U.S. Equity Research Disclosures

Pali Capital, Inc. Equity Research Disclosures

Analyst Stock Ratings

Pali Research's ratings are defined as follows:

BUY A stock that is expected at initiation to produce a positive total return of 15% or greater over the 12 months following the initial recommendation. The BUY rating may be maintained following initiation as long as it is deemed appropriate, notwithstanding price fluctuations that would cause the target to fall outside of the 15% return.

SELL A stock that is expected at initiation to produce a negative total return of 15% or greater over the next 12 months following the initial recommendation. The SELL rating may be maintained following initiation as long as it is deemed appropriate, notwithstanding price fluctuations that would cause the target to fall outside of the 15% return.

NEUTRAL A stock that is not expected to appreciate or depreciate meaningfully over the next 12 months.

Disclosure of Distribution of Ratings

Pali Research, the research arm of Pali Capital, Inc. must disclose in each research report the percentage of all securities rated by the member to which the member would assign a "buy", "neutral" or "sell" rating. Below is the distribution of Pali Capital's research recommendations as of the end of the third quarter of 2007:

As of the end of the most recent calendar quarter (September 30, 2007), Pali Capital, Inc. had investment ratings on 50 equity securities.

All required disclosures, including price charts, designating ratings and price targets on all Pali Research-rated stocks are available upon request by contacting msmaldon@palicapital.com.

Subject companies in each rating category for which Pali Capital has provided investment banking services within the last 12 months is 0%.

General Risks of Equity Investing

Investors need to be aware that investments in equity securities may pose significant risks due to the inherent uncertainty associated with relying on forecasts of various factors that can affect the earnings, cash flow and overall valuation of a company. Any investment in equity securities should be facilitated only within the context of diversification by asset class, industry, company, as well as investment objectives and time horizon.

For additional information, please contact your Pali sales and trading representative at +1 212 259 2000.

Other Disclosures

Copyright 2007 Pali Research, the research arm of Pali Capital, Inc. All rights reserved. Any unauthorized use or disclosure prohibited.

Pali Capital, Inc. ("Pali") does not accept orders via email, please contact your Registered Representative for execution assistance.

Neither the information nor any opinion expressed constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives related to such securities ("related investments"). This publication was furnished on the condition that it will not form a primary basis for any investment decision. Each investor must make its own determination of the appropriateness of an investment in any securities referred to herein based on the legal, tax, and accounting considerations applicable to such investor and its own investment strategy.

Pali Capital, Inc. does not have investment banking relationships with the firm(s) whose security is mentioned in this report. Neither the analysts responsible for this report nor any related household members are officers, directors, or advisory board members of any covered company. No one at a covered company is on the Board of Directors of Pali Capital, Inc. Neither Pali Capital, Inc. nor any of its owners, officers or employees own shares equal to one percent or more of the company in this report.