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To: KM who wrote (8406)	11/8/2000 2:05:13 AM
From: Don Miller	Respond to of 14638

Pretty fantastic synopsis by you, I can not tell you how much I appreciated reading your work. I found the Lehman report is NOT available through Fidelity Investments which offers Lehman research reports. Do you recall the date of the report. Could you please provide the conference call telephone number or send me to a link that lists the telephone number. Thanks so much Don Miller

To: KM who wrote (8406)	11/8/2000 6:36:24 PM
From: zbyslaw owczarczyk	Read Replies (2) \| Respond to of 14638

it is interesting that Lehman Brothers and Stanford Bernstain are the only two major firms trying to put negative spinn on telecom market........

To: KM who wrote (8406)	11/10/2000 1:27:28 AM
From: Techplayer	Read Replies (3) \| Respond to of 14638

Km, In light of that report, it is interesting that LEH raised 800 million to invest in the telecomm sector, including nearly 300 million from itself and employees. tp =DJ Lehman Commun Fund-2: Eyes Telecom, Data, Internet Deals 09 Nov 12:20 By Kopin Tan Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Lehman Brothers Holdings Inc. (LEH) raised $800 million for a private equity fund that will invest in communications companies both in the U.S. and overseas. The fund is one of the largest venture capital vehicles raised by a Wall Street investment firm to focus on the communications sector. Lehman Brothers and its employees contributed $290 million to the fund's total. The new vehicle joins several others now managed by Lehman, which is making a concerted push to build its private equity practice and now has more than $5 billion from various funds under management. In addition, Lehman is close to wrapping a real estate fund, which investors say could raise more than $1 billion. And with its $350 million debut venture capital fund more than 80% invested, the firm is working on a follow-up, although Lehman partners declined to discuss the effort. The communications fund's $800 million haul exceeded Lehman's original goal of $650 million, at a time when even marquee buyout firms are having some trouble persuading investors to cough up capital in this crowded fundraising market. Lehman officials attributed the oversubscription to the private equity team's track record, management and the support from the parent investment bank - both in capital and deal flow. "We are affiliated with a global institution with a strong platform and competitive advantage in deal generation," said Michael J. Odrich, who heads Lehman's private equity operations. Odrich declined to disclose the returns from Lehman's first venture fund, citing the private placement quiet period now that it is working on a second fund. Also, Lehman had steered clear of recent traps like minority stakes in publicly traded companies; many buyout firms had made these investments in telecom companies only to see their holdings sharply devalued inthe stock market correction this year. Communications Fund LP will target growing communications services providers, including companies in telecommunications, data and Internet infrastructure, and expects to invest between $15 million and $50 million each in deals that span the venture capital spectrum from early to later-stage. The fund will be managed by principals W. James Peet and John McEvoy, both of whom came to Lehman from units within Soros Fund Management (X.SRS), and Gerald W. Thames, a former chief executive of Global Telesystems Group (GTS). Lehman said it will continue building the team, particularly in Europe, where it expects to add a fourth principal who will be based in London. -By Kopin Tan, Dow Jones Newswires, 201-938-2202 . kopin.tan@dowjones.com (END) DOW JONES NEWS 11-09-00 12:20 PM