Analysis of PIPE issuance for 13 months through December 2011

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

Proceeds

	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Less than $1 million	0.001	0.001	0	0.001	0.002	0.002	0.001	0.001	0	0.002	0	0	0
$1-1.99 million	0.030	0.013	0.028	0.031	0.023	0.017	0.026	0.019	0.020	0.020	0.025	0.022	0.017
$2-2.99 million	0.042	0.007	0.021	0.032	0.017	0.015	0.034	0.023	0.014	0.013	0.020	0.019	0.018
$3-4.99 million	0.039	0.026	0.032	0.049	0.047	0.050	0.057	0.042	0.023	0.040	0.013	0.043	0.012
$5-9.99 million	0.122	0.047	0.135	0.088	0.091	0.056	0.131	0.065	0.107	0.122	0.025	0.080	0.091
$10-14.99 million	0.086	0.117	0.065	0.064	0.073	0.155	0.093	0.075	0.067	0.033	0.083	0.071	0.052
$15-$49.99 million	0.240	0.326	0.151	0.263	0.211	0.427	0.289	0.198	0.342	0.149	0.146	0.272	0.281
$50 million and higher	0.924	0.639	1.116	1.364	1.642	1.132	0.420	0.150	5.729	1.130	0.759	0.695	0.835
Total	1.485	1.175	1.549	1.892	2.106	1.855	1.053	0.573	6.301	1.509	1.071	1.203	1.306
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.002	4	0.005	8	0.003	5	0.001	3	0.011	20	0.012	22	0.011	20	0.05%
$1-1.99 million	0.072	56	0.067	51	0.059	44	0.064	47	0.261	198	0.291	220	0.261	198	1.21%
$2-2.99 million	0.060	26	0.067	29	0.050	22	0.058	25	0.234	102	0.276	120	0.234	102	1.08%
$3-4.99 million	0.107	29	0.154	41	0.104	28	0.068	18	0.433	116	0.472	127	0.433	116	2.01%
$5-9.99 million	0.271	41	0.278	41	0.294	47	0.197	30	1.040	159	1.162	177	1.040	159	4.82%
$10-14.99 million	0.246	23	0.321	28	0.175	16	0.206	20	0.948	87	1.034	95	0.948	87	4.39%
$15-$49.99 million	0.740	33	0.928	36	0.688	27	0.699	31	3.055	127	3.295	138	3.055	127	14.15%
$50 million and higher	3.118	19	3.194	24	7.009	14	2.289	12	15.610	69	16.534	73	15.610	69	72.30%
Total	4.616	231	5.014	258	8.382	203	3.580	186	21.592	878	23.077	972	21.592	878	100.00%
Type
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
convertible notes	0.086	0.056	0.053	0.032	0.462	0.108	0.124	0.180	0.182	0.303	0.025	0.253	0.303
convertible preferreds	0.027	0.567	0.050	0.384	0.537	0.379	0.240	0.014	0.489	0.477	0.466	0.054	0.079
equity line	0.116	0.083	0.102	0.271	0.075	0.243	0.117	0.057	0.282	0.068	0.123	0.171	0.088
notes with stock	0.002	0	0	0	0	0	0	0	0.002	0	0	0.003	0
notes with warrants	0.039	0	0.008	0.030	0.012	0.015	0.015	0.036	0.096	0.013	0.077	0.025	0.035
preferreds with stock	0	0	0	0	0	0.003	0	0	0	0	0	0.040	0.056
preferreds with warrants	0.025	0.026	0	0	0.025	0.002	0.005	0	5.000	0.006	0	0	0
stock	0.847	0.362	1.126	0.868	0.965	1.014	0.488	0.157	0.160	0.625	0.359	0.614	0.717
units of stock and warrants	0.342	0.081	0.204	0.307	0.030	0.092	0.063	0.129	0.090	0.017	0.021	0.042	0.026
warrants	0.002	0	0.005	0	0	0	0	0	0	0	0	0	0
Total	1.485	1.175	1.549	1.892	2.106	1.855	1.053	0.573	6.301	1.509	1.071	1.203	1.306
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.141	34	0.694	50	0.664	39	0.582	35	2.080	158	2.166	169	2.080	158	9.63%
convertible preferreds	1.001	28	1.156	34	0.981	28	0.598	23	3.736	113	3.763	122	3.736	113	17.31%
equity line	0.456	28	0.436	26	0.407	23	0.382	31	1.681	108	1.797	118	1.681	108	7.79%
notes with stock	0	0	0	0	0.002	1	0.003	1	0.004	2	0.005	3	0.004	2	0.02%
notes with warrants	0.038	6	0.042	8	0.145	14	0.137	8	0.363	36	0.402	42	0.363	36	1.68%
preferreds with stock	0	0	0.003	1	0	0	0.096	3	0.099	4	0.099	4	0.099	4	0.46%
preferreds with warrants	0.026	2	0.032	3	5.006	2	0	0	5.064	7	5.089	8	5.064	7	23.45%
stock	2.356	88	2.467	110	0.942	68	1.691	69	7.456	335	8.303	371	7.456	335	34.53%
units of stock and warrants	0.592	44	0.185	26	0.235	28	0.090	16	1.103	114	1.445	133	1.103	114	5.11%
warrants	0.005	1	0	0	0	0	0	0	0.005	1	0.006	2	0.005	1	0.02%
Total	4.616	231	5.014	258	8.382	203	3.580	186	21.592	878	23.077	972	21.592	878	100.00%
Warrants
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Yes	0.259	0.219	0.340	0.897	0.832	0.290	0.540	0.208	5.235	0.289	0.597	0.207	0.714
No	1.226	0.956	1.209	0.994	1.275	1.565	0.513	0.365	1.066	1.220	0.475	0.996	0.592
Total	1.485	1.175	1.549	1.892	2.106	1.855	1.053	0.573	6.301	1.509	1.071	1.203	1.306
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.456	115	1.661	136	5.731	85	1.517	85	10.366	421	10.625	468	10.366	421	48.01%
No	3.159	116	3.353	122	2.651	118	2.063	101	11.226	457	12.452	504	11.226	457	51.99%
Total	4.616	231	5.014	258	8.382	203	3.580	186	21.592	878	23.077	972	21.592	878	100.00%
Use of Proceeds
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Acquisition	0.006	0.480	0	0.500	0.005	0.005	0.151	0.018	0	0	0	0.179	0
Capex	0.908	0.060	0.060	0.010	0.021	0.002	0.132	0.155	0.028	0.005	0.002	0.001	0.010
GCP	0.188	0.248	0.434	0.462	0.243	1.087	0.190	0.083	0.388	0.172	0.599	0.171	0.122
Refinance	0.002	0	0	0.026	0.087	0.038	0.012	0.004	0	0.148	0.002	0.052	0
Multiple/Other/NA	0.381	0.387	1.055	0.894	1.750	0.722	0.567	0.313	5.885	1.184	0.468	0.800	1.174
Total	1.485	1.175	1.549	1.892	2.106	1.855	1.053	0.573	6.301	1.509	1.071	1.203	1.306
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.980	2	0.161	12	0.018	2	0.179	3	1.338	19	1.344	20	1.338	19	6.20%
Capex	0.130	14	0.155	13	0.188	8	0.013	3	0.486	38	1.394	49	0.486	38	2.25%
GCP	1.143	80	1.521	75	0.643	63	0.892	53	4.199	271	4.387	294	4.199	271	19.44%
Refinance	0.026	2	0.138	10	0.152	5	0.054	6	0.370	23	0.371	24	0.370	23	1.71%
Multiple/Other/NA	2.336	133	3.039	148	7.382	125	2.442	121	15.199	527	15.580	585	15.199	527	70.39%
Total	4.616	231	5.014	258	8.382	203	3.580	186	21.592	878	23.077	972	21.592	878	100.00%
Industry Sector (by SIC code)
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Agriculture (0xxx)	0.022	0	0.007	0.002	0	0.001	0.001	0	0.009	0.009	0	0	0.003
Mining (1xxx)	0.030	0.057	0.032	0.072	0.024	0.077	0.060	0.016	0.039	0.033	0.086	0.040	0.027
Oil and gas (13xx)	0.183	0.012	0.099	0.240	0.028	0.040	0.030	0.059	0.060	0.035	0.461	0.065	0.550
Construction (15xx)	0.010	0	0	0	0	0	0	0	0	0	0	0.003	0
Manufacturing (2xxx, 3xxx)	0.130	0.182	0.099	0.272	0.351	0.283	0.274	0.076	0.228	1.016	0.172	0.161	0.244
Pharmaceuticals (2834-6)	0.136	0.120	0.129	0.141	0.087	0.174	0.166	0.092	0.147	0.041	0.068	0.167	0.092
Transportation (4xxx)	0.506	0.004	0	0	0	0.003	0.101	0	0.042	0.075	0	0.180	0.285
Communications (48xx)	0.001	0	0.002	0.504	0	0	0.087	0.013	0.005	0.126	0.005	0	0.006
Electric, gas, sanitary services (49xx)	0.270	0.159	0.753	0.010	0.025	0.066	0.001	0.150	0.161	0.019	0	0.013	0.007
Wholesale (5xxx)	0.026	0.005	0.033	0.020	0.002	0.020	0.077	0.025	0.204	0.024	0.003	0.008	0.006
Finance, insurance, real estate (6xxx)	0.075	0.104	0.215	0.541	0.942	1.124	0.201	0.099	5.287	0.044	0.196	0.113	0.009
Services (7xxx)	0.087	0.490	0.147	0.075	0.516	0.059	0.038	0.035	0.119	0.053	0.047	0.447	0.055
Health services (8xxx)	0.009	0.042	0.032	0.004	0.127	0.003	0.017	0.007	0	0.035	0.022	0.007	0.023
Non-operating (9995)	0	0	0	0.010	0.004	0.004	0	0	0.002	0	0.011	0	0
Total	1.485	1.175	1.549	1.892	2.106	1.855	1.053	0.573	6.301	1.509	1.071	1.203	1.306
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.009	4	0.002	2	0.017	4	0.003	1	0.031	11	0.054	13	0.031	11	0.14%
Mining (1xxx)	0.161	27	0.160	28	0.087	21	0.152	17	0.561	93	0.591	102	0.561	93	2.60%
Oil and gas (13xx)	0.351	17	0.098	16	0.154	15	1.076	12	1.680	60	1.863	69	1.680	60	7.78%
Construction (15xx)	0	0	0	0	0	0	0.003	1	0.003	1	0.013	2	0.003	1	0.01%
Manufacturing (2xxx, 3xxx)	0.553	71	0.908	60	1.321	41	0.577	48	3.359	220	3.489	249	3.359	220	15.56%
Pharmaceuticals (2834-6)	0.391	29	0.428	52	0.280	29	0.328	39	1.426	149	1.563	161	1.426	149	6.60%
Transportation (4xxx)	0.004	2	0.104	5	0.117	6	0.465	3	0.689	16	1.196	18	0.689	16	3.19%
Communications (48xx)	0.507	5	0.087	4	0.143	5	0.011	2	0.748	16	0.749	17	0.748	16	3.46%
Electric, gas, sanitary services (49xx)	0.922	5	0.092	6	0.330	5	0.020	4	1.364	20	1.634	24	1.364	20	6.32%
Wholesale (5xxx)	0.057	10	0.099	8	0.253	10	0.016	6	0.426	34	0.451	38	0.426	34	1.97%
Finance, insurance, real estate (6xxx)	0.860	25	2.267	34	5.430	23	0.318	12	8.875	94	8.949	99	8.875	94	41.10%
Services (7xxx)	0.712	21	0.613	32	0.206	36	0.549	30	2.080	119	2.167	132	2.080	119	9.63%
Health services (8xxx)	0.078	14	0.147	7	0.042	7	0.051	9	0.318	37	0.327	40	0.318	37	1.47%
Non-operating (9995)	0.010	1	0.008	4	0.002	1	0.011	2	0.032	8	0.032	8	0.032	8	0.15%
Total	4.616	231	5.014	258	8.382	203	3.580	186	21.592	878	23.077	972	21.592	878	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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