.566	130	3.50%
warrants	0	0	0.001	1	0.030	3	0	1	0.031	5	0.19%
Total	3.392	349	4.737	374	6.445	439	1.609	115	16.183	1277	100.00%
Warrants
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Yes	0.240	0.445	0.705	0.737	0.331	0.541	0.473	0.775	0.508	0.782
No	0.803	0.638	0.561	1.438	0.524	1.167	0.762	2.686	1.241	0.827
Total	1.044	1.083	1.266	2.175	0.854	1.708	1.235	3.461	1.749	1.609
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	1.389	205	1.609	221	1.756	256	0.782	72	5.535	754	34.20%
No	2.003	144	3.128	153	4.689	183	0.827	43	10.647	523	65.79%
Total	3.392	349	4.737	374	6.445	439	1.609	115	16.183	1277	100.00%
Use of Proceeds
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Acquisition	0.361	0.063	0.044	0.828	0.091	0.490	0.073	0.339	0.135	0.371
Capex	0.016	0.045	0.025	0.084	0.043	0.071	0.130	1.086	0.168	0.043
GCP	0.160	0.211	0.392	0.471	0.201	0.357	0.430	0.499	0.530	0.407
Repay debt	0.004	0.155	0.148	0.037	0.025	0.145	0.038	0.716	0.059	0.059
Multiple/Other/NA	0.501	0.608	0.656	0.754	0.494	0.644	0.563	0.821	0.857	0.729
Total	1.044	1.083	1.266	2.175	0.854	1.708	1.235	3.461	1.749	1.609
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Acquisition	0.469	17	1.409	25	0.548	29	0.371	5	2.796	76	17.28%
Capex	0.086	13	0.198	18	1.384	33	0.043	8	1.711	72	10.57%
GCP	0.764	117	1.029	123	1.458	128	0.407	34	3.657	402	22.60%
Repay debt	0.307	11	0.207	15	0.814	25	0.059	6	1.388	57	8.57%
Multiple/Other/NA	1.766	191	1.893	193	2.241	224	0.729	62	6.630	670	40.97%
Total	3.392	349	4.737	374	6.445	439	1.609	115	16.183	1277	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	10/2005
Agriculture (0xxx)	0	0.003	0	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	0.193
Oil and gas (13xx)	0.149	0.088	0.041	0.177	0.039	0.139	0.179	0.240	0.276	0.031
Manufacturing (2xxx, 3xxx)	0.139	0.460	0.495	0.235	0.156	0.433	0.254	0.586	0.321	0.200
Pharmaceuticals (2833-6)	0.064	0.043	0.149	0.188	0.105	0.234	0.164	0.557	0.298	0.420
Transportation (4xxx)	0	0.022	0.006	0.001	0.060	0.063	0	0.024	0	0.051
Communications (48xx)	0.033	0.093	0.038	0.415	0.014	0.023	0.169	0.680	0.015	0.193
Electric, gas, sanitary services (49xx)	0	0.022	0	0.014	0.002	0.227	0.047	0.384	0.005	0.220
Wholesale (5xxx)	0.362	0.053	0.291	0.038	0.007	0.148	0.006	0.200	0.085	0.091
Finance, insurance, real estate (6xxx)	0.104	0.119	0.028	0.542	0.263	0.181	0.132	0.182	0.575	0.009
Services (7xxx)	0.155	0.134	0.172	0.267	0.186	0.223	0.205	0.229	0.161	0.174
Health services (8xxx)	0.025	0.016	0.018	0.208	0.006	0.014	0.046	0.041	0.008	0.026
Total	1.044	1.083	1.266	2.175	0.854	1.708	1.235	3.461	1.749	1.609
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Agriculture (0xxx)	0.003	1	0	0	0	0	0	0	0.003	1	0.02%
Mining (1xxx)	0.071	16	0.128	16	0.378	19	0.193	9	0.771	60	4.76%
Oil and gas (13xx)	0.278	22	0.355	30	0.696	46	0.031	8	1.359	106	8.40%
Manufacturing (2xxx, 3xxx)	1.094	113	0.825	123	1.161	132	0.200	34	3.280	402	20.27%
Pharmaceuticals (2833-6)	0.256	42	0.527	53	1.019	56	0.420	21	2.222	172	13.73%
Transportation (4xxx)	0.028	3	0.124	5	0.024	5	0.051	3	0.227	16	1.40%
Communications (48xx)	0.163	23	0.452	14	0.863	22	0.193	8	1.671	67	10.33%
Electric, gas, sanitary services (49xx)	0.022	2	0.244	7	0.435	13	0.220	3	0.921	25	5.69%
Wholesale (5xxx)	0.705	21	0.194	11	0.291	17	0.091	6	1.281	55	7.92%
Finance, insurance, real estate (6xxx)	0.252	21	0.985	34	0.889	27	0.009	4	2.135	86	13.19%
Services (7xxx)	0.461	72	0.676	70	0.594	90	0.174	16	1.906	248	11.78%
Health services (8xxx)	0.059	13	0.228	11	0.095	12	0.026	3	0.407	39	2.51%
Total	3.392	349	4.737	374	6.445	439	1.609	115	16.183	1277	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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