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To: J. Conley who wrote (502)	8/17/2000 6:41:33 PM
From: J. Conley	Read Replies (1) \| Respond to of 955

SI PORTFOLIO COMMENTS: Below, a couple reasons why you might believe the SI public portfolio is a close estimate to what LDP's holding are besides the fact that most, if not all, the holdings are verifiable through SEC filings and other public documents (though impossible to be current) and that LDP lists the overall value in their quarterly financial statements. The company currently has one analyst, absent Bear Stearns for the moment, Malone at FBR. I simply do not believe that LDP would let Malone be too far off track on the public holdings. LDP knows a lot of investors look at those reports, and Malone is making estimates based on the known holdings; that implies some sort of duty if the earnings are expected to be materially different. Also, LDP is in close communication with FBR and apparently has quite a good relationship with them. LDP management is not thinking, "hey, why don't we get Malone pissed off at us by not telling her anything; we don't need her and Trueger doesn't want to speak at their upcoming investor conference anyway." It just does not seem viable that FBR would not know within some minimal degree of error what is in the public equity. In addition, I think there is most likely some information that is discussed between LDP and FBR before a report is made public. For example, if a deal with a private holding is imminent how much should FBR or LDP say about it to prevent potential "internet hype,""wild predictions," and "rumor" from attracting momentum players that might impact the stock negatively in the longer term. I think this a reason for the toned-down remarks in the recent Chairman's Statement, so that people like me don't use the "I'd like to say it can't get any better than this" remark and post it here. (Pssssssst....hey pal, by the way, the one they mentioned that is in acquisition talks....Mayan Networks....yep, going for $2.1 billion.....announcing in a few weeks.....oh yeah, sure, a reliable source, make your trade now.) Think FBR is at times a bit coy about their lack of information? The Reg. FD monkey wrench is now thrown in whether you wanted it thrown or not....it's not effective for a couple more months, but that's a whole different story isn't it. Seven percent of iCompression? $150-160 million in private equity w/two more transactions in process? Is that you winking, or do you have something in your eye? And why are you nodding? If this winking and nodding is not now going on, well, what in hell are you supposed to do when on some future date you do get something in your eye.

To: J. Conley who wrote (502)	8/31/2000 11:36:49 PM
From: J. Conley	Read Replies (3) \| Respond to of 955

PORTFOLIO UPDATE Changing # of shares of VINA to 3,044,402, pursuant to SEC filing. Below is each position, with a link showing why the company is in the SI public portfolio (in addition to being in the analyst's reports.) Most of these were posted previously as the portfolio was amended, and they are put together here. If you are unfamiliar with freeedgar you must scroll down in the frame on the left and click "body" to get the page showing the number of shares owned. Everyone following the thread must know this by now, the SI portfolio is here: siliconinvestor.com Obviously, some positions could have been sold without investor's knowledge, but the portfolio is a pretty close estimate of the holdings and varies from those published by FBR only in a couple rather insignificant instances. BRCM siliconinvestor.com CNSW This is a link to the 13G that shows the number of shares, the conversion price is calculated at .79 a share: freeedgar.com EXTN freeedgar.com GSPN These links show the press release and the assumptions of the portfolio as originally calculated: Message 13865055 biz.yahoo.com GSPN has since been amended to track FBR’s assumptions in their latest report. HYBR Here is the post on this calculation in which there is a link to the SEC filings: Message 14030190 NETP freeedgar.com NUFO Divided into a taxable and non-taxable portion, since the amounts are rather significant. Here is the link to the SEC filing that shows in which LDP division the asset is held and the basis for the division into taxable and non-taxable portions in the SI portfolio. freeedgar.com PKTR freeedgar.com RAMP FBR's number, which is 2,528,368, does not correspond with the most recent filing with the SEC. Here is the link and the basis for the SI portfolio number. freeedgar.com SABA freeedgar.com SEBL siliconinvestor.com VINA: freeedgar.com biz.yahoo.com VTSS biz.yahoo.com A couple notes: CNSW and HYBR are both interest earning convertible debentures that can be converted at any time by LDP. They are in the SI portfolio for tracking purposes as they currently trade, or sometimes, trade higher than their conversion price (portfolio cost basis). If a convertible trades below the conversion price it is not a loss to LDP, LDP simply continues to collect the interest and doesn’t convert the debenture to common. They are not required to convert. Not all the acquisition deals are closed, and some of the shares are escrow shares that are expected to be received if certain conditions are met by the acquired company. If anyone sees an error, or has a comment, please let me know.