Analysis of PIPE issuance for 12 months through July 2008

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

Proceeds

	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Less than $1 million	0.003	0.002	0.003	0.002	0.001	0	0.002	0.002	0.001	0.003	0.006	0.003
$1-1.99 million	0.027	0.025	0.026	0.020	0.018	0.022	0.015	0.030	0.040	0.023	0.031	0.020
$2-2.99 million	0.045	0.023	0.027	0.017	0.052	0.033	0.029	0.032	0.026	0.032	0.042	0.027
$3-4.99 million	0.064	0.087	0.075	0.054	0.083	0.053	0.058	0.047	0.062	0.088	0.065	0.049
$5-9.99 million	0.144	0.104	0.080	0.198	0.166	0.089	0.074	0.177	0.081	0.095	0.143	0.083
$10-14.99 million	0.232	0.047	0.138	0.189	0.154	0.030	0.091	0.086	0.090	0.088	0.111	0.115
$15-$49.99 million	0.339	0.133	0.396	0.783	0.712	0.232	0.538	0.362	0.328	0.418	0.524	0.362
$50 million and higher	2.751	1.460	2.346	9.562	12.689	20.507	1.583	3.721	14.802	2.603	1.599	6.414
Total	3.604	1.880	3.091	10.826	13.874	20.966	2.390	4.457	15.431	3.350	2.523	7.074
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.006	14	0.004	7	0.011	16	0.003	4	0.018	27	0.029	54	0.03%
$1-1.99 million	0.064	49	0.068	50	0.093	67	0.020	15	0.181	132	0.297	220	0.32%
$2-2.99 million	0.096	41	0.094	41	0.100	43	0.027	12	0.220	96	0.383	166	0.39%
$3-4.99 million	0.212	57	0.158	43	0.215	56	0.049	14	0.423	113	0.785	211	0.75%
$5-9.99 million	0.444	67	0.340	51	0.320	48	0.083	13	0.743	112	1.435	218	1.32%
$10-14.99 million	0.480	42	0.208	19	0.289	25	0.115	10	0.612	54	1.370	120	1.09%
$15-$49.99 million	1.892	74	1.132	45	1.271	46	0.362	16	2.765	107	5.128	204	4.92%
$50 million and higher	24.597	34	25.812	26	19.004	39	6.414	10	51.230	75	80.038	126	91.17%
Total	27.791	378	27.814	282	21.303	340	7.074	94	56.191	716	89.466	1319	100.00%
Type
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
convertible notes	0.223	0.678	0.637	0.287	5.603	1.444	0.510	0.645	0.288	0.657	0.276	0.266
convertible preferreds	2.074	0.049	0.112	7.807	0.246	19.127	0.314	0.940	12.172	1.647	0.945	6.243
equity line	0.169	0.100	0.225	0.060	0.070	0.023	0.085	0.060	0.120	0.203	0.008	0.065
notes with warrants	0.038	0.006	0.185	0.085	0.107	0.049	0.055	1.244	0.109	0.166	0.290	0.069
preferreds with warrants	0	0	0.004	0.005	0	0.006	0	0.006	0	0	0	0.003
stock	0.894	0.964	1.895	2.286	7.670	0.258	1.384	1.416	2.670	0.643	0.761	0.346
units of stock and warrants	0.206	0.083	0.033	0.286	0.177	0.058	0.042	0.145	0.068	0.034	0.225	0.082
warrants	0	0	0	0.009	0	0.001	0	0.001	0.004	0	0.017	0
Total	3.604	1.880	3.091	10.826	13.874	20.966	2.390	4.457	15.431	3.350	2.523	7.074
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
convertible notes	6.528	95	2.599	72	1.221	90	0.266	26	4.086	188	11.515	348	7.27%
convertible preferreds	8.165	42	20.381	42	14.763	53	6.243	17	41.387	112	51.677	178	73.65%
equity line	0.356	14	0.168	8	0.331	8	0.065	4	0.564	20	1.188	41	1.00%
notes with warrants	0.377	23	1.349	21	0.566	28	0.069	10	1.983	59	2.404	91	3.53%
preferreds with warrants	0.009	3	0.013	2	0	0	0.003	1	0.016	3	0.025	6	0.03%
stock	11.852	140	3.058	96	4.074	122	0.346	22	7.478	240	21.187	465	13.31%
units of stock and warrants	0.496	59	0.245	39	0.326	33	0.082	14	0.653	86	1.438	180	1.16%
warrants	0.009	2	0.002	2	0.021	6	0	0	0.023	8	0.032	10	0.04%
Total	27.791	378	27.814	282	21.303	340	7.074	94	56.191	716	89.466	1319	100.00%
Warrants
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Yes	0.647	0.323	0.505	0.866	6.204	0.306	0.678	1.710	8.557	0.636	0.935	0.490
No	2.956	1.557	2.586	9.960	7.671	20.660	1.713	2.747	6.874	2.714	1.588	6.584
Total	3.604	1.880	3.091	10.826	13.874	20.966	2.390	4.457	15.431	3.350	2.523	7.074
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	7.575	222	2.694	167	10.128	177	0.490	57	13.312	401	21.857	766	23.69%
No	20.216	156	25.120	115	11.176	163	6.584	37	42.879	315	67.608	553	76.31%
Total	27.791	378	27.814	282	21.303	340	7.074	94	56.191	716	89.466	1319	100.00%
Use of Proceeds
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Acquisition	0.092	0.799	0.046	0.169	0.153	0.069	0.072	0.011	0.216	1.024	0.455	4.147
Capex	0.041	0.414	0.464	0.405	0.252	0.151	0.146	0.860	0.064	0.340	0.179	0.109
GCP	0.552	0.285	0.218	8.285	5.410	12.539	0.096	0.337	0.304	0.265	0.411	0.426
Refinance	0.080	0	0.009	0.216	0.035	1.314	0.187	0.680	0.132	0.347	0.023	0.090
Multiple/Other/NA	2.839	0.382	2.353	1.751	8.024	6.894	1.890	2.569	14.715	1.373	1.455	2.302
Total	3.604	1.880	3.091	10.826	13.874	20.966	2.390	4.457	15.431	3.350	2.523	7.074
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.369	24	0.152	11	1.695	15	4.147	4	5.994	30	7.254	68	10.67%
Capex	1.121	34	1.157	28	0.583	35	0.109	6	1.848	69	3.425	114	3.29%
GCP	13.913	68	12.971	66	0.980	91	0.426	30	14.377	187	29.127	327	25.59%
Refinance	0.260	13	2.180	17	0.502	9	0.090	1	2.772	27	3.113	44	4.93%
Multiple/Other/NA	12.128	239	11.353	160	17.543	190	2.302	53	31.198	403	46.547	766	55.52%
Total	27.791	378	27.814	282	21.303	340	7.074	94	56.191	716	89.466	1319	100.00%
Industry Sector (by SIC code)
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Agriculture (0xxx)	0	0	0.026	0	0	0	0	0.004	0	0.005	0	0
Mining (1xxx)	0.078	0.487	0.185	0.340	0.104	0.008	0.048	0.045	0.005	0.153	0.234	0.049
Oil and gas (13xx)	0.033	0.477	0.119	0.244	0.190	0.060	0.743	0.095	0.106	0.210	0.371	0.254
Construction (15xx)	0	0.005	0.002	0.003	0	0	0.002	0	0	0.385	0.036	0
Manufacturing (2xxx, 3xxx)	0.343	0.239	0.662	0.995	0.355	0.250	0.405	0.667	0.461	1.000	0.162	4.259
Pharmaceuticals (2834-6)	0.431	0.165	0.379	0.615	0.327	0.090	0.079	0.271	0.078	0.432	0.319	0.236
Transportation (4xxx)	0.005	0	0.007	0.061	0.337	0.004	0.004	0	0.104	0.300	0.078	0.002
Communications (48xx)	0.120	0.031	0.022	0.068	0.052	0.053	0.405	0.007	0.016	0.051	0.060	0.651
Electric, gas, sanitary services (49xx)	0.030	0.354	0.355	0.004	0.060	0.002	0.060	0.996	0	0.008	0.057	0.035
Wholesale (5xxx)	0.024	0	0.009	0.117	0.061	0.003	0.052	0.019	0.017	0.001	0.062	0.028
Finance, insurance, real estate (6xxx)	2.341	0.015	0.008	8.043	12.218	20.440	0.398	1.416	14.390	0.734	0.780	0.207
Services (7xxx)	0.177	0.094	1.300	0.171	0.153	0.047	0.124	0.916	0.191	0.049	0.187	1.338
Health services (8xxx)	0.001	0	0.003	0.132	0.019	0.010	0.071	0.021	0.049	0.011	0.172	0.015
Non-operating (9995)	0.021	0.013	0.014	0.035	0	0	0	0	0.014	0.010	0.004	0
Total	3.604	1.880	3.091	10.826	13.874	20.966	2.390	4.457	15.431	3.350	2.523	7.074
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.026	3	0.004	1	0.005	2	0	0	0.009	3	0.035	6	0.02%
Mining (1xxx)	0.629	33	0.101	18	0.392	14	0.049	7	0.542	39	1.736	85	0.96%
Oil and gas (13xx)	0.552	29	0.898	20	0.687	30	0.254	7	1.839	57	2.902	100	3.27%
Construction (15xx)	0.005	2	0.002	1	0.421	5	0	0	0.423	6	0.433	9	0.75%
Manufacturing (2xxx, 3xxx)	2.011	98	1.321	84	1.623	92	4.259	25	7.203	201	9.797	370	12.82%
Pharmaceuticals (2834-6)	1.320	45	0.439	42	0.830	48	0.236	12	1.505	102	3.421	184	2.68%
Transportation (4xxx)	0.404	10	0.008	3	0.482	7	0.002	1	0.491	11	0.900	22	0.87%
Communications (48xx)	0.142	21	0.466	16	0.127	14	0.651	4	1.244	34	1.538	70	2.21%
Electric, gas, sanitary services (49xx)	0.419	15	1.058	5	0.065	4	0.035	2	1.157	11	1.960	31	2.06%
Wholesale (5xxx)	0.187	19	0.074	12	0.080	9	0.028	5	0.182	26	0.393	49	0.32%
Finance, insurance, real estate (6xxx)	20.268	37	22.255	32	15.905	55	0.207	11	38.366	98	60.990	143	68.28%
Services (7xxx)	1.623	53	1.086	40	0.426	45	1.338	16	2.851	101	4.745	203	5.07%
Health services (8xxx)	0.154	11	0.102	8	0.233	11	0.015	4	0.350	23	0.504	35	0.62%
Non-operating (9995)	0.049	2	0	0	0.028	4	0	0	0.028	4	0.111	12	0.05%
Total	27.791	378	27.814	282	21.303	340	7.074	94	56.191	716	89.466	1319	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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