Analysis of preferred stock issuance for 13 months through July 2012

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

Dividend

	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Less than 5%	0	0	0	0	0	0	0	0	1.772	0.050	0	0	0
5%-5.99%	0	0	0	0	0	0	0.400	0	0.792	0.500	0.475	0.720	1.675
6%-6.99%	1.488	0.025	0	0	0	0	2.253	0.825	1.538	2.720	0.925	0	1.950
7%-7.99%	0.019	0	0.287	0.116	0	0	0.793	0.035	0.045	0.150	0.478	2.595	0.475
8%-8.99%	0	0	0.200	0	0	0.728	0.150	0.118	0.418	0.192	0.035	0.006	0.425
9% and higher	0	0.029	0	0.140	0.040	0	0	0	0.081	0	0	0	0.009
Floater	0	0	0.312	0	0	1.764	0	0.267	0	0	0	0	0
NA	0.431	0	0.365	0	0	0.045	0	0	0.579	0	1.180	0.081	0.197
Total	1.938	0.054	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.613	3.093	3.403	4.731
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 5%	0	0	0	0	1.772	1	0.050	1	0	0	1.822	2	1.822	2	1.822	2	7.31%
5%-5.99%	0	0	0	0	1.192	8	1.695	17	1.675	3	4.563	28	4.563	28	4.563	28	18.32%
6%-6.99%	1.512	3	0	0	4.616	15	3.645	7	1.950	2	10.211	24	11.724	27	10.236	25	41.00%
7%-7.99%	0.307	2	0.116	2	0.874	6	3.223	8	0.475	5	4.572	19	4.995	23	4.975	22	18.36%
8%-8.99%	0.200	3	0.728	3	0.686	9	0.233	5	0.425	6	1.344	20	2.273	26	2.273	26	5.40%
9% and higher	0.029	1	0.180	4	0.081	1	0	0	0.009	1	0.090	2	0.299	7	0.299	7	0.37%
Floater	0.312	3	1.764	15	0.267	1	0	0	0	0	0.267	1	2.343	19	2.343	19	1.07%
NA	0.796	13	0.045	2	0.579	4	1.261	20	0.197	15	2.037	39	2.879	54	2.448	48	8.18%
Total	3.158	25	2.833	26	10.067	45	10.108	58	4.731	32	24.906	135	30.897	186	28.958	177	100.00%
Use of Proceeds
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Acquisition	0	0	0	0.077	0	0.700	0	0	0	0	0	0	0
GCP	1.019	0.025	0.287	0.030	0	0	2.337	0.517	0.587	3.348	1.760	2.506	3.312
No proceeds	0	0	0	0	0	0	0	0	2.140	0	0	0.470	0.197
Redeem notes	0	0	0	0	0	0	0	0	0.425	0	0.009	0	0
Refinance	0.919	0	0.743	0.038	0	1.764	0.439	0.287	1.404	0	1.324	0.254	0.425
Repay bank debt	0	0	0	0	0	0	0	0.035	0.045	0	0	0.172	0.143
Multiple/Other/NA	0	0.029	0.135	0.110	0.040	0.074	0.821	0.406	0.624	0.265	0	0	0.654
Total	1.938	0.054	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.613	3.093	3.403	4.731
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.777	3	0	0	0	0	0	0	0	0	0.777	3	0.777	3	0.00%
GCP	1.332	4	0.030	1	3.441	12	7.614	17	3.312	7	14.368	36	15.730	41	14.710	39	57.69%
No proceeds	0	0	0	0	2.140	7	0.470	14	0.197	15	2.807	36	2.807	36	2.807	36	11.27%
Redeem notes	0	0	0	0	0.425	1	0.009	1	0	0	0.434	2	0.434	2	0.434	2	1.74%
Refinance	1.661	18	1.802	16	2.130	10	1.578	22	0.425	2	4.133	34	7.596	68	6.677	61	16.59%
Repay bank debt	0	0	0	0	0.080	2	0.172	1	0.143	2	0.396	5	0.396	5	0.396	5	1.59%
Multiple/Other/NA	0.164	3	0.224	6	1.850	13	0.265	3	0.654	6	2.769	22	3.157	31	3.157	31	11.12%
Total	3.158	25	2.833	26	10.067	45	10.108	58	4.731	32	24.906	135	30.897	186	28.958	177	100.00%
Upsized?
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Yes	0	0	0	0.077	0	0.700	0.322	0.323	0.328	0.500	1.250	0	1.942
No	1.938	0.054	1.165	0.179	0.040	1.837	3.275	0.923	4.897	3.113	1.843	3.403	2.788
Total	1.938	0.054	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.613	3.093	3.403	4.731
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	0.777	3	0.972	6	1.750	4	1.942	6	4.665	16	5.442	19	5.442	19	18.73%
No	3.158	25	2.056	23	9.095	39	8.358	54	2.788	26	20.241	119	25.455	167	23.516	158	81.27%
Total	3.158	25	2.833	26	10.067	45	10.108	58	4.731	32	24.906	135	30.897	186	28.958	177	100.00%
Versus Talk
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Low end	0	0	0	0	0	0	0	0.058	0.458	1.815	0.475	0.422	0.225
Middle	0	0	0	0	0	0	0	0	0.400	0	0	0	0.058
NA	1.938	0.054	1.165	0.256	0.040	2.537	3.597	1.188	4.367	1.798	2.618	2.980	4.448
Total	1.938	0.054	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.613	3.093	3.403	4.731
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Low end	0	0	0	0	0.515	4	2.712	7	0.225	1	3.453	12	3.453	12	3.453	12	13.86%
Middle	0	0	0	0	0.400	1	0	0	0.058	1	0.458	2	0.458	2	0.458	2	1.84%
NA	3.158	25	2.833	26	9.152	40	7.396	51	4.448	30	20.996	121	26.987	172	25.048	163	84.30%
Total	3.158	25	2.833	26	10.067	45	10.108	58	4.731	32	24.906	135	30.897	186	28.958	177	100.00%
Greenshoe Exercised?
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Yes	0.487	0	0.372	0.116	0	0	1.082	0.345	0.453	1.642	0	0.345	1.413
No	1.451	0.054	0.793	0.140	0.040	2.537	2.515	0.900	4.771	1.970	3.093	3.058	3.318
Total	1.938	0.054	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.613	3.093	3.403	4.731
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.860	3	0.116	2	1.881	12	1.987	5	1.413	4	5.281	21	6.257	26	5.769	25	21.20%
No	2.298	22	2.717	24	8.186	33	8.121	53	3.318	28	19.625	114	24.640	160	23.189	152	78.80%
Total	3.158	25	2.833	26	10.067	45	10.108	58	4.731	32	24.906	135	30.897	186	28.958	177	100.00%
S&P Rating
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
BBB+	0	0	0	0	0	0	0.400	0	0.425	0	0	0	0
BBB	1.000	0	0	0	0	0	1.300	0	0	0	0.150	0	0
BBB-	0	0	0	0	0	0	0.580	0	0	0	0.350	0	0.525
BB+	0	0	0.287	0	0	0	0	0.287	0	0	0	0	0
BB	0	0	0	0	0	0	0.290	0	0.230	0.100	0.144	0	0
B	0	0	0	0	0	0	0	0	0	0	0	0	0.200
NR	0.938	0.054	0.878	0.256	0.040	2.537	1.027	0.958	4.570	3.513	2.449	3.403	4.006
Total	1.938	0.054	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.613	3.093	3.403	4.731
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
BBB+	0	0	0	0	0.825	2	0	0	0	0	0.825	2	0.825	2	0.825	2	3.31%
BBB	1.000	1	0	0	1.300	2	0.150	1	0	0	1.450	3	2.450	4	1.450	3	5.82%
BBB-	0	0	0	0	0.580	3	0.350	1	0.525	2	1.455	6	1.455	6	1.455	6	5.84%
BB+	0.287	1	0	0	0.287	1	0	0	0	0	0.287	1	0.575	2	0.575	2	1.15%
BB	0	0	0	0	0.520	3	0.244	2	0	0	0.764	5	0.764	5	0.764	5	3.07%
B	0	0	0	0	0	0	0	0	0.200	1	0.200	1	0.200	1	0.200	1	0.80%
NR	1.870	23	2.833	26	6.554	34	9.365	54	4.006	29	19.925	117	24.628	166	23.690	158	80.00%
Total	3.158	25	2.833	26	10.067	45	10.108	58	4.731	32	24.906	135	30.897	186	28.958	177	100.00%
Industry Sector (by SIC code)
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Oil and gas (13xx)	0	0.029	0	0	0	0.028	0	0	0.055	0	0	0	0
Manufacturing (2xxx, 3xxx)	0	0	0	0	0	0	0	0	0	0	0	2.250	1.759
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.350	0	0	0	0.475	0	0
Finance, insurance, real estate (6xxx)	1.938	0.025	1.165	0.256	0.040	2.509	3.247	1.245	5.169	3.613	2.618	1.153	2.972
Total	1.938	0.054	1.165	0.256	0.040	2.537	3.597	1.245	5.225	3.613	3.093	3.403	4.731
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Oil and gas (13xx)	0.029	1	0.028	1	0.055	1	0	0	0	0	0.055	1	0.113	3	0.113	3	0.22%
Manufacturing (2xxx, 3xxx)	0	0	0	0	0	0	2.250	1	1.759	2	4.009	3	4.009	3	4.009	3	16.10%
Electric, gas, sanitary services (49xx)	0	0	0	0	0.350	2	0.475	1	0	0	0.825	3	0.825	3	0.825	3	3.31%
Finance, insurance, real estate (6xxx)	3.128	24	2.805	25	9.661	42	7.383	56	2.972	30	20.016	128	25.950	177	24.011	168	80.37%
Total	3.158	25	2.833	26	10.067	45	10.108	58	4.731	32	24.906	135	30.897	186	28.958	177	100.00%

Criteria

• Tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.

• Convertibles are excluded.

• Offerings are included in the time period in which they price.

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the bookrunner. For multiple leads, the total value is divided equally among joint bookrunners.

• The headquarters location of the parent company is used for the country criteria (i.e. registrations in tax havens and offshore finance subsidiaries are ignored)

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