DISCLAIMERS AND DISCLOSURES:

1.         John Dessauer’s Investor’s World is a monthly newsletter which, along with its related publications, telephone hot-line, and other services (collectively, the “Newsletter”), is edited by John Dessauer, published by InvestorPlace Media, LLC, and offered to the general public on a subscription basis. 

2.         Newsletter subscribers will receive the benefit of John Dessauer’s commentary, analysis, opinions, advice and recommendations.  The Newsletter is impersonal and does not provide individualized advice or recommendations for any specific subscriber or portfolio.

3.         John Dessauer hereby discloses that on December 1, 2004, he directly or indirectly, owned the following securities which are the subject of commentary, analysis, opinions, advice, or recommendations in, or which are otherwise mentioned in the newsletter, set forth below:

1. Aetna
2. Abercrombie & Fitch
3. Cardinal Health
4. Cendant
5. Checkpoint Systems
6. Cisco Systems
7. Citigroup
8. Countrywide Financial
9. Deutsche Telecom
10. Disney
11. Dollar General
12. GlaxoSmithKline
13. H&R Block
14. Harrah’s
15. Home Depot
16. IndyMac
17. Intel
18. LSI Logic
19. Microsoft
20. Nokia
21. Novartis
22. Pfizer
23. Philips Electronics
24. Rite Aid
25. SEI Investments
26. The South Financial Group
27. Vanguard High-Yield Corporate Fund
28. Wachovia Corp.

Unless otherwise indicated above, all of these shares are acquired in market transactions.

The Editor has agreed not to buy or sell any of the above-listed securities within a minimum period of five trading days before or after making any new recommendation, or changing their published recommendation, regarding these securities in their Newsletter (calculated from the date the Newsletter featuring such recommendation is first posted on www.investorplace.com or, if such recommendation is made in the applicable telephone hotline, the date the telephone hotline is first made available to subscribers), unless the market capitalization of the security at the close of business on that date is less than $300 million (the current Standard and Poors' requirement for inclusion in the S&P SmallCap 600 Index) in which case, the Editor has agreed not to buy or sell such security within a minimum period of thirty trading days before or after the applicable date. After the expiration of this period of five or thirty trading days, the Editor may hold, buy or sell any such securities, and may cease to own any of the securities listed above. Since the Editor's personal investing goals and risk tolerance may be different from those discussed in the Newsletter and/or circumstances may have changed by the expiration of the five or thirty day restricted period, the investment actions taken by the Editor in the accounts the Editor directly or indirectly owns may vary from (and may even be contrary to) the advice and recommendations in the Newsletter.

4.         Investing involves substantial risk.  Neither the Editor, the publisher, nor any of their respective affiliates make any guarantee or other promise as to any results that may be obtained from using the Newsletter.  While past performance may be analyzed in the Newsletter, past performance should not be considered indicative of future performance.  No subscriber should make any investment decision without first consulting his or her own personal financial advisor and conducting his or her own research and due diligence, including carefully reviewing the prospectus and other public filings of the issuer.  To the maximum extent permitted by law, the Editor, the publisher and their respective affiliates disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations in the Newsletter prove to be inaccurate, incomplete or unreliable, or result in any investment or other losses. 

5.         The Newsletter’s commentary, analysis, opinions, advice and recommendations represent the personal and subjective views of the Editor, and are subject to change at any time without notice.    

6.         The information provided in the Newsletter is obtained from sources which the Editor believes to be reliable.  However, the Editor has not independently verified or otherwise investigated all such information.  Neither the Editor, the publisher, nor any of their respective affiliates guarantees the accuracy or completeness of any such information.    

7.         The Newsletter is not a solicitation or offer to buy or sell any securities. Further, the Newsletter is in no way intended to be a solicitation for any private money management services offered by John Dessauer.            

8.         Subscribers may submit questions to the Editor by e-mail to editor@dessauerinvestorsworld.com or by writing to InvestorPlace Media, LLC, 700 Indian Springs Drive, Lancaster, PA 17601 .  However, since the Newsletter is impersonal and does not provide individualized advice for specific subscribers, the Editor can only answer questions of a general nature about the markets or specific securities.   The Editor will from time to time answer subscriber questions on our website (www.dessauerinvestorsworld.com) or in the pages of an upcoming issue of the Newsletter.

9.         Neither the Editor, the publisher, nor any of their respective affiliates is responsible for any errors or omissions in any Newsletter.  

10.       Any subscriber who would like a copy of these “Disclaimers and Disclosures” may request a copy by calling 800-804-0943 or writing to InvestorPlace Media, LLC, 9420 Key West Avenue, Rockville, MD 20850 , Attention: Disclosure, whereupon a copy will be mailed or faxed to such subscriber.