LEHMAN Conf Call takeaway

Market Conditions -global equity market rallied after Feb sell-off. Europe 8% in local currency and 5% in Asia. As a consequence, global equity trading volume increased 13% in dollar term. -Interest rate in U.S remains benight. .... -Subprime market remain challeng Net revenue in 1Q 2007 inceased 25% to $5.5 billion, 19% of the 1st 6 months Segments a.Capital Market +17% to $3.6 bil (68% pie) -Equity market doubled (94%) to $1.7 bil due to record overall consumer activities, equity derivative, and profitable trading strategies (principal trading) -FI failed 14% to $1.9 bil due to residential mortgage b.Investment Banking +55% to $1.2 bil (20% pie) -FI: record debt origination +87% to $540 mil -Equity: 60% to $333 mil -Advisory fee: 14% to $277 mil c.Investment Management -Asset Management: +33% to $460 mil -Private Investment Management: +26% to $308 mil