Analysis of PIPE issuance for 13 months through February 2012

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

Proceeds

	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Less than $1 million	0	0.001	0.002	0.002	0.001	0.001	0	0.002	0	0	0	0.002	0.001
$1-1.99 million	0.028	0.031	0.023	0.017	0.028	0.018	0.020	0.020	0.025	0.022	0.020	0.018	0.016
$2-2.99 million	0.021	0.032	0.017	0.015	0.032	0.023	0.014	0.013	0.020	0.019	0.028	0.016	0.023
$3-4.99 million	0.032	0.049	0.047	0.050	0.061	0.042	0.023	0.040	0.013	0.043	0.027	0.018	0.045
$5-9.99 million	0.135	0.088	0.091	0.056	0.131	0.065	0.107	0.122	0.025	0.080	0.103	0.051	0.072
$10-14.99 million	0.065	0.064	0.073	0.155	0.093	0.075	0.067	0.033	0.083	0.071	0.072	0.053	0.060
$15-$49.99 million	0.151	0.263	0.211	0.427	0.289	0.198	0.342	0.149	0.146	0.322	0.328	0.178	0.231
$50 million and higher	1.116	1.364	1.642	1.132	0.340	0.150	5.729	1.255	0.759	0.695	0.835	0.567	3.292
Total	1.549	1.892	2.106	1.855	0.976	0.572	6.301	1.634	1.071	1.252	1.413	0.903	3.740
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.005	8	0.003	5	0.001	4	0.003	6	0.003	6	0.013	25	0.012	24	0.06%
$1-1.99 million	0.068	52	0.058	43	0.067	50	0.034	26	0.034	26	0.286	217	0.258	195	0.73%
$2-2.99 million	0.064	28	0.050	22	0.067	29	0.039	17	0.039	17	0.274	119	0.252	110	0.84%
$3-4.99 million	0.158	42	0.104	28	0.083	22	0.063	18	0.063	18	0.489	132	0.457	123	1.36%
$5-9.99 million	0.278	41	0.294	47	0.209	32	0.123	20	0.123	20	1.128	174	0.993	153	2.65%
$10-14.99 million	0.321	28	0.175	16	0.226	22	0.113	10	0.113	10	0.963	88	0.899	82	2.43%
$15-$49.99 million	0.928	36	0.688	27	0.796	34	0.409	17	0.409	17	3.235	132	3.083	126	8.81%
$50 million and higher	3.115	23	7.134	14	2.289	12	3.860	13	3.860	13	18.876	78	17.761	70	83.14%
Total	4.937	258	8.506	202	3.736	205	4.643	127	4.643	127	25.263	965	23.714	883	100.00%
Type
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
convertible notes	0.053	0.032	0.462	0.108	0.127	0.178	0.182	0.303	0.025	0.253	0.314	0.300	0.103
convertible preferreds	0.050	0.384	0.537	0.379	0.240	0.014	0.489	0.477	0.466	0.064	0.085	0.111	0.012
equity line	0.102	0.271	0.075	0.243	0.117	0.057	0.282	0.068	0.123	0.171	0.093	0.028	0.044
notes with stock	0	0	0	0	0	0	0.002	0	0	0.003	0	0	0
notes with warrants	0.008	0.030	0.012	0.015	0.015	0.036	0.096	0.013	0.077	0.025	0.076	0.080	0.082
preferreds with stock	0	0	0	0.003	0	0	0	0	0	0.079	0.063	0	0
preferreds with warrants	0	0	0.025	0.002	0.005	0	5.000	0.006	0	0	0	0	0
stock	1.126	0.868	0.965	1.014	0.408	0.157	0.160	0.750	0.359	0.614	0.756	0.374	1.407
units of stock and warrants	0.204	0.307	0.030	0.092	0.063	0.129	0.090	0.017	0.021	0.042	0.026	0.011	2.092
warrants	0.005	0	0	0	0	0	0	0	0	0	0	0	0
Total	1.549	1.892	2.106	1.855	0.976	0.572	6.301	1.634	1.071	1.252	1.413	0.903	3.740
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.697	51	0.663	38	0.593	39	0.403	34	0.403	34	2.440	188	2.387	171	8.68%
convertible preferreds	1.156	34	0.981	28	0.614	24	0.123	12	0.123	12	3.307	118	3.257	109	2.65%
equity line	0.436	26	0.407	23	0.387	33	0.071	7	0.071	7	1.674	110	1.572	103	1.53%
notes with stock	0	0	0.002	1	0.003	1	0	0	0	0	0.004	2	0.004	2	0.00%
notes with warrants	0.042	8	0.145	14	0.178	13	0.162	8	0.162	8	0.565	49	0.557	46	3.49%
preferreds with stock	0.003	1	0	0	0.142	4	0	0	0	0	0.145	5	0.145	5	0.00%
preferreds with warrants	0.032	3	5.006	2	0	0	0	0	0	0	5.038	5	5.038	5	0.00%
stock	2.387	109	1.067	68	1.729	75	1.781	47	1.781	47	8.958	363	7.832	333	38.36%
units of stock and warrants	0.185	26	0.235	28	0.090	16	2.103	19	2.103	19	3.125	124	2.921	109	45.29%
warrants	0	0	0	0	0	0	0	0	0	0	0.005	1	0	0	0.00%
Total	4.937	258	8.506	202	3.736	205	4.643	127	4.643	127	25.263	965	23.714	883	100.00%
Warrants
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Yes	0.340	0.897	0.832	0.290	0.462	0.207	5.235	0.289	0.597	0.217	0.769	0.225	0.310
No	1.209	0.994	1.275	1.565	0.514	0.365	1.066	1.345	0.475	1.035	0.643	0.678	3.430
Total	1.549	1.892	2.106	1.855	0.976	0.572	6.301	1.634	1.071	1.252	1.413	0.903	3.740
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.583	136	5.730	84	1.582	95	0.535	58	0.535	58	10.668	466	10.328	415	11.52%
No	3.354	122	2.776	118	2.154	110	4.108	69	4.108	69	14.595	499	13.386	468	88.48%
Total	4.937	258	8.506	202	3.736	205	4.643	127	4.643	127	25.263	965	23.714	883	100.00%
Use of Proceeds
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Acquisition	0	0.500	0.005	0.005	0.151	0.018	0	0	0	0.179	0	0.045	0
Capex	0.060	0.010	0.021	0.002	0.132	0.155	0.028	0.005	0.002	0.001	0.010	0.001	0.021
GCP	0.434	0.462	0.243	1.087	0.192	0.082	0.388	0.172	0.599	0.171	0.123	0.133	0.499
Refinance	0	0.026	0.087	0.038	0.012	0.004	0	0.148	0.002	0.062	0	0.010	0.075
Multiple/Other/NA	1.055	0.894	1.750	0.722	0.488	0.313	5.885	1.309	0.468	0.839	1.280	0.714	3.144
Total	1.549	1.892	2.106	1.855	0.976	0.572	6.301	1.634	1.071	1.252	1.413	0.903	3.740
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.161	12	0.018	2	0.179	3	0.045	1	0.045	1	0.903	19	0.903	19	0.97%
Capex	0.155	13	0.188	8	0.013	3	0.023	3	0.023	3	0.449	35	0.388	30	0.50%
GCP	1.522	76	0.641	62	0.893	55	0.632	28	0.632	28	4.583	283	4.150	252	13.61%
Refinance	0.138	10	0.152	5	0.064	6	0.085	4	0.085	4	0.465	27	0.465	27	1.83%
Multiple/Other/NA	2.961	147	7.507	125	2.587	138	3.858	91	3.858	91	18.862	601	17.808	555	83.09%
Total	4.937	258	8.506	202	3.736	205	4.643	127	4.643	127	25.263	965	23.714	883	100.00%
Industry Sector (by SIC code)
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Agriculture (0xxx)	0.007	0.002	0	0.001	0.001	0	0.009	0.009	0	0	0.003	0.025	0
Mining (1xxx)	0.032	0.072	0.024	0.077	0.060	0.016	0.039	0.033	0.086	0.040	0.030	0.300	0.411
Oil and gas (13xx)	0.099	0.240	0.028	0.040	0.030	0.059	0.060	0.035	0.461	0.065	0.559	0.002	0.049
Construction (15xx)	0	0	0	0	0	0	0	0	0	0.003	0	0	0
Manufacturing (2xxx, 3xxx)	0.099	0.272	0.351	0.283	0.274	0.076	0.228	1.141	0.172	0.200	0.276	0.186	0.152
Pharmaceuticals (2834-6)	0.129	0.141	0.087	0.174	0.166	0.092	0.147	0.041	0.068	0.167	0.142	0.152	0.255
Transportation (4xxx)	0	0	0	0.003	0.101	0	0.042	0.075	0	0.180	0.285	0.010	0
Communications (48xx)	0.002	0.504	0	0	0.087	0.013	0.005	0.126	0.005	0	0.006	0.001	0.007
Electric, gas, sanitary services (49xx)	0.753	0.010	0.025	0.066	0.001	0.150	0.161	0.019	0	0.013	0.007	0.009	2.462
Wholesale (5xxx)	0.033	0.020	0.002	0.020	0.077	0.025	0.204	0.024	0.003	0.008	0.006	0.011	0.049
Finance, insurance, real estate (6xxx)	0.215	0.541	0.942	1.124	0.122	0.099	5.287	0.044	0.196	0.123	0.017	0.142	0.262
Services (7xxx)	0.147	0.075	0.516	0.059	0.040	0.034	0.119	0.053	0.047	0.447	0.058	0.066	0.043
Health services (8xxx)	0.032	0.004	0.127	0.003	0.017	0.007	0	0.035	0.022	0.007	0.025	0	0.050
Non-operating (9995)	0	0.010	0.004	0.004	0	0	0.002	0	0.011	0	0	0	0
Total	1.549	1.892	2.106	1.855	0.976	0.572	6.301	1.634	1.071	1.252	1.413	0.903	3.740
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.002	2	0.017	4	0.003	1	0.025	2	0.025	2	0.056	13	0.049	10	0.54%
Mining (1xxx)	0.160	28	0.087	21	0.155	18	0.711	15	0.711	15	1.218	102	1.186	95	15.31%
Oil and gas (13xx)	0.098	16	0.154	15	1.085	14	0.051	7	0.051	7	1.728	65	1.629	59	1.10%
Construction (15xx)	0	0	0	0	0.003	1	0	0	0	0	0.003	1	0.003	1	0.00%
Manufacturing (2xxx, 3xxx)	0.908	60	1.446	41	0.648	55	0.337	27	0.337	27	3.710	240	3.611	214	7.26%
Pharmaceuticals (2834-6)	0.428	52	0.280	29	0.378	43	0.407	34	0.407	34	1.763	174	1.634	167	8.77%
Transportation (4xxx)	0.104	5	0.117	6	0.465	3	0.010	1	0.010	1	0.695	15	0.695	15	0.22%
Communications (48xx)	0.087	4	0.143	5	0.011	2	0.008	3	0.008	3	0.757	19	0.754	18	0.17%
Electric, gas, sanitary services (49xx)	0.092	6	0.330	5	0.020	4	2.470	7	2.470	7	3.676	25	2.923	23	53.20%
Wholesale (5xxx)	0.099	8	0.253	10	0.016	6	0.060	4	0.060	4	0.481	36	0.448	31	1.29%
Finance, insurance, real estate (6xxx)	2.188	33	5.430	23	0.336	14	0.404	10	0.404	10	9.113	99	8.898	91	8.70%
Services (7xxx)	0.615	33	0.205	35	0.552	32	0.109	16	0.109	16	1.704	134	1.556	124	2.35%
Health services (8xxx)	0.147	7	0.042	7	0.053	10	0.050	1	0.050	1	0.328	34	0.296	27	1.08%
Non-operating (9995)	0.008	4	0.002	1	0.011	2	0	0	0	0	0.032	8	0.032	8	0.00%
Total	4.937	258	8.506	202	3.736	205	4.643	127	4.643	127	25.263	965	23.714	883	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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