Analysis of PIPE issuance for 13 months through November 2010

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

Proceeds

	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Less than $1 million	0.001	0	0	0	0.001	0.001	0.001	0	0.001	0.001	0.001	0.002	0.001
$1-1.99 million	0.022	0.024	0.030	0.020	0.032	0.023	0.015	0.025	0.020	0.020	0.012	0.026	0.016
$2-2.99 million	0.017	0.047	0.022	0.018	0.030	0.022	0.027	0.025	0.012	0.025	0.021	0.035	0.016
$3-4.99 million	0.036	0.059	0.016	0.032	0.059	0.043	0.028	0.035	0.019	0.029	0.028	0.034	0.036
$5-9.99 million	0.049	0.118	0.082	0.096	0.135	0.068	0.090	0.090	0.091	0.063	0.089	0.037	0.062
$10-14.99 million	0.080	0.099	0.054	0.024	0.096	0.093	0.045	0.142	0.055	0.041	0.096	0.108	0.133
$15-$49.99 million	0.245	0.332	0.305	0.180	0.270	0.386	0.396	0.405	0.255	0.264	0.323	0.286	0.281
$50 million and higher	4.288	0.231	0.458	0.710	0.757	1.509	2.061	1.676	0.932	1.340	1.321	1.861	2.178
Total	4.737	0.910	0.967	1.080	1.382	2.145	2.662	2.398	1.385	1.784	1.891	2.389	2.722
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.001	1	0.002	4	0.003	5	0.003	5	0.008	15	0.009	18	0.008	15	0.04%
$1-1.99 million	0.082	60	0.062	49	0.052	40	0.041	34	0.238	183	0.283	218	0.261	201	1.14%
$2-2.99 million	0.070	30	0.074	32	0.059	25	0.051	22	0.254	109	0.319	137	0.301	129	1.22%
$3-4.99 million	0.108	28	0.107	29	0.077	21	0.071	19	0.362	97	0.456	122	0.420	112	1.74%
$5-9.99 million	0.313	46	0.248	42	0.243	39	0.099	17	0.903	144	1.069	170	1.021	162	4.34%
$10-14.99 million	0.174	16	0.280	26	0.192	18	0.241	21	0.886	81	1.065	97	0.985	90	4.26%
$15-$49.99 million	0.756	32	1.187	47	0.843	31	0.567	23	3.353	133	3.930	157	3.686	147	16.12%
$50 million and higher	1.925	15	5.246	26	3.592	23	4.039	17	14.802	81	19.320	93	15.033	84	71.15%
Total	3.429	228	7.205	255	5.060	202	5.111	158	20.805	843	26.452	1012	21.715	940	100.00%
Type
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
convertible notes	0.034	0.156	0.066	0.146	0.357	0.037	0.155	0.084	0.031	0.053	0.378	0.088	0.629
convertible preferreds	0.594	0.225	0.215	0.053	0.369	1.672	1.499	1.285	0.174	0.743	0.961	1.242	0.004
equity line	0.095	0.040	0.180	0.044	0.087	0.035	0.116	0.077	0.269	0.247	0.202	0.041	0.226
notes with stock	0.004	0	0	0.010	0.013	0	0	0	0.003	0	0.055	0.004	0
notes with warrants	0.009	0.013	0.054	0.017	0.010	0.055	0.041	0.057	0.028	0.028	0.006	0.096	0.088
preferreds with stock	0	0	0	0	0	0.008	0	0	0	0	0	0	0
preferreds with warrants	0.013	0.007	0	0.010	0.002	0.013	0.024	0.010	0	0	0	0	0
stock	3.739	0.410	0.413	0.774	0.470	0.282	0.800	0.864	0.829	0.679	0.181	0.821	1.720
units of stock and warrants	0.248	0.058	0.039	0.027	0.073	0.042	0.027	0.021	0.052	0.035	0.108	0.098	0.051
warrants	0	0	0	0	0	0	0	0	0	0	0	0	0.004
Total	4.737	0.910	0.967	1.080	1.382	2.145	2.662	2.398	1.385	1.784	1.891	2.389	2.722
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.569	52	0.276	31	0.462	38	0.717	27	2.024	148	2.213	175	2.179	165	9.73%
convertible preferreds	0.636	32	4.457	54	1.878	28	1.245	6	8.216	120	9.036	146	8.442	133	39.49%
equity line	0.311	22	0.228	21	0.718	41	0.267	14	1.523	98	1.658	106	1.563	102	7.32%
notes with stock	0.023	4	0	0	0.058	2	0.004	1	0.085	7	0.089	8	0.085	7	0.41%
notes with warrants	0.081	10	0.153	10	0.061	8	0.184	11	0.480	39	0.502	48	0.493	44	2.31%
preferreds with stock	0	0	0.008	1	0	0	0	0	0.008	1	0.008	1	0.008	1	0.04%
preferreds with warrants	0.011	3	0.046	8	0	0	0	0	0.058	11	0.079	13	0.066	12	0.28%
stock	1.656	82	1.946	105	1.689	60	2.540	75	7.832	322	11.982	393	8.242	364	37.64%
units of stock and warrants	0.140	23	0.090	25	0.195	25	0.149	23	0.574	96	0.880	121	0.632	111	2.76%
warrants	0	0	0	0	0	0	0.004	1	0.004	1	0.004	1	0.004	1	0.02%
Total	3.429	228	7.205	255	5.060	202	5.111	158	20.805	843	26.452	1012	21.715	940	100.00%
Warrants
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Yes	0.322	0.167	0.365	0.172	0.268	0.248	0.395	0.327	0.204	0.968	0.368	1.727	0.250
No	4.415	0.743	0.602	0.908	1.114	1.897	2.267	2.071	1.181	0.816	1.522	0.663	2.472
Total	4.737	0.910	0.967	1.080	1.382	2.145	2.662	2.398	1.385	1.784	1.891	2.389	2.722
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.805	112	0.970	120	1.540	89	1.977	73	5.292	394	5.781	465	5.459	437	25.44%
No	2.624	116	6.235	135	3.520	113	3.135	85	15.513	449	20.671	547	16.256	503	74.56%
Total	3.429	228	7.205	255	5.060	202	5.111	158	20.805	843	26.452	1012	21.715	940	100.00%
Use of Proceeds
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Acquisition	0.328	0	0.007	0	0.002	0.042	0	0	0.315	0	0	0.014	0.019
Capex	0.012	0.051	0.032	0.095	0.119	0.131	0.088	0.224	0.367	0.032	1.174	0.179	0.750
GCP	3.367	0.240	0.421	0.074	0.278	0.940	0.928	0.520	0.182	0.067	0.309	0.213	0.387
Refinance	0	0.041	0	0.078	0.178	0.015	0.600	0.910	0	0.063	0.100	0.194	0.100
Multiple/Other/NA	1.030	0.579	0.507	0.833	0.803	1.018	1.046	0.744	0.521	1.623	0.308	1.790	1.466
Total	4.737	0.910	0.967	1.080	1.382	2.145	2.662	2.398	1.385	1.784	1.891	2.389	2.722
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.009	2	0.042	2	0.315	2	0.033	3	0.399	9	0.727	11	0.399	9	1.92%
Capex	0.246	25	0.442	32	1.573	30	0.929	26	3.190	113	3.253	125	3.241	122	15.33%
GCP	0.773	59	2.388	66	0.557	55	0.599	44	4.317	224	7.924	265	4.557	243	20.75%
Refinance	0.256	5	1.525	4	0.163	3	0.294	6	2.239	18	2.279	20	2.279	20	10.76%
Multiple/Other/NA	2.144	137	2.808	151	2.452	112	3.256	79	10.660	479	12.268	591	11.238	546	51.24%
Total	3.429	228	7.205	255	5.060	202	5.111	158	20.805	843	26.452	1012	21.715	940	100.00%
Industry Sector (by SIC code)
	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010
Agriculture (0xxx)	0	0	0	0.002	0	0.002	0	0.002	0.007	0	0	0	0.003
Mining (1xxx)	0.231	0.036	0.085	0.003	0.205	0.021	0.209	0.047	0.052	0.060	0.106	0.116	0.708
Oil and gas (13xx)	0.248	0.161	0.164	0.044	0.034	0.045	0.648	0.976	0.354	0.028	1.090	0.095	0.056
Construction (15xx)	0	0	0.001	0.028	0.005	0.004	0.005	0	0	0	0.010	0	0.150
Manufacturing (2xxx, 3xxx)	0.184	0.221	0.367	0.126	0.246	0.077	0.052	0.247	0.047	0.399	0.327	0.140	0.130
Pharmaceuticals (2834-6)	0.105	0.048	0.068	0.054	0.201	0.067	0.192	0.220	0.170	0.088	0.101	0.201	0.243
Transportation (4xxx)	0.050	0.029	0	0.071	0.001	0.032	0.022	0.001	0.050	0.207	0.101	0.192	0.002
Communications (48xx)	1.695	0.017	0.003	0.670	0.086	0.003	0.012	0.031	0.010	0.014	0	0	0.033
Electric, gas, sanitary services (49xx)	1.594	0.009	0	0	0.009	0	0.015	0.010	0.326	0.008	0.033	0.001	0.001
Wholesale (5xxx)	0.002	0.115	0.002	0.030	0.025	0.011	0.036	0.040	0.011	0.052	0.025	0.018	0.016
Finance, insurance, real estate (6xxx)	0.600	0.189	0.153	0.032	0.455	1.746	1.290	0.784	0.312	0.896	0.022	0.354	1.312
Services (7xxx)	0.026	0.032	0.028	0.021	0.100	0.107	0.045	0.036	0.020	0.033	0.035	0.047	0.059
Health services (8xxx)	0.003	0.049	0.095	0	0.015	0.029	0.136	0.002	0.026	0	0.029	1.226	0.008
Non-operating (9995)	0	0.005	0	0	0	0	0	0	0	0	0.010	0	0
Total	4.737	0.910	0.967	1.080	1.382	2.145	2.662	2.398	1.385	1.784	1.891	2.389	2.722
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.002	1	0.005	2	0.007	1	0.003	1	0.017	5	0.017	5	0.017	5	0.08%
Mining (1xxx)	0.292	17	0.276	19	0.218	18	0.825	23	1.611	77	1.878	93	1.647	85	7.74%
Oil and gas (13xx)	0.242	17	1.670	20	1.472	18	0.151	8	3.534	63	3.943	79	3.695	74	16.99%
Construction (15xx)	0.033	3	0.009	2	0.010	1	0.150	1	0.202	7	0.202	7	0.202	7	0.97%
Manufacturing (2xxx, 3xxx)	0.739	60	0.377	58	0.773	49	0.270	37	2.159	204	2.563	250	2.380	234	10.38%
Pharmaceuticals (2834-6)	0.323	40	0.479	36	0.359	28	0.444	23	1.606	127	1.758	149	1.654	137	7.72%
Transportation (4xxx)	0.072	3	0.056	4	0.359	6	0.194	4	0.680	17	0.759	20	0.709	19	3.27%
Communications (48xx)	0.759	11	0.046	9	0.024	5	0.033	4	0.862	29	2.573	36	0.878	32	4.14%
Electric, gas, sanitary services (49xx)	0.009	1	0.025	2	0.367	10	0.002	2	0.403	15	2.005	22	0.411	17	1.94%
Wholesale (5xxx)	0.056	10	0.087	10	0.088	11	0.034	10	0.266	41	0.383	48	0.381	47	1.28%
Finance, insurance, real estate (6xxx)	0.640	31	3.820	62	1.230	24	1.666	17	7.356	134	8.146	154	7.546	144	35.36%
Services (7xxx)	0.149	25	0.189	24	0.089	23	0.106	19	0.532	91	0.590	107	0.564	98	2.56%
Health services (8xxx)	0.111	9	0.168	7	0.054	7	1.234	9	1.567	32	1.619	40	1.616	39	7.53%
Non-operating (9995)	0	0	0	0	0.010	1	0	0	0.010	1	0.015	2	0.015	2	0.05%
Total	3.429	228	7.205	255	5.060	202	5.111	158	20.805	843	26.452	1012	21.715	940	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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