Analysis of PIPE issuance for 13 months through August 2013

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

Proceeds

	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Less than $1 million	0	0.001	0	0	0.003	0.001	0.003	0.001	0.001	0.001	0.001	0	0
$1-1.99 million	0.019	0.021	0.015	0.017	0.017	0.019	0.018	0.017	0.012	0.018	0.016	0.013	0.012
$2-2.99 million	0.019	0.029	0.020	0.022	0.021	0.007	0.018	0	0.028	0.020	0.011	0.020	0.034
$3-4.99 million	0.030	0.031	0.042	0.029	0.044	0.023	0.021	0.052	0.020	0.030	0.033	0.013	0.043
$5-9.99 million	0.071	0.061	0.103	0.047	0.096	0.073	0.067	0.058	0.074	0.091	0.102	0.061	0.038
$10-14.99 million	0.042	0.010	0.065	0.020	0.077	0.072	0.085	0.113	0.060	0.051	0.014	0.065	0.083
$15-$49.99 million	0.409	0.192	0.411	0.179	0.274	0.266	0.240	0.201	0.269	0.272	0.317	0.498	0.339
$50 million and higher	0.895	0.470	0.474	0.687	1.599	0.135	0.330	2.924	0.515	1.469	1.807	0.440	0.132
Total	1.485	0.815	1.129	1.001	2.132	0.596	0.782	3.366	0.980	1.951	2.299	1.111	0.680
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.003	4	0.004	6	0.003	3	0	0	0.007	9	0.010	15	0.010	14	0.06%
$1-1.99 million	0.050	38	0.054	40	0.046	34	0.025	20	0.125	94	0.215	164	0.196	149	1.06%
$2-2.99 million	0.063	27	0.025	11	0.059	25	0.054	23	0.138	59	0.250	107	0.231	98	1.17%
$3-4.99 million	0.115	31	0.096	26	0.083	22	0.056	16	0.234	64	0.410	111	0.380	103	1.99%
$5-9.99 million	0.246	38	0.198	31	0.267	42	0.099	16	0.564	89	0.942	148	0.871	136	4.79%
$10-14.99 million	0.162	15	0.270	23	0.125	11	0.148	13	0.543	47	0.756	67	0.715	63	4.62%
$15-$49.99 million	0.864	33	0.708	27	0.858	34	0.837	32	2.404	93	3.869	149	3.459	133	20.43%
$50 million and higher	2.760	14	3.388	11	3.791	18	0.571	5	7.750	34	11.875	61	10.980	54	65.87%
Total	4.262	200	4.744	175	5.230	189	1.791	125	11.765	489	18.328	822	16.842	750	100.00%
Type
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
convertible notes	0.411	0.093	0.058	0.035	0.084	0.055	0.088	0.102	0.142	0.106	0.273	0.244	0.147
convertible preferreds	0.521	0.057	0.167	0.160	0.066	0.077	0.083	0.101	0.385	1.234	0.856	0.009	0.223
equity line	0.076	0.060	0.098	0.017	0.258	0.030	0.150	0.068	0.038	0.044	0.086	0.063	0
notes with stock	0	0	0	0	0	0	0	0	0.012	0	0	0	0
notes with warrants	0.034	0.168	0.029	0.007	0.049	0.009	0.021	0.035	0.032	0.004	0.099	0.075	0.025
preferreds with warrants	0	0	0.001	0	0	0	0.010	0	0	0	0	0	0
stock	0.426	0.376	0.650	0.673	1.643	0.311	0.354	2.884	0.336	0.452	0.845	0.711	0.217
units of stock and warrants	0.017	0.061	0.126	0.109	0.033	0.114	0.076	0.178	0.035	0.112	0.139	0.009	0.069
Total	1.485	0.815	1.129	1.001	2.132	0.596	0.782	3.366	0.980	1.951	2.299	1.111	0.680
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.177	42	0.245	34	0.520	42	0.391	30	1.156	106	1.836	177	1.425	163	9.83%
convertible preferreds	0.393	28	0.261	20	2.475	28	0.233	13	2.968	61	3.939	107	3.419	98	25.23%
equity line	0.371	14	0.248	11	0.169	15	0.063	5	0.480	31	0.988	56	0.912	47	4.08%
notes with stock	0	0	0	0	0.012	3	0	0	0.012	3	0.012	3	0.012	3	0.10%
notes with warrants	0.085	12	0.065	5	0.134	11	0.100	9	0.299	25	0.586	44	0.552	40	2.54%
preferreds with warrants	0.001	1	0.010	1	0	0	0	0	0.010	1	0.011	2	0.011	2	0.08%
stock	2.966	73	3.548	79	1.633	71	0.928	51	6.109	201	9.877	330	9.451	301	51.93%
units of stock and warrants	0.268	30	0.368	25	0.286	19	0.077	17	0.731	61	1.077	103	1.060	96	6.21%
Total	4.262	200	4.744	175	5.230	189	1.791	125	11.765	489	18.328	822	16.842	750	100.00%
Warrants
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Yes	0.522	0.247	0.268	0.124	0.231	0.076	0.325	2.767	0.143	0.091	0.361	0.181	0.239
No	0.963	0.568	0.861	0.877	1.901	0.519	0.457	0.599	0.837	1.861	1.938	0.929	0.441
Total	1.485	0.815	1.129	1.001	2.132	0.596	0.782	3.366	0.980	1.951	2.299	1.111	0.680
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.623	91	3.169	78	0.595	83	0.420	50	4.184	211	5.576	356	5.054	326	35.56%
No	3.639	109	1.575	97	4.636	106	1.371	75	7.582	278	12.752	466	11.789	424	64.45%
Total	4.262	200	4.744	175	5.230	189	1.791	125	11.765	489	18.328	822	16.842	750	100.00%
Use of Proceeds
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Acquisition	0.006	0	0	0.23	0.034	0	0.022	0.003	0.119	0.026	0.325	0.037	0.056
Capex	0.059	0.001	0.008	0.005	0.004	0.048	0.016	0.015	0.028	0.027	0.003	0.026	0.011
GCP	0.313	0.355	0.734	0.081	0.338	0.179	0.347	0.105	0.218	1.508	0.473	0.287	0.125
No proceeds	0	0.06	0	0	0	0	0.015	0	0	0	0	0	0
Refinance	0.012	0.007	0	0	0.035	0.009	0.013	0.166	0.264	0	0.018	0.012	0.006
Multiple/Other/NA	1.096	0.391	0.387	0.686	1.721	0.36	0.368	3.077	0.350	0.389	1.481	0.748	0.483
Total	1.485	0.815	1.129	1.001	2.132	0.596	0.782	3.366	0.980	1.951	2.299	1.111	0.680
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.264	5	0.025	3	0.470	6	0.092	5	0.588	14	0.858	20	0.852	19	5.00%
Capex	0.017	6	0.079	5	0.059	8	0.037	4	0.176	17	0.252	27	0.193	24	1.50%
GCP	1.153	72	0.632	52	2.199	51	0.412	29	3.243	132	5.064	243	4.751	223	27.56%
No proceeds	0	0	0.015	1	0	0	0	0	0.015	1	0.075	2	0.075	2	0.13%
Refinance	0.035	3	0.188	8	0.281	5	0.018	3	0.487	16	0.542	23	0.530	21	4.14%
Multiple/Other/NA	2.794	114	3.805	106	2.220	119	1.231	84	7.257	309	11.537	507	10.441	461	61.68%
Total	4.262	200	4.744	175	5.230	189	1.791	125	11.765	489	18.328	822	16.842	750	100.00%
Industry Sector (by SIC code)
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Agriculture (0xxx)	0.002	0.004	0	0.001	0	0	0	0	0	0.01	0	0	0
Mining (1xxx)	0.105	0.014	0.037	0.085	0.032	0.141	0.048	0.02	0.032	0.015	0.247	0.092	0.072
Oil and gas (13xx)	0.015	0.099	0.322	0.031	1.239	0.109	0.103	0.071	0.008	0.167	0.168	0.044	0.111
Construction (15xx)	0.030	0	0.036	0.116	0	0	0	0.05	0	0	0.135	0	0
Manufacturing (2xxx, 3xxx)	0.369	0.230	0.028	0.008	0.251	0.037	0.013	0.101	0.072	0.097	0.077	0.105	0.192
Pharmaceuticals (2834-6)	0.144	0.130	0.340	0.117	0.407	0.132	0.182	0.141	0.236	0.147	0.223	0.446	0.116
Transportation (4xxx)	0.060	0.005	0	0.056	0.012	0.004	0.014	0	0.067	0.060	0	0.216	0
Communications (48xx)	0.011	0.050	0.027	0.220	0.042	0	0.006	2.627	0.225	0.043	0.201	0.004	0.047
Electric, gas, sanitary services (49xx)	0.013	0.001	0	0.228	0.012	0.005	0.010	0.208	0.120	1.200	0.012	0.006	0
Wholesale (5xxx)	0.009	0.054	0.012	0.009	0.050	0.010	0.006	0	0.019	0.006	0.004	0.091	0.010
Finance, insurance, real estate (6xxx)	0.682	0.171	0.222	0.080	0.037	0.153	0.305	0.093	0.111	0.166	0.996	0.047	0.079
Services (7xxx)	0.019	0.053	0.030	0.030	0.043	0.005	0.081	0.036	0.081	0.033	0.234	0.031	0.052
Health services (8xxx)	0.026	0.003	0.004	0.015	0.005	0	0.014	0.006	0.006	0.005	0	0	0.002
Non-operating (9995)	0	0.003	0.072	0.004	0.002	0	0	0.014	0.004	0.003	0.002	0.030	0
Total	1.485	0.815	1.129	1.001	2.132	0.596	0.782	3.366	0.980	1.951	2.299	1.111	0.680
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.001	1	0	0	0.010	2	0	0	0.010	2	0.017	5	0.015	4	0.08%
Mining (1xxx)	0.154	22	0.210	20	0.294	10	0.164	18	0.668	48	0.940	81	0.835	74	5.68%
Oil and gas (13xx)	1.592	16	0.283	15	0.342	20	0.154	8	0.780	43	2.486	71	2.470	67	6.63%
Construction (15xx)	0.152	4	0.050	1	0.135	2	0	0	0.185	3	0.367	8	0.337	7	1.57%
Manufacturing (2xxx, 3xxx)	0.288	19	0.150	29	0.246	36	0.297	29	0.694	94	1.581	134	1.211	124	5.90%
Pharmaceuticals (2834-6)	0.864	54	0.455	48	0.606	45	0.562	26	1.623	119	2.761	200	2.616	186	13.80%
Transportation (4xxx)	0.068	4	0.018	3	0.127	5	0.216	3	0.360	11	0.493	18	0.433	17	3.06%
Communications (48xx)	0.289	9	2.633	3	0.469	5	0.051	4	3.153	12	3.502	25	3.492	22	26.80%
Electric, gas, sanitary services (49xx)	0.240	4	0.223	8	1.333	5	0.006	2	1.562	15	1.817	23	1.803	20	13.28%
Wholesale (5xxx)	0.071	9	0.016	5	0.029	7	0.100	9	0.145	21	0.279	39	0.270	33	1.23%
Finance, insurance, real estate (6xxx)	0.338	23	0.551	21	1.273	23	0.126	11	1.949	55	3.141	97	2.459	83	16.57%
Services (7xxx)	0.103	27	0.122	16	0.347	21	0.083	12	0.552	49	0.726	89	0.708	85	4.69%
Health services (8xxx)	0.024	3	0.019	5	0.011	3	0.002	1	0.032	9	0.085	18	0.059	14	0.27%
Non-operating (9995)	0.078	5	0.014	1	0.009	5	0.030	2	0.053	8	0.133	14	0.133	14	0.45%
Total	4.262	200	4.744	175	5.230	189	1.791	125	11.765	489	18.328	822	16.842	750	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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