Ernst Russ AG

Earnings Release • Aug 8, 2008

News Details

Ad-hoc | 8 August 2008 18:53

HCI Capital AG: HCI Capital AG adjusts 2008 earnings forecast

HCI Capital AG / Profit Warning

Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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HCI Capital AG (ISIN DE000A0D9Y97), the SDAX-listed independent issuing
house for closed-end funds and structured products, will report a
consolidated net loss after taxes of approx. EUR 18.5 million for the first
six months of 2008. On 8 August 2008, the company thus decided to reduce
its earnings forecast for the 2008 financial year. HCI Capital AG now
expects to break even (after taxes) for the 2008 financial year. A previous
forecast had projected net profit after taxes at EUR 33 million. The
company envisages placing aggregate equity capital of EUR 880 million
(unchanged) in 2008.

The lower earnings forecast was largely attributable to significant
write-downs on the investment held by HCI Real Estate Finance I GmbH & Co.
KG in NY Credit Operating Partnership LP, which were recognised within the
scope of preparing the half-yearly financial statements as at 30 June 2008.
NY Credit Operating Partnership LP, an entity holding a portfolio of US
commercial real estate loans, incurred unanticipated additional losses
during the second quarter of 2008. This triggered an impairment test (in
accordance with IAS 39), as a result of which the investment in NY Credit
Operating Partnership LP was written down by EUR 24.8 million. The charge
has been recognised in full in the half-yearly consolidated financial
statements of HCI Capital AG.

HCI Capital AG will publish its half-yearly financial report 2008 on 13
August 2008, as scheduled.

Contact:
HCI Capital AG
Dr. Olaf Streuer
Leiter Investor Relations
Tel: +49 40 88 88 1 125
olaf.streuer@hci-capital.de

08.08.2008 Financial News transmitted by DGAP

Language: English
Issuer: HCI Capital AG
Bleichenbrücke 10
20354 Hamburg
Deutschland
Phone: +49 (0)40 88881-0
Fax: +49 (0)40 88881-199
E-mail: hci@hci.de
Internet: www.hci.de
ISIN: DE000A0D9Y97
WKN: A0D9Y9
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hamburg;
Freiverkehr in Berlin, Hannover, Stuttgart, München,
Düsseldorf

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