J.P. Morgan Securities, Inc., puttable and derivative inverse tax-exempt receipts, series 2050, relating to the state of Minnesota's GO state bonds, are rated 'AAA/A-1+' and 'AAA', respectively. The long-term component of the rating is based on the 'AAA' rated state of Minnesota's GO state bonds. The short-term component of the rating is based on a liquidity facility provided by JPMorgan Chase Bank N.A., scheduled to expire Aug. 20, 2008. The receipt holders' ability to receive the purchase price from the liquidity provider may terminate without notice under certain conditions set forth in the documents. The short-term portion of the rating does not apply to any receipts that are designated "restricted PUTTERs" pursuant to section 2.8 of the "standard term and
