Analysis of PIPE issuance for 13 months through October 2012

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

Proceeds

	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Less than $1 million	0	0	0	0.002	0.001	0	0	0	0.001	0	0	0.001	0
$1-1.99 million	0.025	0.024	0.020	0.019	0.021	0.023	0.023	0.021	0.020	0.028	0.019	0.020	0.010
$2-2.99 million	0.020	0.019	0.026	0.013	0.037	0.030	0.018	0.026	0.025	0.015	0.019	0.030	0.018
$3-4.99 million	0.013	0.043	0.027	0.021	0.042	0.041	0.026	0.037	0.025	0.037	0.030	0.037	0.041
$5-9.99 million	0.025	0.080	0.111	0.058	0.071	0.062	0.068	0.080	0.048	0.049	0.071	0.061	0.101
$10-14.99 million	0.083	0.061	0.072	0.053	0.085	0.073	0.078	0.119	0.086	0.059	0.042	0.010	0.055
$15-$49.99 million	0.146	0.340	0.328	0.162	0.246	0.212	0.341	0.264	0.257	0.216	0.449	0.192	0.411
$50 million and higher	0.759	0.695	0.835	0.289	3.692	0.411	0.369	0.960	0.394	0.830	0.895	0.470	0.724
Total	1.072	1.261	1.419	0.616	4.195	0.854	0.923	1.508	0.856	1.234	1.525	0.820	1.359
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.001	4	0.003	8	0.001	2	0.001	2	0	0	0.005	12	0.006	16	0.006	14	0.04%
$1-1.99 million	0.068	51	0.062	47	0.064	50	0.067	52	0.010	8	0.203	157	0.271	208	0.247	191	1.46%
$2-2.99 million	0.065	28	0.080	36	0.069	31	0.065	28	0.018	8	0.232	103	0.297	131	0.276	122	1.67%
$3-4.99 million	0.083	22	0.104	29	0.088	23	0.104	29	0.041	11	0.337	92	0.419	114	0.406	110	2.43%
$5-9.99 million	0.217	33	0.191	30	0.197	31	0.180	29	0.101	16	0.669	106	0.886	139	0.860	135	4.82%
$10-14.99 million	0.216	21	0.211	19	0.283	26	0.110	10	0.055	5	0.660	60	0.876	81	0.792	73	4.75%
$15-$49.99 million	0.814	35	0.620	26	0.862	35	0.858	33	0.411	14	2.751	108	3.565	143	3.419	136	19.81%
$50 million and higher	2.289	12	4.392	18	1.722	15	2.195	19	0.724	6	9.033	58	11.322	70	10.563	66	65.03%
Total	3.751	206	5.665	213	3.286	213	3.580	202	1.359	68	13.890	696	17.642	902	16.570	847	100.00%
Type
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
convertible notes	0.025	0.261	0.314	0.081	0.108	0.054	0.126	0.191	0.064	0.271	0.411	0.094	0.153
convertible preferreds	0.466	0.064	0.085	0.111	0.427	0.173	0.121	0.524	0.212	0.403	0.521	0.057	0.221
equity line	0.123	0.171	0.093	0.028	0.054	0.080	0.064	0.106	0.074	0.048	0.117	0.066	0.193
notes with stock	0	0.003	0	0	0	0.004	0.007	0	0	0	0	0	0
notes with warrants	0.077	0.025	0.076	0.080	0.082	0.014	0.033	0.059	0.151	0.031	0.034	0.168	0.012
preferreds with stock	0	0.079	0.063	0	0	0	0.002	0	0	0	0	0	0
preferreds with warrants	0	0	0	0	0	0	0.010	0	0	0	0	0	0.001
stock	0.359	0.616	0.762	0.304	1.416	0.370	0.509	0.595	0.105	0.258	0.426	0.376	0.653
units of stock and warrants	0.021	0.042	0.026	0.013	2.108	0.159	0.052	0.033	0.250	0.189	0.017	0.058	0.125
warrants	0	0	0	0	0	0	0	0	0	0.034	0	0	0
Total	1.072	1.261	1.419	0.616	4.195	0.854	0.923	1.508	0.856	1.234	1.525	0.820	1.359
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.601	39	0.242	51	0.381	44	0.777	43	0.153	14	1.553	152	2.154	191	2.128	180	11.18%
convertible preferreds	0.614	24	0.711	23	0.857	26	0.981	24	0.221	11	2.770	84	3.384	108	2.919	99	19.94%
equity line	0.387	33	0.162	13	0.243	22	0.230	17	0.193	7	0.827	59	1.213	92	1.090	81	5.95%
notes with stock	0.003	1	0.004	1	0.007	2	0	0	0	0	0.011	3	0.013	4	0.013	4	0.08%
notes with warrants	0.178	13	0.175	14	0.244	19	0.233	11	0.012	4	0.665	48	0.843	61	0.766	58	4.79%
preferreds with stock	0.142	4	0	0	0.002	1	0	0	0	0	0.002	1	0.144	5	0.144	5	0.01%
preferreds with warrants	0	0	0	0	0.010	1	0	0	0.001	1	0.011	2	0.011	2	0.011	2	0.08%
stock	1.736	76	2.091	79	1.209	74	1.060	89	0.653	24	5.013	266	6.749	342	6.390	325	36.09%
units of stock and warrants	0.090	16	2.280	32	0.334	24	0.265	16	0.125	7	3.005	79	3.095	95	3.073	91	21.63%
warrants	0	0	0	0	0	0	0.034	2	0	0	0.034	2	0.034	2	0.034	2	0.24%
Total	3.751	206	5.665	213	3.286	213	3.580	202	1.359	68	13.890	696	17.642	902	16.570	847	100.00%
Warrants
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Yes	0.597	0.225	0.769	0.233	0.355	0.133	0.417	0.477	0.261	0.165	0.522	0.246	0.301
No	0.475	1.036	0.649	0.383	3.840	0.720	0.506	1.031	0.595	1.069	1.003	0.574	1.058
Total	1.072	1.261	1.419	0.616	4.195	0.854	0.923	1.508	0.856	1.234	1.525	0.820	1.359
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.591	95	0.721	96	1.155	98	0.933	78	0.301	24	3.110	296	4.701	391	4.104	365	22.39%
No	2.161	111	4.943	117	2.132	115	2.647	124	1.058	44	10.780	400	12.941	511	12.466	482	77.61%
Total	3.751	206	5.665	213	3.286	213	3.580	202	1.359	68	13.890	696	17.642	902	16.570	847	100.00%
Use of Proceeds
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Acquisition	0	0.179	0	0.045	0	0	0	0.200	0.090	0.045	0.006	0	0
Capex	0.002	0.001	0.010	0.001	0.021	0.021	0.001	0.342	0.004	0.027	0.059	0.001	0.108
GCP	0.599	0.171	0.123	0.079	0.950	0.314	0.213	0.181	0.212	0.140	0.303	0.361	0.788
No proceeds	0	0	0	0	0	0	0	0	0	0	0	0.060	0
Refinance	0.002	0.062	0	0.010	0.076	0.033	0.121	0.172	0.007	0.004	0.012	0.007	0
Multiple/Other/NA	0.468	0.849	1.286	0.481	3.148	0.484	0.588	0.612	0.542	1.019	1.146	0.390	0.463
Total	1.072	1.261	1.419	0.616	4.195	0.854	0.923	1.508	0.856	1.234	1.525	0.820	1.359
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	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	0	0.386	7	0.565	10	0.565	10	2.78%
Capex	0.013	3	0.044	4	0.347	6	0.087	6	0.108	3	0.586	19	0.599	22	0.597	21	4.22%
GCP	0.893	55	1.343	61	0.606	57	0.804	59	0.788	30	3.541	207	4.434	262	3.835	244	25.49%
No proceeds	0	0	0	0	0	0	0.060	1	0	0	0.060	1	0.060	1	0.060	1	0.43%
Refinance	0.064	6	0.119	10	0.301	6	0.023	5	0	0	0.443	21	0.507	27	0.505	25	3.19%
Multiple/Other/NA	2.603	139	4.113	137	1.742	140	2.555	129	0.463	35	8.873	441	11.476	580	11.007	546	63.88%
Total	3.751	206	5.665	213	3.286	213	3.580	202	1.359	68	13.890	696	17.642	902	16.570	847	100.00%
Industry Sector (by SIC code)
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Agriculture (0xxx)	0	0	0.003	0.025	0	0	0	0.002	0	0	0.002	0.004	0
Mining (1xxx)	0.086	0.041	0.030	0.075	0.417	0.105	0.026	0.020	0.060	0.050	0.105	0.014	0.041
Oil and gas (13xx)	0.461	0.065	0.559	0.002	0.452	0.140	0.032	0.106	0.037	0.131	0.015	0.099	0.319
Construction (15xx)	0	0.003	0	0	0	0	0	0.004	0	0	0.030	0	0.036
Manufacturing (2xxx, 3xxx)	0.172	0.200	0.276	0.191	0.146	0.114	0.310	0.381	0.076	0.171	0.369	0.230	0.126
Pharmaceuticals (2834-6)	0.068	0.167	0.142	0.139	0.302	0.130	0.255	0.104	0.206	0.279	0.184	0.132	0.435
Transportation (4xxx)	0	0.188	0.285	0.010	0	0.080	0	0.143	0.040	0.396	0.060	0.005	0
Communications (48xx)	0.005	0	0.006	0.001	0.007	0	0.107	0.002	0	0.004	0.011	0.050	0.009
Electric, gas, sanitary services (49xx)	0	0.013	0.007	0.009	2.462	0.006	0.002	0.311	0.178	0.019	0.013	0.001	0
Wholesale (5xxx)	0.003	0.008	0.006	0.011	0.051	0.022	0.033	0.005	0.022	0.018	0.009	0.054	0.012
Finance, insurance, real estate (6xxx)	0.196	0.123	0.017	0.088	0.265	0.120	0.079	0.333	0.196	0.131	0.682	0.174	0.277
Services (7xxx)	0.047	0.447	0.058	0.066	0.043	0.115	0.050	0.082	0.030	0.035	0.019	0.053	0.029
Health services (8xxx)	0.022	0.007	0.031	0	0.050	0.020	0.028	0.014	0.009	0	0.026	0.003	0.004
Non-operating (9995)	0.011	0	0	0	0	0.003	0	0	0.001	0	0	0.003	0.072
Total	1.072	1.261	1.419	0.616	4.195	0.854	0.923	1.508	0.856	1.234	1.525	0.820	1.359
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	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	0	0.032	5	0.035	6	0.035	6	0.23%
Mining (1xxx)	0.157	19	0.597	27	0.106	17	0.168	16	0.041	10	0.912	70	1.068	89	0.983	83	6.57%
Oil and gas (13xx)	1.086	14	0.594	14	0.176	16	0.245	17	0.319	4	1.334	51	2.419	65	1.958	61	9.60%
Construction (15xx)	0.003	1	0	0	0.004	2	0.030	1	0.036	3	0.070	6	0.073	7	0.073	7	0.50%
Manufacturing (2xxx, 3xxx)	0.648	55	0.450	38	0.767	63	0.770	37	0.126	7	2.113	145	2.761	200	2.589	187	15.21%
Pharmaceuticals (2834-6)	0.378	43	0.571	51	0.566	32	0.595	47	0.435	17	2.167	147	2.544	190	2.476	178	15.60%
Transportation (4xxx)	0.473	3	0.090	2	0.183	3	0.461	6	0	0	0.734	11	1.207	14	1.207	14	5.28%
Communications (48xx)	0.011	2	0.008	3	0.110	5	0.065	5	0.009	3	0.192	16	0.203	18	0.198	17	1.38%
Electric, gas, sanitary services (49xx)	0.020	4	2.476	9	0.491	5	0.033	7	0	0	3.000	21	3.020	25	3.020	25	21.60%
Wholesale (5xxx)	0.016	6	0.084	8	0.060	8	0.081	11	0.012	2	0.237	29	0.254	35	0.251	34	1.71%
Finance, insurance, real estate (6xxx)	0.336	14	0.473	19	0.608	22	0.988	25	0.277	13	2.346	79	2.682	93	2.486	89	16.89%
Services (7xxx)	0.552	32	0.224	30	0.162	26	0.107	21	0.029	6	0.521	83	1.072	115	1.025	107	3.75%
Health services (8xxx)	0.059	10	0.070	8	0.051	12	0.028	6	0.004	1	0.154	27	0.213	37	0.192	33	1.11%
Non-operating (9995)	0.011	2	0.003	2	0.001	1	0.003	1	0.072	2	0.078	6	0.090	8	0.078	6	0.56%
Total	3.751	206	5.665	213	3.286	213	3.580	202	1.359	68	13.890	696	17.642	902	16.570	847	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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