From: Matthew Murray
Sent: Tuesday, February 28, 2006 10:23 AM
To: William A. Iommi
Subject: Halozyme
I would like you to immediately remove my name from coverage of Halozyme. I do not favor recommending purchase of the stock at the current price (which is significantly above my price target) and have been prohibited by the Director of Research from downgrading the stock (see copy of email immediately below). I am receiving requests from salesman (which I have not responded to) to speak with their clients about this stock which puts me in a situation where my opinion on the stock is not the same as the rating that still exists on the stock in the First Call system.
From: Matthew Murray
Sent: Tuesday, February 28, 2006 2:20 PM
To: William A. Iommi
Subject: RE: Halozyme
Halozyme is trading above $3/share when my target price is $2.88/share. I am one of only two analysts covering this name and the stock has traded over 400,000 shares today with some investors incorrectly thinking that I am recommending purchase. This problem is compounded by the fact that Rodman sales people have taken the management to meet investors today after I requested to have my rating on the stock lowered. It is after 2PM and there is still no IPC. If I am not allowed to control my rating then I must ask for a second time to have my name removed from a stock. I do not believe in the market outperform rating at this price.