Lehman Brothers Ranked #1 in Global Investor's Transition Management Survey

April 2008
Lehman Brothers has been ranked #1 in the 2008 Global Investor Transition Management survey.* Over the past three years, the Firm has built a top-ranked franchise, holding first place for two years running in 2007 and 2008, having been #5 overall in 2006 and unranked in 2005.

Lehman Brothers achieved #1 rankings in all service categories for 2008, up from 70% in 2007. These results represent a stellar achievement for the Firm's Transition Management Group, which provides pension funds, asset managers, insurance companies, Sovereign Wealth Funds and governments with a cost and risk-effective implementation of major asset allocation changes. The Firm differentiates itself through its ability to reduce the cost and risk of a transition more consistently and more effectively than our competitors.

Lehman Brothers Transition Management 2008 Rankings*:

• #1 Overall Transition Manager
• #1 Transition Manager in Europe
• #1 in all 12 Service Categories:
  • Overall service
  • Risk control
  • Accuracy of shortfall estimation
  • Relationship management
  • Project management
  • Fee structure
  • Access to liquidity
  • Operational efficiency
  • Reporting capability
  • Pre-trade analysis
  • Post-trade analysis
  • Audit trail

* Results are based upon responses from 523 institutional investors globally.