Analysis of private placement issuance for 13 months through March 2012

Columns are amounts in billions of dollars, count of deals and percentage by dollar value.

Coupon

	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Less than 3%	0.050	0	0.040	0	0	0.170	0	0	0.017	0.060	0.031	0.050	0
3%-3.99%	0.230	0.237	0.250	0.190	0.125	0.255	0	0.250	0.131	0.553	0.221	0.593	0.300
4%-4.99%	0.540	0.811	0.620	1.031	1.165	1.737	0.755	0.875	0.262	0.718	1.367	1.145	0.600
5%-5.99%	0.505	0.937	0.065	0.598	0.335	0.785	0	0.179	0	0.372	0	0.100	0
6%-6.99%	0	0	0.165	0	0	0	0	0.044	0	0	0	0	0
7% and higher	0.264	0.066	0.468	0.100	0.142	0	0.145	0.375	0.068	0.065	0	0.100	0.049
Floater	0.221	0.090	0.003	0.300	0	0	0	0	0.010	0	0	0	0
NA	0.313	0.750	0.540	1.117	0.995	0	0.445	0	0.800	0.070	0.548	0.700	0
Total	2.123	2.891	2.151	3.336	2.762	2.947	1.345	1.723	1.288	1.838	2.167	2.688	0.949
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than 3%	0.040	1	0.170	2	0.077	2	0.081	2	0.081	2	0.418	8	0.368	7	1.40%
3%-3.99%	0.677	7	0.380	4	0.934	9	1.113	12	1.113	12	3.334	36	3.104	32	19.18%
4%-4.99%	2.462	24	3.657	30	1.855	17	3.112	17	3.112	17	11.626	96	11.086	88	53.62%
5%-5.99%	1.600	20	1.120	10	0.551	7	0.100	1	0.100	1	3.876	45	3.371	38	1.72%
6%-6.99%	0.165	2	0	0	0.044	2	0	0	0	0	0.209	4	0.209	4	0.00%
7% and higher	0.634	6	0.287	3	0.508	4	0.149	3	0.149	3	1.843	19	1.579	16	2.56%
Floater	0.393	4	0	0	0.010	1	0	0	0	0	0.624	7	0.403	5	0.00%
NA	2.407	13	1.440	9	0.870	7	1.248	4	1.248	4	6.278	35	5.965	33	21.50%
Total	8.378	77	7.054	58	4.849	49	5.804	39	5.804	39	28.208	250	26.085	223	100.00%
Seniority
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
mortgage	0	0.350	0	0	0	0	0	0.250	0.185	0	0	0.088	0
senior secured	0.248	0	0	0	0.102	0	0	0.045	0	0	0.200	0.100	0.049
secured	0	0	0	0	0	0	0	0	0	0	0.900	0	0
senior	1.803	2.445	2.151	3.236	2.620	2.947	1.345	1.400	1.054	1.773	1.067	2.500	0.900
senior subordinated	0.016	0	0	0	0.040	0	0	0.028	0.033	0.065	0	0	0
subordinated	0	0	0	0.100	0	0	0	0	0	0	0	0	0
preferred	0.056	0.096	0	0	0	0	0	0	0.016	0	0	0	0
Total	2.123	2.891	2.151	3.336	2.762	2.947	1.345	1.723	1.288	1.838	2.167	2.688	0.949
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
mortgage	0.350	3	0	0	0.435	5	0.088	1	0.088	1	0.873	9	0.873	9	1.52%
senior secured	0	0	0.102	1	0.045	2	0.349	4	0.349	4	0.745	9	0.496	7	6.01%
secured	0	0	0	0	0	0	0.900	1	0.900	1	0.900	1	0.900	1	15.51%
senior	7.832	70	6.912	56	4.227	38	4.466	33	4.466	33	25.241	219	23.438	197	76.95%
senior subordinated	0	0	0.040	1	0.126	3	0	0	0	0	0.182	5	0.166	4	0.00%
subordinated	0.100	1	0	0	0	0	0	0	0	0	0.100	1	0.100	1	0.00%
preferred	0.096	3	0	0	0.016	1	0	0	0	0	0.168	6	0.112	4	0.00%
Total	8.378	77	7.054	58	4.849	49	5.804	39	5.804	39	28.208	250	26.085	223	100.00%
Use of Proceeds
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Acquisition	0.063	0	0.168	0.310	1.000	0.275	0	0.050	0	0.065	0.900	0.200	0.250
Capex	0	0	0.300	0.029	0	0.702	0.350	0	0	0.070	0	0	0
GCP	0.567	0.251	0.435	0.500	0.300	0.695	0.550	0	0	0.050	0	0.300	0.500
LBO	0	0	0	0	0	0	0.145	0.375	0	0	0	0	0
Redeem notes	0	0	0.350	0	0	0	0	0.028	0	0	0	0	0.039
Refinance	0.450	1.610	0.080	0.750	0.402	0.110	0	0.100	0.335	0.408	0	0	0
Repay bank debt	0.275	0.415	0.275	0.837	0.700	0.915	0	0.375	0.690	0.100	0.350	0.188	0
Multiple/Other/NA	0.768	0.615	0.543	0.910	0.360	0.250	0.300	0.795	0.263	1.145	0.916	2.000	0.160
Total	2.123	2.891	2.151	3.336	2.762	2.947	1.345	1.723	1.288	1.838	2.167	2.688	0.949
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.478	6	1.275	10	0.115	2	1.350	4	1.350	4	3.281	23	3.218	22	23.26%
Capex	0.329	2	1.052	4	0.070	1	0	0	0	0	1.451	7	1.451	7	0.00%
GCP	1.186	11	1.545	14	0.050	1	0.800	8	0.800	8	4.148	44	3.581	34	13.78%
LBO	0	0	0.145	1	0.375	1	0	0	0	0	0.520	2	0.520	2	0.00%
Redeem notes	0.350	2	0	0	0.028	1	0.039	1	0.039	1	0.417	4	0.417	4	0.67%
Refinance	2.440	17	0.512	5	0.843	5	0	0	0	0	4.245	33	3.795	27	0.00%
Repay bank debt	1.527	16	1.615	14	1.165	12	0.538	4	0.538	4	5.120	50	4.845	46	9.27%
Multiple/Other/NA	2.068	23	0.910	10	2.203	26	3.076	22	3.076	22	9.026	87	8.258	81	53.00%
Total	8.378	77	7.054	58	4.849	49	5.804	39	5.804	39	28.208	250	26.085	223	100.00%
Industry Sector (by SIC code)
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Mining (1xxx)	0	0.200	0	0.050	0	0	0	0.275	0	0	0	0	0
Oil and gas (13xx)	0.250	0.165	0	0	0	0	0.150	0.150	0.105	0	0.200	1.100	0.010
Construction (15xx)	0	0.700	0.080	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.575	0.225	0.065	0.300	1.495	0.655	0	0.500	0.065	1.060	0.615	0	0.289
Pharmaceuticals (2834-6)	0.248	0	0	0	0	0.350	0.350	0	0	0	0	0	0
Transportation (4xxx)	0.350	0.150	0	0.150	0	0.165	0	0	0	0	0	0	0
Communications (48xx)	0	0	0	0	0	0	0.145	0	0.035	0	0	0	0
Electric, gas, sanitary services (49xx)	0.300	0.750	0.218	0.681	0.040	1.217	0.350	0.350	0.185	0.528	1.103	0.188	0.300
Wholesale (5xxx)	0	0	0.250	0.500	0.102	0	0.050	0	0	0.100	0	0	0
Finance, insurance, real estate (6xxx)	0.321	0.551	0.793	0.645	0.185	0.100	0.300	0.045	0.365	0.150	0	0	0.200
Services (7xxx)	0.063	0.150	0.745	0.910	0.465	0.150	0	0.403	0.533	0	0.248	1.400	0.150
Health services (8xxx)	0.016	0	0	0.100	0.475	0.310	0	0	0	0	0	0	0
Total	2.123	2.891	2.151	3.336	2.762	2.947	1.345	1.723	1.288	1.838	2.167	2.688	0.949
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.250	3	0	0	0.275	2	0	0	0	0	0.525	5	0.525	5	0.00%
Oil and gas (13xx)	0.165	3	0.150	2	0.255	4	1.310	7	1.310	7	2.130	17	1.880	16	22.57%
Construction (15xx)	0.780	4	0	0	0	0	0	0	0	0	0.780	4	0.780	4	0.00%
Manufacturing (2xxx, 3xxx)	0.590	5	2.150	17	1.625	11	0.904	9	0.904	9	5.844	52	5.269	42	15.58%
Pharmaceuticals (2834-6)	0	0	0.700	6	0	0	0	0	0	0	0.948	8	0.700	6	0.00%
Transportation (4xxx)	0.300	2	0.165	3	0	0	0	0	0	0	0.815	7	0.465	5	0.00%
Communications (48xx)	0	0	0.145	1	0.035	1	0	0	0	0	0.180	2	0.180	2	0.00%
Electric, gas, sanitary services (49xx)	1.649	21	1.607	11	1.063	12	1.591	10	1.591	10	6.211	59	5.911	54	27.41%
Wholesale (5xxx)	0.750	5	0.152	2	0.100	1	0	0	0	0	1.002	8	1.002	8	0.00%
Finance, insurance, real estate (6xxx)	1.989	23	0.585	7	0.560	11	0.200	3	0.200	3	3.655	49	3.334	44	3.45%
Services (7xxx)	1.805	10	0.615	6	0.936	7	1.798	10	1.798	10	5.217	34	5.154	33	30.98%
Health services (8xxx)	0.100	1	0.785	3	0	0	0	0	0	0	0.901	5	0.885	4	0.00%
Total	8.378	77	7.054	58	4.849	49	5.804	39	5.804	39	28.208	250	26.085	223	100.00%
Country
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Australia	0.150	0.870	0.460	0.327	0	0	0	0.225	0.300	0	0	0	0
Canada	0.313	0.165	0	0	0.475	0.130	0	0.150	0.105	0.250	0.200	0.300	0
Cayman Islands	0	0	0	0.030	0.040	0	0	0	0	0	0	0	0
China	0	0	0.300	0	0	0	0	0	0	0	0	0	0
France	0	0	0	0.300	0	0	0	0	0	0	0	1.200	0.150
Germany	0	0	0	0.750	0	0	0	0	0	0	0	0	0
Ireland	0	0	0	0	0	0.200	0	0	0	0	0	0	0
Italy	0	0	0	0	0	0	0	0	0	0.350	0	0	0
Netherlands	0	0	0	0	0	0.110	0.150	0	0.300	0	0	0	0
New Zealand	0	0	0	0	0	0	0	0	0	0	0.300	0	0
Sweden	0	0	0	0	0.195	0	0	0	0	0	0	0	0
U.K.	0	0.150	0.145	0.480	0.300	0	0	0	0	0	0	0.700	0
U.S.	1.660	1.706	1.246	1.449	1.752	2.507	1.195	1.348	0.583	1.238	1.667	0.488	0.799
Total	2.123	2.891	2.151	3.336	2.762	2.947	1.345	1.723	1.288	1.838	2.167	2.688	0.949
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Australia	1.657	10	0	0	0.525	3	0	0	0	0	2.332	14	2.182	13	0.00%
Canada	0.165	3	0.605	2	0.505	6	0.500	5	0.500	5	2.088	18	1.775	16	8.61%
Cayman Islands	0.030	2	0.040	2	0	0	0	0	0	0	0.070	4	0.070	4	0.00%
China	0.300	1	0	0	0	0	0	0	0	0	0.300	1	0.300	1	0.00%
France	0.300	1	0	0	0	0	1.350	5	1.350	5	1.650	6	1.650	6	23.26%
Germany	0.750	2	0	0	0	0	0	0	0	0	0.750	2	0.750	2	0.00%
Ireland	0	0	0.200	1	0	0	0	0	0	0	0.200	1	0.200	1	0.00%
Italy	0	0	0	0	0.350	1	0	0	0	0	0.350	1	0.350	1	0.00%
Netherlands	0	0	0.260	3	0.300	1	0	0	0	0	0.560	4	0.560	4	0.00%
New Zealand	0	0	0	0	0	0	0.300	1	0.300	1	0.300	1	0.300	1	5.17%
Sweden	0	0	0.195	1	0	0	0	0	0	0	0.195	1	0.195	1	0.00%
U.K.	0.775	7	0.300	3	0	0	0.700	1	0.700	1	1.775	11	1.775	11	12.06%
U.S.	4.401	51	5.454	46	3.169	38	2.954	27	2.954	27	17.638	186	15.978	162	50.90%
Total	8.378	77	7.054	58	4.849	49	5.804	39	5.804	39	28.208	250	26.085	223	100.00%

Criteria

• The tables include private placements in the U.S market reported to Prospect News.

• Amounts are based on the total sales price (face amount multiplied by the offering price)

• Each tranche is counted as a separate deal.

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