Analysis of PIPE issuance for 13 months through November 2012

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

Proceeds

	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Less than $1 million	0	0	0.002	0.001	0	0	0	0.001	0	0	0.001	0	0
$1-1.99 million	0.024	0.020	0.019	0.021	0.023	0.023	0.021	0.020	0.028	0.019	0.021	0.014	0.014
$2-2.99 million	0.019	0.026	0.013	0.037	0.030	0.018	0.024	0.025	0.015	0.019	0.029	0.020	0.014
$3-4.99 million	0.043	0.027	0.021	0.042	0.041	0.026	0.037	0.025	0.037	0.030	0.031	0.041	0.029
$5-9.99 million	0.080	0.111	0.058	0.071	0.062	0.068	0.080	0.048	0.049	0.071	0.061	0.108	0.035
$10-14.99 million	0.061	0.072	0.053	0.085	0.073	0.078	0.107	0.086	0.059	0.042	0.010	0.065	0.023
$15-$49.99 million	0.340	0.328	0.162	0.246	0.212	0.341	0.260	0.237	0.216	0.409	0.192	0.366	0.179
$50 million and higher	0.695	0.835	0.289	3.692	0.411	0.369	0.960	0.394	0.830	0.895	0.470	0.674	0.687
Total	1.261	1.419	0.616	4.195	0.854	0.923	1.489	0.836	1.234	1.485	0.815	1.287	0.980
	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	0.003	8	0.001	2	0.001	2	0	0	0.005	12	0.006	14	0.005	13	0.03%
$1-1.99 million	0.062	47	0.064	50	0.068	53	0.028	21	0.222	171	0.266	205	0.242	187	1.51%
$2-2.99 million	0.080	36	0.067	30	0.064	28	0.034	15	0.245	109	0.290	128	0.271	120	1.67%
$3-4.99 million	0.104	29	0.088	23	0.098	27	0.070	19	0.360	98	0.429	116	0.387	105	2.45%
$5-9.99 million	0.191	30	0.197	31	0.180	29	0.143	23	0.710	113	0.902	142	0.822	130	4.83%
$10-14.99 million	0.211	19	0.271	25	0.110	10	0.088	8	0.680	62	0.813	75	0.752	69	4.62%
$15-$49.99 million	0.620	26	0.838	34	0.818	32	0.544	20	2.821	112	3.488	140	3.149	126	19.17%
$50 million and higher	4.392	18	1.722	15	2.195	19	1.361	10	9.670	62	11.200	70	10.505	65	65.72%
Total	5.665	213	3.248	210	3.535	200	2.267	116	14.714	739	17.394	890	16.133	815	100.00%
Type
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
convertible notes	0.261	0.314	0.081	0.108	0.054	0.126	0.195	0.064	0.271	0.411	0.093	0.158	0.033
convertible preferreds	0.064	0.085	0.111	0.427	0.173	0.121	0.524	0.212	0.403	0.521	0.057	0.222	0.160
equity line	0.171	0.093	0.028	0.054	0.080	0.064	0.084	0.054	0.048	0.076	0.060	0.098	0.017
notes with stock	0.003	0	0	0	0.004	0.007	0	0	0	0	0	0	0
notes with warrants	0.025	0.076	0.080	0.082	0.014	0.033	0.059	0.151	0.031	0.034	0.168	0.029	0.006
preferreds with stock	0.079	0.063	0	0	0	0.002	0	0	0	0	0	0	0
preferreds with warrants	0	0	0	0	0	0.010	0	0	0	0	0	0.001	0
stock	0.616	0.762	0.304	1.416	0.370	0.509	0.595	0.105	0.258	0.426	0.376	0.653	0.670
units of stock and warrants	0.042	0.026	0.013	2.108	0.159	0.052	0.033	0.250	0.189	0.017	0.061	0.125	0.095
warrants	0	0	0	0	0	0	0	0	0.034	0	0	0	0
Total	1.261	1.419	0.616	4.195	0.854	0.923	1.489	0.836	1.234	1.485	0.815	1.287	0.980
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.242	51	0.384	44	0.775	43	0.190	24	1.592	162	2.167	190	1.906	175	10.82%
convertible preferreds	0.711	23	0.857	26	0.981	24	0.382	18	2.931	91	3.079	106	3.016	100	19.92%
equity line	0.162	13	0.201	19	0.184	14	0.114	7	0.660	53	0.924	75	0.753	64	4.49%
notes with stock	0.004	1	0.007	2	0	0	0	0	0.011	3	0.013	4	0.011	3	0.07%
notes with warrants	0.175	14	0.244	19	0.233	11	0.036	8	0.689	52	0.790	62	0.764	59	4.68%
preferreds with stock	0	0	0.002	1	0	0	0	0	0.002	1	0.144	5	0.065	3	0.01%
preferreds with warrants	0	0	0.010	1	0	0	0.001	1	0.011	2	0.011	2	0.011	2	0.07%
stock	2.091	79	1.209	74	1.060	89	1.323	41	5.682	283	7.059	342	6.444	313	38.62%
units of stock and warrants	2.280	32	0.334	24	0.267	17	0.220	17	3.102	90	3.171	102	3.128	94	21.08%
warrants	0	0	0	0	0.034	2	0	0	0.034	2	0.034	2	0.034	2	0.23%
Total	5.665	213	3.248	210	3.535	200	2.267	116	14.714	739	17.394	890	16.133	815	100.00%
Warrants
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Yes	0.225	0.769	0.233	0.355	0.133	0.417	0.477	0.261	0.165	0.522	0.247	0.322	0.109
No	1.036	0.649	0.383	3.840	0.720	0.506	1.013	0.575	1.069	0.963	0.568	0.965	0.871
Total	1.261	1.419	0.616	4.195	0.854	0.923	1.489	0.836	1.234	1.485	0.815	1.287	0.980
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.721	96	1.155	98	0.934	79	0.431	53	3.241	326	4.235	395	4.010	363	22.03%
No	4.943	117	2.094	112	2.601	121	1.836	63	11.473	413	13.159	495	12.123	452	77.97%
Total	5.665	213	3.248	210	3.535	200	2.267	116	14.714	739	17.394	890	16.133	815	100.00%
Use of Proceeds
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Acquisition	0.179	0	0.045	0	0	0	0.200	0.090	0.045	0.006	0	0	0.230
Capex	0.001	0.010	0.001	0.021	0.021	0.001	0.342	0.004	0.027	0.059	0.001	0.108	0.005
GCP	0.171	0.123	0.079	0.950	0.314	0.213	0.159	0.212	0.140	0.263	0.355	0.789	0.094
No proceeds	0	0	0	0	0	0	0	0	0	0	0.060	0	0
Refinance	0.062	0	0.010	0.076	0.033	0.121	0.172	0.007	0.004	0.012	0.007	0	0
Multiple/Other/NA	0.849	1.286	0.481	3.148	0.484	0.588	0.615	0.522	1.019	1.146	0.391	0.390	0.651
Total	1.261	1.419	0.616	4.195	0.854	0.923	1.489	0.836	1.234	1.485	0.815	1.287	0.980
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.045	1	0.290	4	0.051	2	0.230	2	0.616	9	0.795	12	0.616	9	4.19%
Capex	0.044	4	0.347	6	0.087	6	0.113	5	0.591	21	0.602	23	0.601	22	4.02%
GCP	1.343	61	0.584	55	0.758	56	0.883	43	3.568	215	3.862	252	3.691	232	24.25%
No proceeds	0	0	0	0	0.060	1	0	0	0.060	1	0.060	1	0.060	1	0.41%
Refinance	0.119	10	0.301	6	0.023	5	0	0	0.443	21	0.505	25	0.443	21	3.01%
Multiple/Other/NA	4.113	137	1.726	139	2.556	130	1.041	66	9.436	472	11.570	577	10.722	530	64.13%
Total	5.665	213	3.248	210	3.535	200	2.267	116	14.714	739	17.394	890	16.133	815	100.00%
Industry Sector (by SIC code)
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Agriculture (0xxx)	0	0.003	0.025	0	0	0	0.002	0	0	0.002	0.004	0	0.001
Mining (1xxx)	0.041	0.030	0.075	0.417	0.105	0.026	0.020	0.060	0.050	0.105	0.014	0.041	0.080
Oil and gas (13xx)	0.065	0.559	0.002	0.452	0.140	0.032	0.106	0.037	0.131	0.015	0.099	0.322	0.028
Construction (15xx)	0.003	0	0	0	0	0	0.004	0	0	0.030	0	0.036	0.116
Manufacturing (2xxx, 3xxx)	0.200	0.276	0.191	0.146	0.114	0.310	0.361	0.076	0.171	0.369	0.230	0.127	0.007
Pharmaceuticals (2834-6)	0.167	0.142	0.139	0.302	0.130	0.255	0.104	0.186	0.279	0.144	0.130	0.340	0.126
Transportation (4xxx)	0.188	0.285	0.010	0	0.080	0	0.143	0.040	0.396	0.060	0.005	0	0.046
Communications (48xx)	0	0.006	0.001	0.007	0	0.107	0.002	0	0.004	0.011	0.050	0.027	0.220
Electric, gas, sanitary services (49xx)	0.013	0.007	0.009	2.462	0.006	0.002	0.311	0.178	0.019	0.013	0.001	0	0.228
Wholesale (5xxx)	0.008	0.006	0.011	0.051	0.022	0.033	0.005	0.022	0.018	0.009	0.054	0.012	0.006
Finance, insurance, real estate (6xxx)	0.123	0.017	0.088	0.265	0.120	0.079	0.334	0.196	0.131	0.682	0.171	0.277	0.080
Services (7xxx)	0.447	0.058	0.066	0.043	0.115	0.050	0.082	0.030	0.035	0.019	0.053	0.030	0.022
Health services (8xxx)	0.007	0.031	0	0.050	0.020	0.028	0.014	0.009	0	0.026	0.003	0.004	0.015
Non-operating (9995)	0	0	0	0	0.003	0	0	0.001	0	0	0.003	0.072	0.004
Total	1.261	1.419	0.616	4.195	0.854	0.923	1.489	0.836	1.234	1.485	0.815	1.287	0.980
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.025	2	0.002	1	0.006	2	0.001	1	0.033	6	0.036	7	0.036	7	0.22%
Mining (1xxx)	0.597	27	0.106	17	0.168	16	0.120	15	0.991	75	1.062	88	1.021	81	6.74%
Oil and gas (13xx)	0.594	14	0.176	16	0.245	17	0.350	9	1.364	56	1.989	66	1.923	60	9.27%
Construction (15xx)	0	0	0.004	2	0.030	1	0.152	4	0.186	7	0.189	8	0.186	7	1.26%
Manufacturing (2xxx, 3xxx)	0.450	38	0.747	62	0.770	37	0.134	10	2.102	147	2.578	189	2.377	172	14.29%
Pharmaceuticals (2834-6)	0.571	51	0.546	31	0.553	46	0.466	28	2.136	156	2.445	187	2.278	172	14.52%
Transportation (4xxx)	0.090	2	0.183	3	0.461	6	0.046	1	0.781	12	1.254	15	1.066	13	5.31%
Communications (48xx)	0.008	3	0.110	5	0.065	5	0.247	7	0.429	20	0.435	21	0.435	21	2.92%
Electric, gas, sanitary services (49xx)	2.476	9	0.491	5	0.033	7	0.228	2	3.228	23	3.248	27	3.235	25	21.94%
Wholesale (5xxx)	0.084	8	0.060	8	0.081	11	0.018	3	0.243	30	0.257	35	0.250	32	1.65%
Finance, insurance, real estate (6xxx)	0.473	19	0.610	21	0.985	24	0.357	16	2.425	80	2.565	90	2.442	84	16.48%
Services (7xxx)	0.224	30	0.162	26	0.107	21	0.052	14	0.543	91	1.048	115	0.601	102	3.69%
Health services (8xxx)	0.070	8	0.051	12	0.028	6	0.019	2	0.169	28	0.207	34	0.200	31	1.15%
Non-operating (9995)	0.003	2	0.001	1	0.003	1	0.076	4	0.082	8	0.082	8	0.082	8	0.56%
Total	5.665	213	3.248	210	3.535	200	2.267	116	14.714	739	17.394	890	16.133	815	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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