Analysis of preferred stock issuance for 13 months through September 2012

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

Dividend

	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Less than 5%	0	0	0	0	0	0	1.772	0.050	0	0	0	0	0.025
5%-5.99%	0	0	0	0	0.400	0	0.792	0.500	0.475	0.720	1.675	2.877	1.904
6%-6.99%	0	0	0	0	2.253	0.825	1.538	2.720	0.925	0	1.950	1.225	0.150
7%-7.99%	0.287	0.116	0	0	0.793	0.035	0.045	0.160	0.478	2.595	0.490	0.350	0.521
8%-8.99%	0.200	0	0	0.728	0.150	0.118	0.418	0.192	0.035	0.006	0.436	0.150	0.344
9% and higher	0	0.140	0.040	0	0	0	0.081	0	0	0	0.009	0	0.017
Floater	0.312	0	0	1.764	0	0.267	0	0	0	0	0	0	0
NA	0.365	0	0	0.045	0	0	0.579	0	1.180	0.081	0.197	0	0.106
Total	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.757	4.602	3.067
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 5%	0	0	1.772	1	0.050	1	0.025	1	1.847	3	1.847	3	1.847	3	5.66%
5%-5.99%	0	0	1.192	8	1.695	17	6.457	20	9.344	45	9.344	45	9.344	45	28.65%
6%-6.99%	0	0	4.616	15	3.645	7	3.325	7	11.586	29	11.586	29	11.586	29	35.53%
7%-7.99%	0.116	2	0.874	6	3.233	8	1.361	9	5.468	23	5.871	26	5.584	25	16.77%
8%-8.99%	0.728	3	0.686	9	0.233	5	0.930	11	1.849	25	2.777	31	2.577	28	5.67%
9% and higher	0.180	4	0.081	1	0	0	0.026	2	0.107	3	0.287	7	0.287	7	0.33%
Floater	1.764	15	0.267	1	0	0	0	0	0.267	1	2.343	19	2.031	16	0.82%
NA	0.045	2	0.579	4	1.261	20	0.303	22	2.143	46	2.553	55	2.188	48	6.57%
Total	2.833	26	10.067	45	10.118	58	12.426	72	32.611	175	36.609	215	35.444	201	100.00%
Use of Proceeds
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Acquisition	0	0.077	0	0.700	0	0	0	0	0	0	0	0	0
GCP	0.287	0.030	0	0	2.337	0.517	0.587	3.358	1.760	2.506	3.328	2.958	1.945
No proceeds	0	0	0	0	0	0	2.140	0	0	0.470	0.197	0.445	0.150
Redeem notes	0	0	0	0	0	0	0.425	0	0.009	0	0	0	0
Refinance	0.743	0.038	0	1.764	0.439	0.287	1.404	0	1.324	0.254	0.425	0.950	0.826
Repay bank debt	0	0	0	0	0	0.035	0.045	0	0	0.172	0.143	0	0
Multiple/Other/NA	0.135	0.110	0.040	0.074	0.821	0.406	0.624	0.265	0	0	0.665	0.250	0.146
Total	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.757	4.602	3.067
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.777	3	0	0	0	0	0	0	0	0	0.777	3	0.777	3	0.00%
GCP	0.030	1	3.441	12	7.624	17	8.230	19	19.295	48	19.612	50	19.325	49	59.17%
No proceeds	0	0	2.140	7	0.470	14	0.792	30	3.402	51	3.402	51	3.402	51	10.43%
Redeem notes	0	0	0.425	1	0.009	1	0	0	0.434	2	0.434	2	0.434	2	1.33%
Refinance	1.802	16	2.130	10	1.578	22	2.201	11	5.908	43	8.453	70	7.711	59	18.12%
Repay bank debt	0	0	0.080	2	0.172	1	0.143	2	0.396	5	0.396	5	0.396	5	1.21%
Multiple/Other/NA	0.224	6	1.850	13	0.265	3	1.061	10	3.176	26	3.535	34	3.400	32	9.74%
Total	2.833	26	10.067	45	10.118	58	12.426	72	32.611	175	36.609	215	35.444	201	100.00%
Upsized?
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Yes	0	0.077	0	0.700	0.322	0.323	0.328	0.500	1.250	0	1.954	0.950	2.033
No	1.165	0.179	0.040	1.837	3.275	0.923	4.897	3.123	1.843	3.403	2.803	3.652	1.034
Total	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.757	4.602	3.067
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.777	3	0.972	6	1.750	4	4.936	17	7.658	27	8.436	30	8.436	30	23.48%
No	2.056	23	9.095	39	8.368	54	7.490	55	24.952	148	28.173	185	27.008	171	76.51%
Total	2.833	26	10.067	45	10.118	58	12.426	72	32.611	175	36.609	215	35.444	201	100.00%
Versus Talk
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Low end	0	0	0	0	0	0.058	0.458	1.825	0.475	0.422	0.225	0	0.255
Middle	0	0	0	0	0	0	0.400	0	0	0	0.058	0	0.100
NA	1.165	0.256	0.040	2.537	3.597	1.188	4.367	1.798	2.618	2.980	4.474	4.602	2.712
Total	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.757	4.602	3.067
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Low end	0	0	0.515	4	2.723	7	0.480	3	3.717	14	3.717	14	3.717	14	11.40%
Middle	0	0	0.400	1	0	0	0.158	2	0.557	3	0.557	3	0.557	3	1.71%
NA	2.833	26	9.152	40	7.396	51	11.788	67	28.336	158	32.334	198	31.169	184	86.89%
Total	2.833	26	10.067	45	10.118	58	12.426	72	32.611	175	36.609	215	35.444	201	100.00%
Greenshoe Exercised?
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Yes	0.372	0.116	0	0	1.082	0.345	0.453	1.802	0	0.345	1.614	1.357	0.523
No	0.793	0.140	0.040	2.537	2.515	0.900	4.771	1.820	3.093	3.058	3.143	3.245	2.543
Total	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.757	4.602	3.067
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.116	2	1.881	12	2.147	6	3.495	11	7.523	29	8.011	33	7.639	31	23.07%
No	2.717	24	8.186	33	7.971	52	8.931	61	25.088	146	28.598	182	27.805	170	76.93%
Total	2.833	26	10.067	45	10.118	58	12.426	72	32.611	175	36.609	215	35.444	201	100.00%
S&P Rating
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
BBB+	0	0	0	0	0.400	0	0.425	0	0	0	0	0	0
BBB	0	0	0	0	1.300	0	0	0	0.150	0	0	0.382	0.450
BBB-	0	0	0	0	0.580	0	0	0	0.350	0	0.525	0	0
BB+	0.287	0	0	0	0	0.287	0	0	0	0	0	0.875	0
BB	0	0	0	0	0.290	0	0.230	0.100	0.144	0	0	0	0
B	0	0	0	0	0	0	0	0	0	0	0.200	0	0
NR	0.878	0.256	0.040	2.537	1.027	0.958	4.570	3.523	2.449	3.403	4.032	3.346	2.617
Total	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.757	4.602	3.067
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
BBB+	0	0	0.825	2	0	0	0	0	0.825	2	0.825	2	0.825	2	2.53%
BBB	0	0	1.300	2	0.150	1	0.832	2	2.281	5	2.281	5	2.281	5	6.99%
BBB-	0	0	0.580	3	0.350	1	0.525	2	1.455	6	1.455	6	1.455	6	4.46%
BB+	0	0	0.287	1	0	0	0.875	1	1.163	2	1.450	3	1.163	2	3.57%
BB	0	0	0.520	3	0.244	2	0	0	0.764	5	0.764	5	0.764	5	2.34%
B	0	0	0	0	0	0	0.200	1	0.200	1	0.200	1	0.200	1	0.61%
NR	2.833	26	6.554	34	9.375	54	9.994	66	25.923	154	29.634	193	28.757	180	79.49%
Total	2.833	26	10.067	45	10.118	58	12.426	72	32.611	175	36.609	215	35.444	201	100.00%
Industry Sector (by SIC code)
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Oil and gas (13xx)	0	0	0	0.028	0	0	0.055	0	0	0	0	0	0.063
Manufacturing (2xxx, 3xxx)	0	0	0	0	0	0	0	0	0	2.250	1.759	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0.350	0	0	0	0.475	0	0	0	0
Finance, insurance, real estate (6xxx)	1.165	0.256	0.040	2.509	3.247	1.245	5.169	3.623	2.618	1.153	2.998	4.602	3.003
Total	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.623	3.093	3.403	4.757	4.602	3.067
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Oil and gas (13xx)	0.028	1	0.055	1	0	0	0.063	2	0.119	3	0.147	4	0.147	4	0.36%
Manufacturing (2xxx, 3xxx)	0	0	0	0	2.250	1	1.759	2	4.009	3	4.009	3	4.009	3	12.29%
Electric, gas, sanitary services (49xx)	0	0	0.350	2	0.475	1	0	0	0.825	3	0.825	3	0.825	3	2.53%
Finance, insurance, real estate (6xxx)	2.805	25	9.661	42	7.393	56	10.604	68	27.658	166	31.628	205	30.463	191	84.81%
Total	2.833	26	10.067	45	10.118	58	12.426	72	32.611	175	36.609	215	35.444	201	100.00%

Criteria

• Tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.

• Convertibles are excluded.

• Offerings are included in the time period in which they price.

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner. For multiple leads, the total value is divided equally among joint bookrunners.

• The headquarters location of the parent company is used for the country criteria (i.e. registrations in tax havens and offshore finance subsidiaries are ignored)

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