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Good Friday Morning - Comments From The Local Guys! Over the years, we have tried to use this letter for purely business purposes and not to push any personal agenda. However, now is the time to make some personal comments. Everyday, we find it difficult to comprehend what we saw on that fateful Tuesday morning. The enormity of the what was done, with out regard to life. Nothing! Who could plan such a thing. Who would! It is hard, very hard, to conceptualize what they did. What type of mind would think to do such a thing. And then have others who would agree that it was a good idea! What type of people. And the cheering! We think of our fellow Americans (and others) who perished. And the hero who gave their lives on the plane and on the ground. We think of the heroes who did not give their lives. We think of the friends that we never met! The friends that we now will never meet. How could humanity do what was done. We think of our business associate Ira Zaslow, who is missing. Our thoughts are with his family. We think of all those who lost their lives. We think of their families. Lives snuffed out by people consumed with hate. And not only lives lost last week. We think of the missing generations to come. Those generations that will never be! Oh, the waste - for what! Rally around America. Rally around Democracy. Rally around what is right! There is no equivocation about Right and Wrong! Life is sacred! Those who disregard life, are the ones who will be condemned for eternal damnation! There, it has been said. The following comment was written yesterday, but was never sent. The bottom line is go out, buy stocks and go out and buy in the shops and malls. And light a candle to never forget! "The market is very oversold. We are seeing many technical readings similar to those we saw at the bottom of the markets in 1987, 1990, 1994 and 1998. These are very strong signs of market capitulation. For example the VIX (volatility) Index is at a peak that is normally seen at market bottoms. Short Interest is at record levels - a good sign. Money Market assets (the amount of cash on hand), is almost equal to 19% of the entire capitalization of the stock market - a very high degree of liquidity. The number of market advisors who are negative on the market, is now greater than the number who are positive on the market - a traditionally bullish signal. The PUT/CALL ratio has been very, very high all week - at turnaround numbers. The Fed. has reduced rates now 8 times and liquidity in the system is high. Inflation is low. Just when the market is NOT expected to rally, it will. That is the nature of a bottom. Let's hope that all these technical readings turn the market sooner rather than later. Now is the time." IMPACT CALLS Natural Gas Peggy Connerty A Safe Harbor in a Storm We continue to believe the Master Limited Partnership sector will remain a safe harbor for investors as the economy teters on the brink of a recession. Given the possible recessionary environment, Monday's 50 basis point cut in the federal funds rate (now 3.0%), and the relatively few alternative investments available, we continue to be bullish on the MLP sector. MLP's in general are defensive in nature, provide income and have decent growth prospects. The cash distributions on most MLP's are protected with solid coverage ratios (with distributable cash averaging 115% of cash distribution). Therefore, we believe the MLP sector should hold up during this time of economic and political crisis. Please refer to our note titled "Weak Economy, Low Interest Rates Bode Well for MLP's" published September 11, 2001. PC Software - Microsoft Michael Stanek Trimming Estimates to Match Reality Trimming estimates to match reality We are cutting our estimates for FY02 from of $28.8B to $27.7B in revs and EPS from $1.93 to $1.86. Microsoft has never been as well positioned as it is today. Overall we have made the majority of our cuts in the December and balance of the Q's in '02. The stock is down in the wake of sliding economic conditions, and exacerbated this recent tragedy. Imaging Technology - Eastman Kodak Caroline Sabbagha Tweaking Revised Estimates With a little more information and insight, we are tweaking our estimates for 2001 and 2002. For FY01, our estimate is now $2.60. For FY02, we are lowering our EPS estimate to $3.20. We maintain our 3 Market Perform rating. We think the issues at Kodak are more than just the economy. They include a technology transition and competitive pressures in its traditional businesses. We are also beginning to get concerned about cashflow and therefore expect the balance sheet to be weaker than had been anticipated. We think the stock should settle in the mid-$30s with the 5% dividend yield acting as a support for the stock. New Media/E-Commerce - Amazon Holly Becker Amazon Update We expect AMZN, like most retailers, will suffer from the current political unrest. This leads us to believe that even the low end of guidance of $625-$675mm in revenues may be difficult to achieve. Our 4Q ests. for breakeven operating profits and $900mm in cash hinge on our 4Q sales est. of $1.1 B. While it is too soon to tell, we will likely need to revisit these ests. in the upcoming weeks. About 6 weeks ago, AMZN lowered its book prices by approx. 10%. While this was likely successful in increasing demand, the recent catastrophe in the U.S. will obviously offset the benefits. On Sept. 11, AMZN announced a 5-yr alliance with Target Corp. in which AMZN will open a Target store at Amazon.com later this fall and power all of Target's online sites beginning in summer 2002. While financially this agreement will be small, we see several strategic opportunities, which include expanding into new categories, enhancing direct vendor relationships and the possibility of utilizing Target's physical locations. New Media/E-Commerce - eBay Holly Becker Well Positioned to Sustain Growth eBay's business appears to be relatively unscathed by the current political and economic events. q On Sept. 18, eBay articulated they are comfortable with 3Q consensus of $186 mm in rev. and $0.11 EPS (our ests. are $185 mm in rev. and $0.09 EPS). eBay's listings dropped 30% on Sept. 11, however, the company expects listings and sales to recover to pre-Sept. 11 levels in the next few days. We estimate eBay suffered from 1-2 days of lost sales. Separately, the company announced ambitious plans to raise $100 mm in 100 days in response to the recent disaster at the World Trade Center. Dubbed "Auction for America," the campaign enables sellers to list items on eBay, with resulting proceeds to be donated to various relief efforts. The stock is down over 15% since Sept. 11 and is likely to bounce in the near term, however we remain cautious given its still rich valuation. Semiconductor Capital Equipment - Applied Materials Edward White Announces Layoffs of ~10% Global Workfor Industry weakness and the events of last week have forced AMAT to change its strategy and join its peers in announcing layoffs. We maintain our 1 Strong Buy rating but are cautious on the shares near term, given reduced visibility and the fact that shares are trading at a premium to historical trough levels. In an important change in direction, Applied this morning announced layoffs of ~2,000 employees, roughly 10% of its global workforce. Layoffs will result in a 4Q01 restructuring charge of an unspecified amount. Since the last conference call the economic and semiconductor industry climate has continued to worsen. This, along with the traqic events of last week, have left AMAT with zero visibility. No immediate disruption in business has occurred, the company does expect some indirect impact. AMAT remains committed to R&D and Field Support Engineers, and this should help the company ramp up quickly in the next upturn. COMPANY / INDUSTRY UPDATE Wireline Services - Verizon Communications Blake Bath Achieves PA 271 Approval on Schedule VZ Achieves 271 PA Approval on Schedule; Opens a $5.5B Market and brings its total approvals to 4 states (NY, CT, MA, PA). VZ is the clear leader in 271 approvals and has effectively delivered versus its public guidance in this regard. 271 entry is expected to add 63 bps to '02 total revenue growth and 84 bps to '02 growth. LD-entry is a major catalyst for VZ and current valuations are cheap in the context of the contributions this catalyst should provide for the company. Reiterate 1- Strong Buy. VZ received 271 approval in PA on 9/19, in line with our forecasts, opening a $5.5B LD voice/data market for market. The company also announced that it expects to file with the FCC for 271 approvals in NJ, NH, VT, and RI between Nov/Dec '01, putting it on schedule for approvals in these states between Feb/Mar '02. In total, the PA approval and the upcoming 4 state approvals are expected to open a $12.7B market to VZ; in total, by mid-year '02, we expect VZ to be marketing to a new $33.1B LD market (within the BEL region); VZ is the leader in 271 approvals. NOTES FROM TODAY Cosmetics; Household & Personal Care - Rayovac Ann Gillin Lefever Discretionary Spending Grinds to a Halt Rayovac's halved earnings expectations for the current quarter suggest both that consumer discretionary spending has ground to a halt; and that the retailer is battening down the hatches by postponing (and potentially cancelling) orders to further cut working capital levels. As we noted yesterday, consumer staples companies tend to outperform during periods of economic stress. However, today's news confirms that those with discretionery spending exposure are less likely to participate with strong relative earnings growth. We remain concerned about Gillette's, Energizer's and Rayovac's exposure to batteries (where we estimate that discretionery spending is circa 60% of trend growth) as well as Gillette's exposure to a razor trade up strategy. Our earnings estimates for ROV change from $1.28 to $1.03 for FY 01 (Sept.) and from $1.50 to $1.15 for FY 02. Our FY 02 estimates are $ 0.10 - $0.15 below management's guidance due mostly to a more cautious view on battery category growth. Our target has been reduced to $17 and we maintain our Buy (2) rating. Gaming & Lodging - Hilton Group Joyce Minor Company Outlines Post-Attack Outlook Yesterday, Hilton hosted a conference call to update the investment community on the state of the company and its operating outlook subsequent to the terrorist attacks of September 11th. Although no specific guidance was given, the company is hoping that poor travel trends last just 6- 12 weeks, followed by a return to normalized travel trends, albeit at a level stepped-down to 1998- 1999, not the better 2000 trends. If EPS is a guide, note that 1999 EPS of $0.60 is -17% below our pre-attack 2002 EPS estimate. Investors that concur with Hilton's hypothesis that travel fears will be short-lived should probably buy the stocks at these levels. For those, like us, that are concerned that additional events could prolong or renew travel fears, it may be too early to check in to the lodging sector. Restaurants - Darden Restaurants Mitchell Speiser Beats Consensus/Conf Call at 2pm An aging consumer, lower seafood costs, less dilution from new concepts & Repo will occur despite a weaker economy; So our FY02E EPS remains <15%. So now at 12.4x, near a 2-yr low, maintain 1-Strong Buy rating. FY1Q EPS was $0.01 <St. & 0.02<our view on Comps of 4.2% at Olive Garden (OG) & 3.2% at Red Lobster (RL), both <our 2.5-3% view. June/July known so Aug drove Upside w/ Comps of 7-8% at OG, #1 of its Peers & <category grth of 2-3% at RL Mntn above-St. FY02E EPS of $1.86, +17%, essentially a $0.02 cut on a slower economy Casual Dining more vulnerable than Fast-Food as people are glued to the TV & lamenting last week's events. So Sep Comps likely weak, perhaps down Shrs -11% since last Tues vs S&P -7% so mkt discounting weaker outlook. Now at 12.4x, Mntn 1 Oil & Gas: Exploration & Production Thomas R. Driscoll Natural Gas Storage This week's natural gas storage injection of 90 Bcf was slightly stronger than our 85 Bcf expectation. Oil Services & Drilling - Tidewater James Crandell Lowering Fiscal 2002 and 2003 EPS Estima The moderating activity in the Gulf of Mexico is negatively impacting Tidewater's earnings more than we previously expected. We continue to believe that improving international activity and the start-up of new vessel contracts will partially offset this domestic moderation. Given that the stock is currently 50% below its current-cycle high and trading at attractive levels on anticipated earnings and cash flow, we believe that the stock is attractively valued at current levels. We are again lowering our fiscal 2002 and 2003 earnings estimates to $2.45 (from $2.65) and to $2.65 (from $2.95) to reflect lower-than-expected domestic vessel utilisation which will lead to downward pressure on day rates. This follows a earnings reduction last week. We believe that domestic utilisation will remain weak over the next four quarters. Domestic day rates have remained steady to-date but will likely start to erode in the fourth quarter. Power - NRG Daniel Ford NRG Reaffirms Earnings Expectations We continue to believe that NRG is the most defensive investment in the IPP/Merchant Sector. We maintain our Strong Buy with a $23 price target. In light of last week's tragedy and continued market skittishness regarding power supply fundamentals in front of negative GDP predictions, NRG management issued a release to reconfirm its $1.35 EPS guidance for 2001 followed by 25% annual growth in 2002 and beyond. Further management indicated that it terminated its efforts to close on the Wisvest acquisition (1051MW) due to insurmountable regulatory hurdles. We continue to be confident in our 2001 and 2002 EPS estimates for NRG of $1.40 and $1.78 given management's conservative and disciplined business approach. This has enabled the company to time and time again stand by earnings expectations despite the ever changing market fundamentals. Power Daniel Ford Electric Utilities and Power Weekly We are previewing the events of the upcoming week of September 24, 2001 We look for the New Jersey BPU to approve the FirstEnergy/GPU merger on September 26. We also provide a list of some potential post-merger closing international asset divestitures. Parties in New Jersey could submit testimony regarding the Potomac Electric (POM, Market Perform; $21.77)/Conectiv (CIV, Market Perform, $23.05) merger proceeding early next week. Power - DTE Energy Gregg Orrill Another Good Yield Hog Story As an integrated utility with a 4.8% yield, DTE should do well in a recessionary backdrop. Below we review the DTE outlook and reiterate our $48 price target which is 11.25x our 2002E. DTE is well positioned to do well in the current environment with a traditional utility focus, a stock buyback authorization, and a short power position. DTE had $150M left on the current stock buyback plan and a lingering 10M share authorization. Industrial sales are down 10% Y-T-D. However, the lower margin earned on these customers and DTE's short position make this a positive impact on the company. Offsetting factors include lower pension income and outlook for Plug Power. We reiterate our EPS estimates of $3.54/$4.26 for 2001/2002 respectively. The MCN acquisition and fuel cost timing weight more income to Q4 vs. Q3. We look for $0.40-$0.50 in Q3 and $1.60-$1.70 for Q4. Power Technology - Thomas ONeill CT DPUC Draft Draws a Blank CT DPUC releases draft decision that denies FCEL 26MW project entirely. Reducing shares of FCEL to Market Perform from Strong Buy due to lack of material catalysts and potential downside to $8/share. Late Wednesday, the CT DPUC issued a draft decision that denied funding to an ENE/CRRA proposal that would have resulted in a 26MW order for FuelCell Energy. While the draft decision could be adjusted to provide funding in a final decision (early Oct), the wording of the order appears to point the companies towards additional state funding vehicles, which would likely take multiple months to tap and would be speculative at this point. We believe the disappointing CT DPUC draft decision leaves shares vulnerable to the downside ($8/share) and likely caught in a lower trading range until sub MW and MW "launch size" order flow can be generated. That said, FCEL's $7/share of fully diluted cash and leadership in carbonate technology should limit downside even in the current market environment. Banks - First Virginia Banks Kristin Nemec 3Q01 Preview Although credit experience has been excellent we remain cautious in our outlook due to the consumer exposure and lower than average net income growth. FVB is rated 3-Market Perform. We carry an operating estimate of $0.78, in line with consensus. No change in our estimates of $3.10 and $3.35 for 2001 and 2002, respectively. The balance sheet dynamic is driven by management's decision to pull back in the indirect auto business by simply pricing less aggressively. Due to a pullback of many competitors and the rate environment, we believe spreads have widened in the indirect business. We expect the near term expense progression to be minimal. Banks - Bank One Henry Chip Dickson Third Quarter Preview We continue to rate ONE 3 - Market Perform. The deteriorating economic environment should cause further downward earnings revisions for ONE, as well as pushing out the inflection point when the company really begins to establish EPS momentum. We are also reducing our target price $5 to $35. Given the deteriorating economic environment, we are reducing our estimates for ONE - assuming higher credit costs and modestly lower levels of revenue. For 3Q01, we expect ONE to report $0.60 during the week of October 15. This represents a reduction of $0.04 from our previous estimate. For 2001, we are lowering our estimate $0.10 to $2.40. For 2002, we are lowering our estimate $0.15 to $2.75. New GAAP EPS should be $0.03 - $0.04 higher in 2002. We do believe our 2001 estimate is on the conservative side. Biotechnology Joseph Dougherty Discovery Collaboration with Takeda The agreement calls for the development of small molecule leads against a target proprietary to Takeda. We view this deal as a significant positive for Array, featuring both excellent deal structure and potential for future expansion. This is Array's 4th significant collaboration in the past 2 months that is tied to potential downstream revenue participation. We point out to investors that company management had guided us to expect a total of 3 royalty-based deals by the end of September, and this announcement points to possible upside to our numbers. We note that Array's shares have sold off more severely than the biotech group overall, although not to the extent of some of their competitors. We believe the shares are very attractive at these levels. Biotechnology - ImClone Systems Michael Wood IMCL Signs Strategic Agreement w/BMY Deal with Bristol Myers will provide $1.0 billion in cash and access to world class oncology franchise. ImClone announced that it has signed a major strategic partnership with Bristol Myers to commercialize its lead drug IMC-C225. ImClone will receive $1.0 billion in upfront and milestone payments. Bristol Myers will take responsibility for sales and marketing and will pay ImClone a royalty on net sales. We are changing our EPS forecasts from ($1.03) loss to ($0.91) loss in 2001, from ($0.46) loss to $0.16 in 2002, from $0.41 to $0.88 in 2003 and from $1.41 to $1.54 in 2004. We are instituting a new EPS estimate of $2.05 in 2005. These latter numbers are fully taxed. Lehman Brothers acted as financial advisor to Bristol Myers in connection with this transaction. Major Pharmaceuticals - Lilly, Eli Charles Butler SOLD! Oritavancin Out-Licensed to ITMN Yesterday, LLY announced that InterMune had acquired worldwide rights to oritavancin, late-stage Phase III compound under development for complicated skin infections and bacteremia. We had anticipated a potential 2004 launch for this compound, thus we are not changing any near term revenue or earnings estimates. The agreement provides InterMune with exclusive worldwide rights to develop, manufacture and commercialize oritavancin. We understand from LLY that NPV analysis supported the licensing of oritavancin to another party versus the continued development of this molecule internally. Additionally, LLY's stable of late stage compounds is extensive. Arguably, "licensing oritavancin to InterMune will allow LLY to maximize the full potential of this innovative compound while the company redirects its internal resources to other late-stage pipeline opportunities Health Care Facilities - Tenet Healthcare Adam Feinstein Lehman Key Takeaways THC pre-announced last night that it will exceed est for the recently completed Aug qtr with a suggested EPS range of $0.65-$0.67 range, vs our est of $0.63 and the street consensus of $0.61. Tenet continues to benefit from accelerating revenue growth trends, improved cashflow generation, and debt reduction initiatives. We note that this news was widely expected by us, as well as others for the past several weeks. However, the magnitude of the upside was above our estimate. The catalyst for this announcement was a desire to repurchase shares under its share repurchase program. We are raising our FY '02 est to $2.83 from $2.80 and we are upticking our FY '03 est to $3.30 from $3.24. Autos & Auto Parts - Visteon Corp Darren Kimball Pre-Announces 3Q01 EPS VC pre-announced 3Q01 EPS of -$0.46 to -$0.53, compared to our previous estimate of $0.05, prompted by Ford's recently announced third quarter production cancellation of 100,000-120,000 units. This large earnings shortfall implies a steep variable contribution margin from lost Ford revenues, estimated at 35%, which is not particularly surprising given the sudden and dramatic nature of the production cuts. For the time being, we are lowering our 2001 EPS estimate from $0.95 to $0.40 and our 2002 EPS estimate from $1.40 to $0.95. The potential for additional Ford production cuts in 4Q01 may lead us to trim estimates further. VC's high degree of earnings sensitivity to production volumes, resulting from the supplier's substantial operating leverage and depressed margins, makes it one of the most vulnerable automotive suppliers to a protracted economic slowdown. Business & Professional Services - Cintas dam Waldo Soft F1Q02; Cutting F2002 and F2003 Est On September 19, CTAS reported F1Q02 (ended August) revenue of $564.6 million (up 8.2% and, we estimate, 5.7% organically) relative to our forecast of a 10.5% rise on a reported basis and an 8% gain organically. EPS of $0.33 rose 10.6%, $0.01 below our estimate and in-line with Street consensus. F1Q02 marked Cintas' the third straight quarter of decelerating top line gains in a slowing U.S. economy. CTAS' two principal drivers of the velocity of top line growth are the pace of GDP and employment growth, both of which continue to soften. Trading at 28 times our new fiscal 2002 EPS of $1.44, 31 times our fiscal 2002 free cash flow forecast, and a trailing EV/EBITDA ratio of 14.3 times (private market value range of 7-11), we think CTAS is fully valued despite a "defensive" 60% recurring revenue model. With management following strategies for longer-term shareholder value creation (nicely improving internal unit growth, unit pricing, and capital efficiency), we would be buyers in the low $30s. Electrical Equipment - W.W. Grainger Robert Cornell Review GWW's August '01 Sales/Outlook Branch Margins Still The Key q Grainger's August sales were off modestly, but did not weaken significantly beyond July sales trends. North American economic weakness continues to impact sales while seasonal sales improved. Branch saw moderate sales decrease. Company helped by diversified customer base. Management maintains margin targets. q Digital sales continues to improve to $460 million annualized run rate. Grainger.com increased run rate to $350 million. We are maintaining our 2001 EPS estimate of $2.25 and 2002 EPS forecast of $2.70, which suggests a 20% gain. Price target at $50. Electrical Equipment - SPX Corp Robert Cornell Our 2002 earnings number remains $7.50 Stock looks oversold at current levels SPX's INRANGE subsidiary guides revenues down and points to a potential $4 million in freight forwarding costs. Worst case scenario looks to be a $0.15 impact to SPX's 3Q01 earnings. Cost cutting initiatives as well as United Dominion integration savings could help support bottom line results. We are maintaining our $6.50 2001 EPS estimate and our $7.50 2002 EPS forecast. Machinery - Caterpillar Joel Tiss Still Waiting... CAT shares have declined over 20% during the past few weeks from $56, yet we are still waiting patiently to buy trying to minimize downside risk. It is difficult to ascertain if recent events will change the long term construction trends as economic weakness may accelerate potentially setting up recovery in late 2002-03. Government construction spending should remain strong. Downside risk in shares remains $30. We would be much more interested in buying below $40 and would become more aggressive in the low to mid $30's. However, nibbling in the low to mid $40's may not be the worst idea. Believe upside stock potential remains $65-70, mid decade, based on $6.50 peak EPS - however timing of peak earnings is more of a question than levels. Advertising & Marketing Services Kevin Sullivan Global ad stocks continue to come under pressure following last week's attacks on "Old Glory". The sell-off creates a compelling investment opportunity among the stronger names such as Omnicom. Last week's events came at a difficult time for media stocks -- the ad market was still weak and consumer and business confidence was rocked -- both key elements in the resurgence of industry growth. Consensus estimates have become that much more challenging. For the ad holding companies, we believe the near-term impact is minimal since the vast majority of the group's revenues are fee-based. However, the potential for additional pullbacks in ad spending further supports our belief of downside risk in 4Q/'02 estimates. Valuations have largely already adjusted for this risk, in our view. Our favorite name continues to be OMC, which is trading at less than 9x our '02 EBITDA estimate. The stock appears to be discounting the worst and we would recommend investors use the weakness as an opportunity to accumulate positions. Entertainment - Disney Stuart Linde Keeping It All in Perspective-Balancing We believe that at current levels, Disney encapsulates most of the downside risk of the U.S. recession and the terrorism threat. As opposed to its peers, Disney has the added risk of a decline in domestic and international travel to its theme parks. About 80% of the company's EBITDA is generated by theme parks and broadcasting. The theme parks are about 40% of DIS' annual EBITDA. In 1991, theme park EBITDA dropped 30%. We believe the studio and consumer divisions could offset some of the loss. The studio will be bolstered by releases such as Monsters Inc., (in Nov.) and continuing DVD sales propelled by the Platinum Collection. In this difficult period people need entertainment and fantasy especially of the wholesome, uplifting, signature Disney genre. While the stock has begun to discount lower 2002 expectations. Investors are looking to identify downside support for ent. cos such as DIS. In our sensitivity analysis, we have used a trough multiple of 10x and varied EBITDA by $200 MM increments. If we assume EBITDA declines 20% to $4 Bil, the trough on the stock using this analysis is $15. Disclosure Legend: A-Lehman Brothers Inc. managed or co-managed within the past three years a public offering of securities for this company. B-An employee of Lehman Brothers Inc. is a director of this company. C-Lehman Brothers Inc. makes a market in the securities of this company. G-The Lehman Brothers analyst who covers this company also has position in its securities.Key to Investment Rankings: This is a guide to expected total return (price performance plus dividend) relative to the total return of the stock's local market over the next 12 months. 1 = Strong Buy (expected to outperform the market by 15 or more percentage points); 2=Buy (expected to outperformthe market by 5-15 percentage points); 3=Market Perform (expected to perform in line with the market, plus or minus 5 percentage points); 4=Market Underperform (expected to underperform the market by 5-15 percentage points)This document is for information purposes only. We do not represent that this information is complete or accurate. All opinions are subject to change.The securities mentioned may not be eligible for sale in some states or countries. This document has been prepared by Lehman Brothers Inc., Member SIPC, on behalf ------------------------------------------------------------------------------ This message is intended only for the personal and confidential use of the designated recipient(s) named above. If you are not the intended recipient of this message you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. This communication is for information purposes only and should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial product, an official confirmation of any transaction, or as an official statement of Lehman Brothers. Email transmission cannot be guaranteed to be secure or error-free. Therefore, we do not represent that this information is complete or accurate and it should not be relied upon as such. All information is subject to change without notice.
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