Analysis of PIPE issuance for 13 months through April 2014

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

Proceeds

	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Less than $1 million	0.001	0.001	0.001	0	0	0	0	0.002	0.001	0	0	0.001	0
$1-1.99 million	0.013	0.018	0.014	0.013	0.013	0.014	0.015	0.033	0.026	0.011	0.011	0.030	0.015
$2-2.99 million	0.031	0.020	0.018	0.015	0.031	0.009	0.022	0.012	0.026	0.037	0.009	0.020	0.019
$3-4.99 million	0.020	0.030	0.030	0.022	0.049	0.028	0.035	0.033	0.041	0.026	0.027	0.065	0.014
$5-9.99 million	0.074	0.091	0.102	0.064	0.058	0.073	0.058	0.067	0.136	0.090	0.055	0.064	0.060
$10-14.99 million	0.060	0.051	0.014	0.065	0.095	0.093	0.067	0.054	0.101	0.066	0.054	0.082	0.046
$15-$49.99 million	0.269	0.272	0.317	0.528	0.298	0.172	0.394	0.259	0.193	0.345	0.303	0.295	0.255
$50 million and higher	0.515	1.469	1.807	1.190	0.132	0.958	2.766	2.700	1.316	0	1.733	0.510	1.322
Total	0.983	1.951	2.302	1.897	0.677	1.347	3.358	3.160	1.840	0.575	2.193	1.067	1.732
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.003	3	0	1	0.003	5	0.001	1	0	0	0.001	1	0.006	10	0.005	9	0.02%
$1-1.99 million	0.045	34	0.040	30	0.074	54	0.052	40	0.015	11	0.067	51	0.226	169	0.213	158	1.20%
$2-2.99 million	0.068	29	0.056	24	0.060	26	0.066	29	0.019	8	0.085	37	0.269	116	0.238	103	1.53%
$3-4.99 million	0.080	21	0.099	28	0.110	30	0.118	32	0.014	4	0.133	36	0.422	115	0.401	110	2.39%
$5-9.99 million	0.267	42	0.195	30	0.260	41	0.209	34	0.060	10	0.269	44	0.991	157	0.918	145	4.83%
$10-14.99 million	0.125	11	0.252	22	0.221	20	0.202	18	0.046	4	0.248	22	0.847	75	0.787	69	4.45%
$15-$49.99 million	0.859	34	0.999	39	0.847	34	0.944	35	0.255	9	1.199	44	3.904	151	3.635	140	21.53%
$50 million and higher	3.791	18	2.279	12	6.783	17	2.243	10	1.322	2	3.565	12	16.418	59	15.903	54	64.03%
Total	5.237	192	3.921	186	8.357	227	3.836	199	1.732	48	5.568	247	23.082	852	22.099	788	100.00%
Type
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
convertible notes	0.144	0.106	0.273	0.244	0.151	0.031	0.302	1.420	1.163	0.060	0.142	0.113	0.012
convertible preferreds	0.386	1.234	0.858	0.009	0.196	0.402	2.397	0.101	0.261	0.138	0.273	0.325	0.137
equity line	0.038	0.044	0.086	0.063	0.007	0.020	0.005	0.086	0.010	0.035	0.101	0.048	0.090
notes with stock	0.012	0	0	0	0	0	0	0	0	0.004	0.010	0	0
notes with warrants	0.032	0.004	0.099	0.105	0.027	0.055	0.116	0.005	0.007	0.030	0.057	0.133	0.043
preferred with stock	0	0	0	0	0	0	0	0	0	0	0	0	0.002
stock	0.336	0.452	0.848	1.459	0.217	0.822	0.479	1.261	0.278	0.245	1.547	0.414	1.433
units of stock and warrants	0.035	0.112	0.139	0.017	0.079	0.017	0.058	0.287	0.120	0.063	0.063	0.035	0.015
Total	0.983	1.951	2.302	1.897	0.677	1.347	3.358	3.160	1.840	0.575	2.193	1.067	1.732
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.523	43	0.426	40	2.886	39	0.315	36	0.012	5	0.327	41	4.161	163	4.017	147	5.87%
convertible preferreds	2.477	29	0.607	26	2.759	33	0.736	35	0.137	7	0.873	42	6.715	130	6.330	121	15.68%
equity line	0.169	15	0.090	9	0.101	9	0.184	17	0.090	5	0.274	22	0.634	55	0.596	52	4.92%
notes with stock	0.012	3	0	0	0	0	0.014	2	0	0	0.014	2	0.026	5	0.014	2	0.25%
notes with warrants	0.134	11	0.187	12	0.128	9	0.219	13	0.043	4	0.263	17	0.712	49	0.680	44	4.72%
preferred with stock	0	0	0	0	0	0	0	0	0.002	1	0.002	1	0.002	1	0.002	1	0.04%
stock	1.635	72	2.498	77	2.019	102	2.207	66	1.433	21	3.640	87	9.792	338	9.455	315	65.37%
units of stock and warrants	0.286	19	0.114	22	0.465	35	0.161	30	0.015	5	0.176	35	1.041	111	1.006	106	3.16%
Total	5.237	192	3.921	186	8.357	227	3.836	199	1.732	48	5.568	247	23.082	852	22.099	788	100.00%
Warrants
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Yes	0.144	0.091	0.361	0.97	0.255	0.13	0.466	0.115	0.168	0.229	0.216	0.349	0.098
No	0.839	1.861	1.941	0.928	0.421	1.217	2.892	3.045	1.672	0.347	1.977	0.718	1.634
Total	0.983	1.951	2.302	1.897	0.677	1.347	3.358	3.16	1.840	0.575	2.193	1.067	1.732
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.596	84	1.355	75	0.748	99	0.794	107	0.098	15	0.892	122	3.591	380	3.447	353	16.02%
No	4.641	108	2.566	111	7.609	128	3.042	92	1.634	33	4.676	125	19.492	472	18.652	435	83.98%
Total	5.237	192	3.921	186	8.357	227	3.836	199	1.732	48	5.568	247	23.082	852	22.099	788	100.00%
Use of Proceeds
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Acquisition	0.119	0.026	0.325	0.787	0.056	0.003	0.089	1.174	0.019	0.011	0.065	0.003	0.018
Capex	0.028	0.027	0.003	0.061	0.011	0.003	0.018	1.25	0.084	0.014	0.007	0.028	0.003
GCP	0.219	1.508	0.472	0.291	0.128	0.378	0.075	0.437	0.168	0.228	0.375	0.447	0.211
Refinance	0.264	0	0.018	0.012	0.006	0.017	0.022	0.001	0.012	0.028	0	0.01	0
Multiple/Other/NA	0.352	0.389	1.484	0.746	0.477	0.946	3.154	0.298	1.557	0.295	1.747	0.579	1.501
Total	0.983	1.951	2.302	1.897	0.677	1.347	3.358	3.16	1.840	0.575	2.193	1.067	1.732
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.470	6	0.845	7	1.283	14	0.079	4	0.018	1	0.097	5	2.695	32	2.576	31	1.74%
Capex	0.059	8	0.075	7	1.351	9	0.049	6	0.003	1	0.051	7	1.536	31	1.508	27	0.92%
GCP	2.200	52	0.796	50	0.679	63	1.049	59	0.211	12	1.260	71	4.935	236	4.716	217	22.63%
Refinance	0.281	5	0.035	5	0.035	5	0.038	5	0	0	0.038	5	0.389	20	0.125	17	0.68%
Multiple/Other/NA	2.226	121	2.169	117	5.009	136	2.621	125	1.501	34	4.122	159	13.526	533	13.174	496	74.03%
Total	5.237	192	3.921	186	8.357	227	3.836	199	1.732	48	5.568	247	23.082	852	22.099	788	100.00%
Industry Sector (by SIC code)
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Agriculture (0xxx)	0	0.01	0	0	0	0.003	0.001	0.025	0	0.017	0	0.007	0.008
Mining (1xxx)	0.032	0.015	0.247	0.127	0.073	0.006	0.024	0.043	0.101	0.04	0.091	0.009	0.014
Oil and gas (13xx)	0.008	0.167	0.168	0.044	0.112	0.236	0.079	0.304	0.042	0.019	0.024	0.043	0.002
Construction (15xx)	0	0	0.135	0	0	0.009	0	0	0.004	0.007	0	0	0
Manufacturing (2xxx, 3xxx)	0.074	0.097	0.077	0.107	0.196	0.098	2.407	1.824	1.267	0.107	1.364	0.210	0.150
Pharmaceuticals (2834-6)	0.236	0.147	0.224	0.445	0.122	0.188	0.448	0.269	0.104	0.089	0.260	0.234	0.108
Transportation (4xxx)	0.067	0.060	0	0.216	0	0.050	0.010	0.129	0.061	0.066	0.175	0.040	0.047
Communications (48xx)	0.225	0.043	0.201	0.004	0.054	0	0.049	0.004	0.003	0.046	0	0.005	1.223
Electric, gas, sanitary services (49xx)	0.120	1.200	0.012	0.006	0	0	0.003	0.004	0.002	0	0.002	0	0
Wholesale (5xxx)	0.019	0.006	0.004	0.841	0.012	0.003	0.018	0.240	0.006	0.010	0.047	0.037	0.008
Finance, insurance, real estate (6xxx)	0.111	0.166	0.997	0.047	0.079	0.704	0.263	0.262	0.211	0.117	0.193	0.128	0.084
Services (7xxx)	0.082	0.033	0.237	0.031	0.026	0.048	0.019	0.037	0.033	0.053	0.013	0.349	0.065
Health services (8xxx)	0.006	0.005	0	0	0.003	0.002	0.023	0.003	0.006	0.004	0.018	0.005	0
Non-operating (9995)	0.004	0.003	0.002	0.030	0	0	0.013	0.016	0	0.001	0.006	0.001	0.022
Total	0.983	1.951	2.302	1.897	0.677	1.347	3.358	3.160	1.840	0.575	2.193	1.067	1.732
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.010	2	0.003	1	0.026	2	0.024	4	0.008	2	0.032	6	0.071	11	0.071	11	0.57%
Mining (1xxx)	0.294	10	0.205	22	0.168	18	0.141	15	0.014	2	0.154	17	0.821	67	0.789	63	2.77%
Oil and gas (13xx)	0.342	20	0.392	12	0.425	21	0.087	12	0.002	1	0.089	13	1.249	66	1.241	64	1.60%
Construction (15xx)	0.135	2	0.009	1	0.004	1	0.007	2	0	0	0.007	2	0.155	6	0.155	6	0.13%
Manufacturing (2xxx, 3xxx)	0.248	37	0.401	41	5.498	44	1.681	44	0.150	11	1.831	55	7.978	177	7.904	168	32.88%
Pharmaceuticals (2834-6)	0.607	45	0.755	40	0.822	58	0.583	49	0.108	7	0.692	56	2.875	199	2.639	179	12.43%
Transportation (4xxx)	0.127	5	0.266	4	0.200	9	0.281	5	0.047	1	0.328	6	0.920	24	0.854	20	5.89%
Communications (48xx)	0.469	5	0.058	5	0.056	5	0.050	3	1.223	2	1.274	5	1.857	20	1.633	18	22.88%
Electric, gas, sanitary services (49xx)	1.333	5	0.006	2	0.008	3	0.002	1	0	0	0.002	1	1.349	11	1.228	9	0.04%
Wholesale (5xxx)	0.029	7	0.856	13	0.263	7	0.094	9	0.008	3	0.102	12	1.249	39	1.230	35	1.83%
Finance, insurance, real estate (6xxx)	1.273	23	0.830	20	0.737	28	0.438	18	0.084	9	0.522	27	3.361	98	3.251	93	9.38%
Services (7xxx)	0.351	23	0.105	20	0.089	24	0.414	28	0.065	8	0.480	36	1.024	103	0.942	96	8.62%
Health services (8xxx)	0.011	3	0.005	3	0.032	5	0.026	6	0	0	0.026	6	0.074	17	0.068	15	0.47%
Non-operating (9995)	0.009	5	0.030	2	0.029	2	0.008	3	0.022	2	0.030	5	0.098	14	0.094	11	0.54%
Total	5.237	192	3.921	186	8.357	227	3.836	199	1.732	48	5.568	247	23.082	852	22.099	788	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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