Analysis of PIPE issuance for 13 months through August 2011

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

Proceeds

	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Less than $1 million	0.001	0.001	0.002	0.001	0.001	0.001	0	0.001	0.002	0.002	0.001	0.001	0
$1-1.99 million	0.019	0.012	0.027	0.018	0.030	0.013	0.028	0.031	0.023	0.017	0.026	0.021	0.012
$2-2.99 million	0.028	0.021	0.035	0.018	0.042	0.007	0.021	0.032	0.015	0.015	0.034	0.021	0.014
$3-4.99 million	0.029	0.028	0.034	0.044	0.039	0.026	0.032	0.049	0.047	0.050	0.061	0.042	0.026
$5-9.99 million	0.063	0.089	0.044	0.068	0.122	0.047	0.135	0.088	0.091	0.056	0.131	0.065	0.093
$10-14.99 million	0.051	0.106	0.108	0.147	0.086	0.117	0.065	0.064	0.073	0.155	0.093	0.075	0.067
$15-$49.99 million	0.264	0.323	0.286	0.281	0.240	0.326	0.151	0.242	0.211	0.427	0.289	0.198	0.242
$50 million and higher	1.340	1.321	1.861	2.178	0.924	0.639	1.116	1.364	1.642	1.132	0.415	0.150	5.774
Total	1.796	1.901	2.397	2.755	1.485	1.175	1.549	1.871	2.104	1.855	1.051	0.572	6.229
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.004	7	0.002	4	0.005	8	0.001	2	0.008	14	0.014	25	0.013	22	0.05%
$1-1.99 million	0.075	59	0.072	56	0.067	51	0.033	25	0.171	132	0.278	214	0.259	200	1.04%
$2-2.99 million	0.095	41	0.060	26	0.065	28	0.035	15	0.159	69	0.303	131	0.275	119	0.97%
$3-4.99 million	0.118	32	0.107	29	0.158	42	0.068	18	0.332	89	0.507	137	0.478	129	2.02%
$5-9.99 million	0.233	37	0.271	41	0.278	41	0.159	27	0.708	109	1.093	171	1.029	160	4.32%
$10-14.99 million	0.342	30	0.246	23	0.321	28	0.142	13	0.709	64	1.208	109	1.157	104	4.32%
$15-$49.99 million	0.808	34	0.719	32	0.928	36	0.440	17	2.086	85	3.482	141	3.217	132	12.71%
$50 million and higher	4.962	21	3.118	19	3.190	24	5.924	9	12.232	52	19.855	89	18.515	82	74.56%
Total	6.637	261	4.594	230	5.011	258	6.801	126	16.406	614	26.739	1017	24.944	948	100.00%
Type
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
convertible notes	0.053	0.378	0.088	0.635	0.086	0.056	0.053	0.032	0.462	0.108	0.124	0.179	0.178
convertible preferreds	0.744	0.971	1.242	0.004	0.027	0.567	0.050	0.384	0.535	0.379	0.240	0.014	0.485
equity line	0.247	0.202	0.039	0.231	0.116	0.083	0.102	0.271	0.075	0.243	0.117	0.057	0.198
notes with stock	0	0.055	0.004	0	0.002	0	0	0	0	0	0	0	0.002
notes with warrants	0.028	0.006	0.096	0.088	0.039	0	0.008	0.030	0.012	0.015	0.015	0.036	0.076
preferreds with stock	0	0	0	0	0	0	0	0	0	0.003	0	0	0
preferreds with warrants	0	0	0	0.006	0.025	0.026	0	0	0.025	0.002	0.005	0	5.000
stock	0.689	0.181	0.827	1.729	0.847	0.362	1.126	0.847	0.965	1.014	0.487	0.157	0.201
units of stock and warrants	0.035	0.108	0.101	0.058	0.342	0.081	0.204	0.307	0.030	0.092	0.063	0.129	0.090
warrants	0	0	0	0.004	0.002	0	0.005	0	0	0	0	0	0
Total	1.796	1.901	2.397	2.755	1.485	1.175	1.549	1.871	2.104	1.855	1.051	0.572	6.229
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.809	40	0.141	34	0.694	50	0.357	22	1.192	106	2.432	177	2.379	163	7.27%
convertible preferreds	1.273	15	1.001	28	1.154	33	0.499	12	2.654	73	5.642	112	4.897	104	16.18%
equity line	0.386	25	0.456	28	0.436	26	0.255	17	1.146	71	1.981	122	1.734	108	6.99%
notes with stock	0.006	2	0	0	0	0	0.002	1	0.002	1	0.062	4	0.062	4	0.01%
notes with warrants	0.223	17	0.038	6	0.042	8	0.112	10	0.192	24	0.449	46	0.421	43	1.17%
preferreds with stock	0	0	0	0	0.003	1	0	0	0.003	1	0.003	1	0.003	1	0.02%
preferreds with warrants	0.031	2	0.026	2	0.032	3	5.000	1	5.058	6	5.089	8	5.089	8	30.83%
stock	3.403	112	2.335	87	2.466	111	0.358	40	5.158	238	9.431	388	8.742	365	31.44%
units of stock and warrants	0.501	46	0.592	44	0.185	26	0.219	23	0.996	93	1.640	156	1.605	149	6.07%
warrants	0.005	2	0.005	1	0	0	0	0	0.005	1	0.010	3	0.010	3	0.03%
Total	6.637	261	4.594	230	5.011	258	6.801	126	16.406	614	26.739	1017	24.944	948	100.00%
Warrants
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Yes	0.970	0.378	1.733	0.268	0.259	0.219	0.340	0.897	0.829	0.290	0.539	0.208	5.206
No	0.826	1.522	0.664	2.486	1.226	0.956	1.209	0.973	1.275	1.565	0.513	0.364	1.023
Total	1.796	1.901	2.397	2.755	1.485	1.175	1.549	1.871	2.104	1.855	1.051	0.572	6.229
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.261	127	1.456	115	1.658	136	5.414	54	8.529	305	12.137	494	11.168	462	51.99%
No	4.377	134	3.138	115	3.353	122	1.387	72	7.877	309	14.602	523	13.776	486	48.01%
Total	6.637	261	4.594	230	5.011	258	6.801	126	16.406	614	26.739	1017	24.944	948	100.00%
Use of Proceeds
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Acquisition	0	0	0.014	0.019	0.006	0.480	0	0.500	0.005	0.005	0.151	0.018	0
Capex	0.032	1.174	0.179	0.752	0.908	0.060	0.060	0.010	0.021	0.002	0.132	0.155	0.132
GCP	0.068	0.309	0.219	0.411	0.188	0.248	0.434	0.462	0.243	1.087	0.190	0.083	0.365
Multipe	0	0	0	0	0	0	0	0	0	0	0	0	0.150
Refinance	0.063	0.100	0.194	0.100	0.002	0	0	0.005	0.087	0.038	0.012	0.005	0
Multiple/Other/NA	1.633	0.318	1.791	1.472	0.381	0.387	1.055	0.894	1.748	0.722	0.565	0.312	5.581
Total	1.796	1.901	2.397	2.755	1.485	1.175	1.549	1.871	2.104	1.855	1.051	0.572	6.229
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.039	4	0.980	2	0.161	12	0.018	2	1.159	16	1.199	20	1.199	20	7.06%
Capex	1.839	38	0.130	14	0.155	13	0.287	8	0.573	35	3.617	95	3.586	91	3.49%
GCP	0.818	72	1.143	80	1.521	75	0.448	38	3.112	193	4.307	308	4.239	291	18.97%
Multipe	0	0	0	0	0	0	0.150	1	0.150	1	0.150	1	0.150	1	0.91%
Refinance	0.296	7	0.005	1	0.138	10	0.005	2	0.147	13	0.606	23	0.543	21	0.90%
Multiple/Other/NA	3.645	140	2.336	133	3.036	148	5.893	75	11.265	356	16.861	570	15.228	524	68.66%
Total	6.637	261	4.594	230	5.011	258	6.801	126	16.406	614	26.739	1017	24.944	948	100.00%
Industry Sector (by SIC code)
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Agriculture (0xxx)	0	0	0	0.003	0.022	0	0.007	0.002	0	0.001	0.001	0	0.009
Mining (1xxx)	0.060	0.106	0.120	0.708	0.030	0.057	0.032	0.072	0.024	0.077	0.060	0.016	0.143
Oil and gas (13xx)	0.028	1.090	0.095	0.062	0.183	0.012	0.099	0.240	0.028	0.040	0.030	0.059	0
Construction (15xx)	0	0.010	0	0.150	0.010	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.399	0.337	0.146	0.150	0.130	0.182	0.099	0.272	0.351	0.283	0.277	0.076	0.228
Pharmaceuticals (2834-6)	0.088	0.101	0.201	0.244	0.136	0.120	0.129	0.141	0.087	0.174	0.166	0.092	0.117
Transportation (4xxx)	0.207	0.101	0.192	0.002	0.506	0.004	0	0	0	0.003	0.101	0	0.042
Communications (48xx)	0.015	0	0	0.033	0.001	0	0.002	0.504	0	0	0.087	0.013	0.005
Electric, gas, sanitary services (49xx)	0.008	0.033	0.001	0.001	0.270	0.159	0.753	0.010	0.025	0.066	0.001	0.150	0.161
Wholesale (5xxx)	0.052	0.025	0.018	0.018	0.026	0.005	0.033	0.020	0	0.020	0.077	0.025	0.204
Finance, insurance, real estate (6xxx)	0.896	0.022	0.354	1.312	0.075	0.104	0.215	0.519	0.942	1.124	0.197	0.099	5.222
Services (7xxx)	0.043	0.035	0.045	0.058	0.087	0.490	0.147	0.075	0.516	0.059	0.038	0.035	0.096
Health services (8xxx)	0	0.029	1.226	0.013	0.009	0.042	0.032	0.004	0.127	0.003	0.017	0.007	0
Non-operating (9995)	0	0.010	0	0	0	0	0	0.010	0.004	0.004	0	0	0.002
Total	1.796	1.901	2.397	2.755	1.485	1.175	1.549	1.871	2.104	1.855	1.051	0.572	6.229
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.025	3	0.009	4	0.002	2	0.009	3	0.020	9	0.046	12	0.046	12	0.12%
Mining (1xxx)	0.858	33	0.161	27	0.160	28	0.159	15	0.480	70	1.504	115	1.444	111	2.93%
Oil and gas (13xx)	0.340	18	0.351	17	0.098	16	0.059	7	0.509	40	1.967	71	1.939	66	3.10%
Construction (15xx)	0.160	2	0	0	0	0	0	0	0	0	0.170	3	0.170	3	0.00%
Manufacturing (2xxx, 3xxx)	0.426	70	0.553	71	0.911	61	0.304	27	1.769	159	2.931	268	2.532	251	10.78%
Pharmaceuticals (2834-6)	0.581	36	0.391	29	0.428	52	0.210	19	1.028	100	1.798	151	1.711	142	6.27%
Transportation (4xxx)	0.700	6	0.004	2	0.104	5	0.042	5	0.149	12	1.158	23	0.951	20	0.91%
Communications (48xx)	0.034	5	0.507	5	0.087	4	0.017	3	0.611	12	0.660	21	0.645	17	3.72%
Electric, gas, sanitary services (49xx)	0.272	6	0.922	5	0.092	6	0.311	3	1.325	14	1.638	27	1.630	24	8.08%
Wholesale (5xxx)	0.062	15	0.057	10	0.097	7	0.229	7	0.384	24	0.522	48	0.471	43	2.34%
Finance, insurance, real estate (6xxx)	1.741	22	0.839	24	2.263	34	5.321	14	8.423	72	11.082	109	10.186	102	51.34%
Services (7xxx)	0.190	32	0.712	21	0.613	32	0.131	19	1.455	72	1.723	122	1.680	110	8.87%
Health services (8xxx)	1.248	13	0.078	14	0.147	7	0.007	3	0.232	24	1.509	40	1.509	40	1.41%
Non-operating (9995)	0	0	0.010	1	0.008	4	0.002	1	0.021	6	0.031	7	0.031	7	0.13%
Total	6.637	261	4.594	230	5.011	258	6.801	126	16.406	614	26.739	1017	24.944	948	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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