Disclosures

The securities/instruments discussed in this newsletter may not be suitable for
all investors. This report has been prepared and issued by Hypoport Capital
Market AG primarily for distribution to market professionals and institutional
investors. Recipients who are not market professionals should seek
independent financial advice prior to making any investment decision based on
this newsletter or for any necessary explanation of its contents.

This newsletter does not provide any investment advice.

Hypoport Capital Market AG recommends that investors on their own evaluate
investments and strategies, and encourages investors to seek the advice of a
financial advisor. You should consider this newsletter as only a source of
information for making an investment decision.

This newsletter is not an offer to buy or sell any security/instrument.

Hypoport Capital Market AG makes every effort to use reliable, comprehensive
information, but we make no representation that it is accurate or complete. We
have no obligation to tell you when opinions or information in this newsletter
change.

The information in this newsletter prepared by Hypoport Capital Market AG
research personnel are based on public information.

The value of and income from investments may vary because of changes in
interest rates, foreign exchange rates, default rates, prepayment rates,
securities/instruments prices, market indexes, operational or financial
conditions of companies or other factors. There may be time limitations on the
exercise of options or other rights in securities/instruments transactions. Past
performance is not necessarily a guide to future performance. Estimates of
future performance are based on assumptions that may not be realised.

The trademarks and service marks contained herein are the property of their
respective owners. Third-party data providers make no warranties or
representations of any kind relating to the accuracy, completeness, or
timeliness of the data they provide and shall not have liability for any damages
of any kind relating to such data.

This newsletter may not be sold or redistributed without the written consent of
Hypoport Capital Market AG.

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