<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD>
<META http-equiv=Content-Type content="text/html; charset=iso-8859-1">
<META content="MSHTML 5.00.2919.6700" name=GENERATOR>
<STYLE></STYLE>
</HEAD>
<BODY>
<html>
<head>
<meta http-equiv=Content-Type content="text/html; charset=windows-1251">
<meta name=Generator content="Microsoft Word 12 (filtered)">
<title>IPTV – Die Zukunft des Fernsehens hat begonnen</title>
<style>
<!--
/* Font Definitions */
@font-face
{font-family:"Cambria Math";
panose-1:0 0 0 0 0 0 0 0 0 0;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0cm;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:"Times New Roman","serif";}
a:link, span.MsoHyperlink
{color:blue;
text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
{color:purple;
text-decoration:underline;}
@page Section1
{size:595.3pt 841.9pt;
margin:70.85pt 70.85pt 2.0cm 70.85pt;}
div.Section1
{page:Section1;}
-->
</style>
</head>
<body lang=EN-GB link=blue vlink=purple>
<div class=Section1>
<p class=MsoNormal><b><span lang=EN-GB> IPTV – The future for television is now</span></b></p>
<p class=MsoNormal><span lang=EN-GB> </span></p>
<p class=MsoNormal><span lang=EN-GB>To receive your favourite tv channel
worldwide – IPTV does it. Not on your tv screen, but on your tv! And maxx-tv AG
is one of the first-movers in this growing market.</span></p>
<p class=MsoNormal><span lang=EN-GB> </span></p>
<p class=MsoNormal><span lang=EN-GB>Due to the company, they will even start to
enter the world’s largest tv market USA in Fall 2008. German program for more
than 40 million German-speaking people. And on top: The costs of the maketing
campaign are covered by the ste-top-box producer!</span></p>
<p class=MsoNormal><span lang=EN-GB> </span></p>
<p class=MsoNormal><span lang=EN-GB>This given, we recommend:</span></p>
<p class=MsoNormal><span lang=EN-GB> </span></p>
<p class=MsoNormal><b><span lang=EN-GB>BUY (SPECULATIVE)</span></b></p>
<p class=MsoNormal><b><span lang=EN-GB> </span></b></p>
<p class=MsoNormal><b><span lang=EN-GB>Maxx-TV AG</span></b></p>
<p class=MsoNormal><b><span lang=DE>WKN: A0M0KX, Symbol: M55</span></b></p>
<p class=MsoNormal><b><span lang=EN-GB>Frankfurt</span></b><b><span lang=EN-GB>
Stock Exchange</span></b></p>
<p class=MsoNormal><b><span lang=EN-GB>Share price: ˆ 0.18</span></b></p>
<p class=MsoNormal><b><span lang=DE>6 months-target: ˆ 0.35 / 0.45</span></b></p>
</div>
</body>
</html>
</BODY></HTML>