Analysis of PIPE issuance for 13 months through January 2014

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

Proceeds

	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Less than $1 million	0.001	0.003	0.001	0.001	0.001	0.001	0	0	0	0	0.002	0	0
$1-1.99 million	0.019	0.018	0.017	0.013	0.018	0.014	0.013	0.013	0.015	0.015	0.032	0.030	0.010
$2-2.99 million	0.007	0.018	0.002	0.028	0.020	0.018	0.015	0.031	0.009	0.022	0.012	0.023	0.032
$3-4.99 million	0.023	0.021	0.052	0.020	0.030	0.030	0.022	0.049	0.028	0.035	0.029	0.042	0.026
$5-9.99 million	0.073	0.067	0.058	0.074	0.091	0.102	0.064	0.058	0.073	0.058	0.065	0.124	0.087
$10-14.99 million	0.072	0.085	0.113	0.060	0.051	0.014	0.065	0.083	0.093	0.067	0.054	0.091	0.043
$15-$49.99 million	0.266	0.240	0.201	0.269	0.272	0.317	0.528	0.338	0.172	0.394	0.259	0.193	0.320
$50 million and higher	0.135	0.330	2.924	0.515	1.469	1.807	1.190	0.132	0.958	2.766	2.702	1.316	0
Total	0.596	0.782	3.369	0.981	1.951	2.302	1.897	0.705	1.348	3.358	3.154	1.819	0.518
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	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	0	0	0	0.009	14	0.008	13	0.00%
$1-1.99 million	0.054	40	0.045	34	0.041	31	0.077	56	0.010	7	0.010	7	0.227	168	0.208	155	1.93%
$2-2.99 million	0.027	12	0.066	28	0.056	24	0.057	25	0.032	14	0.032	14	0.238	103	0.231	100	6.18%
$3-4.99 million	0.096	26	0.080	21	0.099	28	0.106	29	0.026	7	0.026	7	0.406	111	0.383	105	5.02%
$5-9.99 million	0.198	31	0.267	42	0.195	30	0.247	39	0.087	13	0.087	13	0.995	155	0.921	144	16.80%
$10-14.99 million	0.270	23	0.125	11	0.241	21	0.211	19	0.043	4	0.043	4	0.890	78	0.818	72	8.30%
$15-$49.99 million	0.708	27	0.859	34	1.039	40	0.847	34	0.320	11	0.320	11	3.773	146	3.507	137	61.78%
$50 million and higher	3.388	11	3.791	18	2.279	12	6.784	17	0	0	0	0	16.242	58	16.108	56	0.00%
Total	4.746	176	5.234	191	3.950	187	8.331	223	0.518	56	0.518	56	22.779	833	22.183	782	100.00%
Type
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
convertible notes	0.055	0.088	0.102	0.142	0.106	0.273	0.244	0.151	0.032	0.302	1.415	1.151	0.053
convertible preferreds	0.077	0.083	0.101	0.386	1.234	0.858	0.009	0.224	0.402	2.397	0.100	0.259	0.099
equity line	0.030	0.150	0.068	0.038	0.044	0.086	0.063	0.007	0.020	0.005	0.086	0.010	0.035
notes with stock	0	0	0	0.012	0	0	0	0	0	0	0	0	0.004
notes with warrants	0.009	0.021	0.035	0.032	0.004	0.099	0.105	0.027	0.055	0.116	0.005	0.007	0.031
preferreds with warrants	0	0.010	0	0	0	0	0	0	0	0	0	0	0
stock	0.311	0.354	2.886	0.336	0.452	0.848	1.459	0.217	0.822	0.479	1.261	0.272	0.240
units of stock and warrants	0.114	0.076	0.178	0.035	0.112	0.139	0.017	0.079	0.017	0.058	0.287	0.120	0.056
Total	0.596	0.782	3.369	0.981	1.951	2.302	1.897	0.705	1.348	3.358	3.154	1.819	0.518
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.245	34	0.520	42	0.427	41	2.869	37	0.053	10	0.053	10	4.113	164	4.058	155	10.23%
convertible preferreds	0.261	20	2.477	29	0.635	26	2.756	33	0.099	10	0.099	10	6.227	118	6.150	113	19.11%
equity line	0.248	11	0.169	15	0.090	9	0.101	9	0.035	4	0.035	4	0.643	48	0.613	46	6.76%
notes with stock	0	0	0.012	3	0	0	0	0	0.004	1	0.004	1	0.016	4	0.016	4	0.77%
notes with warrants	0.065	5	0.134	11	0.187	12	0.128	9	0.031	4	0.031	4	0.544	41	0.535	40	5.98%
preferreds with warrants	0.010	1	0	0	0	0	0	0	0	0	0	0	0.010	1	0.010	1	0.00%
stock	3.551	80	1.635	72	2.498	77	2.013	100	0.240	21	0.240	21	9.936	350	9.625	322	46.33%
units of stock and warrants	0.368	25	0.286	19	0.114	22	0.465	35	0.056	6	0.056	6	1.289	107	1.175	101	10.81%
Total	4.746	176	5.234	191	3.950	187	8.331	223	0.518	56	0.518	56	22.779	833	22.183	782	100.00%
Warrants
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Yes	0.076	0.325	2.767	0.144	0.091	0.361	0.970	0.255	0.130	0.466	0.109	0.163	0.199
No	0.519	0.457	0.601	0.837	1.861	1.941	0.928	0.45	1.218	2.892	3.046	1.655	0.319
Total	0.596	0.782	3.369	0.981	1.951	2.302	1.897	0.705	1.348	3.358	3.154	1.819	0.518
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.169	78	0.596	84	1.355	75	0.738	98	0.199	28	0.199	28	6.056	363	5.980	346	38.42%
No	1.577	98	4.638	107	2.595	112	7.593	125	0.319	28	0.319	28	16.723	470	16.203	436	61.58%
Total	4.746	176	5.234	191	3.950	187	8.331	223	0.518	56	0.518	56	22.779	833	22.183	782	100.00%
Use of Proceeds
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Acquisition	0	0.022	0.003	0.119	0.026	0.325	0.787	0.056	0.003	0.089	1.176	0.013	0.011
Capex	0.048	0.016	0.015	0.028	0.027	0.003	0.061	0.011	0.003	0.018	1.250	0.084	0.014
GCP	0.179	0.347	0.108	0.219	1.508	0.472	0.291	0.128	0.378	0.075	0.431	0.167	0.215
No proceeds	0	0.015	0	0	0	0	0	0	0	0	0	0	0
Refinance	0.009	0.013	0.166	0.264	0	0.018	0.012	0.006	0.017	0.022	0.001	0.012	0.028
Multiple/Other/NA	0.360	0.368	3.077	0.35	0.389	1.484	0.746	0.505	0.947	3.154	0.297	1.544	0.250
Total	0.596	0.782	3.369	0.981	1.951	2.302	1.897	0.705	1.348	3.358	3.154	1.819	0.518
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.025	3	0.470	6	0.845	7	1.278	14	0.011	1	0.011	1	2.630	31	2.630	31	2.12%
Capex	0.079	5	0.059	8	0.075	7	1.351	9	0.014	3	0.014	3	1.578	32	1.530	30	2.70%
GCP	0.634	53	2.200	52	0.796	50	0.673	62	0.215	18	0.215	18	4.517	235	4.338	217	41.51%
No proceeds	0.015	1	0	0	0	0	0	0	0	0	0	0	0.015	1	0.015	1	0.00%
Refinance	0.188	8	0.281	5	0.035	5	0.035	5	0.028	2	0.028	2	0.567	25	0.558	24	5.41%
Multiple/Other/NA	3.805	106	2.224	120	2.199	118	4.995	133	0.250	32	0.250	32	13.472	509	13.112	479	48.26%
Total	4.746	176	5.234	191	3.950	187	8.331	223	0.518	56	0.518	56	22.779	833	22.183	782	100.00%
Industry Sector (by SIC code)
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Agriculture (0xxx)	0	0	0	0	0.010	0	0	0	0.003	0.001	0.025	0	0.017
Mining (1xxx)	0.141	0.048	0.020	0.032	0.015	0.247	0.127	0.073	0.006	0.024	0.043	0.091	0.040
Oil and gas (13xx)	0.109	0.103	0.071	0.008	0.167	0.168	0.044	0.112	0.236	0.079	0.304	0.042	0.011
Construction (15xx)	0	0	0.050	0	0	0.135	0	0	0.009	0	0	0.004	0.005
Manufacturing (2xxx, 3xxx)	0.038	0.013	0.101	0.072	0.097	0.077	0.107	0.196	0.099	2.407	1.820	1.265	0.090
Pharmaceuticals (2834-6)	0.132	0.182	0.141	0.236	0.147	0.224	0.445	0.122	0.188	0.448	0.269	0.102	0.086
Transportation (4xxx)	0.004	0.014	0	0.067	0.060	0	0.216	0	0.050	0.010	0.129	0.061	0.066
Communications (48xx)	0	0.006	2.627	0.225	0.043	0.201	0.004	0.054	0	0.049	0.004	0.003	0.021
Electric, gas, sanitary services (49xx)	0.003	0.010	0.208	0.120	1.200	0.012	0.006	0	0	0.003	0.004	0.002	0
Wholesale (5xxx)	0.010	0.006	0	0.019	0.006	0.004	0.841	0.012	0.003	0.018	0.240	0.006	0.010
Finance, insurance, real estate (6xxx)	0.153	0.305	0.095	0.111	0.166	0.997	0.047	0.079	0.704	0.263	0.262	0.204	0.117
Services (7xxx)	0.005	0.081	0.036	0.082	0.033	0.237	0.031	0.055	0.048	0.019	0.036	0.033	0.053
Health services (8xxx)	0	0.014	0.006	0.006	0.005	0	0	0.003	0.002	0.023	0.003	0.006	0.003
Non-operating (9995)	0	0	0.014	0.004	0.003	0.002	0.030	0	0	0.013	0.016	0	0
Total	0.596	0.782	3.369	0.981	1.951	2.302	1.897	0.705	1.348	3.358	3.154	1.819	0.518
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.010	2	0.003	1	0.026	2	0.017	2	0.017	2	0.056	7	0.056	7	3.28%
Mining (1xxx)	0.210	20	0.294	10	0.205	22	0.158	17	0.040	4	0.040	4	0.906	73	0.765	66	7.72%
Oil and gas (13xx)	0.283	15	0.342	20	0.392	12	0.425	21	0.011	3	0.011	3	1.454	71	1.345	64	2.12%
Construction (15xx)	0.050	1	0.135	2	0.009	1	0.004	1	0.005	1	0.005	1	0.203	6	0.203	6	0.97%
Manufacturing (2xxx, 3xxx)	0.152	30	0.246	36	0.402	42	5.492	42	0.090	14	0.090	14	6.382	164	6.344	157	17.37%
Pharmaceuticals (2834-6)	0.455	48	0.607	45	0.755	40	0.820	58	0.086	9	0.086	9	2.722	200	2.591	185	16.60%
Transportation (4xxx)	0.018	3	0.127	5	0.266	4	0.200	9	0.066	2	0.066	2	0.676	23	0.672	22	12.74%
Communications (48xx)	2.633	3	0.469	5	0.058	5	0.056	5	0.021	1	0.021	1	3.237	19	3.237	19	4.05%
Electric, gas, sanitary services (49xx)	0.221	7	1.333	5	0.006	2	0.008	3	0	0	0	0	1.568	17	1.565	16	0.00%
Wholesale (5xxx)	0.016	5	0.029	7	0.856	13	0.263	7	0.010	1	0.010	1	1.173	33	1.163	30	1.93%
Finance, insurance, real estate (6xxx)	0.553	22	1.273	23	0.830	20	0.730	28	0.117	6	0.117	6	3.503	99	3.350	91	22.59%
Services (7xxx)	0.122	16	0.351	23	0.133	20	0.088	23	0.053	12	0.053	12	0.746	94	0.741	92	10.23%
Health services (8xxx)	0.019	5	0.011	3	0.005	3	0.032	5	0.003	1	0.003	1	0.070	17	0.070	17	0.58%
Non-operating (9995)	0.014	1	0.009	5	0.030	2	0.029	2	0	0	0	0	0.082	10	0.082	10	0.00%
Total	4.746	176	5.234	191	3.950	187	8.331	223	0.518	56	0.518	56	22.779	833	22.183	782	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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