e need to clarify how much real money everyone can expect to earn each month on UpDown.

The amount of real money that you earn each month, assuming that you meet all of the conditions to earn real money, depends on three factors:

• The margin by which you beat the S&P 500
• The performance by the rest of the UpDown Community
• Your investing track record on UpDown

The mark of a great investor is consistent exceptional performance over a long period of time. Therefore, you will earn the most real money when you outperform the S&P 500 and your peers by a large margin and you continue to do so over many months during your UpDown career.

Most members can expect to earn only small amounts of real money, especially at the beginning of their UpDown careers, but the best investors will distinguish themselves and, as you can see on our Top Investors and Top Money Earners rankings, make a lot of real money.

Please let us know if you have any more questions about earning real money on UpDown.com.

The UpDown Team

e have put together a list of the stocks bought and sold most by the top 100 members of the UpDown.com Community from Friday, June 27th, through market close on this past Thursday, July 3rd.

We formed the lists of the most bought and sold stocks by aggregating the portfolios of our top 100 performing users and comparing their holdings on 7/3 against their holdings on 6/27.

The UpDown Team

e have fixed the trading problem. Everything should be back to normal now. Please let me know if anything still isn’t right.

May we never see “null” again!

Brendan

brendan@updown.com

e apologize for the return of the annoying “null” message this morning. We were trying to improve the trading system for you by performing maintenance last night, but it has resulted in more problems for you.

We are working hard to pinpoint the problem and to finally get this right. The system is catching up and will be back to normal soon.

We will do everything we can so that our maintenance does not interfere with your trading experience on the following day again.

Sorry about this, everyone.

The UpDown Team

e are proud to announce that The UpDown Shop is now open for business! Show off your investing prowess and your community spirit with an original UpDown t-shirt.

I am a big fan of the “anlegervergnugen” (which is German for investing pleasure) shirt myself. Which one do you like best?

If you don’t like any of our original designs, you can submit your own UpDown t-shirt designs on our Facebook Fan Page. Once you become an official fan of UpDown.com, you can post your ideas on the Fan Page Wall. If the community likes one of your designs, we will add it to The UpDown Shop and send one to you for free!

Brendan

UpDown Team

e are launching the Official UpDown 3rd-Quarter 2008 Contest for everyone in the UpDown Community. That’s right; this contest is open to every investor on UpDown, not just students. Of course, we are still running our Summer 2008 $10,000 Student Contest as well.

Everyone has a chance to win real money and an original UpDown t-shirt from today, July 2nd, through Tuesday, September 30th.

We are happy to provide every member in the UpDown Community with the opportunity to compete in an Official UpDown Contest and to win a lot of real money!

Good luck!

The UpDown Team