Analysis of PIPE issuance for year to date and 12 months through October

Total year-to-date issuance: $21.311 billion in 1,378 deals

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

Proceeds

	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Less than $1 million	0.002	0.003	0.002	0.001	0.004	0.005	0.004	0.001	0.003	0.008	0.001	0.004
$1-1.99 million	0.030	0.052	0.040	0.047	0.060	0.046	0.049	0.044	0.035	0.042	0.028	0.029
$2-2.99 million	0.048	0.040	0.031	0.058	0.062	0.034	0.052	0.060	0.032	0.029	0.040	0.048
$3-4.99 million	0.078	0.127	0.039	0.082	0.102	0.053	0.069	0.047	0.060	0.056	0.064	0.074
$5-9.99 million	0.185	0.168	0.156	0.172	0.324	0.124	0.190	0.115	0.116	0.175	0.101	0.111
$10-14.99 million	0.176	0.110	0.123	0.146	0.144	0.118	0.187	0.138	0.107	0.142	0.082	0.143
$15-$49.99 million	0.418	0.407	0.297	0.588	0.949	0.538	0.514	0.733	0.409	0.649	0.233	0.440
$50 million and higher	0.905	0.332	0.533	0.748	0.709	0.617	3.722	1.406	0.878	0.978	0.831	1.080
Total	1.843	1.240	1.224	1.842	2.353	1.534	4.786	2.545	1.640	2.078	1.380	1.929
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.008	16	0.010	19	0.012	18	0.004	6	0.033	59	0.038	67	0.15%
$1-1.99 million	0.147	109	0.139	105	0.105	77	0.029	23	0.421	314	0.503	374	1.98%
$2-2.99 million	0.150	67	0.146	64	0.102	44	0.048	19	0.446	194	0.535	233	2.09%
$3-4.99 million	0.224	59	0.169	45	0.180	48	0.074	20	0.647	172	0.852	228	3.04%
$5-9.99 million	0.652	100	0.428	67	0.392	60	0.111	16	1.584	243	1.936	296	7.43%
$10-14.99 million	0.412	37	0.443	39	0.331	28	0.143	13	1.330	117	1.616	142	6.24%
$15-$49.99 million	1.835	71	1.785	66	1.290	52	0.440	18	5.350	207	6.175	239	25.10%
$50 million and higher	1.991	20	5.745	24	2.686	20	1.080	8	11.502	72	12.739	86	53.97%
Total	5.419	479	8.865	429	5.099	347	1.929	123	21.311	1378	24.394	1665	100.00%
Type
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
convertible notes	0.545	0.295	0.191	0.204	0.435	0.214	0.348	1.478	0.202	0.263	0.203	0.202
convertible preferreds	0.340	0.092	0.315	0.524	0.129	0.090	0.457	0.257	0.047	0.096	0.343	0.403
equity line of credit	0.033	0.112	0.057	0.140	0.243	0.390	0.180	0.205	0.078	0.183	0.288	0.100
notes with warrants	0.071	0.056	0.139	0.158	0.168	0.029	0.069	0.088	0.041	0.206	0.076	0.086
preferreds with warrants	0	0	0	0	0	0	0	0	0	0	0	0.010
stock	0.690	0.612	0.414	0.567	1.229	0.634	3.643	0.422	1.141	1.237	0.385	1.074
units of stock and warrants	0.165	0.073	0.108	0.249	0.148	0.178	0.090	0.095	0.131	0.093	0.085	0.053
warrants	0	0	0	0	0.001	0	0	0	0	0	0	0
Total	1.843	1.240	1.224	1.842	2.353	1.534	4.786	2.545	1.640	2.078	1.380	1.929
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.830	148	2.040	130	0.668	102	0.202	35	3.740	415	4.579	507	17.55%
convertible preferreds	0.969	49	0.804	51	0.487	32	0.403	16	2.662	148	3.095	190	12.49%
equity line of credit	0.440	22	0.775	22	0.549	19	0.100	4	1.864	67	2.008	74	8.75%
notes with warrants	0.465	39	0.186	27	0.323	30	0.086	10	1.061	106	1.187	125	4.98%
preferreds with warrants	0	0	0	0	0	0	0.010	1	0.010	1	0.010	1	0.05%
stock	2.209	145	4.699	144	2.762	118	1.074	44	10.744	451	12.046	550	50.42%
units of stock and warrants	0.505	74	0.362	53	0.310	46	0.053	13	1.230	186	1.467	214	5.77%
warrants	0.001	2	0	2	0	0	0	0	0.001	4	0.001	4	0.00%
Total	5.419	479	8.865	429	5.099	347	1.929	123	21.311	1378	24.394	1665	100.00%
Warrants
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Yes	0.881	0.630	0.539	1.024	1.001	0.601	1.038	0.625	0.605	0.671	0.529	0.527
No	0.962	0.610	0.685	0.818	1.352	0.933	3.749	1.920	1.035	1.407	0.851	1.402
Total	1.843	1.240	1.224	1.842	2.353	1.534	4.786	2.545	1.640	2.078	1.380	1.929
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	2.564	322	2.263	270	1.806	219	0.527	73	7.160	884	8.671	1077	33.60%
No	2.855	157	6.602	159	3.293	128	1.402	50	14.152	494	15.723	588	66.41%
Total	5.419	479	8.865	429	5.099	347	1.929	123	21.311	1378	24.394	1665	100.00%
Use of Proceeds
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Acquisition	0.308	0.077	0.181	0.031	0.466	0.137	3.266	0.169	0.661	0.180	0.346	0.028
Capex	0.196	0.042	0.143	0.240	0.274	0.010	0.315	0.085	0.137	0.669	0.026	0.114
GCP	0.418	0.270	0.283	0.457	0.677	0.465	0.476	1.468	0.198	0.201	0.380	0.958
Repay debt	0.308	0.142	0.194	0.435	0.100	0.012	0.153	0.157	0.116	0.100	0.116	0.447
Multiple/Other/NA	0.613	0.708	0.424	0.680	0.836	0.910	0.577	0.665	0.528	0.928	0.511	0.382
Total	1.843	1.240	1.224	1.842	2.353	1.534	4.786	2.545	1.640	2.078	1.380	1.929
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.678	33	3.572	34	1.187	24	0.028	4	5.464	95	5.849	115	25.64%
Capex	0.657	38	0.411	26	0.832	27	0.114	7	2.014	98	2.252	110	9.45%
GCP	1.416	145	2.409	126	0.779	77	0.958	43	5.563	391	6.251	485	26.10%
Repay debt	0.729	19	0.322	18	0.332	15	0.447	5	1.829	57	2.279	68	8.58%
Multiple/Other/NA	1.939	244	2.152	225	1.968	204	0.382	64	6.441	737	7.762	887	30.22%
Total	5.419	479	8.865	429	5.099	347	1.929	123	21.311	1378	24.394	1665	100.00%
Industry Sector (by SIC code)
	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006
Agriculture (0xxx)	0	0	0	0	0	0.003	0.002	0.038	0.001	0	0	0
Mining (1xxx)	0.184	0.014	0.050	0.182	0.130	0.170	0.075	0.029	0.075	0.040	0.026	0.070
Oil and gas (13xx)	0.277	0.313	0.266	0.162	0.190	0.140	0.082	0.193	0.096	0.309	0.117	0.423
Construction (15xx)	0	0	0.019	0	0	0.005	0.020	0.015	0.001	0	0.029	0.007
Manufacturing (2xxx, 3xxx)	0.485	0.334	0.314	0.235	0.613	0.500	0.521	0.515	0.388	0.271	0.196	0.803
Pharmaceuticals (2834-6)	0.202	0.124	0.085	0.475	0.463	0.510	0.357	0.197	0.225	0.423	0.266	0.351
Transportation (4xxx)	0.019	0.006	0	0.002	0.112	0	0.192	0.073	0	0.592	0.080	0.001
Communications (48xx)	0.004	0.027	0.065	0.027	0.071	0.003	0.074	1.030	0.004	0.026	0.070	0.004
Electric, gas, sanitary services (49xx)	0.105	0.079	0.022	0.008	0.057	0.006	0.576	0.075	0.006	0.161	0.078	0.017
Wholesale (5xxx)	0.064	0.003	0.022	0.005	0.123	0.016	0.003	0.081	0.057	0.042	0.262	0.042
Finance, insurance, real estate (6xxx)	0.205	0.142	0.263	0.012	0.021	0.043	2.606	0.032	0.010	0.032	0.068	0.055
Services (7xxx)	0.234	0.163	0.067	0.275	0.257	0.111	0.200	0.240	0.057	0.096	0.119	0.130
Health services (8xxx)	0.064	0.034	0.044	0.421	0.058	0.021	0.078	0.005	0.675	0.032	0.006	0.013
Non-operating (9995)	0	0.001	0.007	0.039	0.259	0.006	0	0.021	0.045	0.056	0.062	0.013
Total	1.843	1.240	1.224	1.842	2.353	1.534	4.786	2.545	1.640	2.078	1.380	1.929
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.042	5	0.001	1	0	0	0.044	6	0.044	6	0.21%
Mining (1xxx)	0.361	39	0.274	32	0.141	23	0.070	2	0.846	96	1.043	109	3.97%
Oil and gas (13xx)	0.618	52	0.415	36	0.522	31	0.423	12	1.978	131	2.568	162	9.28%
Construction (15xx)	0.019	1	0.041	3	0.030	2	0.007	1	0.097	7	0.097	7	0.46%
Manufacturing (2xxx, 3xxx)	1.162	124	1.537	135	0.854	95	0.803	35	4.356	389	5.175	475	20.44%
Pharmaceuticals (2834-6)	1.023	69	1.064	53	0.913	44	0.351	24	3.350	190	3.676	226	15.72%
Transportation (4xxx)	0.114	5	0.265	3	0.672	7	0.001	1	1.052	16	1.077	21	4.94%
Communications (48xx)	0.162	21	1.107	19	0.101	18	0.004	3	1.374	61	1.405	73	6.45%
Electric, gas, sanitary services (49xx)	0.087	11	0.657	8	0.245	7	0.017	2	1.006	28	1.190	37	4.72%
Wholesale (5xxx)	0.150	16	0.101	13	0.361	16	0.042	4	0.654	49	0.721	58	3.07%
Finance, insurance, real estate (6xxx)	0.295	26	2.681	21	0.111	16	0.055	6	3.143	69	3.490	97	14.75%
Services (7xxx)	0.600	86	0.550	80	0.271	49	0.130	25	1.551	240	1.948	286	7.28%
Health services (8xxx)	0.524	18	0.105	16	0.713	15	0.013	4	1.354	53	1.452	64	6.35%
Non-operating (9995)	0.305	11	0.027	5	0.163	23	0.013	4	0.507	43	0.508	44	2.38%
Total	5.419	479	8.865	429	5.099	347	1.929	123	21.311	1378	24.394	1665	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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