Certifications

Richard Williams attests that 1) all of the views expressed in this research report accurately reflect his/her personal views about any and all of the securities and companies covered by this report, and 2) no part of his/her compensation was, is, or will be related, directly or indirectly, to the specific recommendations or views expressed by him/her in this report. The compensation of the research analyst is based on a variety of factors, including performance of his or her stock recommendations; contributions to firm profitability; and competitive factors.

Important Disclosures

S.A.P. employs a rating system using Buy, Sell and Neutral recommendations. The recommendation is for the long-term or 6 months and beyond. For example, a Buy means that we expect the stock to appreciate by 15% or more over a 1 year horizon, a Sell by –15% or more and a Neutral to neither appreciate nor depreciate in value beyond market moves. We use a blended aggregation of metrics versus each company’s peer group to determine price targets including P/R, P/E, PEG ratio, cash/share and DCF as well as, when necessary, sum of the parts valuation.

Current Ratings Distribution (as of 5/2/07)

Coverage Universe      Percent     

Buy                              17%      

Neutral                          21%      

Sell                               62%

Additional Disclosures

The ratings reflect the opinion of the individual analyst and are subject to change at any time. The compensation of the research analyst is based on a variety of factors, including performance of his or her stock recommendations; contributions to firm profitability; and competitive factors.

S.A.P. prepared the information and opinions in this report. S.A.P. has no obligation to tell you when opinions or information in this report change. Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. S.A.P. has not engaged in, currently engages in or intends to pursue investment-banking opportunities with companies mentioned in this report.

This report is based on public information. S.A.P. makes every effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. We are not offering to buy or sell the securities mentioned or soliciting an offer to buy or sell them. Any decision to purchase or subscribe for securities in any offering must be based solely on the information in the prospectus, or other offering document issued in connection with such offering, and not on this report. This report is issued without regard to the specific investment objectives, financial situation or particular needs of any specific recipient. No member of S.A.P. serves as an officer or director of any company mentioned in this report.

Neither S.A.P. nor any officer or employee of S.A.P. accepts any liability whatsoever for any direct, indirect or consequential damages nor losses arising from any use of this report or its contents.

The securities discussed in this report may not be suitable for all investors. Investors must make their own investment decisions based on their own objectives and financial position. S.A.P. recommends that investors independently evaluate each issuer, security or investments discussed, and use any independent advisers they believe necessary. The value of and income from your investment may vary because of changes interest rates or foreign exchange rates, changes in the price of securities or other indexes in the securities markets, changes in operational or financial conditions of companies and other factors. There may be time limitations on the exercise of options or other rights in your securities transactions. Past results are not necessarily a guide to future performance.

This report may not be sold or redistributed without the written consent of S.A.P..  All rights are reserved.  Further information on any security or financial instrument mentioned herein is available on request.

© 2006 Richard T. Williams, CFA, CMT
Editorial Archive

CONTACT INFORMATION
Richard T. Williams, CFA, CMT
Senior Software Analyst
Summit Analytic Partners
Jersey City, NJ
Email