Analysis of PIPE issuance for 12 months through February 2007

Total year-to-date issuance: $5.822 billion in 210 deals

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

Proceeds

	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Less than $1 million	0.004	0.005	0.004	0.001	0.003	0.008	0.002	0.004	0.003	0.004	0.001	0.001
$1-1.99 million	0.060	0.046	0.049	0.044	0.035	0.042	0.029	0.031	0.031	0.038	0.031	0.028
$2-2.99 million	0.062	0.034	0.052	0.060	0.032	0.029	0.040	0.055	0.041	0.037	0.032	0.030
$3-4.99 million	0.102	0.053	0.069	0.047	0.060	0.056	0.065	0.081	0.072	0.101	0.048	0.049
$5-9.99 million	0.324	0.124	0.190	0.115	0.116	0.175	0.101	0.127	0.092	0.226	0.117	0.176
$10-14.99 million	0.144	0.118	0.187	0.138	0.107	0.142	0.082	0.155	0.203	0.138	0.150	0.161
$15-$49.99 million	0.949	0.538	0.514	0.733	0.409	0.649	0.233	0.460	0.633	0.592	0.296	0.226
$50 million and higher	0.709	0.617	3.722	1.406	0.878	0.978	0.831	1.080	2.344	1.118	0.770	3.706
Total	2.353	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.418	2.255	1.444	4.378
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.010	19	0.012	19	0.012	19	0.002	3	0.002	3	0.040	70	0.03%
$1-1.99 million	0.139	105	0.107	78	0.100	78	0.059	45	0.059	45	0.465	350	1.01%
$2-2.99 million	0.146	64	0.102	44	0.133	56	0.062	27	0.062	27	0.505	218	1.06%
$3-4.99 million	0.169	45	0.180	48	0.254	70	0.097	26	0.097	26	0.802	215	1.67%
$5-9.99 million	0.428	67	0.392	60	0.445	64	0.293	43	0.293	43	1.882	282	5.03%
$10-14.99 million	0.443	39	0.331	28	0.496	43	0.311	27	0.311	27	1.724	150	5.34%
$15-$49.99 million	1.785	66	1.290	52	1.685	63	0.522	24	0.522	24	6.230	240	8.97%
$50 million and higher	5.745	24	2.686	20	4.541	24	4.476	15	4.476	15	18.157	91	76.88%
Total	8.865	429	5.101	349	7.665	417	5.822	210	5.822	210	29.806	1616	100.00%
Type
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
convertible notes	0.435	0.214	0.348	1.478	0.202	0.263	0.203	0.233	0.435	0.292	0.889	0.218
convertible preferreds	0.129	0.090	0.457	0.257	0.047	0.096	0.343	0.405	0.707	0.028	0.106	2.410
equity line of credit	0.243	0.390	0.180	0.205	0.078	0.183	0.288	0.100	0.130	0.108	0.018	0.010
notes with warrants	0.168	0.029	0.069	0.088	0.041	0.206	0.078	0.086	0.073	0.041	0.105	0.007
preferreds with warrants	0	0	0	0	0	0	0	0.010	0.012	0.011	0	0.001
stock	1.229	0.633	3.643	0.422	1.141	1.237	0.385	1.104	1.952	1.654	0.213	1.597
units of stock and warrants	0.148	0.179	0.090	0.095	0.131	0.093	0.086	0.053	0.109	0.119	0.112	0.134
warrants	0.001	0	0	0	0	0	0	0	0	0	0	0
Total	2.353	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.418	2.255	1.444	4.378
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
convertible notes	2.040	130	0.668	103	0.960	112	1.107	54	1.107	54	5.211	464	19.01%
convertible preferreds	0.804	51	0.487	32	1.141	39	2.516	23	2.516	23	5.076	163	43.22%
equity line of credit	0.775	22	0.549	19	0.339	16	0.029	3	0.029	3	1.934	71	0.50%
notes with warrants	0.186	27	0.325	31	0.201	23	0.112	12	0.112	12	0.992	110	1.92%
preferreds with warrants	0	0	0	0	0.033	4	0.001	1	0.001	1	0.034	5	0.02%
stock	4.698	143	2.762	118	4.709	176	1.811	78	1.811	78	15.209	584	31.11%
units of stock and warrants	0.363	54	0.310	46	0.282	47	0.246	39	0.246	39	1.350	215	4.23%
warrants	0	2	0	0	0	0	0	0	0	0	0.001	4	0.00%
Total	8.865	429	5.101	349	7.665	417	5.822	210	5.822	210	29.806	1616	100.00%
Warrants
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Yes	1.001	0.601	1.038	0.625	0.605	0.671	0.531	0.554	0.555	0.642	1.173	0.490
No	1.352	0.933	3.749	1.920	1.035	1.407	0.851	1.438	2.864	1.613	0.271	3.888
Total	2.353	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.418	2.255	1.444	4.378
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	2.263	270	1.808	221	1.751	246	1.664	143	1.664	143	8.486	1019	28.58%
No	6.602	159	3.293	128	5.914	171	4.159	67	4.159	67	21.320	597	71.44%
Total	8.865	429	5.101	349	7.665	417	5.822	210	5.822	210	29.806	1616	100.00%
Use of Proceeds
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Acquisition	0.466	0.137	3.266	0.169	0.661	0.180	0.346	0.028	1.608	0.943	0.034	3.181
Capex	0.274	0.010	0.315	0.085	0.137	0.669	0.027	0.114	0.098	0.159	0.088	0.074
GCP	0.677	0.465	0.476	1.468	0.198	0.201	0.380	0.981	0.419	0.496	0.190	0.400
Repay debt	0.100	0.012	0.153	0.157	0.116	0.100	0.116	0.471	0.267	0.027	0.020	0.256
Multiple/Other/NA	0.836	0.910	0.577	0.665	0.528	0.928	0.513	0.398	1.026	0.629	1.112	0.467
Total	2.353	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.418	2.255	1.444	4.378
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	3.572	34	1.187	24	2.579	30	3.215	13	3.215	13	11.019	115	55.22%
Capex	0.411	26	0.832	27	0.371	27	0.162	17	0.162	17	2.051	113	2.78%
GCP	2.409	126	0.779	77	1.896	133	0.590	59	0.590	59	6.351	462	10.13%
Repay debt	0.322	18	0.332	15	0.765	21	0.276	7	0.276	7	1.796	70	4.74%
Multiple/Other/NA	2.152	225	1.970	206	2.054	206	1.579	114	1.579	114	8.589	856	27.12%
Total	8.865	429	5.101	349	7.665	417	5.822	210	5.822	210	29.806	1616	100.00%
Industry Sector (by SIC code)
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Agriculture (0xxx)	0	0.003	0.002	0.038	0.001	0	0	0	0	0	0.002	0
Mining (1xxx)	0.130	0.170	0.075	0.029	0.075	0.040	0.026	0.070	0.042	0.027	0.073	0.045
Oil and gas (13xx)	0.190	0.140	0.082	0.193	0.096	0.309	0.117	0.424	0.168	0.551	0.141	2.202
Construction (15xx)	0	0.005	0.020	0.015	0.001	0	0.029	0.007	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.613	0.500	0.521	0.515	0.388	0.271	0.197	0.836	0.298	0.549	0.931	0.538
Pharmaceuticals (2834-6)	0.463	0.510	0.357	0.197	0.225	0.423	0.266	0.371	0.262	0.430	0.124	0.256
Transportation (4xxx)	0.112	0	0.192	0.073	0	0.592	0.080	0.001	0.009	0	0	0.002
Communications (48xx)	0.071	0.003	0.074	1.030	0.004	0.026	0.070	0.008	0.023	0.057	0.065	0.027
Electric, gas, sanitary services (49xx)	0.057	0.006	0.576	0.075	0.006	0.161	0.078	0.017	1.458	0.367	0	0.777
Wholesale (5xxx)	0.123	0.016	0.003	0.081	0.057	0.042	0.262	0.042	0.068	0.068	0.012	0.002
Finance, insurance, real estate (6xxx)	0.021	0.043	2.606	0.032	0.010	0.032	0.068	0.055	0.800	0.062	0.025	0.104
Services (7xxx)	0.257	0.111	0.200	0.240	0.057	0.096	0.119	0.132	0.243	0.122	0.056	0.340
Health services (8xxx)	0.058	0.021	0.078	0.005	0.675	0.032	0.007	0.013	0.033	0.012	0.010	0.067
Non-operating (9995)	0.259	0.006	0	0.021	0.045	0.056	0.062	0.018	0.016	0.011	0.004	0.018
Total	2.353	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.418	2.255	1.444	4.378
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.042	5	0.001	1	0	0	0.002	1	0.002	1	0.046	7	0.03%
Mining (1xxx)	0.274	32	0.141	23	0.138	16	0.118	22	0.118	22	0.800	108	2.03%
Oil and gas (13xx)	0.415	36	0.522	31	1.143	39	2.344	29	2.344	29	4.614	154	40.26%
Construction (15xx)	0.041	3	0.030	2	0.007	1	0	0	0	0	0.078	6	0.00%
Manufacturing (2xxx, 3xxx)	1.537	135	0.855	95	1.682	118	1.469	65	1.469	65	6.155	473	25.23%
Pharmaceuticals (2834-6)	1.064	53	0.913	44	1.063	76	0.380	27	0.380	27	3.882	231	6.53%
Transportation (4xxx)	0.265	3	0.672	7	0.010	4	0.002	1	0.002	1	1.060	19	0.03%
Communications (48xx)	1.107	19	0.101	18	0.088	22	0.092	14	0.092	14	1.458	81	1.58%
Electric, gas, sanitary services (49xx)	0.657	8	0.245	7	1.842	10	0.777	5	0.777	5	3.578	35	13.35%
Wholesale (5xxx)	0.101	13	0.361	16	0.177	12	0.014	4	0.014	4	0.776	55	0.24%
Finance, insurance, real estate (6xxx)	2.681	21	0.111	16	0.917	24	0.130	6	0.130	6	3.860	76	2.23%
Services (7xxx)	0.550	80	0.271	49	0.496	70	0.397	28	0.397	28	1.971	264	6.82%
Health services (8xxx)	0.105	16	0.714	17	0.059	14	0.077	5	0.077	5	1.013	60	1.32%
Non-operating (9995)	0.027	5	0.163	23	0.044	11	0.022	3	0.022	3	0.515	47	0.38%
Total	8.865	429	5.101	349	7.665	417	5.822	210	5.822	210	29.806	1616	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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