At The Market (ATM) Offerings

Presented by,Sara LaFever

Sagient Research Systems

Deal Structures YTD* October 31, 2012

102

264

8921

86

157

2955

76

ATM (At the Market) Offering

Common Stock

Common Stock - CMPO/Overnight Offer-ing

Common Stock - Rights Offering/Reset

Common Stock - Shelf Sale (Registered Direct)

Convertible - Fixed

Convertible - Floating/Reset/Company Installment

Non-Convertible Debt/Preferred Stock

Structured Equity Line

ATMs by Year*

Only 1 ATM in 2006 Popularity rose 2009

2012 (YTD) 2011 2010 20090

25

50

75

100

125

104 10581

30

ATMs

*Based on Closing dates

Exploded in 2010 Continues to expand

Sector Preference-ATMs

131

78

45

2417

30

REITS

Healthcare

Energy

Financial

Industrial

Other

Healthcare includes Biotech & Pharma Energy includes Oil & Gas, Pipelines Financial includes Banks, Closed-end Funds,

Diversified Financial Services, Investment Companies

* Data from 2009-present

Industrial includes Electronics, Transportation, Engineering

Other includes Utilities, Technology, Mining, Communications

203

1297

479406

445

1623

REITSHealthcareEnergyFinancialIndustrialOther

Sector Preference- Non-ATMs

*Data from 2009-present

Under 100M 100M-500M 500M-1B 1B-2B 2B-5B 5B-10B Over 10B0

102030405060708090

71

83

3344

49

22 18

Market Cap

Most ATM issuers are in $100M-$500M range

Issuer Market Cap -ATMs

CMPOs vs. ATMs

CMPO ATM310

315

320

325

330

335

340

345

343

321

ATMs YTD:102 CMPOs YTD: 89 CMPOs tend to be

popular in the healthcare sector

*Data from 2009-present

*Data from 2009-present

Stats-ATMs vs CMPOsAverage Placement Agent Fees

Average Sum of Gross Proceeds

Average Commitment Amount

ATM 2.54% $46,741,445.65 $140,109,207

CMPO 5.65% $48,575,205.68 N/A

Ranking Placement Agent Name Deal Count

1. Bank of America Merrill Lynch50

2. Cantor Fitzgerald & Company 47

3. MLV & Co. LLC 38

4. Wells Fargo Securities, LLC 34

5. Deutsche Bank Securities, Inc. 25

6. Citigroup Global Markets, Inc. 24

7. J.P. Morgan Chase & Co. 21

8. Morgan Stanley 20

9. KeyBanc Capital Markets 19

10. UBS Securities LLC 17

Top ATM Placement Agents

*Data from 2009-present