Analysis of PIPE issuance for 13 months through May 2013

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

Proceeds

	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Less than $1 million	0	0.001	0	0	0.001	0	0	0.003	0.001	0.003	0.001	0.001	0.001
$1-1.99 million	0.021	0.020	0.028	0.019	0.021	0.015	0.017	0.017	0.019	0.018	0.017	0.011	0.013
$2-2.99 million	0.024	0.025	0.013	0.019	0.029	0.020	0.022	0.021	0.007	0.018	0	0.024	0.017
$3-4.99 million	0.037	0.025	0.040	0.030	0.031	0.042	0.029	0.044	0.023	0.021	0.050	0.023	0.026
$5-9.99 million	0.080	0.048	0.049	0.071	0.061	0.103	0.047	0.096	0.073	0.067	0.066	0.081	0.078
$10-14.99 million	0.107	0.086	0.059	0.042	0.010	0.065	0.020	0.077	0.072	0.085	0.103	0.050	0.051
$15-$49.99 million	0.260	0.237	0.216	0.409	0.192	0.411	0.179	0.274	0.266	0.240	0.201	0.249	0.216
$50 million and higher	0.910	0.394	0.830	0.895	0.470	0.474	0.687	1.599	0.135	0.330	2.924	0.515	1.409
Total	1.439	0.836	1.235	1.485	0.815	1.129	1.001	2.132	0.596	0.782	3.363	0.954	1.810
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.001	2	0.003	4	0.004	6	0.002	2	0.006	8	0.011	15	0.011	15	0.08%
$1-1.99 million	0.068	53	0.050	38	0.054	40	0.024	19	0.078	59	0.237	183	0.216	166	1.04%
$2-2.99 million	0.062	27	0.063	27	0.025	11	0.041	17	0.066	28	0.240	104	0.216	93	0.88%
$3-4.99 million	0.101	28	0.115	31	0.094	26	0.049	13	0.143	39	0.421	114	0.384	104	1.91%
$5-9.99 million	0.180	29	0.246	38	0.206	32	0.158	25	0.364	57	0.919	144	0.839	131	4.85%
$10-14.99 million	0.110	10	0.162	15	0.260	22	0.101	9	0.361	31	0.826	74	0.719	64	4.81%
$15-$49.99 million	0.818	32	0.864	33	0.708	27	0.465	18	1.173	45	3.351	131	3.092	121	15.63%
$50 million and higher	2.195	19	2.760	14	3.388	11	1.924	9	5.312	20	11.571	64	10.661	57	70.79%
Total	3.536	200	4.262	200	4.740	175	2.764	112	7.504	287	17.577	829	16.137	751	100.00%
Type
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
convertible notes	0.145	0.064	0.272	0.411	0.093	0.058	0.035	0.084	0.055	0.088	0.098	0.138	0.061
convertible preferreds	0.524	0.212	0.403	0.521	0.057	0.167	0.160	0.066	0.077	0.083	0.101	0.385	1.232
equity line	0.084	0.054	0.048	0.076	0.060	0.098	0.017	0.258	0.030	0.150	0.068	0.038	0.044
notes with stock	0	0	0	0	0	0	0	0	0	0	0	0.012	0
notes with warrants	0.059	0.151	0.031	0.034	0.168	0.029	0.007	0.049	0.009	0.021	0.035	0.032	0.004
preferreds with warrants	0	0	0	0	0	0.001	0	0	0	0.010	0	0	0
stock	0.595	0.105	0.258	0.426	0.376	0.650	0.673	1.643	0.311	0.354	2.883	0.316	0.362
units of stock and warrants	0.033	0.250	0.189	0.017	0.061	0.126	0.109	0.033	0.114	0.076	0.178	0.033	0.106
warrants	0	0	0.034	0	0	0	0	0	0	0	0	0	0
Total	1.439	0.836	1.235	1.485	0.815	1.129	1.001	2.132	0.596	0.782	3.363	0.954	1.810
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.776	43	0.177	42	0.241	34	0.199	27	0.441	61	1.602	174	1.458	159	5.88%
convertible preferreds	0.981	24	0.393	28	0.261	20	1.617	14	1.877	34	3.988	104	3.464	93	25.01%
equity line	0.184	14	0.371	14	0.248	11	0.083	9	0.331	20	1.023	61	0.940	52	4.41%
notes with stock	0	0	0	0	0	0	0.012	3	0.012	3	0.012	3	0.012	3	0.16%
notes with warrants	0.233	11	0.085	12	0.065	5	0.036	6	0.100	11	0.630	46	0.570	42	1.33%
preferreds with warrants	0	0	0.001	1	0.010	1	0	0	0.010	1	0.011	2	0.011	2	0.13%
stock	1.060	89	2.966	73	3.548	79	0.678	43	4.226	122	8.952	336	8.357	306	56.32%
units of stock and warrants	0.267	17	0.268	30	0.368	25	0.139	10	0.507	35	1.325	101	1.292	92	6.76%
warrants	0.034	2	0	0	0	0	0	0	0	0	0.034	2	0.034	2	0.00%
Total	3.536	200	4.262	200	4.740	175	2.764	112	7.504	287	17.577	829	16.137	751	100.00%
Warrants
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Yes	0.427	0.261	0.166	0.522	0.247	0.268	0.124	0.231	0.076	0.325	2.767	0.143	0.077
No	1.013	0.575	1.069	0.963	0.568	0.861	0.877	1.901	0.519	0.457	0.596	0.811	1.733
Total	1.439	0.836	1.235	1.485	0.815	1.129	1.001	2.132	0.596	0.782	3.363	0.954	1.810
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.935	79	0.623	91	3.168	78	0.219	43	3.387	121	5.633	359	5.207	326	45.14%
No	2.601	121	3.639	109	1.572	97	2.544	69	4.116	166	11.944	470	10.931	425	54.85%
Total	3.536	200	4.262	200	4.740	175	2.764	112	7.504	287	17.577	829	16.137	751	100.00%
Use of Proceeds
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Acquisition	0.200	0.09	0.045	0.006	0	0	0.230	0.034	0	0.022	0.003	0.119	0.026
Capex	0.342	0.004	0.028	0.059	0.001	0.008	0.005	0.004	0.048	0.016	0.015	0.028	0.027
GCP	0.159	0.212	0.140	0.313	0.355	0.734	0.081	0.338	0.179	0.347	0.103	0.206	1.445
No proceeds	0	0	0	0	0.060	0	0	0	0	0.015	0	0	0
Refinance	0.172	0.007	0.004	0.012	0.007	0	0	0.035	0.009	0.013	0.166	0.264	0
Multiple/Other/NA	0.565	0.522	1.019	1.096	0.391	0.387	0.686	1.721	0.360	0.368	3.076	0.336	0.311
Total	1.439	0.836	1.235	1.485	0.815	1.129	1.001	2.132	0.596	0.782	3.363	0.954	1.810
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.051	2	0.264	5	0.025	3	0.145	4	0.171	7	0.776	18	0.576	16	2.28%
Capex	0.088	6	0.017	6	0.079	5	0.056	6	0.135	11	0.586	28	0.244	24	1.80%
GCP	0.808	57	1.153	72	0.629	52	1.651	32	2.280	84	4.612	246	4.453	229	30.38%
No proceeds	0.060	1	0	0	0.015	1	0	0	0.015	1	0.075	2	0.075	2	0.20%
Refinance	0.023	5	0.035	3	0.188	8	0.264	3	0.452	11	0.690	23	0.518	20	6.02%
Multiple/Other/NA	2.506	129	2.794	114	3.804	106	0.648	67	4.451	173	10.838	512	10.272	460	59.32%
Total	3.536	200	4.262	200	4.740	175	2.764	112	7.504	287	17.577	829	16.137	751	100.00%
Industry Sector (by SIC code)
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Agriculture (0xxx)	0.002	0	0	0.002	0.004	0	0.001	0	0	0	0	0	0.010
Mining (1xxx)	0.020	0.06	0.050	0.105	0.014	0.037	0.085	0.032	0.141	0.048	0.020	0.032	0.015
Oil and gas (13xx)	0.106	0.037	0.132	0.015	0.099	0.322	0.031	1.239	0.109	0.103	0.071	0.008	0.051
Construction (15xx)	0.004	0	0	0.03	0	0.036	0.116	0	0	0	0.050	0	0
Manufacturing (2xxx, 3xxx)	0.311	0.076	0.171	0.369	0.230	0.028	0.008	0.251	0.037	0.013	0.099	0.072	0.093
Pharmaceuticals (2834-6)	0.104	0.186	0.279	0.144	0.130	0.340	0.117	0.407	0.132	0.182	0.141	0.214	0.147
Transportation (4xxx)	0.143	0.040	0.396	0.060	0.005	0	0.056	0.012	0.004	0.014	0	0.067	0.060
Communications (48xx)	0.002	0	0.004	0.011	0.050	0.027	0.220	0.042	0	0.006	2.625	0.225	0.043
Electric, gas, sanitary services (49xx)	0.311	0.178	0.019	0.013	0.001	0	0.228	0.012	0.005	0.010	0.208	0.120	1.200
Wholesale (5xxx)	0.005	0.022	0.018	0.009	0.054	0.012	0.009	0.050	0.010	0.006	0	0.016	0.006
Finance, insurance, real estate (6xxx)	0.334	0.196	0.131	0.682	0.171	0.222	0.080	0.037	0.153	0.305	0.093	0.111	0.152
Services (7xxx)	0.082	0.030	0.035	0.019	0.053	0.030	0.030	0.043	0.005	0.081	0.036	0.081	0.025
Health services (8xxx)	0.014	0.009	0	0.026	0.003	0.004	0.015	0.005	0	0.014	0.006	0.006	0.005
Non-operating (9995)	0	0.001	0	0	0.003	0.072	0.004	0.002	0	0	0.014	0.004	0.003
Total	1.439	0.836	1.235	1.485	0.815	1.129	1.001	2.132	0.596	0.782	3.363	0.954	1.810
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.006	2	0.001	1	0	0	0.010	2	0.010	2	0.019	6	0.017	5	0.13%
Mining (1xxx)	0.168	16	0.154	22	0.210	20	0.046	6	0.256	26	0.658	76	0.639	72	3.41%
Oil and gas (13xx)	0.246	17	1.592	16	0.283	15	0.058	10	0.342	25	2.323	68	2.217	61	4.56%
Construction (15xx)	0.030	1	0.152	4	0.050	1	0	0	0.050	1	0.236	8	0.232	6	0.67%
Manufacturing (2xxx, 3xxx)	0.770	37	0.288	19	0.149	29	0.164	20	0.313	49	1.758	142	1.447	123	4.17%
Pharmaceuticals (2834-6)	0.553	46	0.864	54	0.455	48	0.360	28	0.815	76	2.523	201	2.418	189	10.86%
Transportation (4xxx)	0.461	6	0.068	4	0.018	3	0.127	5	0.144	8	0.857	21	0.713	19	1.92%
Communications (48xx)	0.065	5	0.289	9	2.631	3	0.268	3	2.899	6	3.255	22	3.252	20	38.63%
Electric, gas, sanitary services (49xx)	0.033	7	0.240	4	0.223	8	1.320	3	1.543	11	2.306	26	1.995	24	20.56%
Wholesale (5xxx)	0.081	11	0.071	9	0.016	5	0.022	5	0.038	10	0.217	35	0.212	34	0.51%
Finance, insurance, real estate (6xxx)	0.985	24	0.338	23	0.551	21	0.263	12	0.814	33	2.668	97	2.334	86	10.85%
Services (7xxx)	0.107	21	0.103	27	0.122	16	0.106	11	0.227	27	0.549	93	0.467	81	3.03%
Health services (8xxx)	0.028	6	0.024	3	0.019	5	0.011	3	0.030	8	0.106	22	0.092	19	0.40%
Non-operating (9995)	0.003	1	0.078	5	0.014	1	0.007	4	0.021	5	0.103	12	0.103	12	0.28%
Total	3.536	200	4.262	200	4.740	175	2.764	112	7.504	287	17.577	829	16.137	751	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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