Analysis of PIPE issuance for 13 months through September 2012

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

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
Less than $1 million	0.002	0	0	0	0.002	0.001	0	0	0	0.001	0	0	0
$1-1.99 million	0.020	0.025	0.024	0.020	0.019	0.021	0.023	0.023	0.021	0.020	0.028	0.019	0.015
$2-2.99 million	0.013	0.020	0.019	0.026	0.013	0.037	0.030	0.018	0.026	0.025	0.015	0.017	0.027
$3-4.99 million	0.040	0.013	0.043	0.027	0.021	0.042	0.041	0.026	0.037	0.025	0.037	0.030	0.037
$5-9.99 million	0.122	0.025	0.080	0.111	0.058	0.071	0.062	0.068	0.080	0.048	0.049	0.079	0.055
$10-14.99 million	0.033	0.083	0.061	0.072	0.053	0.085	0.073	0.078	0.119	0.086	0.059	0.042	0.010
$15-$49.99 million	0.149	0.146	0.340	0.328	0.162	0.246	0.212	0.341	0.264	0.257	0.216	0.449	0.192
$50 million and higher	1.255	0.759	0.695	0.835	0.289	3.692	0.411	0.369	0.660	0.394	0.830	0.895	0.470
Total	1.634	1.072	1.261	1.419	0.616	4.195	0.854	0.923	1.208	0.856	1.234	1.531	0.806
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.001	4	0.003	8	0.001	2	0	1	0.005	11	0.007	18	0.005	15	0.04%
$1-1.99 million	0.068	51	0.062	47	0.064	50	0.062	48	0.188	145	0.276	212	0.256	196	1.54%
$2-2.99 million	0.065	28	0.080	36	0.069	31	0.060	26	0.209	93	0.287	127	0.273	121	1.71%
$3-4.99 million	0.083	22	0.104	29	0.088	23	0.104	29	0.296	81	0.418	114	0.378	103	2.42%
$5-9.99 million	0.217	33	0.191	30	0.197	31	0.182	29	0.570	90	0.909	141	0.786	123	4.66%
$10-14.99 million	0.216	21	0.211	19	0.283	26	0.110	10	0.605	55	0.854	79	0.821	76	4.95%
$15-$49.99 million	0.814	35	0.620	26	0.862	35	0.858	33	2.340	94	3.302	136	3.154	129	19.15%
$50 million and higher	2.289	12	4.392	18	1.422	14	2.195	19	8.010	51	11.553	68	10.298	63	65.54%
Total	3.751	206	5.665	213	2.986	212	3.571	195	12.222	620	17.607	895	15.973	826	100.00%
Type
	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
convertible notes	0.303	0.025	0.261	0.314	0.081	0.108	0.054	0.126	0.191	0.064	0.271	0.411	0.085
convertible preferreds	0.477	0.466	0.064	0.085	0.111	0.427	0.173	0.121	0.524	0.212	0.403	0.521	0.054
equity line	0.068	0.123	0.171	0.093	0.028	0.054	0.080	0.064	0.106	0.074	0.048	0.117	0.066
notes with stock	0	0	0.003	0	0	0	0.004	0.007	0	0	0	0	0
notes with warrants	0.013	0.077	0.025	0.076	0.080	0.082	0.014	0.033	0.059	0.151	0.031	0.034	0.168
preferreds with stock	0	0	0.079	0.063	0	0	0	0.002	0	0	0	0	0
preferreds with warrants	0.006	0	0	0	0	0	0	0.010	0	0	0	0	0
stock	0.750	0.359	0.616	0.762	0.304	1.416	0.370	0.509	0.295	0.105	0.258	0.426	0.377
units of stock and warrants	0.017	0.021	0.042	0.026	0.013	2.108	0.159	0.052	0.033	0.250	0.189	0.023	0.055
warrants	0	0	0	0	0	0	0	0	0	0	0.034	0	0
Total	1.634	1.072	1.261	1.419	0.616	4.195	0.854	0.923	1.208	0.856	1.234	1.531	0.806
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.601	39	0.242	51	0.381	44	0.767	39	1.390	134	2.293	188	1.991	173	11.37%
convertible preferreds	0.614	24	0.711	23	0.857	26	0.978	22	2.546	71	3.637	110	3.160	95	20.83%
equity line	0.387	33	0.162	13	0.243	22	0.230	17	0.634	52	1.089	89	1.021	85	5.19%
notes with stock	0.003	1	0.004	1	0.007	2	0	0	0.011	3	0.013	4	0.013	4	0.09%
notes with warrants	0.178	13	0.175	14	0.244	19	0.233	11	0.653	44	0.844	60	0.831	57	5.34%
preferreds with stock	0.142	4	0	0	0.002	1	0	0	0.002	1	0.144	5	0.144	5	0.02%
preferreds with warrants	0	0	0	0	0.010	1	0	0	0.010	1	0.017	2	0.010	1	0.08%
stock	1.736	76	2.091	79	0.909	73	1.061	89	4.060	241	6.547	343	5.797	317	33.22%
units of stock and warrants	0.090	16	2.280	32	0.334	24	0.268	15	2.882	71	2.989	92	2.972	87	23.58%
warrants	0	0	0	0	0	0	0.034	2	0.034	2	0.034	2	0.034	2	0.28%
Total	3.751	206	5.665	213	2.986	212	3.571	195	12.222	620	17.607	895	15.973	826	100.00%
Warrants
	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	0.289	0.597	0.225	0.769	0.233	0.355	0.133	0.417	0.477	0.261	0.165	0.528	0.232
No	1.345	0.475	1.036	0.649	0.383	3.840	0.720	0.506	0.731	0.595	1.069	1.003	0.573
Total	1.634	1.072	1.261	1.419	0.616	4.195	0.854	0.923	1.208	0.856	1.234	1.531	0.806
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.591	95	0.721	96	1.155	98	0.925	73	2.801	267	4.680	389	4.392	362	22.92%
No	2.161	111	4.943	117	1.832	114	2.646	122	9.421	353	12.927	506	11.582	464	77.08%
Total	3.751	206	5.665	213	2.986	212	3.571	195	12.222	620	17.607	895	15.973	826	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	0.179	0	0.045	0	0	0	0.200	0.090	0.045	0.006	0
Capex	0.005	0.002	0.001	0.010	0.001	0.021	0.021	0.001	0.042	0.004	0.027	0.059	0.001
GCP	0.172	0.599	0.171	0.123	0.079	0.950	0.314	0.213	0.181	0.212	0.140	0.303	0.349
No proceeds	0	0	0	0	0	0	0	0	0	0	0	0	0.060
Refinance	0.148	0.002	0.062	0	0.010	0.076	0.033	0.121	0.172	0.007	0.004	0.012	0.007
Multiple/Other/NA	1.309	0.468	0.849	1.286	0.481	3.148	0.484	0.588	0.612	0.542	1.019	1.151	0.388
Total	1.634	1.072	1.261	1.419	0.616	4.195	0.854	0.923	1.208	0.856	1.234	1.531	0.806
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.179	3	0.045	1	0.290	4	0.051	2	0.386	7	0.565	10	0.565	10	3.16%
Capex	0.013	3	0.044	4	0.047	5	0.087	6	0.178	15	0.196	20	0.191	18	1.46%
GCP	0.893	55	1.343	61	0.606	57	0.792	55	2.741	173	3.806	250	3.634	228	22.43%
No proceeds	0	0	0	0	0	0	0.060	1	0.060	1	0.060	1	0.060	1	0.49%
Refinance	0.064	6	0.119	10	0.301	6	0.023	5	0.443	21	0.655	30	0.507	27	3.63%
Multiple/Other/NA	2.603	139	4.113	137	1.742	140	2.558	126	8.413	403	12.325	584	11.016	542	68.83%
Total	3.751	206	5.665	213	2.986	212	3.571	195	12.222	620	17.607	895	15.973	826	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
Agriculture (0xxx)	0.009	0	0	0.003	0.025	0	0	0	0.002	0	0	0.002	0.004
Mining (1xxx)	0.033	0.086	0.041	0.030	0.075	0.417	0.105	0.026	0.020	0.060	0.050	0.105	0.014
Oil and gas (13xx)	0.035	0.461	0.065	0.559	0.002	0.452	0.140	0.032	0.106	0.037	0.131	0.015	0.091
Construction (15xx)	0	0	0.003	0	0	0	0	0	0.004	0	0	0.030	0
Manufacturing (2xxx, 3xxx)	1.141	0.172	0.200	0.276	0.191	0.146	0.114	0.310	0.381	0.076	0.171	0.375	0.229
Pharmaceuticals (2834-6)	0.041	0.068	0.167	0.142	0.139	0.302	0.130	0.255	0.104	0.206	0.279	0.184	0.129
Transportation (4xxx)	0.075	0	0.188	0.285	0.010	0	0.080	0	0.143	0.040	0.396	0.060	0.005
Communications (48xx)	0.126	0.005	0	0.006	0.001	0.007	0	0.107	0.002	0	0.004	0.011	0.050
Electric, gas, sanitary services (49xx)	0.019	0	0.013	0.007	0.009	2.462	0.006	0.002	0.011	0.178	0.019	0.013	0
Wholesale (5xxx)	0.024	0.003	0.008	0.006	0.011	0.051	0.022	0.033	0.005	0.022	0.018	0.009	0.054
Finance, insurance, real estate (6xxx)	0.044	0.196	0.123	0.017	0.088	0.265	0.120	0.079	0.333	0.196	0.131	0.682	0.172
Services (7xxx)	0.053	0.047	0.447	0.058	0.066	0.043	0.115	0.050	0.082	0.030	0.035	0.019	0.050
Health services (8xxx)	0.035	0.022	0.007	0.031	0	0.050	0.020	0.028	0.014	0.009	0	0.026	0.003
Non-operating (9995)	0	0.011	0	0	0	0	0.003	0	0	0.001	0	0	0.005
Total	1.634	1.072	1.261	1.419	0.616	4.195	0.854	0.923	1.208	0.856	1.234	1.531	0.806
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.003	1	0.025	2	0.002	1	0.006	2	0.032	5	0.043	7	0.035	6	0.26%
Mining (1xxx)	0.157	19	0.597	27	0.106	17	0.168	16	0.871	60	1.061	87	1.028	79	7.13%
Oil and gas (13xx)	1.086	14	0.594	14	0.176	16	0.238	15	1.007	45	2.128	65	2.093	59	8.24%
Construction (15xx)	0.003	1	0	0	0.004	2	0.030	1	0.034	3	0.037	4	0.037	4	0.28%
Manufacturing (2xxx, 3xxx)	0.648	55	0.450	38	0.767	63	0.775	36	1.992	137	3.782	206	2.640	192	16.30%
Pharmaceuticals (2834-6)	0.378	43	0.571	51	0.566	32	0.593	46	1.729	129	2.148	181	2.107	172	14.15%
Transportation (4xxx)	0.473	3	0.090	2	0.183	3	0.461	6	0.734	11	1.282	15	1.207	14	6.01%
Communications (48xx)	0.011	2	0.008	3	0.110	5	0.065	5	0.183	13	0.320	17	0.194	15	1.50%
Electric, gas, sanitary services (49xx)	0.020	4	2.476	9	0.191	4	0.032	6	2.699	19	2.738	25	2.719	23	22.08%
Wholesale (5xxx)	0.016	6	0.084	8	0.060	8	0.081	11	0.225	27	0.265	36	0.242	33	1.84%
Finance, insurance, real estate (6xxx)	0.336	14	0.473	19	0.608	22	0.986	23	2.067	64	2.447	83	2.403	78	16.91%
Services (7xxx)	0.552	32	0.224	30	0.162	26	0.104	20	0.489	76	1.094	122	1.041	108	4.00%
Health services (8xxx)	0.059	10	0.070	8	0.051	12	0.028	6	0.150	26	0.243	40	0.209	36	1.23%
Non-operating (9995)	0.011	2	0.003	2	0.001	1	0.005	2	0.009	5	0.020	7	0.020	7	0.07%
Total	3.751	206	5.665	213	2.986	212	3.571	195	12.222	620	17.607	895	15.973	826	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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