Analysis of PIPE issuance for 13 months through July 2013

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

Proceeds

	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Less than $1 million	0	0	0.001	0	0	0.003	0.001	0.003	0.001	0.001	0.001	0.001	0
$1-1.99 million	0.028	0.019	0.021	0.015	0.017	0.017	0.019	0.018	0.017	0.012	0.018	0.016	0.012
$2-2.99 million	0.013	0.019	0.029	0.020	0.022	0.021	0.007	0.018	0	0.028	0.020	0.011	0.019
$3-4.99 million	0.040	0.030	0.031	0.042	0.029	0.044	0.023	0.021	0.052	0.020	0.030	0.030	0.010
$5-9.99 million	0.049	0.071	0.061	0.103	0.047	0.096	0.073	0.067	0.066	0.074	0.091	0.102	0.049
$10-14.99 million	0.059	0.042	0.010	0.065	0.020	0.077	0.072	0.085	0.103	0.060	0.051	0.014	0.065
$15-$49.99 million	0.216	0.409	0.192	0.411	0.179	0.274	0.266	0.240	0.201	0.269	0.272	0.300	0.397
$50 million and higher	0.830	0.895	0.470	0.474	0.687	1.599	0.135	0.330	2.924	0.515	1.469	1.807	0.440
Total	1.235	1.485	0.815	1.129	1.001	2.132	0.596	0.782	3.364	0.980	1.951	2.279	0.994
	Q3/2012	Count	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	0.001	2	0.003	4	0.004	6	0.003	3	0	0	0.007	9	0.010	15	0.010	15	0.06%
$1-1.99 million	0.068	53	0.050	38	0.054	40	0.046	34	0.012	10	0.112	84	0.230	175	0.202	154	1.02%
$2-2.99 million	0.062	27	0.063	27	0.025	11	0.059	25	0.019	9	0.103	45	0.229	99	0.215	93	0.94%
$3-4.99 million	0.101	28	0.115	31	0.096	26	0.080	21	0.010	3	0.185	50	0.401	109	0.362	97	1.69%
$5-9.99 million	0.180	29	0.246	38	0.206	32	0.267	42	0.049	8	0.522	82	0.949	149	0.900	141	4.77%
$10-14.99 million	0.110	10	0.162	15	0.260	22	0.125	11	0.065	6	0.450	39	0.722	64	0.663	59	4.11%
$15-$49.99 million	0.818	32	0.864	33	0.708	27	0.841	33	0.397	15	1.946	75	3.628	140	3.411	131	17.78%
$50 million and higher	2.195	19	2.760	14	3.388	11	3.791	18	0.440	3	7.619	32	12.574	65	11.743	59	69.61%
Total	3.536	200	4.262	200	4.742	175	5.210	187	0.994	54	10.945	416	18.743	816	17.508	749	100.00%
Type
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
convertible notes	0.272	0.411	0.093	0.058	0.035	0.084	0.055	0.088	0.099	0.142	0.106	0.270	0.225
convertible preferreds	0.403	0.521	0.057	0.167	0.160	0.066	0.077	0.083	0.101	0.385	1.234	0.839	0.009
equity line	0.048	0.076	0.060	0.098	0.017	0.258	0.030	0.150	0.068	0.038	0.044	0.086	0.038
notes with stock	0	0	0	0	0	0	0	0	0	0.012	0	0	0
notes with warrants	0.031	0.034	0.168	0.029	0.007	0.049	0.009	0.021	0.035	0.032	0.004	0.099	0.075
preferreds with warrants	0	0	0	0.001	0	0	0	0.010	0	0	0	0	0
stock	0.258	0.426	0.376	0.650	0.673	1.643	0.311	0.354	2.884	0.336	0.452	0.845	0.641
units of stock and warrants	0.189	0.017	0.061	0.126	0.109	0.033	0.114	0.076	0.178	0.035	0.112	0.139	0.006
warrants	0.034	0	0	0	0	0	0	0	0	0	0	0	0
Total	1.235	1.485	0.815	1.129	1.001	2.132	0.596	0.782	3.364	0.980	1.951	2.279	0.994
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.776	43	0.177	42	0.242	34	0.517	41	0.225	11	0.985	86	1.938	171	1.665	157	9.00%
convertible preferreds	0.981	24	0.393	28	0.261	20	2.458	27	0.009	2	2.728	49	4.102	101	3.699	95	24.92%
equity line	0.184	14	0.371	14	0.248	11	0.169	15	0.038	4	0.455	30	1.011	58	0.963	55	4.16%
notes with stock	0	0	0	0	0	0	0.012	3	0	0	0.012	3	0.012	3	0.012	3	0.11%
notes with warrants	0.233	11	0.085	12	0.065	5	0.134	11	0.075	5	0.274	21	0.593	44	0.561	40	2.50%
preferreds with warrants	0	0	0.001	1	0.010	1	0	0	0	0	0.010	1	0.011	2	0.011	2	0.09%
stock	1.060	89	2.966	73	3.548	79	1.633	71	0.641	29	5.822	179	9.848	341	9.590	308	53.19%
units of stock and warrants	0.267	17	0.268	30	0.368	25	0.286	19	0.006	3	0.660	47	1.195	94	1.005	89	6.03%
warrants	0.034	2	0	0	0	0	0	0	0	0	0	0	0.034	2	0	0	0.00%
Total	3.536	200	4.262	200	4.742	175	5.210	187	0.994	54	10.945	416	18.743	816	17.508	749	100.00%
Warrants
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Yes	0.166	0.522	0.247	0.268	0.124	0.231	0.076	0.325	2.767	0.143	0.091	0.361	0.182
No	1.069	0.963	0.568	0.861	0.877	1.901	0.519	0.457	0.597	0.837	1.861	1.918	0.812
Total	1.235	1.485	0.815	1.129	1.001	2.132	0.596	0.782	3.364	0.98	1.951	2.279	0.994
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.935	79	0.623	91	3.169	78	0.595	83	0.182	18	3.945	179	5.503	349	5.337	324	36.04%
No	2.601	121	3.639	109	1.573	97	4.615	104	0.812	36	7.001	237	13.240	467	12.171	425	63.97%
Total	3.536	200	4.262	200	4.742	175	5.210	187	0.994	54	10.945	416	18.743	816	17.508	749	100.00%
Use of Proceeds
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Acquisition	0.045	0.006	0	0	0.230	0.034	0	0.022	0.003	0.119	0.026	0.325	0.037
Capex	0.028	0.059	0.001	0.008	0.005	0.004	0.048	0.016	0.015	0.028	0.027	0.003	0.023
GCP	0.140	0.313	0.355	0.734	0.081	0.338	0.179	0.347	0.103	0.218	1.508	0.473	0.248
No proceeds	0	0	0.060	0	0	0	0	0.015	0	0	0	0	0
Refinance	0.004	0.012	0.007	0	0	0.035	0.009	0.013	0.166	0.264	0	0.018	0.005
Multiple/Other/NA	1.019	1.096	0.391	0.387	0.686	1.721	0.360	0.368	3.077	0.35	0.389	1.461	0.680
Total	1.235	1.485	0.815	1.129	1.001	2.132	0.596	0.782	3.364	0.98	1.951	2.279	0.994
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.051	2	0.264	5	0.025	3	0.470	6	0.037	2	0.533	11	0.847	18	0.802	17	4.87%
Capex	0.088	6	0.017	6	0.079	5	0.059	8	0.023	3	0.162	16	0.266	28	0.238	26	1.48%
GCP	0.808	57	1.153	72	0.629	52	2.199	51	0.248	15	3.076	118	5.037	247	4.897	229	28.10%
No proceeds	0.060	1	0	0	0.015	1	0	0	0	0	0.015	1	0.075	2	0.075	2	0.14%
Refinance	0.023	5	0.035	3	0.188	8	0.281	5	0.005	1	0.474	14	0.533	22	0.529	21	4.34%
Multiple/Other/NA	2.506	129	2.794	114	3.805	106	2.200	117	0.680	33	6.685	256	11.985	499	10.966	454	61.08%
Total	3.536	200	4.262	200	4.742	175	5.210	187	0.994	54	10.945	416	18.743	816	17.508	749	100.00%
Industry Sector (by SIC code)
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Agriculture (0xxx)	0	0.002	0.004	0	0.001	0	0	0	0	0	0.010	0	0
Mining (1xxx)	0.050	0.105	0.014	0.037	0.085	0.032	0.141	0.048	0.020	0.032	0.015	0.247	0.076
Oil and gas (13xx)	0.132	0.015	0.099	0.322	0.031	1.239	0.109	0.103	0.071	0.008	0.167	0.168	0.022
Construction (15xx)	0	0.03	0	0.036	0.116	0	0	0	0.050	0	0	0.135	0
Manufacturing (2xxx, 3xxx)	0.171	0.369	0.230	0.028	0.008	0.251	0.037	0.013	0.101	0.072	0.097	0.071	0.097
Pharmaceuticals (2834-6)	0.279	0.144	0.130	0.340	0.117	0.407	0.132	0.182	0.141	0.236	0.147	0.223	0.446
Transportation (4xxx)	0.396	0.060	0.005	0	0.056	0.012	0.004	0.014	0	0.067	0.060	0	0.216
Communications (48xx)	0.004	0.011	0.050	0.027	0.220	0.042	0	0.006	2.625	0.225	0.043	0.201	0.004
Electric, gas, sanitary services (49xx)	0.019	0.013	0.001	0	0.228	0.012	0.005	0.010	0.208	0.120	1.200	0.012	0.002
Wholesale (5xxx)	0.018	0.009	0.054	0.012	0.009	0.050	0.010	0.006	0	0.019	0.006	0.007	0.048
Finance, insurance, real estate (6xxx)	0.131	0.682	0.171	0.222	0.080	0.037	0.153	0.305	0.093	0.111	0.166	0.979	0.047
Services (7xxx)	0.035	0.019	0.053	0.030	0.030	0.043	0.005	0.081	0.036	0.081	0.033	0.234	0.031
Health services (8xxx)	0	0.026	0.003	0.004	0.015	0.005	0	0.014	0.006	0.006	0.005	0	0
Non-operating (9995)	0	0	0.003	0.072	0.004	0.002	0	0	0.014	0.004	0.003	0.002	0.005
Total	1.235	1.485	0.815	1.129	1.001	2.132	0.596	0.782	3.364	0.980	1.951	2.279	0.994
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.006	2	0.001	1	0	0	0.010	2	0	0	0.010	2	0.017	5	0.017	5	0.09%
Mining (1xxx)	0.168	16	0.154	22	0.210	20	0.294	10	0.076	7	0.580	37	0.902	75	0.853	70	5.30%
Oil and gas (13xx)	0.246	17	1.592	16	0.283	15	0.342	20	0.022	3	0.647	38	2.485	71	2.353	66	5.91%
Construction (15xx)	0.030	1	0.152	4	0.050	1	0.135	2	0	0	0.185	3	0.367	8	0.367	8	1.69%
Manufacturing (2xxx, 3xxx)	0.770	37	0.288	19	0.150	29	0.240	34	0.097	13	0.488	76	1.546	132	1.375	116	4.46%
Pharmaceuticals (2834-6)	0.553	46	0.864	54	0.455	48	0.606	45	0.446	13	1.507	106	2.923	206	2.644	187	13.77%
Transportation (4xxx)	0.461	6	0.068	4	0.018	3	0.127	5	0.216	3	0.360	11	0.889	21	0.493	18	3.29%
Communications (48xx)	0.065	5	0.289	9	2.631	3	0.469	5	0.004	1	3.104	9	3.457	23	3.453	22	28.36%
Electric, gas, sanitary services (49xx)	0.033	7	0.240	4	0.223	8	1.333	5	0.002	1	1.558	14	1.831	25	1.812	22	14.23%
Wholesale (5xxx)	0.081	11	0.071	9	0.016	5	0.032	8	0.048	3	0.096	16	0.248	36	0.230	34	0.88%
Finance, insurance, real estate (6xxx)	0.985	24	0.338	23	0.551	21	1.256	22	0.047	3	1.853	46	3.176	93	3.045	88	16.93%
Services (7xxx)	0.107	21	0.103	27	0.122	16	0.347	21	0.031	6	0.500	43	0.710	91	0.675	83	4.57%
Health services (8xxx)	0.028	6	0.024	3	0.019	5	0.011	3	0	0	0.030	8	0.083	17	0.083	17	0.27%
Non-operating (9995)	0.003	1	0.078	5	0.014	1	0.009	5	0.005	1	0.028	7	0.108	13	0.108	13	0.26%
Total	3.536	200	4.262	200	4.742	175	5.210	187	0.994	54	10.945	416	18.743	816	17.508	749	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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