Analysis of PIPE issuance for 13 months through September 2013

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

Proceeds

	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Less than $1 million	0.001	0	0	0.003	0.001	0.003	0.001	0.001	0.001	0.001	0	0	0
$1-1.99 million	0.021	0.015	0.017	0.017	0.019	0.018	0.017	0.012	0.018	0.016	0.013	0.014	0.012
$2-2.99 million	0.029	0.020	0.022	0.021	0.007	0.018	0.002	0.028	0.020	0.013	0.015	0.036	0.007
$3-4.99 million	0.031	0.042	0.029	0.044	0.023	0.021	0.052	0.020	0.030	0.033	0.025	0.046	0.017
$5-9.99 million	0.061	0.103	0.047	0.096	0.073	0.067	0.058	0.074	0.091	0.102	0.058	0.045	0.073
$10-14.99 million	0.010	0.065	0.020	0.077	0.072	0.085	0.113	0.060	0.051	0.014	0.065	0.083	0.056
$15-$49.99 million	0.192	0.411	0.179	0.274	0.266	0.240	0.201	0.269	0.272	0.317	0.528	0.340	0.141
$50 million and higher	0.470	0.474	0.687	1.599	0.135	0.330	2.924	0.515	1.469	1.807	0.440	0.132	0.958
Total	0.815	1.129	1.001	2.132	0.596	0.782	3.369	0.980	1.951	2.302	1.145	0.696	1.263
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.003	4	0.004	6	0.003	3	0	1	0.007	10	0.010	15	0.010	14	0.05%
$1-1.99 million	0.050	38	0.054	40	0.046	34	0.039	29	0.138	103	0.209	158	0.188	141	1.05%
$2-2.99 million	0.063	27	0.027	12	0.061	26	0.058	25	0.147	63	0.239	102	0.210	90	1.12%
$3-4.99 million	0.115	31	0.096	26	0.083	22	0.088	25	0.266	73	0.413	112	0.382	104	2.03%
$5-9.99 million	0.246	38	0.198	31	0.267	42	0.177	27	0.642	100	0.949	147	0.889	138	4.91%
$10-14.99 million	0.162	15	0.270	23	0.125	11	0.204	18	0.599	52	0.770	68	0.760	67	4.58%
$15-$49.99 million	0.864	33	0.708	27	0.858	34	1.009	39	2.575	100	3.631	140	3.439	133	19.68%
$50 million and higher	2.760	14	3.388	11	3.791	18	1.529	11	8.708	40	11.938	60	11.468	54	66.56%
Total	4.262	200	4.746	176	5.233	190	3.104	175	13.083	541	18.160	802	17.345	741	100.00%
Type
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
convertible notes	0.093	0.058	0.035	0.084	0.055	0.088	0.102	0.142	0.106	0.273	0.244	0.151	0.028
convertible preferreds	0.057	0.167	0.160	0.066	0.077	0.083	0.101	0.385	1.234	0.856	0.009	0.226	0.402
equity line	0.060	0.098	0.017	0.258	0.030	0.150	0.068	0.038	0.044	0.086	0.063	0.007	0.020
notes with stock	0	0	0	0	0	0	0	0.012	0	0	0	0	0
notes with warrants	0.168	0.029	0.007	0.049	0.009	0.021	0.035	0.032	0.004	0.099	0.105	0.025	0.055
preferreds with warrants	0	0.001	0	0	0	0.010	0	0	0	0	0	0	0
stock	0.376	0.650	0.673	1.643	0.311	0.354	2.886	0.336	0.452	0.848	0.708	0.217	0.755
units of stock and warrants	0.061	0.126	0.109	0.033	0.114	0.076	0.178	0.035	0.112	0.139	0.015	0.071	0.004
Total	0.815	1.129	1.001	2.132	0.596	0.782	3.369	0.980	1.951	2.302	1.145	0.696	1.263
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.177	42	0.245	34	0.521	42	0.423	38	1.188	114	1.457	171	1.365	156	9.08%
convertible preferreds	0.393	28	0.261	20	2.475	28	0.637	26	3.372	74	3.823	111	3.765	102	25.77%
equity line	0.371	14	0.248	11	0.169	15	0.090	9	0.507	35	0.939	51	0.879	49	3.88%
notes with stock	0	0	0	0	0.012	3	0	0	0.012	3	0.012	3	0.012	3	0.09%
notes with warrants	0.085	12	0.065	5	0.134	11	0.185	12	0.384	28	0.637	43	0.469	40	2.94%
preferreds with warrants	0.001	1	0.010	1	0	0	0	0	0.010	1	0.011	2	0.011	2	0.08%
stock	2.966	73	3.551	80	1.635	72	1.680	69	6.866	221	10.208	321	9.832	294	52.48%
units of stock and warrants	0.268	30	0.368	25	0.286	19	0.090	21	0.744	65	1.072	100	1.012	95	5.69%
Total	4.262	200	4.746	176	5.233	190	3.104	175	13.083	541	18.160	802	17.345	741	100.00%
Warrants
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Yes	0.247	0.268	0.124	0.231	0.076	0.325	2.767	0.143	0.091	0.361	0.218	0.247	0.115
No	0.568	0.861	0.877	1.901	0.519	0.457	0.601	0.837	1.861	1.941	0.927	0.449	1.148
Total	0.815	1.129	1.001	2.132	0.596	0.782	3.369	0.98	1.951	2.302	1.145	0.696	1.263
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.623	91	3.169	78	0.595	83	0.580	72	4.343	233	5.213	348	4.966	324	33.20%
No	3.639	109	1.577	98	4.638	107	2.524	103	8.739	308	12.946	454	12.378	417	66.80%
Total	4.262	200	4.746	176	5.233	190	3.104	175	13.083	541	18.160	802	17.345	741	100.00%
Use of Proceeds
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Acquisition	0	0	0.230	0.034	0	0.022	0.003	0.119	0.026	0.325	0.037	0.056	0.003
Capex	0.001	0.008	0.005	0.004	0.048	0.016	0.015	0.028	0.027	0.003	0.061	0.011	0.003
GCP	0.355	0.734	0.081	0.338	0.179	0.347	0.108	0.218	1.508	0.473	0.284	0.129	0.365
No proceeds	0.060	0	0	0	0	0.015	0	0	0	0	0	0	0
Refinance	0.007	0	0	0.035	0.009	0.013	0.166	0.264	0	0.018	0.012	0.006	0.017
Multiple/Other/NA	0.391	0.387	0.686	1.721	0.360	0.368	3.077	0.35	0.389	1.483	0.750	0.495	0.875
Total	0.815	1.129	1.001	2.132	0.596	0.782	3.369	0.98	1.951	2.302	1.145	0.696	1.263
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.264	5	0.025	3	0.470	6	0.095	6	0.591	15	0.855	20	0.855	20	4.52%
Capex	0.017	6	0.079	5	0.059	8	0.075	7	0.213	20	0.231	27	0.230	26	1.63%
GCP	1.153	72	0.634	53	2.199	51	0.778	47	3.611	151	5.119	242	4.764	223	27.60%
No proceeds	0	0	0.015	1	0	0	0	0	0.015	1	0.075	2	0.015	1	0.11%
Refinance	0.035	3	0.188	8	0.281	5	0.035	5	0.504	18	0.547	23	0.539	21	3.85%
Multiple/Other/NA	2.794	114	3.805	106	2.222	120	2.120	110	8.148	336	11.332	488	10.941	450	62.28%
Total	4.262	200	4.746	176	5.233	190	3.104	175	13.083	541	18.160	802	17.345	741	100.00%
Industry Sector (by SIC code)
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Agriculture (0xxx)	0.004	0	0.001	0	0	0	0	0	0.010	0	0	0	0.003
Mining (1xxx)	0.014	0.037	0.085	0.032	0.141	0.048	0.020	0.032	0.015	0.247	0.127	0.073	0.006
Oil and gas (13xx)	0.099	0.322	0.031	1.239	0.109	0.103	0.071	0.008	0.167	0.168	0.044	0.112	0.200
Construction (15xx)	0	0.036	0.116	0	0	0	0.050	0	0	0.135	0	0	0.009
Manufacturing (2xxx, 3xxx)	0.230	0.028	0.008	0.251	0.038	0.013	0.101	0.072	0.097	0.077	0.106	0.192	0.098
Pharmaceuticals (2834-6)	0.130	0.340	0.117	0.407	0.132	0.182	0.141	0.236	0.147	0.223	0.443	0.116	0.167
Transportation (4xxx)	0.005	0	0.056	0.012	0.004	0.014	0	0.067	0.060	0	0.216	0	0.050
Communications (48xx)	0.050	0.027	0.220	0.042	0	0.006	2.627	0.225	0.043	0.201	0.004	0.054	0
Electric, gas, sanitary services (49xx)	0.001	0	0.228	0.012	0.003	0.010	0.208	0.120	1.200	0.012	0.006	0	0
Wholesale (5xxx)	0.054	0.012	0.009	0.050	0.010	0.006	0	0.019	0.006	0.004	0.091	0.012	0.002
Finance, insurance, real estate (6xxx)	0.171	0.222	0.080	0.037	0.153	0.305	0.095	0.111	0.166	0.996	0.047	0.079	0.686
Services (7xxx)	0.053	0.030	0.030	0.043	0.005	0.081	0.036	0.081	0.033	0.237	0.031	0.055	0.041
Health services (8xxx)	0.003	0.004	0.015	0.005	0	0.014	0.006	0.006	0.005	0	0	0.003	0.002
Non-operating (9995)	0.003	0.072	0.004	0.002	0	0	0.014	0.004	0.003	0.002	0.030	0	0
Total	0.815	1.129	1.001	2.132	0.596	0.782	3.369	0.980	1.951	2.302	1.145	0.696	1.263
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.001	1	0	0	0.010	2	0.003	1	0.013	3	0.018	5	0.014	4	0.10%
Mining (1xxx)	0.154	22	0.210	20	0.294	10	0.205	22	0.709	52	0.877	78	0.863	74	5.42%
Oil and gas (13xx)	1.592	16	0.283	15	0.342	20	0.355	10	0.981	45	2.672	69	2.573	61	7.50%
Construction (15xx)	0.152	4	0.050	1	0.135	2	0.009	1	0.194	4	0.346	8	0.346	8	1.48%
Manufacturing (2xxx, 3xxx)	0.288	19	0.152	30	0.246	36	0.397	40	0.795	106	1.313	136	1.083	125	6.08%
Pharmaceuticals (2834-6)	0.864	54	0.455	48	0.606	45	0.726	36	1.787	129	2.781	196	2.651	183	13.66%
Transportation (4xxx)	0.068	4	0.018	3	0.127	5	0.266	4	0.410	12	0.483	18	0.478	16	3.13%
Communications (48xx)	0.289	9	2.633	3	0.469	5	0.058	5	3.161	13	3.499	23	3.449	22	24.16%
Electric, gas, sanitary services (49xx)	0.240	4	0.221	7	1.333	5	0.006	2	1.560	14	1.801	19	1.800	18	11.92%
Wholesale (5xxx)	0.071	9	0.016	5	0.029	7	0.105	11	0.149	23	0.274	35	0.220	32	1.14%
Finance, insurance, real estate (6xxx)	0.338	23	0.553	22	1.273	23	0.812	19	2.638	64	3.148	92	2.977	87	20.16%
Services (7xxx)	0.103	27	0.122	16	0.350	22	0.126	19	0.597	57	0.753	93	0.700	84	4.56%
Health services (8xxx)	0.024	3	0.019	5	0.011	3	0.005	3	0.035	11	0.062	16	0.059	14	0.27%
Non-operating (9995)	0.078	5	0.014	1	0.009	5	0.030	2	0.053	8	0.133	14	0.131	13	0.41%
Total	4.262	200	4.746	176	5.233	190	3.104	175	13.083	541	18.160	802	17.345	741	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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