Analysis of PIPE issuance for 13 months through December 2013

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

Proceeds

	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Less than $1 million	0.003	0.001	0.003	0.001	0.001	0.001	0.001	0	0	0	0	0.002	0
$1-1.99 million	0.017	0.019	0.018	0.017	0.013	0.018	0.016	0.013	0.013	0.015	0.015	0.034	0.021
$2-2.99 million	0.021	0.007	0.018	0.002	0.028	0.020	0.016	0.015	0.031	0.009	0.022	0.012	0.019
$3-4.99 million	0.044	0.023	0.021	0.052	0.020	0.030	0.030	0.022	0.049	0.028	0.035	0.026	0.042
$5-9.99 million	0.096	0.073	0.067	0.058	0.074	0.091	0.102	0.064	0.058	0.073	0.058	0.065	0.106
$10-14.99 million	0.077	0.072	0.085	0.113	0.060	0.051	0.014	0.065	0.083	0.093	0.067	0.054	0.091
$15-$49.99 million	0.274	0.266	0.240	0.201	0.269	0.272	0.317	0.528	0.338	0.172	0.394	0.259	0.178
$50 million and higher	1.599	0.135	0.330	2.924	0.515	1.469	1.807	1.190	0.132	0.958	2.766	2.452	1.251
Total	2.132	0.596	0.782	3.369	0.981	1.951	2.302	1.897	0.705	1.348	3.358	2.902	1.708
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.004	6	0.003	3	0	1	0.002	4	0.009	14	0.011	18	0.009	14	0.04%
$1-1.99 million	0.054	40	0.047	35	0.041	31	0.069	51	0.211	157	0.228	170	0.211	157	0.96%
$2-2.99 million	0.027	12	0.064	27	0.056	24	0.053	23	0.200	86	0.221	95	0.200	86	0.91%
$3-4.99 million	0.096	26	0.080	21	0.099	28	0.103	28	0.378	103	0.422	115	0.378	103	1.73%
$5-9.99 million	0.198	31	0.267	42	0.195	30	0.228	36	0.889	139	0.985	153	0.889	139	4.06%
$10-14.99 million	0.270	23	0.125	11	0.241	21	0.211	19	0.847	74	0.924	81	0.847	74	3.87%
$15-$49.99 million	0.708	27	0.859	34	1.039	40	0.832	33	3.438	134	3.712	146	3.438	134	15.70%
$50 million and higher	3.388	11	3.791	18	2.279	12	6.469	16	15.927	57	17.527	63	15.927	57	72.73%
Total	4.746	176	5.234	191	3.950	187	7.968	210	21.898	764	24.030	841	21.898	764	100.00%
Type
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
convertible notes	0.084	0.055	0.088	0.102	0.142	0.106	0.273	0.244	0.151	0.032	0.302	1.165	1.130
convertible preferreds	0.066	0.077	0.083	0.101	0.386	1.234	0.857	0.009	0.224	0.402	2.397	0.099	0.257
equity line	0.258	0.030	0.150	0.068	0.038	0.044	0.086	0.063	0.007	0.020	0.005	0.086	0.010
notes with stock	0	0	0	0	0.012	0	0	0	0	0	0	0	0
notes with warrants	0.049	0.009	0.021	0.035	0.032	0.004	0.099	0.105	0.027	0.055	0.116	0.005	0.006
preferreds with warrants	0	0	0.010	0	0	0	0	0	0	0	0	0	0
stock	1.643	0.311	0.354	2.886	0.336	0.452	0.848	1.459	0.217	0.822	0.479	1.261	0.190
units of stock and warrants	0.033	0.114	0.076	0.178	0.035	0.112	0.139	0.017	0.079	0.017	0.058	0.286	0.115
Total	2.132	0.596	0.782	3.369	0.981	1.951	2.302	1.897	0.705	1.348	3.358	2.902	1.708
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.245	34	0.520	42	0.427	41	2.598	35	3.789	152	3.873	169	3.789	152	17.30%
convertible preferreds	0.261	20	2.476	29	0.635	26	2.753	32	6.126	107	6.192	117	6.126	107	27.98%
equity line	0.248	11	0.169	15	0.090	9	0.101	9	0.608	44	0.865	51	0.608	44	2.78%
notes with stock	0	0	0.012	3	0	0	0	0	0.012	3	0.012	3	0.012	3	0.05%
notes with warrants	0.065	5	0.134	11	0.187	12	0.127	8	0.512	36	0.561	39	0.512	36	2.34%
preferreds with warrants	0.010	1	0	0	0	0	0	0	0.010	1	0.010	1	0.010	1	0.05%
stock	3.551	80	1.635	72	2.498	77	1.931	93	9.615	322	11.257	352	9.615	322	43.91%
units of stock and warrants	0.368	25	0.286	19	0.114	22	0.458	33	1.226	99	1.259	109	1.226	99	5.60%
Total	4.746	176	5.234	191	3.950	187	7.968	210	21.898	764	24.030	841	21.898	764	100.00%
Warrants
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Yes	0.231	0.076	0.325	2.767	0.144	0.091	0.361	0.97	0.255	0.13	0.466	0.107	0.126
No	1.901	0.519	0.457	0.601	0.837	1.861	1.941	0.928	0.450	1.218	2.892	2.796	1.582
Total	2.132	0.596	0.782	3.369	0.981	1.951	2.302	1.897	0.705	1.348	3.358	2.902	1.708
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.169	78	0.595	84	1.355	75	0.698	90	5.817	327	6.048	360	5.817	327	26.56%
No	1.577	98	4.638	107	2.595	112	7.270	120	16.081	437	17.982	481	16.081	437	73.44%
Total	4.746	176	5.234	191	3.950	187	7.968	210	21.898	764	24.030	841	21.898	764	100.00%
Use of Proceeds
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Acquisition	0.034	0	0.022	0.003	0.119	0.026	0.325	0.787	0.056	0.003	0.089	1.176	0.011
Capex	0.004	0.048	0.016	0.015	0.028	0.027	0.003	0.061	0.011	0.003	0.018	0	0.083
GCP	0.338	0.179	0.347	0.108	0.219	1.508	0.472	0.291	0.128	0.378	0.075	0.43	0.151
No proceeds	0	0	0.015	0	0	0	0	0	0	0	0	0	0
Refinance	0.035	0.009	0.013	0.166	0.264	0	0.018	0.012	0.006	0.017	0.022	0.001	0.012
Multiple/Other/NA	1.721	0.36	0.368	3.077	0.350	0.389	1.484	0.746	0.505	0.947	3.154	1.295	1.452
Total	2.132	0.596	0.782	3.369	0.981	1.951	2.302	1.897	0.705	1.348	3.358	2.902	1.708
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.025	3	0.470	6	0.845	7	1.276	13	2.617	29	2.651	32	2.617	29	11.95%
Capex	0.079	5	0.059	8	0.075	7	0.100	8	0.314	28	0.318	30	0.314	28	1.43%
GCP	0.634	53	2.200	52	0.796	50	0.656	58	4.286	213	4.623	243	4.286	213	19.57%
No proceeds	0.015	1	0	0	0	0	0	0	0.015	1	0.015	1	0.015	1	0.07%
Refinance	0.188	8	0.281	5	0.035	5	0.035	5	0.539	23	0.575	26	0.539	23	2.46%
Multiple/Other/NA	3.805	106	2.223	120	2.199	118	5.901	126	14.128	470	15.849	509	14.128	470	64.52%
Total	4.746	176	5.234	191	3.950	187	7.968	210	21.898	764	24.030	841	21.898	764	100.00%
Industry Sector (by SIC code)
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Agriculture (0xxx)	0	0	0	0	0	0.01	0	0	0	0.003	0.001	0.025	0
Mining (1xxx)	0.032	0.141	0.048	0.02	0.032	0.015	0.247	0.127	0.073	0.006	0.024	0.043	0.091
Oil and gas (13xx)	1.239	0.109	0.103	0.071	0.008	0.167	0.168	0.044	0.112	0.236	0.079	0.304	0.042
Construction (15xx)	0	0	0	0.05	0	0	0.135	0	0	0.009	0	0	0.004
Manufacturing (2xxx, 3xxx)	0.251	0.038	0.013	0.101	0.072	0.097	0.077	0.107	0.196	0.099	2.407	1.570	1.245
Pharmaceuticals (2834-6)	0.407	0.132	0.182	0.141	0.236	0.147	0.223	0.445	0.122	0.188	0.448	0.269	0.093
Transportation (4xxx)	0.012	0.004	0.014	0	0.067	0.060	0	0.216	0	0.050	0.010	0.129	0.061
Communications (48xx)	0.042	0	0.006	2.627	0.225	0.043	0.201	0.004	0.054	0	0.049	0.004	0.003
Electric, gas, sanitary services (49xx)	0.012	0.003	0.010	0.208	0.120	1.200	0.012	0.006	0	0	0.003	0.002	0.002
Wholesale (5xxx)	0.050	0.010	0.006	0	0.019	0.006	0.004	0.841	0.012	0.003	0.018	0.240	0
Finance, insurance, real estate (6xxx)	0.037	0.153	0.305	0.095	0.111	0.166	0.997	0.047	0.079	0.704	0.263	0.262	0.136
Services (7xxx)	0.043	0.005	0.081	0.036	0.082	0.033	0.237	0.031	0.055	0.048	0.019	0.036	0.032
Health services (8xxx)	0.005	0	0.014	0.006	0.006	0.005	0	0	0.003	0.002	0.023	0.003	0
Non-operating (9995)	0.002	0	0	0.014	0.004	0.003	0.002	0.030	0	0	0.013	0.016	0
Total	2.132	0.596	0.782	3.369	0.981	1.951	2.302	1.897	0.705	1.348	3.358	2.902	1.708
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.010	2	0.003	1	0.026	2	0.039	5	0.039	5	0.039	5	0.18%
Mining (1xxx)	0.210	20	0.294	10	0.205	22	0.157	17	0.865	69	0.898	75	0.865	69	3.95%
Oil and gas (13xx)	0.283	15	0.342	20	0.392	12	0.425	21	1.443	68	2.682	74	1.443	68	6.59%
Construction (15xx)	0.050	1	0.135	2	0.009	1	0.004	1	0.198	5	0.198	5	0.198	5	0.90%
Manufacturing (2xxx, 3xxx)	0.152	30	0.246	36	0.402	42	5.221	38	6.022	146	6.273	155	6.022	146	27.50%
Pharmaceuticals (2834-6)	0.455	48	0.606	45	0.755	40	0.810	56	2.626	189	3.033	214	2.626	189	11.99%
Transportation (4xxx)	0.018	3	0.127	5	0.266	4	0.200	9	0.610	21	0.622	23	0.610	21	2.79%
Communications (48xx)	2.633	3	0.469	5	0.058	5	0.056	5	3.217	18	3.259	20	3.217	18	14.69%
Electric, gas, sanitary services (49xx)	0.221	7	1.333	5	0.006	2	0.007	3	1.567	17	1.579	19	1.567	17	7.16%
Wholesale (5xxx)	0.016	5	0.029	7	0.856	13	0.258	5	1.158	30	1.208	35	1.158	30	5.29%
Finance, insurance, real estate (6xxx)	0.553	22	1.273	23	0.830	20	0.662	25	3.318	90	3.354	97	3.318	90	15.15%
Services (7xxx)	0.122	16	0.351	23	0.133	20	0.087	22	0.692	81	0.735	92	0.692	81	3.16%
Health services (8xxx)	0.019	5	0.011	3	0.005	3	0.026	4	0.061	15	0.065	16	0.061	15	0.28%
Non-operating (9995)	0.014	1	0.009	5	0.030	2	0.029	2	0.082	10	0.084	11	0.082	10	0.37%
Total	4.746	176	5.234	191	3.950	187	7.968	210	21.898	764	24.030	841	21.898	764	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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