Analysis of PIPE issuance for 13 months through July 2012

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

Proceeds

	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Less than $1 million	0.001	0	0.002	0	0	0	0.002	0.001	0	0	0	0.001	0
$1-1.99 million	0.018	0.020	0.020	0.025	0.024	0.020	0.019	0.021	0.022	0.023	0.021	0.018	0.020
$2-2.99 million	0.023	0.014	0.013	0.020	0.019	0.026	0.013	0.037	0.030	0.018	0.026	0.025	0.011
$3-4.99 million	0.042	0.023	0.040	0.013	0.043	0.027	0.017	0.045	0.041	0.029	0.037	0.025	0.036
$5-9.99 million	0.065	0.107	0.122	0.025	0.080	0.111	0.058	0.071	0.069	0.068	0.080	0.048	0.039
$10-14.99 million	0.075	0.067	0.033	0.083	0.061	0.072	0.053	0.095	0.073	0.078	0.119	0.086	0.059
$15-$49.99 million	0.198	0.342	0.149	0.146	0.322	0.328	0.178	0.246	0.212	0.341	0.229	0.257	0.217
$50 million and higher	0.150	5.729	1.255	0.759	0.695	0.835	0.514	3.692	0.411	0.369	0.492	0.394	0.710
Total	0.572	6.301	1.634	1.072	1.243	1.419	0.853	4.208	0.860	0.926	1.004	0.854	1.092
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	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	0	0.004	10	0.008	19	0.007	17	0.04%
$1-1.99 million	0.058	43	0.068	51	0.061	46	0.061	48	0.020	15	0.143	109	0.269	203	0.251	190	1.46%
$2-2.99 million	0.050	22	0.065	28	0.080	36	0.069	31	0.011	5	0.160	72	0.275	122	0.252	112	1.63%
$3-4.99 million	0.104	28	0.083	22	0.103	29	0.091	24	0.036	11	0.230	64	0.417	114	0.375	103	2.35%
$5-9.99 million	0.294	47	0.217	33	0.198	31	0.197	31	0.039	6	0.433	68	0.944	148	0.879	136	4.42%
$10-14.99 million	0.175	16	0.216	21	0.221	20	0.283	26	0.059	5	0.563	51	0.954	88	0.879	81	5.75%
$15-$49.99 million	0.688	27	0.796	34	0.636	27	0.827	34	0.217	8	1.681	69	3.165	130	2.967	123	17.16%
$50 million and higher	7.134	14	2.289	12	4.617	19	1.254	13	0.710	5	6.582	37	16.004	63	15.854	62	67.18%
Total	8.506	202	3.733	205	5.921	216	2.784	209	1.092	55	9.797	480	22.036	887	21.465	824	100.00%
Type
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
convertible notes	0.178	0.182	0.303	0.025	0.243	0.314	0.302	0.108	0.054	0.126	0.186	0.063	0.153
convertible preferreds	0.014	0.489	0.477	0.466	0.064	0.085	0.111	0.430	0.179	0.121	0.356	0.212	0.400
equity line	0.057	0.282	0.068	0.123	0.171	0.093	0.028	0.054	0.080	0.064	0.106	0.074	0.048
notes with stock	0	0.002	0	0	0.003	0	0	0	0.004	0.007	0	0	0
notes with warrants	0.036	0.096	0.013	0.077	0.025	0.076	0.080	0.082	0.014	0.033	0.059	0.151	0.024
preferreds with stock	0	0	0	0	0.079	0.063	0	0	0	0.002	0	0	0
preferreds with warrants	0	5.000	0.006	0	0	0	0	0	0	0.010	0	0	0
stock	0.157	0.160	0.750	0.359	0.616	0.762	0.320	1.426	0.370	0.512	0.265	0.105	0.279
units of stock and warrants	0.129	0.090	0.017	0.021	0.042	0.026	0.013	2.108	0.159	0.052	0.033	0.249	0.188
Total	0.572	6.301	1.634	1.072	1.243	1.419	0.853	4.208	0.860	0.926	1.004	0.854	1.092
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.663	38	0.583	38	0.463	50	0.375	43	0.153	13	0.991	106	2.236	182	2.058	169	10.12%
convertible preferreds	0.981	28	0.614	24	0.720	25	0.689	25	0.400	6	1.809	56	3.404	108	3.389	103	18.46%
equity line	0.407	23	0.387	33	0.162	13	0.243	22	0.048	3	0.452	38	1.246	94	1.189	86	4.61%
notes with stock	0.002	1	0.003	1	0.004	1	0.007	2	0	0	0.011	3	0.015	5	0.015	5	0.11%
notes with warrants	0.145	14	0.178	13	0.175	14	0.244	19	0.024	3	0.444	36	0.767	63	0.731	60	4.53%
preferreds with stock	0	0	0.142	4	0	0	0.002	1	0	0	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	0	0.010	1	5.016	3	5.016	3	0.10%
stock	1.067	68	1.736	76	2.117	81	0.881	73	0.279	26	3.277	180	6.080	324	5.923	305	33.45%
units of stock and warrants	0.235	28	0.090	16	2.280	32	0.333	23	0.188	4	2.801	59	3.127	103	2.998	88	28.59%
Total	8.506	202	3.733	205	5.921	216	2.784	209	1.092	55	9.797	480	22.036	887	21.465	824	100.00%
Warrants
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Yes	0.207	5.235	0.289	0.597	0.207	0.769	0.229	0.355	0.145	0.417	0.304	0.260	0.152
No	0.365	1.066	1.345	0.475	1.036	0.649	0.624	3.853	0.714	0.509	0.701	0.594	0.940
Total	0.572	6.301	1.634	1.072	1.243	1.419	0.853	4.208	0.860	0.926	1.004	0.854	1.092
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	5.730	84	1.573	94	0.730	97	0.981	96	0.152	20	1.862	213	9.165	391	8.958	364	19.01%
No	2.776	118	2.161	111	5.191	119	1.803	113	0.940	35	7.935	267	12.871	496	12.507	460	80.99%
Total	8.506	202	3.733	205	5.921	216	2.784	209	1.092	55	9.797	480	22.036	887	21.465	824	100.00%
Use of Proceeds
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Acquisition	0.018	0	0	0	0.179	0	0.045	0	0	0	0.200	0.090	0.045
Capex	0.155	0.028	0.005	0.002	0.001	0.010	0.001	0.021	0.021	0.001	0.042	0.004	0.028
GCP	0.082	0.388	0.172	0.599	0.171	0.123	0.079	0.950	0.314	0.211	0.181	0.212	0.132
Refinance	0.004	0	0.148	0.002	0.062	0	0.010	0.076	0.039	0.121	0.172	0.007	0
Multiple/Other/NA	0.313	5.885	1.309	0.468	0.831	1.286	0.718	3.161	0.484	0.593	0.408	0.540	0.887
Total	0.572	6.301	1.634	1.072	1.243	1.419	0.853	4.208	0.860	0.926	1.004	0.854	1.092
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.018	2	0.179	3	0.045	1	0.290	4	0.045	1	0.380	6	0.577	11	0.559	9	3.88%
Capex	0.188	8	0.013	3	0.044	4	0.047	5	0.028	2	0.119	11	0.320	22	0.165	19	1.21%
GCP	0.641	62	0.893	55	1.343	61	0.604	56	0.132	14	2.079	131	3.613	248	3.532	230	21.22%
Refinance	0.152	5	0.064	6	0.125	10	0.301	6	0	0	0.426	16	0.642	27	0.638	25	4.35%
Multiple/Other/NA	7.507	125	2.585	138	4.363	140	1.542	138	0.887	38	6.792	316	16.884	579	16.571	541	69.33%
Total	8.506	202	3.733	205	5.921	216	2.784	209	1.092	55	9.797	480	22.036	887	21.465	824	100.00%
Industry Sector (by SIC code)
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Agriculture (0xxx)	0	0.009	0.009	0	0	0.003	0.025	0	0	0	0.002	0	0
Mining (1xxx)	0.016	0.039	0.033	0.086	0.041	0.030	0.300	0.417	0.105	0.026	0.020	0.060	0.051
Oil and gas (13xx)	0.059	0.060	0.035	0.461	0.065	0.559	0.002	0.452	0.140	0.032	0.106	0.036	0.013
Construction (15xx)	0	0	0	0	0.003	0	0	0	0	0	0.004	0	0
Manufacturing (2xxx, 3xxx)	0.076	0.228	1.141	0.172	0.200	0.276	0.187	0.156	0.114	0.313	0.213	0.076	0.161
Pharmaceuticals (2834-6)	0.092	0.147	0.041	0.068	0.167	0.142	0.155	0.302	0.130	0.255	0.104	0.206	0.274
Transportation (4xxx)	0	0.042	0.075	0	0.170	0.285	0.010	0	0.080	0	0.143	0.040	0.396
Communications (48xx)	0.013	0.005	0.126	0.005	0	0.006	0.001	0.007	0	0.107	0.002	0	0
Electric, gas, sanitary services (49xx)	0.150	0.161	0.019	0	0.013	0.007	0.009	2.462	0.006	0.002	0.011	0.177	0.018
Wholesale (5xxx)	0.025	0.204	0.024	0.003	0.008	0.006	0.011	0.051	0.022	0.033	0.005	0.022	0.018
Finance, insurance, real estate (6xxx)	0.099	5.287	0.044	0.196	0.123	0.017	0.088	0.265	0.126	0.079	0.302	0.196	0.130
Services (7xxx)	0.034	0.119	0.053	0.047	0.447	0.058	0.066	0.046	0.115	0.050	0.077	0.030	0.031
Health services (8xxx)	0.007	0	0.035	0.022	0.007	0.031	0	0.050	0.020	0.028	0.014	0.009	0
Non-operating (9995)	0	0.002	0	0.011	0	0	0	0	0.003	0	0	0.001	0
Total	0.572	6.301	1.634	1.072	1.243	1.419	0.853	4.208	0.860	0.926	1.004	0.854	1.092
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	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	0	0.027	3	0.047	8	0.047	8	0.28%
Mining (1xxx)	0.087	21	0.157	19	0.822	28	0.106	17	0.051	5	0.979	50	1.223	90	1.207	84	9.99%
Oil and gas (13xx)	0.154	15	1.086	14	0.594	14	0.175	15	0.013	4	0.781	33	2.021	62	1.961	55	7.97%
Construction (15xx)	0	0	0.003	1	0	0	0.004	2	0	0	0.004	2	0.007	3	0.007	3	0.04%
Manufacturing (2xxx, 3xxx)	1.446	41	0.648	55	0.457	38	0.602	63	0.161	11	1.219	112	3.313	208	3.236	193	12.44%
Pharmaceuticals (2834-6)	0.280	29	0.378	43	0.587	52	0.566	32	0.274	16	1.427	100	2.085	172	1.992	161	14.57%
Transportation (4xxx)	0.117	6	0.455	2	0.090	2	0.183	3	0.396	3	0.670	8	1.241	16	1.241	16	6.84%
Communications (48xx)	0.143	5	0.011	2	0.008	3	0.110	5	0	0	0.118	8	0.272	15	0.260	13	1.20%
Electric, gas, sanitary services (49xx)	0.330	5	0.020	4	2.476	9	0.190	3	0.018	3	2.684	15	3.034	24	2.884	23	27.40%
Wholesale (5xxx)	0.253	10	0.016	6	0.084	8	0.060	8	0.018	2	0.163	18	0.432	34	0.407	28	1.66%
Finance, insurance, real estate (6xxx)	5.430	23	0.336	14	0.479	19	0.578	21	0.130	4	1.187	44	6.952	81	6.853	78	12.12%
Services (7xxx)	0.205	35	0.552	32	0.227	31	0.157	26	0.031	7	0.414	64	1.171	131	1.137	122	4.23%
Health services (8xxx)	0.042	7	0.059	10	0.070	8	0.051	12	0	0	0.121	20	0.222	37	0.215	34	1.24%
Non-operating (9995)	0.002	1	0.011	2	0.003	2	0.001	1	0	0	0.004	3	0.018	6	0.018	6	0.04%
Total	8.506	202	3.733	205	5.921	216	2.784	209	1.092	55	9.797	480	22.036	887	21.465	824	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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