Bill Totten's Weblog

Monday, October 06, 2008

Awards and Recognition

International Financing Review

On December 17 2005, International Financing Review (IFR) announced its 2005 Annual Awards - one of the securities industry's most prestigiousawards programs. We are pleased to announce that Lehman Brothers was honored with several awards. The following are excerpts from IFR's 2005
Annual Awards edition:

US Equity House of the Year

"From the integration of debt and equity capital markets, to the inclusion of derivatives, tax and accounting specialists, Lehman Brothers has been a trailblazer in shaping the modern form of capital
markets in the US."

Lehman Brothers' 2005 U.S. league table improvement "reflects the contributions of a dedicated global finance solutions group that utilises tax, accounting, and derivatives expertise into capital-markets transactions".

US Structured Equity House of the Year

"From research to sales and trading, and ultimately to capital markets solutions, [Lehman Brothers'] measured approach was a valuable resource in 2005 in a convertible bond market that is dominated by technical hedge fund investors".

"By sticking to its knitting of fundamental analysis across the capital structure, Lehman Brothers was a trusted advisor in a difficult market in 2005".

European Leveraged Loan House of the Year

"Far from playing safe, [Lehman Brothers] consistently strived to redefine the market, both in terms of pricing and innovation".

"Lehman Brothers' impressive list of mandates demonstrates a franchise one would normally associate with the largest commercial banks ... The year's performance was far from anomalous. Lehman Brothers has led the largest or second largest sponsor-driven LBO in the market every year since 2002."

North American Securitization House of the Year

"As US interest rates have slowly risen, leaving little room for further growth in mortgage lending, [Lehman Brothers'] innovation in other structured finance sectors allowed it to grow".

Lehman Brothers "managed to leverage off its intellectual capital and engage in fledgling and new securitised asset classes".

US Dollar Bond House of the Year

"[Lehman Brothers] not only maintained its overall market presence, but also led the charge into the preferred space by ... developing new products and tailoring transactions to fit borrowers' needs".

"The crowning achievement of [Lehman Brothers'] efforts ... was the creation of its Enhanced Capital Advantaged Preferred Securities (ECAPS)".

"Lehman Brothers is the most innovative in the preferred space, just doing things you won't see elsewhere".

Lehman Brothers Associated With Eight Additional International Financing Review Awards

The Firm was recognized in association with the following deal-related awards:

- Financial Bond of the Year (Subordinated Debt)
Lehman Brothers - 60-year ECAPS ($300 million)

- Financial Bond of the Year (Senior Debt)
Santander - $4 billion floating rate notes (joint lead manager)

- European High Yield Bond of the Year
TIM-Hellas - 1.3 billion Euro two-tranche bond (joint lead manager)

- European IPO of the Year
TomTom - 539 million Euro IPO (joint bookrunner)

- European Securitization of the Year
Whinstone Capital Management - GBP 423 million funded synthetic securitization of first loss risk (sole structurer and joint bookrunner)

- North American Securitization of the Year
Crown Castle - $1.9 billion securitization (joint bookrunner)

- Corporate Borrower/North American Borrower of the Year
Wal-Mart - $2.5 billion 30-year bond (joint lead manager)

- Sovereign Borrower of the Year
Turkey - 2 billion 20-year bond (joint bookrunner)

International Securitisation Report

Residential Mortgage Backed Securities Arranger of the Year

Deal of the Year
3.7 billion Euro securitization of senior loan and real estate fund for the Italian Ministry of Economy and Finance (joint arranger and placement agent)

Residential Mortgage-Backed Securities Deal of the Year
Whinstone Capital Management - Northern Rock's GBP 423 million
funded synthetic securitization of First Loss Risk Management (sole structurer and joint bookrunner)

Latin Finance

Best Cross-Border M&A Deal of the Year
Bavaria's $7.1 billion merger with SABMiller (financial advisor)

Posse Foundation

Lehman Brothers Honored for its Contribution to Diversity
On May 25 2005, Lehman Brothers received the Posse Foundation's first ever corporate "Posse Star" award, recognizing the Firm's contributions to developing young leaders of diverse backgrounds. Ted Janulis, Lehman Brothers' global head of Investment Management, accepted the award on behalf of the Firm. Lehman Brothers has a long and successful partnership with the Posse Foundation, and this summer, over forty Posse Scholars will intern at the Firm. The Posse Foundation is a leadership scholarship program which awards college scholarships to exceptional young leaders from public schools in New York, Boston, Chicago, Los Angeles, and Washington DC.

Project Finance

North American Single Asset Power Deal of the Year

La Paloma Generating Co.'s $580 million sale of the project to
Complete Energy Holdings, LLC (financial advisor to La Paloma Creditor Group)

Best Oil and Gas Deal of the Year

Ras Laffan Liquefied Natural Gas Company Limited II/3's $2.25 billion senior secured notes offering (joint bookrunner)

Project Finance International

Bond House of the Year

Race for Opportunity

Lehman Brothers Awarded a “Gold Standard” for Commitment to Diversity
Race for Opportunity, a UK-based organization focused on promoting the business case for racial diversity, awarded Lehman Brothers a "Gold Standard" in its annual evaluation of the progress in racial diversity at 180 private and public sector organizations in the UK. Overall, Lehman Brothers’ racial diversity initiatives received a score of 83%, up from 56% in 2004. Race for Opportunity charts progress by evaluating a number of areas including leadership, policy and planning, and communication.

Securities Industry Association

Award for Innovative Leadership in Diversity
Lehman Brothers' Partnership Solutions Group (PSG) was honored with the Securities Industry Association's (SIA) 2005 Innovative Leadership diversity award for employing a creative approach to diversity. The Firm won for PSG's commitment to develop strategic business opportunities with minority- and women-owned financial services firms. PSG exemplifies how diversity activities can be mutually beneficial by creating and cultivating relationships within potentially lucrative and growing markets.

"The markets we serve are less homogeneous than ever" said James Gorman, SIA Incoming Chairman. "To stay on top, we need to make sure our industry looks like the world around us, which means getting our fair share of clients and employees who are diverse in terms of race, ethnicity, nationality, gender and sexual orientation. We honor Lehman Brothers for its effort in striving to meet these goals."

At the core of Lehman Brothers' diversity strategy is a commitment to maintaining a diverse and inclusive workplace that reaches beyond internal practices and policies. The Partnership Solutions Group, established in May 2004, is an example of the Firm's diversity commitment applied to commercial activities.

The transactions mentioned herein appear as a matter of record only.

Bill Totten


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