To: get shorty who wrote (8788 ) 12/21/2001 10:47:50 AM From: Sir Auric Goldfinger Respond to of 19428 Rats jumping off a sinking ship: "ASW: DROPPING COVERAGE BB&T * BB&T CAPITAL MARKETS * Equity Research * BB&T December 21, 2001 Alex V. Brand, CFA (804) 782-8811 Anthony F. Cristello (804) 780-3269 A.C.L.N. Limited ASW-NYSE-$9.40 ASW: DROPPING COVERAGE 52-Week Range: $50-$6 Market Cap: $137.2MM Current Div./Yield: none/nil Common Shares: 14.6MM Est. 3-Yr. EPS Growth: NA Avg. Daily Volume: 0.18MM 12-Month Target: NA Debt/Capital: 0.0% Opinion: NA Previous Opinion: Strong Buy (1) EPS (FYE: Dec.)* 2000A 2001E 2002E 2003E Q1 - March $0.62 $0.93A - - Q2 - June 0.74 1.21A - - Q4 - September 0.85 1.65A - - Q4 - December 0.72 NA - - Year $2.93 NA NA NA Previous $5.13 $6.36 $7.28 P/E Ratio 3.2x NA NA NA * Estimates do not assume adoption of FASB 142 Key Points * We are dropping coverage of A.C.L.N. Limited effective immediately. Company Background and Description A.C.L.N. began operations in 1978, shipping cars from Antwerp, Belgium, to Tunisia. The company provides door-to-door logistics and new wholesale auto business to individuals and independent dealers in Africa and to individuals that require logistics services to North and West Africa. The company specializes on the movement of cars and light trucks and has established itself as a market leader through high-quality service, timely shipments, regular shipping schedules, and a variety of shipping destinations. ADDITIONAL INFORMATION AVAILABLE ON REQUEST The analyst owns shares of ASW. The information and statistics in this report have been obtained from sources we believe are reliable but we do not warrant their accuracy or completeness. We do not undertake to advise the reader as to changes in figures or our views. This is not a solicitation of an order to buy or sell any securities. BB&T Capital Markets, its affiliates, directors, officers, stockholders, employees, and accounts with respect to which the forgoing have investment discretion, may have long or short positions in and may from time to time purchase or sell securities of the companies referred to in this report. The securities sold, offered, or recommended by BB&T Capital Markets are not insured by the FDIC, not bank guaranteed, and may lose value. First Call Corporation, a Thomson Financial company.