Analysis of PIPE issuance for 13 months through March 2012

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

Proceeds

	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Less than $1 million	0.001	0.002	0.002	0.001	0.001	0	0.002	0	0	0	0.002	0.001	0
$1-1.99 million	0.031	0.023	0.017	0.028	0.018	0.020	0.020	0.025	0.024	0.020	0.018	0.020	0.013
$2-2.99 million	0.032	0.017	0.015	0.032	0.023	0.014	0.013	0.020	0.019	0.028	0.016	0.037	0.028
$3-4.99 million	0.049	0.047	0.050	0.061	0.042	0.023	0.040	0.013	0.043	0.027	0.014	0.045	0.030
$5-9.99 million	0.088	0.091	0.056	0.131	0.065	0.107	0.122	0.025	0.080	0.103	0.058	0.071	0.057
$10-14.99 million	0.064	0.073	0.155	0.093	0.075	0.067	0.033	0.083	0.071	0.072	0.053	0.095	0.075
$15-$49.99 million	0.263	0.211	0.427	0.289	0.198	0.342	0.149	0.146	0.322	0.328	0.178	0.246	0.181
$50 million and higher	1.364	1.642	1.132	0.340	0.150	5.729	1.255	0.759	0.695	0.835	0.514	3.692	0.300
Total	1.892	2.106	1.855	0.976	0.572	6.301	1.634	1.071	1.253	1.413	0.853	4.207	0.685
	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	8	0.003	8	0.013	26	0.012	25	0.05%
$1-1.99 million	0.068	52	0.058	43	0.068	51	0.051	39	0.051	39	0.276	209	0.245	185	0.89%
$2-2.99 million	0.064	28	0.050	22	0.067	29	0.081	36	0.081	36	0.295	129	0.263	115	1.41%
$3-4.99 million	0.158	42	0.104	28	0.083	22	0.089	25	0.089	25	0.483	130	0.434	117	1.55%
$5-9.99 million	0.278	41	0.294	47	0.209	32	0.186	29	0.186	29	1.055	162	0.967	149	3.24%
$10-14.99 million	0.321	28	0.175	16	0.226	22	0.223	20	0.223	20	1.009	92	0.945	86	3.88%
$15-$49.99 million	0.928	36	0.688	27	0.796	34	0.605	25	0.605	25	3.280	134	3.017	122	10.53%
$50 million and higher	3.115	23	7.134	14	2.289	12	4.506	17	4.506	17	18.407	74	17.043	66	78.43%
Total	4.937	258	8.506	202	3.737	206	5.745	199	5.745	199	24.817	956	22.925	865	100.00%
Type
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
convertible notes	0.032	0.462	0.108	0.127	0.178	0.182	0.303	0.025	0.253	0.314	0.301	0.108	0.024
convertible preferreds	0.384	0.537	0.379	0.240	0.014	0.489	0.477	0.466	0.064	0.085	0.111	0.430	0.171
equity line	0.271	0.075	0.243	0.117	0.057	0.282	0.068	0.123	0.171	0.093	0.028	0.054	0.070
notes with stock	0	0	0	0	0	0.002	0	0	0.003	0	0	0	0
notes with warrants	0.030	0.012	0.015	0.015	0.036	0.096	0.013	0.077	0.025	0.076	0.080	0.082	0.009
preferreds with stock	0	0	0.003	0	0	0	0	0	0.079	0.063	0	0	0
preferreds with warrants	0	0.025	0.002	0.005	0	5.000	0.006	0	0	0	0	0	0
stock	0.868	0.965	1.014	0.408	0.157	0.160	0.750	0.359	0.616	0.756	0.320	1.425	0.254
units of stock and warrants	0.307	0.030	0.092	0.063	0.129	0.090	0.017	0.021	0.042	0.026	0.013	2.108	0.157
Total	1.892	2.106	1.855	0.976	0.572	6.301	1.634	1.071	1.253	1.413	0.853	4.207	0.685
	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	0.433	46	0.433	46	2.417	183	2.385	174	7.54%
convertible preferreds	1.156	34	0.981	28	0.614	24	0.712	23	0.712	23	3.847	120	3.462	109	12.39%
equity line	0.436	26	0.407	23	0.387	33	0.151	12	0.151	12	1.652	108	1.381	94	2.63%
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	0.171	12	0.171	12	0.567	50	0.537	47	2.98%
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	1.730	76	1.999	75	1.999	75	8.052	362	7.184	328	34.80%
units of stock and warrants	0.185	26	0.235	28	0.090	16	2.278	31	2.278	31	3.095	121	2.788	101	39.65%
Total	4.937	258	8.506	202	3.737	206	5.745	199	5.745	199	24.817	956	22.925	865	100.00%
Warrants
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Yes	0.897	0.832	0.290	0.462	0.207	5.235	0.289	0.597	0.217	0.769	0.228	0.355	0.107
No	0.994	1.275	1.565	0.514	0.365	1.066	1.345	0.475	1.036	0.643	0.624	3.852	0.578
Total	1.892	2.106	1.855	0.976	0.572	6.301	1.634	1.071	1.253	1.413	0.853	4.207	0.685
	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	0.690	88	0.690	88	10.483	445	9.586	403	12.01%
No	3.354	122	2.776	118	2.155	111	5.055	111	5.055	111	14.334	511	13.340	462	87.99%
Total	4.937	258	8.506	202	3.737	206	5.745	199	5.745	199	24.817	956	22.925	865	100.00%
Use of Proceeds
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Acquisition	0.500	0.005	0.005	0.151	0.018	0	0	0	0.179	0	0.045	0	0
Capex	0.010	0.021	0.002	0.132	0.155	0.028	0.005	0.002	0.001	0.010	0.001	0.021	0.021
GCP	0.462	0.243	1.087	0.192	0.082	0.388	0.172	0.599	0.171	0.123	0.079	0.950	0.310
Refinance	0.026	0.087	0.038	0.012	0.004	0	0.148	0.002	0.062	0	0.010	0.076	0.012
Multiple/Other/NA	0.894	1.750	0.722	0.488	0.313	5.885	1.309	0.468	0.841	1.280	0.717	3.160	0.342
Total	1.892	2.106	1.855	0.976	0.572	6.301	1.634	1.071	1.253	1.413	0.853	4.207	0.685
	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	0.403	18	0.78%
Capex	0.155	13	0.188	8	0.013	3	0.044	4	0.044	4	0.410	31	0.400	28	0.77%
GCP	1.522	76	0.641	62	0.893	55	1.339	59	1.339	59	4.857	283	4.395	252	23.31%
Refinance	0.138	10	0.152	5	0.064	6	0.098	7	0.098	7	0.478	30	0.451	28	1.70%
Multiple/Other/NA	2.961	147	7.507	125	2.589	139	4.219	128	4.219	128	18.169	593	17.275	539	73.44%
Total	4.937	258	8.506	202	3.737	206	5.745	199	5.745	199	24.817	956	22.925	865	100.00%
Industry Sector (by SIC code)
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Agriculture (0xxx)	0.002	0	0.001	0.001	0	0.009	0.009	0	0	0.003	0.025	0	0
Mining (1xxx)	0.072	0.024	0.077	0.060	0.016	0.039	0.033	0.086	0.041	0.030	0.300	0.417	0.088
Oil and gas (13xx)	0.240	0.028	0.040	0.030	0.059	0.060	0.035	0.461	0.065	0.559	0.002	0.452	0.139
Construction (15xx)	0	0	0	0	0	0	0	0	0.003	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.272	0.351	0.283	0.274	0.076	0.228	1.141	0.172	0.200	0.276	0.186	0.156	0.062
Pharmaceuticals (2834-6)	0.141	0.087	0.174	0.166	0.092	0.147	0.041	0.068	0.167	0.142	0.155	0.302	0.126
Transportation (4xxx)	0	0	0.003	0.101	0	0.042	0.075	0	0.180	0.285	0.010	0	0.080
Communications (48xx)	0.504	0	0	0.087	0.013	0.005	0.126	0.005	0	0.006	0.001	0.007	0
Electric, gas, sanitary services (49xx)	0.010	0.025	0.066	0.001	0.150	0.161	0.019	0	0.013	0.007	0.009	2.462	0.002
Wholesale (5xxx)	0.020	0.002	0.020	0.077	0.025	0.204	0.024	0.003	0.008	0.006	0.011	0.051	0.020
Finance, insurance, real estate (6xxx)	0.541	0.942	1.124	0.122	0.099	5.287	0.044	0.196	0.123	0.017	0.088	0.264	0.116
Services (7xxx)	0.075	0.516	0.059	0.040	0.034	0.119	0.053	0.047	0.447	0.058	0.066	0.046	0.038
Health services (8xxx)	0.004	0.127	0.003	0.017	0.007	0	0.035	0.022	0.007	0.025	0	0.050	0.015
Non-operating (9995)	0.010	0.004	0.004	0	0	0.002	0	0.011	0	0	0	0	0
Total	1.892	2.106	1.855	0.976	0.572	6.301	1.634	1.071	1.253	1.413	0.853	4.207	0.685
	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	0.049	10	0.047	9	0.44%
Mining (1xxx)	0.160	28	0.087	21	0.157	19	0.805	26	0.805	26	1.281	107	1.209	94	14.01%
Oil and gas (13xx)	0.098	16	0.154	15	1.085	14	0.593	14	0.593	14	2.171	66	1.931	59	10.32%
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	0.404	36	0.404	36	3.678	223	3.405	192	7.03%
Pharmaceuticals (2834-6)	0.428	52	0.280	29	0.378	43	0.583	52	0.583	52	1.810	185	1.668	176	10.15%
Transportation (4xxx)	0.104	5	0.117	6	0.465	3	0.090	2	0.090	2	0.775	16	0.775	16	1.57%
Communications (48xx)	0.087	4	0.143	5	0.011	2	0.008	3	0.008	3	0.754	18	0.250	14	0.14%
Electric, gas, sanitary services (49xx)	0.092	6	0.330	5	0.020	4	2.472	8	2.472	8	2.924	24	2.914	23	43.03%
Wholesale (5xxx)	0.099	8	0.253	10	0.016	6	0.082	7	0.082	7	0.470	34	0.451	31	1.43%
Finance, insurance, real estate (6xxx)	2.188	33	5.430	23	0.336	14	0.468	17	0.468	17	8.962	98	8.422	87	8.15%
Services (7xxx)	0.615	33	0.205	35	0.552	32	0.150	26	0.150	26	1.597	134	1.522	126	2.61%
Health services (8xxx)	0.147	7	0.042	7	0.053	10	0.065	6	0.065	6	0.311	32	0.306	30	1.13%
Non-operating (9995)	0.008	4	0.002	1	0.011	2	0	0	0	0	0.032	8	0.022	7	0.00%
Total	4.937	258	8.506	202	3.737	206	5.745	199	5.745	199	24.817	956	22.925	865	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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