Summary of Funds Raised

Year	# of SPACs	Average Deal Size (M)	Gross Proceeds (M)
2012	3	$51.7	$155
2011	16	$69.4	$1,110
2010	7	$71.8	$503
2009	1	$36.0	$36
2008	17	$226.0	$3,842
2007	66	$183.2	$12,093
2006	37	$91.5	$3,384
2005	28	$75.5	$2,113
2004	12	$40.4	$485
2003	1	$24.2	$24
Total	188	$126.3	$23,746

Summary of SPACs

	#	Gross Proceeds (M)	SPAC Annualized Return	Russell 2000 Annualized Return
SPACs looking for an acquisition	25	$1,713	0.6%	0.9%
SPACs announced an acquisition target		$0	0.0%	0.0%
SPACs completed an acquisition	98	$12,812	-18.7%	2.0%
SPACs liquidated	65	$9,220	0.0%	1.3%
Total	188	$23,746	-1.0%	3.2%

* Median annualized returns
* Russell 2000 annualized return assumes the same dollar amount invested in the Russell 2000 as on the SPAC IPO date
* Completed SPAC acquisitions are not adjusted for a lower cost base from share / cash dividends / give backs
* Last update March 22, 2012