Disclosures

The statements in P&M Perspectives are current as of the date prepared, December 15, 2006.

This market commentary is not an offer to sell or a solicitation of an offer to buy any security. It is not intended to be directed to investors as a basis for making an investment decision. This market commentary does not rate or recommend securities of individual companies, nor does it contain sufficient information upon which to make an investment decision.

P&M Corporate Finance, LLC provides analytical and other services to companies mentioned in this market commentary.

P&M Corporate Finance, LLC will seek to provide investment banking and/or other services to one or more of the companies mentioned in this market commentary.

P&M Corporate Finance, LLC, and/or the analysts who prepared this market commentary may own securities of one or more of the companies mentioned in this market commentary.

The information provided in this market commentary was obtained from sources believed to be reliable, but its accuracy cannot be guaranteed. It is not to be construed as legal, accounting, financial, or investment advice. Information, opinions and estimates reflect P&M Corporate Finance, LLC’s judgment as of the date prepared and are subject to change without notice. P&M Corporate Finance, LLC undertakes no obligation to notify any recipient of this market update of any such change.

This market commentary is not directed to, or intended for distribution to, any person in any jurisdiction where such distribution would be contrary to law or regulation, or which would subject P&M Corporate Finance, LLC to licensing or registration requirements in such jurisdiction.