Analysis of PIPE issuance for 13 months through August 2012

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

Proceeds

	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Less than $1 million	0	0.002	0	0	0	0.002	0.001	0	0	0	0.001	0	0
$1-1.99 million	0.020	0.020	0.025	0.024	0.020	0.019	0.021	0.022	0.023	0.021	0.019	0.028	0.017
$2-2.99 million	0.014	0.013	0.020	0.019	0.026	0.013	0.037	0.030	0.018	0.026	0.025	0.015	0.015
$3-4.99 million	0.023	0.040	0.013	0.043	0.027	0.021	0.042	0.041	0.026	0.037	0.025	0.037	0.023
$5-9.99 million	0.099	0.122	0.025	0.080	0.111	0.058	0.071	0.069	0.068	0.080	0.048	0.051	0.078
$10-14.99 million	0.067	0.033	0.083	0.061	0.072	0.053	0.085	0.073	0.078	0.119	0.086	0.059	0.032
$15-$49.99 million	0.360	0.149	0.146	0.340	0.328	0.162	0.246	0.212	0.341	0.234	0.257	0.216	0.361
$50 million and higher	5.729	1.255	0.759	0.695	0.835	0.289	3.692	0.411	0.369	0.492	0.394	0.830	0.895
Total	6.311	1.634	1.072	1.261	1.419	0.616	4.195	0.860	0.923	1.009	0.855	1.236	1.420
	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	0.001	4	0.003	8	0.001	2	0	1	0.005	11	0.007	18	0.007	18	0.04%
$1-1.99 million	0.068	51	0.061	46	0.062	49	0.045	34	0.169	129	0.277	210	0.257	196	1.52%
$2-2.99 million	0.065	28	0.080	36	0.069	31	0.031	14	0.180	81	0.272	121	0.258	115	1.62%
$3-4.99 million	0.083	22	0.104	29	0.088	23	0.060	17	0.252	69	0.397	108	0.374	102	2.27%
$5-9.99 million	0.217	33	0.198	31	0.197	31	0.129	21	0.523	83	0.960	150	0.862	134	4.71%
$10-14.99 million	0.216	21	0.211	19	0.283	26	0.090	8	0.585	53	0.901	83	0.834	77	5.26%
$15-$49.99 million	0.814	35	0.620	26	0.832	34	0.577	23	2.029	83	3.351	139	2.992	125	18.26%
$50 million and higher	2.289	12	4.392	18	1.254	13	1.725	13	7.372	44	16.644	69	10.915	61	66.33%
Total	3.751	206	5.671	213	2.787	209	2.656	131	11.114	553	22.810	898	16.499	828	100.00%
Type
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
convertible notes	0.182	0.303	0.025	0.261	0.314	0.081	0.108	0.054	0.126	0.191	0.064	0.273	0.400
convertible preferreds	0.489	0.477	0.466	0.064	0.085	0.111	0.427	0.179	0.121	0.356	0.212	0.403	0.521
equity line	0.282	0.068	0.123	0.171	0.093	0.028	0.054	0.080	0.064	0.106	0.074	0.048	0.049
notes with stock	0.002	0	0	0.003	0	0	0	0.004	0.007	0	0	0	0
notes with warrants	0.096	0.013	0.077	0.025	0.076	0.080	0.082	0.014	0.033	0.059	0.151	0.031	0.034
preferreds with stock	0	0	0	0.079	0.063	0	0	0	0.002	0	0	0	0
preferreds with warrants	5.000	0.006	0	0	0	0	0	0	0.010	0	0	0	0
stock	0.160	0.750	0.359	0.616	0.762	0.304	1.416	0.370	0.509	0.265	0.105	0.258	0.396
units of stock and warrants	0.100	0.017	0.021	0.042	0.026	0.013	2.108	0.159	0.052	0.033	0.249	0.189	0.022
warrants	0	0	0	0	0	0	0	0	0	0	0	0.034	0
Total	6.311	1.634	1.072	1.261	1.419	0.616	4.195	0.860	0.923	1.009	0.855	1.236	1.420
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.601	39	0.242	50	0.381	44	0.673	26	1.296	120	2.381	184	2.199	174	11.66%
convertible preferreds	0.614	24	0.717	24	0.689	25	0.924	15	2.330	64	3.910	111	3.421	103	20.96%
equity line	0.387	33	0.162	13	0.243	22	0.096	10	0.500	45	1.237	93	0.955	82	4.50%
notes with stock	0.003	1	0.004	1	0.007	2	0	0	0.011	3	0.015	5	0.013	4	0.10%
notes with warrants	0.178	13	0.175	14	0.244	19	0.065	8	0.485	41	0.772	65	0.676	57	4.36%
preferreds with stock	0.142	4	0	0	0.002	1	0	0	0.002	1	0.144	5	0.144	5	0.02%
preferreds with warrants	0	0	0	0	0.010	1	0	0	0.010	1	5.016	3	0.017	2	0.09%
stock	1.736	76	2.091	79	0.878	72	0.653	59	3.622	210	6.269	335	6.109	312	32.59%
units of stock and warrants	0.090	16	2.280	32	0.333	23	0.211	11	2.825	66	3.031	95	2.931	87	25.42%
warrants	0	0	0	0	0	0	0.034	2	0.034	2	0.034	2	0.034	2	0.31%
Total	3.751	206	5.671	213	2.787	209	2.656	131	11.114	553	22.810	898	16.499	828	100.00%
Warrants
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Yes	5.245	0.289	0.597	0.225	0.769	0.233	0.355	0.145	0.417	0.309	0.260	0.165	0.515
No	1.066	1.345	0.475	1.036	0.649	0.383	3.840	0.714	0.506	0.701	0.595	1.071	0.905
Total	6.311	1.634	1.072	1.261	1.419	0.616	4.195	0.860	0.923	1.009	0.855	1.236	1.420
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.591	95	0.733	98	0.986	96	0.681	52	2.399	246	9.523	398	4.279	368	21.59%
No	2.161	111	4.937	115	1.801	113	1.976	79	8.714	307	13.287	500	12.220	460	78.41%
Total	3.751	206	5.671	213	2.787	209	2.656	131	11.114	553	22.810	898	16.499	828	100.00%
Use of Proceeds
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Acquisition	0	0	0	0.179	0	0.045	0	0	0	0.200	0.090	0.045	0.006
Capex	0.038	0.005	0.002	0.001	0.010	0.001	0.021	0.021	0.001	0.042	0.004	0.027	0.035
GCP	0.388	0.172	0.599	0.171	0.123	0.079	0.950	0.314	0.211	0.181	0.212	0.140	0.260
Refinance	0	0.148	0.002	0.062	0	0.010	0.076	0.039	0.121	0.172	0.007	0.004	0.012
Multiple/Other/NA	5.885	1.309	0.468	0.849	1.286	0.481	3.148	0.484	0.590	0.413	0.541	1.020	1.108
Total	6.311	1.634	1.072	1.261	1.419	0.616	4.195	0.860	0.923	1.009	0.855	1.236	1.420
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.179	3	0.045	1	0.290	4	0.051	2	0.386	7	0.565	10	0.565	10	3.47%
Capex	0.013	3	0.044	4	0.047	5	0.062	4	0.153	13	0.209	21	0.171	18	1.38%
GCP	0.893	55	1.343	61	0.604	56	0.400	35	2.347	152	3.800	251	3.412	229	21.12%
Refinance	0.064	6	0.125	10	0.301	6	0.016	3	0.442	19	0.654	28	0.654	28	3.97%
Multiple/Other/NA	2.603	139	4.113	137	1.545	138	2.128	87	7.786	362	17.583	588	11.698	543	70.06%
Total	3.751	206	5.671	213	2.787	209	2.656	131	11.114	553	22.810	898	16.499	828	100.00%
Industry Sector (by SIC code)
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Agriculture (0xxx)	0.009	0.009	0	0	0.003	0.025	0	0	0	0.002	0	0	0.002
Mining (1xxx)	0.049	0.033	0.086	0.041	0.030	0.075	0.417	0.105	0.026	0.020	0.060	0.050	0.105
Oil and gas (13xx)	0.060	0.035	0.461	0.065	0.559	0.002	0.452	0.140	0.032	0.106	0.036	0.133	0.010
Construction (15xx)	0	0	0	0.003	0	0	0	0	0	0.004	0	0	0.030
Manufacturing (2xxx, 3xxx)	0.228	1.141	0.172	0.200	0.276	0.191	0.146	0.114	0.310	0.213	0.076	0.171	0.361
Pharmaceuticals (2834-6)	0.147	0.041	0.068	0.167	0.142	0.139	0.302	0.130	0.255	0.104	0.206	0.279	0.096
Transportation (4xxx)	0.042	0.075	0	0.188	0.285	0.010	0	0.080	0	0.143	0.040	0.396	0.060
Communications (48xx)	0.005	0.126	0.005	0	0.006	0.001	0.007	0	0.107	0.002	0	0.004	0.010
Electric, gas, sanitary services (49xx)	0.161	0.019	0	0.013	0.007	0.009	2.462	0.006	0.002	0.011	0.178	0.019	0.013
Wholesale (5xxx)	0.204	0.024	0.003	0.008	0.006	0.011	0.051	0.022	0.033	0.005	0.022	0.018	0.006
Finance, insurance, real estate (6xxx)	5.287	0.044	0.196	0.123	0.017	0.088	0.265	0.126	0.079	0.302	0.196	0.131	0.682
Services (7xxx)	0.119	0.053	0.047	0.447	0.058	0.066	0.043	0.115	0.050	0.082	0.030	0.035	0.019
Health services (8xxx)	0	0.035	0.022	0.007	0.031	0	0.050	0.020	0.028	0.014	0.009	0	0.026
Non-operating (9995)	0.002	0	0.011	0	0	0	0	0.003	0	0	0.001	0	0
Total	6.311	1.634	1.072	1.261	1.419	0.616	4.195	0.860	0.923	1.009	0.855	1.236	1.420
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.003	1	0.025	2	0.002	1	0.002	1	0.029	4	0.049	9	0.040	6	0.26%
Mining (1xxx)	0.157	19	0.597	27	0.106	17	0.154	12	0.857	56	1.095	90	1.047	83	7.71%
Oil and gas (13xx)	1.086	14	0.594	14	0.175	15	0.143	7	0.911	36	2.091	58	2.032	56	8.20%
Construction (15xx)	0.003	1	0	0	0.004	2	0.030	1	0.034	3	0.037	4	0.037	4	0.31%
Manufacturing (2xxx, 3xxx)	0.648	55	0.450	38	0.599	62	0.532	23	1.581	123	3.598	204	3.371	192	14.23%
Pharmaceuticals (2834-6)	0.378	43	0.571	51	0.566	32	0.375	31	1.511	114	2.077	175	1.930	166	13.60%
Transportation (4xxx)	0.473	3	0.090	2	0.183	3	0.456	4	0.730	9	1.319	18	1.278	13	6.57%
Communications (48xx)	0.011	2	0.008	3	0.110	5	0.014	4	0.132	12	0.273	17	0.269	16	1.19%
Electric, gas, sanitary services (49xx)	0.020	4	2.476	9	0.191	4	0.032	6	2.699	19	2.899	27	2.738	25	24.28%
Wholesale (5xxx)	0.016	6	0.084	8	0.060	8	0.025	7	0.169	23	0.413	33	0.209	32	1.52%
Finance, insurance, real estate (6xxx)	0.336	14	0.479	19	0.578	21	0.814	19	1.871	59	7.537	93	2.250	78	16.83%
Services (7xxx)	0.552	32	0.224	30	0.162	26	0.054	12	0.439	68	1.162	126	1.044	114	3.95%
Health services (8xxx)	0.059	10	0.070	8	0.051	12	0.026	4	0.147	24	0.240	38	0.240	38	1.32%
Non-operating (9995)	0.011	2	0.003	2	0.001	1	0	0	0.004	3	0.018	6	0.015	5	0.04%
Total	3.751	206	5.671	213	2.787	209	2.656	131	11.114	553	22.810	898	16.499	828	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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