Analysis of PIPE issuance for 12 months through September 2009

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

Proceeds

	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Less than $1 million	0	0.001	0.001	0	0.001	0	0.001	0.001	0.001	0.002	0	0
$1-1.99 million	0.015	0.023	0.017	0.017	0.031	0.020	0.023	0.015	0.024	0.017	0.013	0.022
$2-2.99 million	0.021	0.010	0.023	0.011	0.010	0.015	0.015	0.025	0.036	0.021	0.023	0.018
$3-4.99 million	0.038	0.014	0.025	0.029	0.042	0.042	0.027	0.046	0.061	0.063	0.024	0.021
$5-9.99 million	0.037	0.067	0.058	0.046	0.087	0.057	0.066	0.056	0.151	0.081	0.098	0.083
$10-14.99 million	0.045	0.045	0.063	0.053	0.053	0.054	0.058	0.073	0.103	0.113	0.054	0.087
$15-$49.99 million	0.239	0.239	0.451	0.107	0.352	0.202	0.308	0.353	0.257	0.213	0.242	0.536
$50 million and higher	6.675	1.864	1.040	0.580	0.505	6.434	0	0.519	3.672	1.150	1.157	1.095
Total	7.071	2.262	1.679	0.843	1.081	6.822	0.496	1.089	4.306	1.662	1.611	1.861
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.002	3	0.001	2	0.003	7	0.002	2	0.006	11	0.008	14	0.03%
$1-1.99 million	0.055	44	0.068	50	0.062	45	0.052	38	0.182	133	0.237	177	0.92%
$2-2.99 million	0.054	23	0.036	16	0.077	34	0.062	27	0.175	77	0.229	100	0.89%
$3-4.99 million	0.077	21	0.113	32	0.133	35	0.108	30	0.354	97	0.432	118	1.79%
$5-9.99 million	0.162	27	0.190	30	0.273	46	0.262	42	0.725	118	0.887	145	3.67%
$10-14.99 million	0.153	14	0.159	15	0.234	21	0.254	23	0.647	59	0.800	73	3.27%
$15-$49.99 million	0.930	40	0.661	28	0.918	31	0.992	39	2.570	98	3.500	138	13.00%
$50 million and higher	9.579	24	7.519	27	4.192	15	3.402	26	15.113	68	24.692	92	76.44%
Total	11.013	196	8.747	200	5.891	234	5.134	227	19.772	661	30.785	857	100.00%
Type
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
convertible notes	0.339	0.606	0.563	0.108	0.147	0.263	0.122	0.169	0.180	0.120	0.131	0.527
convertible preferreds	1.876	0.480	0.656	0.043	0.080	4.951	0.121	0.149	0.576	0.256	0.400	0.308
equity line	0.115	0	0.235	0.041	0.197	0.057	0.010	0.165	0.102	0.670	0.136	0.203
notes with stock	0	0	0	0	0	0	0.022	0.004	0.002	0	0.002	0
notes with warrants	0.787	0.063	0.027	0.016	0.111	0.243	0.013	0.126	0.131	0.019	0.154	0.002
preferreds with stock	0	0	0	0	0	0	0	0	0	0	0.002	0
preferreds with warrants	3.000	0	0	0	0.010	0	0.005	0	0.007	0.111	0	0.005
stock	0.916	0.826	0.148	0.554	0.453	1.301	0.169	0.450	3.250	0.412	0.634	0.578
units of stock and warrants	0.037	0.288	0.050	0.081	0.084	0.008	0.033	0.026	0.057	0.073	0.152	0.238
Total	7.071	2.262	1.679	0.843	1.081	6.822	0.496	1.089	4.306	1.662	1.611	1.861
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
convertible notes	1.508	52	0.517	49	0.471	60	0.779	43	1.766	152	3.275	204	8.93%
convertible preferreds	3.012	32	5.074	33	0.846	31	0.965	39	6.885	103	9.896	135	34.82%
equity line	0.350	13	0.295	10	0.277	13	1.008	15	1.581	38	1.931	51	8.00%
notes with stock	0	0	0	0	0.028	4	0.002	1	0.030	5	0.030	5	0.15%
notes with warrants	0.877	20	0.370	24	0.271	23	0.175	8	0.816	55	1.693	75	4.13%
preferreds with stock	0	0	0	0	0	0	0.002	1	0.002	1	0.002	1	0.01%
preferreds with warrants	3.000	1	0.010	2	0.012	3	0.116	8	0.138	13	3.138	14	0.70%
stock	1.889	57	2.307	70	3.869	85	1.624	87	7.801	242	9.691	299	39.45%
units of stock and warrants	0.376	21	0.173	12	0.117	15	0.463	25	0.753	52	1.129	73	3.81%
Total	11.013	196	8.747	200	5.891	234	5.134	227	19.772	661	30.785	857	100.00%
Warrants
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Yes	4.028	0.611	0.459	0.402	0.608	0.311	0.262	0.322	0.433	0.498	0.470	0.370
No	3.043	1.652	1.220	0.441	0.474	6.511	0.234	0.766	3.873	1.163	1.141	1.491
Total	7.071	2.262	1.679	0.843	1.081	6.822	0.496	1.089	4.306	1.662	1.611	1.861
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	5.098	106	1.321	102	1.017	105	1.339	121	3.677	328	8.774	434	18.60%
No	5.915	90	7.426	98	4.874	129	3.795	106	16.095	333	22.010	423	81.40%
Total	11.013	196	8.747	200	5.891	234	5.134	227	19.772	661	30.785	857	100.00%
Use of Proceeds
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Acquisition	0.085	0	0	0.050	0	4.518	0	0	0.009	0.078	0.005	0.040
Capex	0.558	0.311	0.271	0.111	0.174	0.119	0.030	0.065	0.255	0.136	0.134	0.082
GCP	0.405	0.468	0.090	0.245	0.094	0.397	0.056	0.150	0.534	0.102	0.164	0.953
Refinance	0.030	0.008	0.029	0	0.010	0.283	0.085	0.155	0.256	0.021	0.167	0.171
Multiple/Other/NA	5.992	1.475	1.290	0.438	0.803	1.506	0.325	0.718	3.253	1.324	1.141	0.614
Total	7.071	2.262	1.679	0.843	1.081	6.822	0.496	1.089	4.306	1.662	1.611	1.861
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.085	1	4.568	4	0.009	2	0.124	5	4.701	11	4.786	12	23.78%
Capex	1.141	16	0.404	20	0.351	25	0.352	19	1.107	64	2.247	80	5.60%
GCP	0.963	40	0.735	43	0.740	59	1.219	42	2.694	144	3.658	184	13.63%
Refinance	0.067	8	0.293	6	0.495	13	0.359	9	1.147	28	1.214	36	5.80%
Multiple/Other/NA	8.757	131	2.747	127	4.296	135	3.080	152	10.123	414	18.880	545	51.20%
Total	11.013	196	8.747	200	5.891	234	5.134	227	19.772	661	30.785	857	100.00%
Industry Sector (by SIC code)
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Agriculture (0xxx)	0	0	0	0	0	0	0	0.010	0	0	0	0.050
Mining (1xxx)	0.018	0.256	0.301	0.106	0.191	0.530	0.071	0.140	0.100	0.030	0.220	0.053
Oil and gas (13xx)	0.021	0.061	0.055	0.026	0.092	0.025	0.005	0.090	0.058	0.006	0.001	0.124
Construction (15xx)	0	0	0.006	0	0	0	0	0	0	0.001	0	0
Manufacturing (2xxx, 3xxx)	3.388	0.603	0.497	0.188	0.149	4.793	0.211	0.285	0.266	0.209	0.571	0.174
Pharmaceuticals (2834-6)	0.099	0.280	0.203	0.018	0.324	0.121	0.061	0.098	0.226	0.176	0.165	0.225
Transportation (4xxx)	0	0.501	0	0.200	0.181	0	0.045	0.005	0.167	0.673	0	0.023
Communications (48xx)	0.098	0.010	0.004	0.002	0.003	0.547	0.008	0.040	0.003	0	0.017	0.011
Electric, gas, sanitary services (49xx)	0.502	0.005	0.013	0	0.018	0	0.016	0.005	0.179	0.082	0.017	0.196
Wholesale (5xxx)	0.021	0.468	0.003	0	0.011	0.009	0.008	0.049	0.366	0.217	0.009	0.007
Finance, insurance, real estate (6xxx)	2.760	0.059	0.550	0.052	0.056	0.457	0.010	0.079	2.839	0.224	0.408	0.704
Services (7xxx)	0.107	0.019	0.041	0.238	0.050	0.281	0.050	0.287	0.040	0.014	0.169	0.239
Health services (8xxx)	0.057	0.001	0.001	0.008	0.006	0.059	0.011	0.001	0.062	0.031	0.032	0.025
Non-operating (9995)	0	0	0.005	0.005	0	0	0	0	0	0	0.003	0.030
Total	7.071	2.262	1.679	0.843	1.081	6.822	0.496	1.089	4.306	1.662	1.611	1.861
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.010	1	0.050	1	0.060	2	0.060	2	0.30%
Mining (1xxx)	0.575	18	0.826	26	0.312	20	0.303	11	1.441	57	2.017	75	7.29%
Oil and gas (13xx)	0.137	11	0.144	14	0.154	14	0.131	8	0.429	36	0.565	47	2.17%
Construction (15xx)	0.006	1	0	0	0	0	0.001	1	0.001	1	0.007	2	0.01%
Manufacturing (2xxx, 3xxx)	4.487	51	5.130	48	0.761	75	0.954	59	6.845	182	11.332	233	34.62%
Pharmaceuticals (2834-6)	0.583	28	0.462	35	0.384	33	0.566	40	1.413	108	1.996	136	7.15%
Transportation (4xxx)	0.501	2	0.381	3	0.217	4	0.695	4	1.294	11	1.794	13	6.54%
Communications (48xx)	0.112	7	0.552	8	0.051	8	0.028	7	0.630	23	0.742	30	3.19%
Electric, gas, sanitary services (49xx)	0.520	6	0.018	1	0.200	10	0.295	5	0.513	16	1.034	22	2.59%
Wholesale (5xxx)	0.492	11	0.020	7	0.423	11	0.233	10	0.675	28	1.167	39	3.41%
Finance, insurance, real estate (6xxx)	3.369	34	0.566	20	2.928	22	1.336	41	4.829	83	8.198	117	24.42%
Services (7xxx)	0.167	21	0.569	27	0.378	27	0.421	23	1.367	77	1.535	98	6.91%
Health services (8xxx)	0.059	5	0.073	9	0.074	9	0.088	15	0.235	33	0.294	38	1.19%
Non-operating (9995)	0.005	1	0.005	2	0	0	0.033	2	0.038	4	0.043	5	0.19%
Total	11.013	196	8.747	200	5.891	234	5.134	227	19.772	661	30.785	857	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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