This disclaimer is issued in connection with the website, www.UDFExposed.com (the “Website”), which is maintained by Hayman Capital Management, L.P. ("Hayman"), an investment adviser to funds and accounts that are in the business of actively buying and selling securities and other financial instruments.

Hayman currently maintains a short position in the common stock of United Development Funding IV (“UDF”).  Hayman will profit if the market price for common shares of UDF decline and, conversely, Hayman will lose money if the market price increases for the common shares of UDF.

Hayman may change its views about, or its investment positions in UDF at any time, for any reason or no reason.  Hayman may buy, sell, cover or otherwise change the form or substance of any of its investments in UDF at any time without notice.  Hayman disclaims any obligation to notify the market or any other party of any such changes.  

The information and opinions contained in the Website are based on information about UDF and other companies and persons, all of which Hayman believes to be reliable and the vast majority of which comes from publicly available sources.  Hayman recognizes that there may be non-public information in the possession of UDF or others that could lead UDF or others to disagree with Hayman’s analyses and conclusions.

The Website may contain forward-looking statements, estimates, projections and opinions prepared with respect to, among other things, certain legal and regulatory issues facing UDF, borrower defaults, and bankruptcy of UDF and/or one or more of its affiliates and the potential impact of these issues on UDF’s future business, financial condition and results of operations, as well as, more generally, UDF’s anticipated operating performance, access to capital markets, market conditions, assets and liabilities.   Such statements, estimates, projections and opinions may prove to be substantially inaccurate and are inherently subject to significant risks and uncertainties beyond Hayman’s control.

Although Hayman believes the statements it makes in the Website are substantially accurate in all material respects and do not omit to state material facts necessary to make those statements not misleading, Hayman makes no representation or warranty, express or implied, as to the accuracy or completeness of those statements or any other written or oral communication it makes with respect to UDF or any other companies or persons mentioned, and Hayman expressly disclaims any liability relating to those statements or communications (or any inaccuracies or omissions therein). Thus, shareholders of UDF and others should conduct their own independent investigation and analysis of those statements and communications and of UDF and any other companies to which those statements or communications may be relevant.

The Website may also contain links to public filings, articles and/or videos. Hayman has not sought or obtained consent from any third party to use any statements or information, which are described in the Website as having been obtained or derived from statements made or published by third parties. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed on the Website. No warranty is made that data or information, whether derived or obtained from filings made with the U.S. Securities and Exchange Commission, any other regulatory agency or from any third party, are accurate. 

The statements by Hayman on the Website are not investment advice or a recommendation or solicitation to buy or sell any securities. Except where otherwise indicated, those statements speak as of the date made, and Hayman undertakes no obligation to correct, update or revise those statements or to otherwise provide any additional materials. Hayman also undertakes no commitment to take or refrain from taking any action with respect to UDF or any other company.

All users agree and consent to exclusive jurisdiction and venue of any dispute or proceeding relating to or arising from the Website or any related subject matter in the Courts of the State of Texas in Dallas County or in the Federal courts located in the Northern District of Texas [Dallas Division].  As used herein, except to the extent the context otherwise requires, “Hayman” includes its affiliates and funds and accounts it manages or advises and their respective partners, directors, officers, and employees.