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

Total: $5.295 billion in 459 deals

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

Proceeds

	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Less than $1 million	0.002	0.005	0.003	0.002	0.004	0.005	0.008	0.001	0.003	0.002	0.001	0.004
$1-1.99 million	0.035	0.031	0.032	0.044	0.044	0.028	0.033	0.029	0.053	0.041	0.044	0.050
$2-2.99 million	0.058	0.042	0.048	0.035	0.038	0.047	0.020	0.048	0.039	0.030	0.058	0.054
$3-4.99 million	0.068	0.081	0.062	0.093	0.095	0.056	0.066	0.083	0.122	0.039	0.078	0.098
$5-9.99 million	0.136	0.160	0.185	0.106	0.181	0.153	0.146	0.183	0.173	0.154	0.170	0.272
$10-14.99 million	0.131	0.071	0.112	0.171	0.188	0.138	0.145	0.175	0.110	0.122	0.146	0.133
$15-$49.99 million	0.356	0.126	0.460	0.472	0.534	0.567	0.393	0.418	0.408	0.297	0.589	0.895
$50 million and higher	1.390	0.335	0.801	0.308	2.384	0.754	1.021	0.905	0.332	0.534	0.748	0.718
Total	2.175	0.853	1.708	1.235	3.472	1.752	1.837	1.848	1.244	1.224	1.842	2.230
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.010	16	0.011	30	0.012	20	0.007	15	0.007	15	0.039	81	0.14%
$1-1.99 million	0.100	75	0.118	88	0.117	85	0.134	104	0.134	104	0.469	352	2.61%
$2-2.99 million	0.148	64	0.121	53	0.107	48	0.142	65	0.142	65	0.517	230	2.76%
$3-4.99 million	0.211	58	0.243	66	0.272	75	0.215	58	0.215	58	0.948	257	4.18%
$5-9.99 million	0.481	71	0.441	66	0.506	77	0.595	92	0.595	92	2.024	306	11.13%
$10-14.99 million	0.314	29	0.497	45	0.431	37	0.401	36	0.401	36	1.641	147	7.59%
$15-$49.99 million	0.942	37	1.573	68	1.219	48	1.781	69	1.781	69	5.512	222	33.65%
$50 million and higher	2.526	23	3.446	25	2.258	25	2.000	20	2.000	20	10.230	93	37.78%
Total	4.736	373	6.458	441	4.929	415	5.295	459	5.295	459	21.417	1688	100.00%
Type
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
convertible notes	0.633	0.319	0.405	0.182	0.949	0.277	0.563	0.545	0.295	0.191	0.204	0.423
convertible preferreds	0.694	0.086	0.204	0.229	0.643	0.414	0.117	0.340	0.092	0.315	0.524	0.121
equity line of credit	0.360	0.054	0.215	0.350	0.308	0.170	0.335	0.033	0.112	0.057	0.140	0.233
notes with warrants	0.013	0.005	0.064	0.056	0.028	0.019	0.049	0.071	0.056	0.139	0.158	0.105
preferreds with warrants	0	0.001	0.010	0.004	0	0	0	0	0	0	0	0
stock	0.445	0.347	0.754	0.401	1.426	0.751	0.713	0.695	0.616	0.414	0.567	1.206
units of stock and warrants	0.029	0.040	0.056	0.013	0.118	0.090	0.061	0.165	0.073	0.108	0.249	0.141
warrants	0	0.001	0	0	0	0.030	0	0	0	0	0	0.001
Total	2.175	0.853	1.708	1.235	3.472	1.752	1.837	1.848	1.244	1.224	1.842	2.230
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
convertible notes	1.357	104	1.408	133	1.402	127	0.817	139	0.817	139	4.984	503	15.43%
convertible preferreds	0.985	60	1.286	43	0.549	58	0.961	47	0.961	47	3.781	208	18.15%
equity line of credit	0.629	20	0.828	38	0.479	16	0.430	21	0.430	21	2.367	95	8.12%
notes with warrants	0.082	18	0.102	19	0.175	24	0.402	36	0.402	36	0.762	97	7.59%
preferreds with warrants	0.012	5	0.004	1	0	0	0	0	0	0	0.015	6	0.00%
stock	1.545	128	2.578	160	2.024	149	2.186	141	2.186	141	8.333	578	41.28%
units of stock and warrants	0.125	37	0.222	44	0.298	40	0.497	73	0.497	73	1.143	194	9.39%
warrants	0.001	1	0.030	3	0	1	0.001	2	0.001	2	0.032	7	0.02%
Total	4.736	373	6.458	441	4.929	415	5.295	459	5.295	459	21.417	1688	100.00%
Warrants
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Yes	0.737	0.331	0.541	0.473	0.776	0.508	0.792	0.881	0.628	0.539	1.021	0.900
No	1.438	0.523	1.167	0.762	2.697	1.244	1.045	0.967	0.616	0.685	0.820	1.330
Total	2.175	0.853	1.708	1.235	3.472	1.752	1.837	1.848	1.244	1.224	1.842	2.230
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	1.609	221	1.756	256	2.301	271	2.460	306	2.460	306	8.126	1054	46.46%
No	3.127	152	4.702	185	2.627	144	2.835	153	2.835	153	13.291	634	53.54%
Total	4.736	373	6.458	441	4.929	415	5.295	459	5.295	459	21.417	1688	100.00%
Use of Proceeds
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Acquisition	0.828	0.091	0.490	0.073	0.339	0.135	0.571	0.308	0.077	0.181	0.031	0.447
Capex	0.084	0.043	0.071	0.130	1.086	0.168	0.053	0.196	0.042	0.143	0.240	0.293
GCP	0.471	0.200	0.357	0.430	0.510	0.530	0.418	0.418	0.271	0.283	0.457	0.660
Repay debt	0.037	0.025	0.145	0.038	0.716	0.059	0.059	0.308	0.142	0.194	0.435	0.100
Multiple/Other/NA	0.754	0.494	0.644	0.563	0.821	0.859	0.736	0.618	0.712	0.424	0.680	0.730
Total	2.175	0.853	1.708	1.235	3.472	1.752	1.837	1.848	1.244	1.224	1.842	2.230
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	1.409	25	0.548	29	0.955	27	0.659	30	0.659	30	3.571	111	12.45%
Capex	0.198	18	1.384	33	0.291	21	0.675	37	0.675	37	2.549	109	12.75%
GCP	1.028	122	1.469	129	1.108	132	1.399	142	1.399	142	5.003	525	26.42%
Repay debt	0.207	15	0.814	25	0.509	17	0.729	19	0.729	19	2.258	76	13.77%
Multiple/Other/NA	1.893	193	2.244	225	2.066	218	1.833	231	1.833	231	8.036	867	34.62%
Total	4.736	373	6.458	441	4.929	415	5.295	459	5.295	459	21.417	1688	100.00%
Industry Sector (by SIC code)
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Mining (1xxx)	0.088	0.017	0.023	0.032	0.339	0.007	0.392	0.184	0.014	0.069	0.182	0.153
Oil and gas (13xx)	0.177	0.038	0.139	0.179	0.240	0.276	0.041	0.277	0.313	0.316	0.162	0.171
Manufacturing (2xxx, 3xxx)	0.235	0.156	0.433	0.254	0.587	0.324	0.214	0.488	0.340	0.264	0.234	0.577
Pharmaceuticals (2833-6)	0.188	0.105	0.234	0.164	0.557	0.298	0.423	0.203	0.124	0.085	0.475	0.452
Transportation (4xxx)	0.001	0.060	0.063	0	0.024	0	0.051	0.019	0.006	0	0.002	0.110
Communications (48xx)	0.415	0.014	0.023	0.169	0.680	0.015	0.193	0.004	0.027	0.065	0.027	0.065
Electric, gas, sanitary services (49xx)	0.014	0.002	0.227	0.047	0.384	0.005	0.205	0.105	0.079	0.022	0.008	0.057
Wholesale (5xxx)	0.038	0.007	0.148	0.006	0.200	0.085	0.091	0.064	0.003	0.022	0.005	0.115
Finance, insurance, real estate (6xxx)	0.542	0.263	0.181	0.132	0.182	0.575	0.024	0.205	0.142	0.263	0.012	0.021
Services (7xxx)	0.267	0.186	0.223	0.205	0.239	0.161	0.178	0.234	0.161	0.067	0.275	0.206
Health services (8xxx)	0.208	0.006	0.014	0.046	0.041	0.008	0.026	0.064	0.034	0.044	0.421	0.047
Non-operating (9995)	0	0	0	0	0	0	0	0	0.001	0.007	0.039	0.258
Total	2.175	0.853	1.708	1.235	3.472	1.752	1.837	1.848	1.244	1.224	1.842	2.230
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Mining (1xxx)	0.128	16	0.378	19	0.590	23	0.403	40	0.403	40	1.499	98	7.61%
Oil and gas (13xx)	0.354	29	0.696	46	0.631	40	0.648	50	0.648	50	2.328	165	12.24%
Manufacturing (2xxx, 3xxx)	0.825	123	1.164	133	1.042	125	1.075	116	1.075	116	4.107	497	20.30%
Pharmaceuticals (2833-6)	0.527	53	1.019	56	0.750	61	1.012	66	1.012	66	3.307	236	19.11%
Transportation (4xxx)	0.124	5	0.024	5	0.076	8	0.112	4	0.112	4	0.337	22	2.12%
Communications (48xx)	0.452	14	0.863	22	0.224	20	0.157	20	0.157	20	1.695	76	2.97%
Electric, gas, sanitary services (49xx)	0.244	7	0.435	13	0.389	11	0.087	11	0.087	11	1.155	42	1.64%
Wholesale (5xxx)	0.194	11	0.291	17	0.158	15	0.141	14	0.141	14	0.784	57	2.66%
Finance, insurance, real estate (6xxx)	0.985	34	0.889	27	0.370	33	0.295	26	0.295	26	2.540	120	5.57%
Services (7xxx)	0.676	70	0.605	91	0.573	64	0.548	84	0.548	84	2.403	309	10.35%
Health services (8xxx)	0.228	11	0.095	12	0.124	14	0.512	17	0.512	17	0.959	54	9.67%
Non-operating (9995)	0	0	0	0	0.001	1	0.303	11	0.303	11	0.304	12	5.72%
Total	4.736	373	6.458	441	4.929	415	5.295	459	5.295	459	21.417	1688	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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