Dear Sirs, European center for financial services is an independent, non-profit research center at University of Duisburg.Essen/ Germany. We are researching on the marketability and potential of Equity Release Schemes in Germany, which are not available here We read about a product to be released by the Korea Housing Finance Corporation and would like to find out more about it, especially as the US-HECM seems to be the blueprint and this type of Reverse Mortgage might be a solution for Germany, too. Thus we would like to ask if there are any surveys or papers from the KHFC available. With kind regards Mike Schneider ____________________________________________ european center for financial services Dipl.-Kfm. Mike Schneider Geschäftsführender Assistent Präsidium Prof. Dr. Dr. h.c. mult. Hans Tietmeyer Dr. h.c. Eberhard Heinke Direktoren Prof. Dr. Bernd Rolfes Prof. Dr. Rainer Elschen Prof. Dr. Stephan Schüller Mercator School of Management Universität Duisburg-Essen| Campus Duisburg Lotharstr. 65 | D-47057 Duisburg Fon (0049) 203.379 12 46 Fax (0049) 203.379 12 45 email schneider@ecfs.de www.ecfs.de www.banken-symposium.de

Dear Mr. Schneider: Thanks for interesting reverse mortgage at Korea Housing Finance Corporation. Our reverse mortgage' scheme is similar to US HECM about fundamental of product design. Our company don't release reverse mortgage to Korea market yet. We will begin to operation reverse mortgage for the second half of this year. So we don't have anyting about reverse mortgage survey papers in English. After we start to operate for reverse mortgage, we can prepare papers in English. Regards