March 5, 2008

The businesses of Thornburg Investment Management are not related to the business of Thornburg Mortgage (NYSE:TMA).

Mutual funds and other client accounts managed by Thornburg Investment Management have no investments in any debt or equity issued by Thornburg Mortgage. By policy of Thornburg Investment Management, client accounts managed by Thornburg Investment have never invested in debt or equity issued by Thornburg Mortgage.

Thornburg mutual funds and other client accounts managed by Thornburg Investment Management do not have any borrowed funds. Thornburg Securities acts as distributor for mutual funds managed by Thornburg Investment Management. Thornburg Securities also has no financial interaction with Thornburg Mortgage.

Thornburg Investment Management was founded by Garrett Thornburg in 1982. Thornburg Mortgage was founded by Garrett Thornburg in 1993 as a separate business operation. Mr. Thornburg is Chairman of both Thornburg Mortgage and Thornburg Investment Management. There is no overlap in the personnel that manage daily operations of Thornburg Mortgage and Thornburg Investment Management.


Gold Line

Thornburg Investment Management®
119 East Marcy Street
Santa Fe, NM 87501
1-800-847-0200
info@thornburg.com

Thornburg Funds are distributed by Thornburg Securities Corporation,® an affiliated company.

Gold Line

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities Corporation (TSC) does not act as broker of record for investors unless TSC is registered, or exempt from registration, as a broker dealer in the state in which the investor lives.

Not FDIC Insured, May Lose Value, No Bank Guarantee.