Analysis of PIPE issuance for 13 months through June 2012

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

Proceeds

	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Less than $1 million	0.001	0.001	0	0.002	0	0	0	0.002	0.001	0	0	0	0.001
$1-1.99 million	0.028	0.018	0.020	0.020	0.025	0.024	0.020	0.019	0.021	0.022	0.023	0.023	0.013
$2-2.99 million	0.032	0.023	0.014	0.013	0.020	0.019	0.026	0.013	0.037	0.030	0.018	0.024	0.018
$3-4.99 million	0.061	0.042	0.023	0.040	0.013	0.043	0.027	0.017	0.045	0.045	0.029	0.033	0.025
$5-9.99 million	0.131	0.065	0.107	0.122	0.025	0.080	0.111	0.058	0.071	0.063	0.068	0.065	0.045
$10-14.99 million	0.093	0.075	0.067	0.033	0.083	0.061	0.072	0.053	0.095	0.073	0.078	0.119	0.086
$15-$49.99 million	0.289	0.198	0.342	0.149	0.146	0.322	0.328	0.178	0.246	0.212	0.341	0.234	0.237
$50 million and higher	0.340	0.150	5.729	1.255	0.759	0.695	0.835	0.514	3.692	0.411	0.367	0.492	0.394
Total	0.976	0.572	6.301	1.634	1.072	1.243	1.419	0.853	4.208	0.858	0.925	0.989	0.819
	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	0.003	5	0.001	4	0.003	8	0.001	2	0.004	10	0.009	22	0.008	19	0.05%
$1-1.99 million	0.058	43	0.068	51	0.061	46	0.058	45	0.119	91	0.273	205	0.245	185	1.38%
$2-2.99 million	0.050	22	0.065	28	0.080	36	0.060	27	0.140	63	0.287	127	0.256	113	1.62%
$3-4.99 million	0.104	28	0.083	22	0.107	30	0.087	23	0.194	53	0.443	119	0.381	103	2.24%
$5-9.99 million	0.294	47	0.217	33	0.192	30	0.178	28	0.370	58	1.012	158	0.881	138	4.28%
$10-14.99 million	0.175	16	0.216	21	0.221	20	0.283	26	0.505	46	0.988	92	0.895	83	5.84%
$15-$49.99 million	0.688	27	0.796	34	0.636	27	0.812	32	1.448	59	3.221	132	2.932	120	16.74%
$50 million and higher	7.134	14	2.289	12	4.617	19	1.253	13	5.870	32	15.633	64	15.293	58	67.85%
Total	8.506	202	3.733	205	5.919	216	2.733	196	8.652	412	21.867	919	20.892	819	100.00%
Type
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
convertible notes	0.127	0.178	0.182	0.303	0.025	0.243	0.314	0.302	0.108	0.052	0.126	0.185	0.050
convertible preferreds	0.240	0.014	0.489	0.477	0.466	0.064	0.085	0.111	0.430	0.179	0.030	0.346	0.220
equity line	0.117	0.057	0.282	0.068	0.123	0.171	0.093	0.028	0.054	0.080	0.064	0.106	0.074
notes with stock	0	0	0.002	0	0	0.003	0	0	0	0.004	0.007	0	0
notes with warrants	0.015	0.036	0.096	0.013	0.077	0.025	0.076	0.080	0.082	0.014	0.033	0.059	0.131
preferreds with stock	0	0	0	0	0	0.079	0.063	0	0	0	0.002	0	0
preferreds with warrants	0.005	0	5.000	0.006	0	0	0	0	0	0	0.010	0	0
stock	0.408	0.157	0.160	0.750	0.359	0.616	0.762	0.320	1.426	0.370	0.601	0.260	0.103
units of stock and warrants	0.063	0.129	0.090	0.017	0.021	0.042	0.026	0.013	2.108	0.159	0.052	0.033	0.241
Total	0.976	0.572	6.301	1.634	1.072	1.243	1.419	0.853	4.208	0.858	0.925	0.989	0.819
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.663	38	0.583	38	0.461	50	0.361	38	0.822	88	2.194	184	2.068	164	9.50%
convertible preferreds	0.981	28	0.614	24	0.720	25	0.596	22	1.316	47	3.151	116	2.911	99	15.21%
equity line	0.407	23	0.387	33	0.162	13	0.243	22	0.404	35	1.315	102	1.198	91	4.67%
notes with stock	0.002	1	0.003	1	0.004	1	0.007	2	0.011	3	0.015	5	0.015	5	0.13%
notes with warrants	0.145	14	0.178	13	0.175	14	0.224	18	0.400	32	0.738	61	0.723	59	4.62%
preferreds with stock	0	0	0.142	4	0	0	0.002	1	0.002	1	0.144	5	0.144	5	0.02%
preferreds with warrants	5.006	2	0	0	0	0	0.010	1	0.010	1	5.021	4	5.016	3	0.12%
stock	1.067	68	1.736	76	2.117	81	0.965	71	3.081	152	6.293	334	5.885	296	35.61%
units of stock and warrants	0.235	28	0.090	16	2.280	32	0.325	21	2.605	53	2.994	108	2.931	97	30.11%
Total	8.506	202	3.733	205	5.919	216	2.733	196	8.652	412	21.867	919	20.892	819	100.00%
Warrants
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Yes	0.462	0.207	5.235	0.289	0.597	0.207	0.769	0.229	0.355	0.143	0.417	0.299	0.236
No	0.514	0.365	1.066	1.345	0.475	1.036	0.649	0.624	3.853	0.714	0.508	0.691	0.583
Total	0.976	0.572	6.301	1.634	1.072	1.243	1.419	0.853	4.208	0.858	0.925	0.989	0.819
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.730	84	1.573	94	0.728	97	0.952	89	1.679	186	9.444	420	8.982	364	19.41%
No	2.776	118	2.161	111	5.191	119	1.781	107	6.973	226	12.424	499	11.910	455	80.59%
Total	8.506	202	3.733	205	5.919	216	2.733	196	8.652	412	21.867	919	20.892	819	100.00%
Use of Proceeds
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Acquisition	0.151	0.018	0	0	0	0.179	0	0.045	0	0	0	0.200	0.090
Capex	0.132	0.155	0.028	0.005	0.002	0.001	0.010	0.001	0.021	0.021	0.001	0.042	0.004
GCP	0.192	0.082	0.388	0.172	0.599	0.171	0.123	0.079	0.950	0.314	0.211	0.181	0.200
Refinance	0.012	0.004	0	0.148	0.002	0.062	0	0.010	0.076	0.037	0.119	0.172	0
Multiple/Other/NA	0.488	0.313	5.885	1.309	0.468	0.831	1.286	0.718	3.161	0.484	0.593	0.393	0.525
Total	0.976	0.572	6.301	1.634	1.072	1.243	1.419	0.853	4.208	0.858	0.925	0.989	0.819
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.018	2	0.179	3	0.045	1	0.290	4	0.335	5	0.683	19	0.532	10	3.87%
Capex	0.188	8	0.013	3	0.044	4	0.047	5	0.091	9	0.425	27	0.292	20	1.05%
GCP	0.641	62	0.893	55	1.343	61	0.592	52	1.935	113	3.661	257	3.470	230	22.36%
Refinance	0.152	5	0.064	6	0.123	10	0.292	5	0.415	15	0.643	28	0.631	26	4.80%
Multiple/Other/NA	7.507	125	2.585	138	4.363	140	1.512	130	5.875	270	16.455	588	15.967	533	67.90%
Total	8.506	202	3.733	205	5.919	216	2.733	196	8.652	412	21.867	919	20.892	819	100.00%
Industry Sector (by SIC code)
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Agriculture (0xxx)	0.001	0	0.009	0.009	0	0	0.003	0.025	0	0	0	0.002	0
Mining (1xxx)	0.060	0.016	0.039	0.033	0.086	0.041	0.030	0.300	0.417	0.105	0.026	0.020	0.066
Oil and gas (13xx)	0.030	0.059	0.060	0.035	0.461	0.065	0.559	0.002	0.452	0.140	0.032	0.106	0.043
Construction (15xx)	0	0	0	0	0	0.003	0	0	0	0	0	0.004	0
Manufacturing (2xxx, 3xxx)	0.274	0.076	0.228	1.141	0.172	0.200	0.276	0.187	0.156	0.114	0.313	0.213	0.067
Pharmaceuticals (2834-6)	0.166	0.092	0.147	0.041	0.068	0.167	0.142	0.155	0.302	0.130	0.255	0.100	0.192
Transportation (4xxx)	0.101	0	0.042	0.075	0	0.170	0.285	0.010	0	0.080	0	0.143	0.040
Communications (48xx)	0.087	0.013	0.005	0.126	0.005	0	0.006	0.001	0.007	0	0.106	0.002	0
Electric, gas, sanitary services (49xx)	0.001	0.150	0.161	0.019	0	0.013	0.007	0.009	2.462	0.006	0.002	0.011	0.177
Wholesale (5xxx)	0.077	0.025	0.204	0.024	0.003	0.008	0.006	0.011	0.051	0.022	0.033	0.005	0.022
Finance, insurance, real estate (6xxx)	0.122	0.099	5.287	0.044	0.196	0.123	0.017	0.088	0.265	0.124	0.079	0.292	0.196
Services (7xxx)	0.040	0.034	0.119	0.053	0.047	0.447	0.058	0.066	0.046	0.115	0.050	0.076	0.014
Health services (8xxx)	0.017	0.007	0	0.035	0.022	0.007	0.031	0	0.050	0.020	0.028	0.014	0
Non-operating (9995)	0	0	0.002	0	0.011	0	0	0	0	0.003	0	0	0.001
Total	0.976	0.572	6.301	1.634	1.072	1.243	1.419	0.853	4.208	0.858	0.925	0.989	0.819
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.017	4	0.003	1	0.025	2	0.002	1	0.027	3	0.048	9	0.047	8	0.31%
Mining (1xxx)	0.087	21	0.157	19	0.822	28	0.111	16	0.934	44	1.237	94	1.177	84	10.80%
Oil and gas (13xx)	0.154	15	1.086	14	0.594	14	0.182	16	0.775	30	2.045	61	2.015	59	8.96%
Construction (15xx)	0	0	0.003	1	0	0	0.004	2	0.004	2	0.007	3	0.007	3	0.05%
Manufacturing (2xxx, 3xxx)	1.446	41	0.648	55	0.457	38	0.593	60	1.050	98	3.417	221	3.143	194	12.14%
Pharmaceuticals (2834-6)	0.280	29	0.378	43	0.587	52	0.548	29	1.134	81	1.959	178	1.793	153	13.11%
Transportation (4xxx)	0.117	6	0.455	2	0.090	2	0.183	3	0.273	5	0.945	17	0.845	13	3.16%
Communications (48xx)	0.143	5	0.011	2	0.008	3	0.108	5	0.117	8	0.358	19	0.271	15	1.35%
Electric, gas, sanitary services (49xx)	0.330	5	0.020	4	2.476	9	0.190	3	2.666	12	3.017	22	3.016	21	30.81%
Wholesale (5xxx)	0.253	10	0.016	6	0.084	8	0.060	8	0.145	16	0.491	36	0.414	32	1.68%
Finance, insurance, real estate (6xxx)	5.430	23	0.336	14	0.477	19	0.568	19	1.045	38	6.932	79	6.811	75	12.08%
Services (7xxx)	0.205	35	0.552	32	0.227	31	0.140	23	0.367	54	1.164	135	1.124	121	4.24%
Health services (8xxx)	0.042	7	0.059	10	0.070	8	0.043	10	0.112	18	0.230	39	0.213	35	1.29%
Non-operating (9995)	0.002	1	0.011	2	0.003	2	0.001	1	0.004	3	0.018	6	0.018	6	0.05%
Total	8.506	202	3.733	205	5.919	216	2.733	196	8.652	412	21.867	919	20.892	819	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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