Analysis of PIPE issuance for 13 months through April 2012

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

Proceeds

	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Less than $1 million	0.002	0.002	0.001	0.001	0	0.002	0	0	0	0.002	0.001	0	0
$1-1.99 million	0.023	0.017	0.028	0.018	0.020	0.020	0.025	0.024	0.020	0.018	0.021	0.020	0.014
$2-2.99 million	0.017	0.015	0.032	0.023	0.014	0.013	0.020	0.019	0.028	0.016	0.037	0.030	0.014
$3-4.99 million	0.047	0.050	0.061	0.042	0.023	0.040	0.013	0.043	0.027	0.014	0.045	0.045	0.018
$5-9.99 million	0.091	0.056	0.131	0.065	0.107	0.122	0.025	0.080	0.103	0.058	0.071	0.063	0.043
$10-14.99 million	0.073	0.155	0.093	0.075	0.067	0.033	0.083	0.061	0.072	0.053	0.095	0.086	0.068
$15-$49.99 million	0.211	0.427	0.289	0.198	0.342	0.149	0.146	0.322	0.328	0.178	0.246	0.196	0.281
$50 million and higher	1.642	1.132	0.340	0.150	5.729	1.255	0.759	0.695	0.835	0.514	3.692	0.411	0.278
Total	2.106	1.855	0.976	0.572	6.301	1.634	1.071	1.243	1.413	0.853	4.208	0.852	0.716
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	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	1	0.003	9	0.012	26	0.010	23	0.05%
$1-1.99 million	0.068	52	0.058	43	0.068	51	0.060	45	0.014	11	0.074	56	0.268	202	0.245	183	1.12%
$2-2.99 million	0.064	28	0.050	22	0.067	29	0.083	37	0.014	6	0.097	43	0.279	122	0.262	114	1.46%
$3-4.99 million	0.158	42	0.104	28	0.083	22	0.104	29	0.018	5	0.122	34	0.467	126	0.420	114	1.84%
$5-9.99 million	0.278	41	0.294	47	0.209	32	0.192	30	0.043	7	0.234	37	1.015	157	0.924	144	3.53%
$10-14.99 million	0.321	28	0.175	16	0.216	21	0.233	21	0.068	6	0.301	27	1.013	92	0.940	86	4.54%
$15-$49.99 million	0.928	36	0.688	27	0.796	34	0.620	26	0.281	11	0.902	37	3.313	134	3.101	126	13.61%
$50 million and higher	3.115	23	7.134	14	2.289	12	4.617	19	0.278	2	4.895	21	17.432	70	15.790	58	73.85%
Total	4.937	258	8.506	202	3.727	205	5.912	215	0.716	49	6.628	264	23.798	929	21.692	848	100.00%
Type
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
convertible notes	0.462	0.108	0.127	0.178	0.182	0.303	0.025	0.243	0.314	0.301	0.108	0.050	0.118
convertible preferreds	0.537	0.379	0.240	0.014	0.489	0.477	0.466	0.064	0.085	0.111	0.430	0.177	0.013
equity line	0.075	0.243	0.117	0.057	0.282	0.068	0.123	0.171	0.093	0.028	0.054	0.080	0.035
notes with stock	0	0	0	0	0.002	0	0	0.003	0	0	0	0.004	0.007
notes with warrants	0.012	0.015	0.015	0.036	0.096	0.013	0.077	0.025	0.076	0.080	0.082	0.014	0.023
preferreds with stock	0	0.003	0	0	0	0	0	0.079	0.063	0	0	0	0.002
preferreds with warrants	0.025	0.002	0.005	0	5.000	0.006	0	0	0	0	0	0	0.010
stock	0.965	1.014	0.408	0.157	0.160	0.750	0.359	0.616	0.756	0.320	1.426	0.369	0.462
units of stock and warrants	0.030	0.092	0.063	0.129	0.090	0.017	0.021	0.042	0.026	0.013	2.108	0.158	0.046
Total	2.106	1.855	0.976	0.572	6.301	1.634	1.071	1.243	1.413	0.853	4.208	0.852	0.716
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.697	51	0.663	38	0.583	38	0.458	51	0.118	12	0.576	63	2.518	190	2.056	173	8.69%
convertible preferreds	1.156	34	0.981	28	0.614	24	0.718	24	0.013	3	0.731	27	3.481	113	2.944	103	11.03%
equity line	0.436	26	0.407	23	0.387	33	0.162	13	0.035	3	0.197	16	1.426	98	1.351	92	2.97%
notes with stock	0	0	0.002	1	0.003	1	0.004	1	0.007	2	0.011	3	0.015	5	0.015	5	0.17%
notes with warrants	0.042	8	0.145	14	0.178	13	0.175	14	0.023	6	0.199	20	0.564	55	0.552	52	3.00%
preferreds with stock	0.003	1	0	0	0.142	4	0	0	0.002	1	0.002	1	0.147	6	0.147	6	0.03%
preferreds with warrants	0.032	3	5.006	2	0	0	0	0	0.010	1	0.010	1	5.048	6	5.023	5	0.15%
stock	2.387	109	1.067	68	1.730	76	2.115	80	0.462	18	2.578	98	7.762	351	6.797	314	38.90%
units of stock and warrants	0.185	26	0.235	28	0.090	16	2.279	32	0.046	3	2.325	35	2.836	105	2.806	98	35.08%
Total	4.937	258	8.506	202	3.727	205	5.912	215	0.716	49	6.628	264	23.798	929	21.692	848	100.00%
Warrants
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Yes	0.832	0.290	0.462	0.207	5.235	0.289	0.597	0.207	0.769	0.228	0.355	0.141	0.377
No	1.275	1.565	0.514	0.365	1.066	1.345	0.475	1.036	0.643	0.624	3.853	0.710	0.339
Total	2.106	1.855	0.976	0.572	6.301	1.634	1.071	1.243	1.413	0.853	4.208	0.852	0.716
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.583	136	5.730	84	1.572	94	0.724	96	0.377	20	1.102	116	9.987	430	9.155	388	16.63%
No	3.354	122	2.776	118	2.155	111	5.187	119	0.339	29	5.527	148	13.812	499	12.537	460	83.39%
Total	4.937	258	8.506	202	3.727	205	5.912	215	0.716	49	6.628	264	23.798	929	21.692	848	100.00%
Use of Proceeds
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Acquisition	0.005	0.005	0.151	0.018	0	0	0	0.179	0	0.045	0	0	0
Capex	0.021	0.002	0.132	0.155	0.028	0.005	0.002	0.001	0.010	0.001	0.021	0.021	0.001
GCP	0.243	1.087	0.192	0.082	0.388	0.172	0.599	0.171	0.123	0.079	0.950	0.315	0.202
Refinance	0.087	0.038	0.012	0.004	0	0.148	0.002	0.062	0	0.010	0.076	0.037	0.030
Multiple/Other/NA	1.750	0.722	0.488	0.313	5.885	1.309	0.468	0.831	1.280	0.717	3.161	0.478	0.484
Total	2.106	1.855	0.976	0.572	6.301	1.634	1.071	1.243	1.413	0.853	4.208	0.852	0.716
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	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	0	0.045	1	0.403	18	0.398	17	0.68%
Capex	0.155	13	0.188	8	0.013	3	0.044	4	0.001	1	0.045	5	0.401	29	0.380	24	0.68%
GCP	1.522	76	0.641	62	0.893	55	1.343	61	0.202	19	1.545	80	4.601	273	4.358	254	23.31%
Refinance	0.138	10	0.152	5	0.064	6	0.123	10	0.030	1	0.153	11	0.507	32	0.420	29	2.31%
Multiple/Other/NA	2.961	147	7.507	125	2.579	138	4.356	139	0.484	28	4.840	167	17.887	577	16.136	524	73.02%
Total	4.937	258	8.506	202	3.727	205	5.912	215	0.716	49	6.628	264	23.798	929	21.692	848	100.00%
Industry Sector (by SIC code)
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Agriculture (0xxx)	0	0.001	0.001	0	0.009	0.009	0	0	0.003	0.025	0	0	0
Mining (1xxx)	0.024	0.077	0.060	0.016	0.039	0.033	0.086	0.041	0.030	0.300	0.417	0.105	0.019
Oil and gas (13xx)	0.028	0.040	0.030	0.059	0.060	0.035	0.461	0.065	0.559	0.002	0.452	0.139	0.022
Construction (15xx)	0	0	0	0	0	0	0	0.003	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.351	0.283	0.274	0.076	0.228	1.141	0.172	0.200	0.276	0.186	0.156	0.114	0.260
Pharmaceuticals (2834-6)	0.087	0.174	0.166	0.092	0.147	0.041	0.068	0.167	0.142	0.155	0.302	0.126	0.234
Transportation (4xxx)	0	0.003	0.101	0	0.042	0.075	0	0.170	0.285	0.010	0	0.080	0
Communications (48xx)	0	0	0.087	0.013	0.005	0.126	0.005	0	0.006	0.001	0.007	0	0.015
Electric, gas, sanitary services (49xx)	0.025	0.066	0.001	0.150	0.161	0.019	0	0.013	0.007	0.009	2.462	0.006	0.002
Wholesale (5xxx)	0.002	0.020	0.077	0.025	0.204	0.024	0.003	0.008	0.006	0.011	0.051	0.020	0.032
Finance, insurance, real estate (6xxx)	0.942	1.124	0.122	0.099	5.287	0.044	0.196	0.123	0.017	0.088	0.265	0.126	0.078
Services (7xxx)	0.516	0.059	0.040	0.034	0.119	0.053	0.047	0.447	0.058	0.066	0.046	0.113	0.045
Health services (8xxx)	0.127	0.003	0.017	0.007	0	0.035	0.022	0.007	0.025	0	0.050	0.020	0.010
Non-operating (9995)	0.004	0.004	0	0	0.002	0	0.011	0	0	0	0	0.003	0
Total	2.106	1.855	0.976	0.572	6.301	1.634	1.071	1.243	1.413	0.853	4.208	0.852	0.716
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	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	0	0.025	2	0.047	9	0.047	9	0.38%
Mining (1xxx)	0.160	28	0.087	21	0.157	19	0.822	28	0.019	3	0.841	31	1.245	99	1.221	91	12.69%
Oil and gas (13xx)	0.098	16	0.154	15	1.085	14	0.593	14	0.022	5	0.615	19	1.953	64	1.925	54	9.28%
Construction (15xx)	0	0	0	0	0.003	1	0	0	0	0	0	0	0.003	1	0.003	1	0.00%
Manufacturing (2xxx, 3xxx)	0.908	60	1.446	41	0.648	55	0.456	38	0.260	21	0.716	59	3.717	215	3.366	198	10.80%
Pharmaceuticals (2834-6)	0.428	52	0.280	29	0.378	43	0.583	52	0.234	4	0.817	56	1.903	180	1.815	167	12.33%
Transportation (4xxx)	0.104	5	0.117	6	0.455	2	0.090	2	0	0	0.090	2	0.765	15	0.765	15	1.36%
Communications (48xx)	0.087	4	0.143	5	0.011	2	0.008	3	0.015	1	0.023	4	0.265	15	0.265	15	0.35%
Electric, gas, sanitary services (49xx)	0.092	6	0.330	5	0.020	4	2.476	9	0.002	1	2.478	10	2.920	25	2.895	23	37.39%
Wholesale (5xxx)	0.099	8	0.253	10	0.016	6	0.082	7	0.032	2	0.114	9	0.482	33	0.480	32	1.72%
Finance, insurance, real estate (6xxx)	2.188	33	5.430	23	0.336	14	0.479	20	0.078	3	0.557	23	8.511	93	7.569	76	8.40%
Services (7xxx)	0.615	33	0.205	35	0.552	32	0.225	30	0.045	6	0.270	36	1.643	136	1.127	128	4.07%
Health services (8xxx)	0.147	7	0.042	7	0.053	10	0.070	8	0.010	3	0.079	11	0.321	35	0.194	33	1.19%
Non-operating (9995)	0.008	4	0.002	1	0.011	2	0.003	2	0	0	0.003	2	0.025	9	0.021	6	0.05%
Total	4.937	258	8.506	202	3.727	205	5.912	215	0.716	49	6.628	264	23.798	929	21.692	848	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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