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

Total year-to-date issuance: $13.974 billion in 399 deals

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

Proceeds

	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Less than $1 million	0.003	0.006	0.004	0.007	0.002	0.003	0.002	0.001	0.004	0.005	0.004	0.001
$1-1.99 million	0.045	0.044	0.031	0.033	0.030	0.052	0.040	0.047	0.060	0.046	0.050	0.033
$2-2.99 million	0.036	0.039	0.048	0.021	0.048	0.040	0.031	0.060	0.062	0.034	0.050	0.042
$3-4.99 million	0.093	0.095	0.056	0.067	0.083	0.127	0.039	0.079	0.106	0.053	0.069	0.043
$5-9.99 million	0.106	0.182	0.154	0.149	0.185	0.174	0.156	0.172	0.324	0.124	0.180	0.102
$10-14.99 million	0.171	0.188	0.139	0.146	0.176	0.110	0.123	0.146	0.144	0.118	0.187	0.116
$15-$49.99 million	0.472	0.535	0.567	0.393	0.418	0.407	0.297	0.588	0.949	0.538	0.514	0.601
$50 million and higher	0.308	2.384	0.754	1.021	0.905	0.332	0.533	0.748	0.709	0.617	3.722	1.315
Total	1.235	3.472	1.752	1.837	1.848	1.246	1.224	1.842	2.357	1.534	4.775	2.253
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.013	30	0.012	20	0.008	16	0.009	18	0.017	34	0.043	84	0.12%
$1-1.99 million	0.119	88	0.115	84	0.147	109	0.129	98	0.276	207	0.511	379	1.97%
$2-2.99 million	0.122	53	0.109	48	0.153	68	0.126	55	0.279	123	0.510	224	2.00%
$3-4.99 million	0.243	66	0.277	76	0.225	59	0.165	44	0.390	103	0.911	245	2.79%
$5-9.99 million	0.443	66	0.508	77	0.652	100	0.405	63	1.057	163	2.008	306	7.56%
$10-14.99 million	0.498	45	0.433	37	0.412	37	0.421	37	0.833	74	1.764	156	5.96%
$15-$49.99 million	1.574	68	1.218	48	1.835	71	1.653	61	3.487	132	6.279	248	24.94%
$50 million and higher	3.446	25	2.258	25	1.991	20	5.654	23	7.645	43	13.349	93	54.67%
Total	6.458	441	4.931	415	5.422	480	8.562	399	13.984	879	25.373	1735	100.00%
Type
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
convertible notes	0.182	0.949	0.277	0.563	0.545	0.295	0.191	0.204	0.435	0.214	0.354	1.374
convertible preferreds	0.229	0.643	0.414	0.117	0.340	0.092	0.315	0.524	0.133	0.090	0.457	0.161
equity line of credit	0.350	0.308	0.170	0.335	0.033	0.112	0.057	0.140	0.243	0.390	0.175	0.205
notes with warrants	0.056	0.028	0.019	0.049	0.071	0.056	0.139	0.158	0.168	0.029	0.069	0.038
preferreds with warrants	0.004	0	0	0	0	0	0	0	0	0	0	0
stock	0.401	1.426	0.751	0.713	0.695	0.618	0.414	0.567	1.229	0.634	3.638	0.387
units of stock and warrants	0.013	0.118	0.090	0.061	0.165	0.073	0.108	0.249	0.148	0.178	0.083	0.088
warrants	0	0	0.030	0	0	0	0	0	0.001	0	0	0
Total	1.235	3.472	1.752	1.837	1.848	1.246	1.224	1.842	2.357	1.534	4.775	2.253
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
convertible notes	1.408	133	1.402	127	0.830	148	1.942	122	2.772	270	5.582	530	19.82%
convertible preferreds	1.286	43	0.549	58	0.973	50	0.708	47	1.681	97	3.516	198	12.02%
equity line of credit	0.828	38	0.479	16	0.440	22	0.770	21	1.210	43	2.518	97	8.65%
notes with warrants	0.102	19	0.175	24	0.465	39	0.135	21	0.600	60	0.878	103	4.29%
preferreds with warrants	0.004	1	0	0	0	0	0	0	0	0	0.004	1	0.00%
stock	2.578	160	2.026	149	2.209	145	4.658	137	6.867	282	11.471	591	49.11%
units of stock and warrants	0.222	44	0.298	40	0.505	74	0.348	49	0.853	123	1.373	207	6.10%
warrants	0.030	3	0	1	0.001	2	0	2	0.001	4	0.031	8	0.01%
Total	6.458	441	4.931	415	5.422	480	8.562	399	13.984	879	25.373	1735	100.00%
Warrants
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Yes	0.473	0.776	0.508	0.792	0.881	0.630	0.539	1.021	1.001	0.601	1.037	0.464
No	0.762	2.697	1.244	1.045	0.967	0.616	0.685	0.820	1.356	0.933	3.738	1.789
Total	1.235	3.472	1.752	1.837	1.848	1.246	1.224	1.842	2.357	1.534	4.775	2.253
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	1.756	256	2.303	271	2.561	321	2.102	250	4.663	571	8.722	1098	33.35%
No	4.702	185	2.627	144	2.861	159	6.460	149	9.322	308	16.651	637	66.66%
Total	6.458	441	4.931	415	5.422	480	8.562	399	13.984	879	25.373	1735	100.00%
Use of Proceeds
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Acquisition	0.073	0.339	0.135	0.571	0.308	0.077	0.181	0.031	0.466	0.137	3.266	0.129
Capex	0.130	1.086	0.168	0.053	0.196	0.042	0.143	0.240	0.274	0.010	0.315	0.073
GCP	0.430	0.510	0.530	0.418	0.418	0.270	0.283	0.457	0.677	0.465	0.476	1.392
Repay debt	0.038	0.716	0.059	0.059	0.308	0.142	0.194	0.435	0.100	0.012	0.153	0.131
Multiple/Other/NA	0.563	0.821	0.859	0.736	0.618	0.715	0.424	0.680	0.840	0.910	0.565	0.527
Total	1.235	3.472	1.752	1.837	1.848	1.246	1.224	1.842	2.357	1.534	4.775	2.253
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.548	29	0.955	27	0.678	33	3.532	33	4.210	66	5.713	122	30.11%
Capex	1.384	33	0.291	21	0.657	38	0.398	25	1.055	63	2.730	117	7.54%
GCP	1.469	129	1.107	131	1.416	145	2.333	117	3.750	262	6.325	522	26.82%
Repay debt	0.814	25	0.509	17	0.729	19	0.296	16	1.025	35	2.347	77	7.33%
Multiple/Other/NA	2.244	225	2.069	219	1.943	245	2.003	208	3.945	453	8.258	897	28.21%
Total	6.458	441	4.931	415	5.422	480	8.562	399	13.984	879	25.373	1735	100.00%
Industry Sector (by SIC code)
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0.003	0.002	0.038
Mining (1xxx)	0.032	0.339	0.007	0.377	0.184	0.014	0.050	0.182	0.130	0.170	0.075	0.029
Oil and gas (13xx)	0.179	0.240	0.276	0.041	0.277	0.313	0.266	0.162	0.190	0.140	0.082	0.170
Construction (15xx)	0	0	0	0.015	0	0	0.019	0	0	0.005	0.020	0
Manufacturing (2xxx, 3xxx)	0.281	0.587	0.324	0.215	0.490	0.340	0.314	0.234	0.613	0.500	0.515	0.377
Pharmaceuticals (2834-6)	0.137	0.557	0.298	0.421	0.202	0.124	0.085	0.475	0.463	0.510	0.352	0.185
Transportation (4xxx)	0	0.024	0	0.051	0.019	0.006	0	0.002	0.112	0	0.192	0.033
Communications (48xx)	0.169	0.680	0.015	0.193	0.004	0.027	0.065	0.027	0.071	0.003	0.074	1.038
Electric, gas, sanitary services (49xx)	0.047	0.384	0.005	0.205	0.105	0.079	0.022	0.008	0.057	0.006	0.576	0.075
Wholesale (5xxx)	0.006	0.200	0.085	0.091	0.064	0.003	0.022	0.005	0.123	0.016	0.003	0.081
Finance, insurance, real estate (6xxx)	0.132	0.182	0.575	0.024	0.205	0.142	0.263	0.012	0.021	0.043	2.606	0.027
Services (7xxx)	0.205	0.239	0.161	0.178	0.234	0.163	0.067	0.275	0.261	0.111	0.200	0.179
Health services (8xxx)	0.046	0.041	0.008	0.026	0.064	0.034	0.044	0.421	0.058	0.021	0.078	0.004
Non-operating (9995)	0	0	0	0	0	0.001	0.007	0.039	0.259	0.006	0	0.016
Total	1.235	3.472	1.752	1.837	1.848	1.246	1.224	1.842	2.357	1.534	4.775	2.253
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0.042	5	0.042	5	0.042	5	0.30%
Mining (1xxx)	0.378	19	0.575	22	0.361	39	0.274	32	0.635	71	1.588	112	4.54%
Oil and gas (13xx)	0.696	46	0.631	40	0.618	52	0.392	33	1.010	85	2.336	171	7.22%
Construction (15xx)	0	0	0.015	1	0.019	1	0.026	2	0.044	3	0.059	4	0.31%
Manufacturing (2xxx, 3xxx)	1.191	136	1.045	127	1.161	124	1.392	123	2.554	247	4.790	510	18.26%
Pharmaceuticals (2834-6)	0.992	53	0.747	59	1.023	69	1.048	50	2.071	119	3.809	231	14.81%
Transportation (4xxx)	0.024	5	0.076	8	0.114	5	0.225	2	0.339	7	0.440	20	2.42%
Communications (48xx)	0.863	22	0.224	20	0.162	21	1.115	20	1.277	41	2.364	83	9.13%
Electric, gas, sanitary services (49xx)	0.435	13	0.389	11	0.087	11	0.657	8	0.744	19	1.568	43	5.32%
Wholesale (5xxx)	0.291	17	0.158	15	0.150	16	0.101	13	0.251	29	0.700	61	1.79%
Finance, insurance, real estate (6xxx)	0.889	27	0.370	33	0.295	26	2.676	18	2.971	44	4.231	104	21.25%
Services (7xxx)	0.605	91	0.575	64	0.604	87	0.489	74	1.093	161	2.273	316	7.82%
Health services (8xxx)	0.095	12	0.124	14	0.524	18	0.103	15	0.627	33	0.846	59	4.48%
Non-operating (9995)	0	0	0.001	1	0.305	11	0.021	4	0.326	15	0.327	16	2.33%
Total	6.458	441	4.931	415	5.422	480	8.562	399	13.984	879	25.373	1735	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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