Analysis of PIPE issuance for 13 months through December 2012

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

Proceeds

	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Less than $1 million	0	0.002	0.001	0	0	0	0.001	0	0	0.001	0	0	0.002
$1-1.99 million	0.020	0.019	0.021	0.023	0.023	0.021	0.020	0.028	0.019	0.021	0.014	0.017	0.010
$2-2.99 million	0.026	0.013	0.037	0.030	0.018	0.024	0.025	0.015	0.019	0.029	0.020	0.020	0.024
$3-4.99 million	0.027	0.021	0.042	0.041	0.026	0.037	0.025	0.037	0.030	0.031	0.042	0.032	0.022
$5-9.99 million	0.111	0.058	0.071	0.062	0.068	0.080	0.048	0.049	0.071	0.061	0.108	0.040	0.081
$10-14.99 million	0.072	0.053	0.085	0.073	0.078	0.107	0.086	0.059	0.042	0.010	0.065	0.010	0.087
$15-$49.99 million	0.328	0.162	0.246	0.212	0.341	0.260	0.237	0.216	0.409	0.192	0.411	0.179	0.287
$50 million and higher	0.835	0.289	3.692	0.411	0.369	0.910	0.394	0.830	0.895	0.470	0.474	0.787	1.599
Total	1.419	0.616	4.195	0.854	0.923	1.439	0.836	1.234	1.485	0.815	1.133	1.085	2.112
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.003	8	0.001	2	0.001	2	0.002	3	0.007	15	0.007	16	0.007	15	0.04%
$1-1.99 million	0.062	47	0.064	50	0.068	53	0.041	32	0.236	182	0.256	198	0.236	182	1.41%
$2-2.99 million	0.080	36	0.067	30	0.064	28	0.064	27	0.275	121	0.301	132	0.275	121	1.64%
$3-4.99 million	0.104	29	0.088	23	0.098	27	0.096	26	0.386	105	0.413	112	0.386	105	2.31%
$5-9.99 million	0.191	30	0.197	31	0.180	29	0.229	36	0.797	126	0.908	143	0.797	126	4.76%
$10-14.99 million	0.211	19	0.271	25	0.110	10	0.162	15	0.755	69	0.826	76	0.755	69	4.51%
$15-$49.99 million	0.620	26	0.838	34	0.818	32	0.876	32	3.152	124	3.480	138	3.152	124	18.84%
$50 million and higher	4.392	18	1.672	14	2.195	19	2.860	15	11.120	66	11.955	69	11.120	66	66.48%
Total	5.665	213	3.198	209	3.535	200	4.329	186	16.727	808	18.146	884	16.727	808	100.00%
Type
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
convertible notes	0.314	0.081	0.108	0.054	0.126	0.145	0.064	0.271	0.411	0.093	0.058	0.123	0.087
convertible preferreds	0.085	0.111	0.427	0.173	0.121	0.524	0.212	0.403	0.521	0.057	0.167	0.160	0.054
equity line	0.093	0.028	0.054	0.080	0.064	0.084	0.054	0.048	0.076	0.060	0.098	0.017	0.242
notes with stock	0	0	0	0.004	0.007	0	0	0	0	0	0	0	0
notes with warrants	0.076	0.080	0.082	0.014	0.033	0.059	0.151	0.031	0.034	0.168	0.029	0.007	0.045
preferreds with stock	0.063	0	0	0	0.002	0	0	0	0	0	0	0	0
preferreds with warrants	0	0	0	0	0.010	0	0	0	0	0	0.001	0	0
stock	0.762	0.304	1.416	0.370	0.509	0.595	0.105	0.258	0.426	0.376	0.653	0.673	1.652
units of stock and warrants	0.026	0.013	2.108	0.159	0.052	0.033	0.250	0.189	0.017	0.061	0.126	0.105	0.033
warrants	0	0	0	0	0	0	0	0.034	0	0	0	0	0
Total	1.419	0.616	4.195	0.854	0.923	1.439	0.836	1.234	1.485	0.815	1.133	1.085	2.112
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.242	51	0.334	43	0.775	43	0.267	38	1.619	175	1.933	188	1.619	175	9.68%
convertible preferreds	0.711	23	0.857	26	0.981	24	0.381	26	2.930	99	3.014	108	2.930	99	17.52%
equity line	0.162	13	0.201	19	0.184	14	0.356	13	0.903	59	0.996	70	0.903	59	5.40%
notes with stock	0.004	1	0.007	2	0	0	0	0	0.011	3	0.011	3	0.011	3	0.07%
notes with warrants	0.175	14	0.244	19	0.233	11	0.081	11	0.734	55	0.810	62	0.734	55	4.39%
preferreds with stock	0	0	0.002	1	0	0	0	0	0.002	1	0.065	3	0.002	1	0.01%
preferreds with warrants	0	0	0.010	1	0	0	0.001	1	0.011	2	0.011	2	0.011	2	0.07%
stock	2.091	79	1.209	74	1.060	89	2.978	67	7.338	309	8.099	339	7.338	309	43.87%
units of stock and warrants	2.280	32	0.334	24	0.267	17	0.264	30	3.145	103	3.172	107	3.145	103	18.80%
warrants	0	0	0	0	0.034	2	0	0	0.034	2	0.034	2	0.034	2	0.20%
Total	5.665	213	3.198	209	3.535	200	4.329	186	16.727	808	18.146	884	16.727	808	100.00%
Warrants
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Yes	0.769	0.233	0.355	0.133	0.417	0.427	0.261	0.165	0.522	0.247	0.268	0.210	0.225
No	0.649	0.383	3.840	0.720	0.506	1.013	0.575	1.069	0.963	0.568	0.865	0.875	1.887
Total	1.419	0.616	4.195	0.854	0.923	1.439	0.836	1.234	1.485	0.815	1.133	1.085	2.112
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.721	96	1.105	97	0.934	79	0.703	86	3.463	358	4.232	395	3.463	358	20.70%
No	4.943	117	2.094	112	2.601	121	3.627	100	13.264	450	13.914	489	13.264	450	79.30%
Total	5.665	213	3.198	209	3.535	200	4.329	186	16.727	808	18.146	884	16.727	808	100.00%
Use of Proceeds
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Acquisition	0	0.045	0	0	0	0.200	0.090	0.045	0.006	0	0	0.230	0.034
Capex	0.010	0.001	0.021	0.021	0.001	0.342	0.004	0.027	0.059	0.001	0.008	0.005	0.009
GCP	0.123	0.079	0.950	0.314	0.213	0.159	0.212	0.140	0.313	0.355	0.734	0.181	0.321
No proceeds	0	0	0	0	0	0	0	0	0	0.060	0	0	0
Refinance	0	0.010	0.076	0.033	0.121	0.172	0.007	0.004	0.012	0.007	0	0	0.035
Multiple/Other/NA	1.286	0.481	3.148	0.484	0.588	0.565	0.522	1.019	1.096	0.391	0.391	0.669	1.712
Total	1.419	0.616	4.195	0.854	0.923	1.439	0.836	1.234	1.485	0.815	1.133	1.085	2.112
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.045	1	0.290	4	0.051	2	0.264	5	0.650	12	0.650	12	0.650	12	3.89%
Capex	0.044	4	0.347	6	0.087	6	0.022	7	0.500	23	0.510	24	0.500	23	2.99%
GCP	1.343	61	0.584	55	0.808	57	1.236	68	3.971	241	4.094	258	3.971	241	23.74%
No proceeds	0	0	0	0	0.060	1	0	0	0.060	1	0.060	1	0.060	1	0.36%
Refinance	0.119	10	0.301	6	0.023	5	0.035	3	0.479	24	0.479	24	0.479	24	2.86%
Multiple/Other/NA	4.113	137	1.676	138	2.506	129	2.772	103	11.067	507	12.353	565	11.067	507	66.16%
Total	5.665	213	3.198	209	3.535	200	4.329	186	16.727	808	18.146	884	16.727	808	100.00%
Industry Sector (by SIC code)
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Agriculture (0xxx)	0.003	0.025	0	0	0	0.002	0	0	0.002	0.004	0	0.001	0
Mining (1xxx)	0.030	0.075	0.417	0.105	0.026	0.020	0.060	0.050	0.105	0.014	0.041	0.185	0.037
Oil and gas (13xx)	0.559	0.002	0.452	0.140	0.032	0.106	0.037	0.131	0.015	0.099	0.322	0.031	1.223
Construction (15xx)	0	0	0	0	0	0.004	0	0	0.030	0	0.036	0.116	0
Manufacturing (2xxx, 3xxx)	0.276	0.191	0.146	0.114	0.310	0.311	0.076	0.171	0.369	0.230	0.028	0.008	0.282
Pharmaceuticals (2834-6)	0.142	0.139	0.302	0.130	0.255	0.104	0.186	0.279	0.144	0.130	0.340	0.115	0.389
Transportation (4xxx)	0.285	0.010	0	0.080	0	0.143	0.040	0.396	0.060	0.005	0	0.046	0.013
Communications (48xx)	0.006	0.001	0.007	0	0.107	0.002	0	0.004	0.011	0.050	0.027	0.220	0.042
Electric, gas, sanitary services (49xx)	0.007	0.009	2.462	0.006	0.002	0.311	0.178	0.019	0.013	0.001	0	0.228	0.012
Wholesale (5xxx)	0.006	0.011	0.051	0.022	0.033	0.005	0.022	0.018	0.009	0.054	0.012	0.009	0.042
Finance, insurance, real estate (6xxx)	0.017	0.088	0.265	0.120	0.079	0.334	0.196	0.131	0.682	0.171	0.222	0.080	0.023
Services (7xxx)	0.058	0.066	0.043	0.115	0.050	0.082	0.030	0.035	0.019	0.053	0.030	0.026	0.048
Health services (8xxx)	0.031	0	0.050	0.020	0.028	0.014	0.009	0	0.026	0.003	0.004	0.015	0
Non-operating (9995)	0	0	0	0.003	0	0	0.001	0	0	0.003	0.072	0.004	0
Total	1.419	0.616	4.195	0.854	0.923	1.439	0.836	1.234	1.485	0.815	1.133	1.085	2.112
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.025	2	0.002	1	0.006	2	0.001	1	0.033	6	0.036	7	0.033	6	0.20%
Mining (1xxx)	0.597	27	0.106	17	0.168	16	0.263	24	1.134	84	1.164	90	1.134	84	6.78%
Oil and gas (13xx)	0.594	14	0.176	16	0.245	17	1.576	14	2.590	61	3.149	65	2.590	61	15.48%
Construction (15xx)	0	0	0.004	2	0.030	1	0.152	4	0.186	7	0.186	7	0.186	7	1.11%
Manufacturing (2xxx, 3xxx)	0.450	38	0.697	61	0.770	37	0.318	17	2.235	153	2.511	178	2.235	153	13.36%
Pharmaceuticals (2834-6)	0.571	51	0.546	31	0.553	46	0.844	50	2.513	178	2.656	194	2.513	178	15.02%
Transportation (4xxx)	0.090	2	0.183	3	0.461	6	0.059	3	0.794	14	1.079	15	0.794	14	4.75%
Communications (48xx)	0.008	3	0.110	5	0.065	5	0.289	9	0.471	22	0.477	23	0.471	22	2.82%
Electric, gas, sanitary services (49xx)	2.476	9	0.491	5	0.033	7	0.240	4	3.241	25	3.247	27	3.241	25	19.38%
Wholesale (5xxx)	0.084	8	0.060	8	0.081	11	0.063	8	0.289	35	0.295	37	0.289	35	1.73%
Finance, insurance, real estate (6xxx)	0.473	19	0.610	21	0.985	24	0.325	20	2.393	84	2.410	88	2.393	84	14.31%
Services (7xxx)	0.224	30	0.162	26	0.107	21	0.104	26	0.595	103	0.653	114	0.595	103	3.56%
Health services (8xxx)	0.070	8	0.051	12	0.028	6	0.019	2	0.169	28	0.200	31	0.169	28	1.01%
Non-operating (9995)	0.003	2	0.001	1	0.003	1	0.076	4	0.082	8	0.082	8	0.082	8	0.49%
Total	5.665	213	3.198	209	3.535	200	4.329	186	16.727	808	18.146	884	16.727	808	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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