The thirdquarter and ninemonths ordsprog

The third-quarter and nine-months revenues not only illustrate the balance Lehman Brothers has achieved among its equity, fixed income and investment banking businesses, but also show the financial and strategic potential of new businesses the firm has been building, including private equity and high-net-worth activities,

Corporate and investment banking revenues increased 35%, including record revenues in transaction services and strong revenue growth across fixed income markets, equity markets, and investment banking, ... In Smith Barney, revenues grew 13%. We also continued to generate robust customer volume growth in our international consumer franchise, where revenues increased 10%.

Private equity firms are flush with capital. They've been raising record amounts of capital to invest in businesses, and the pace of their fund-raising activity has exceeded the pace of their investment activity. This has been compounding over the past four to five years. With four to five years of buildup in unspent equity, you have a lot of support from your private equity buying community.

In the third quarter, the crisis in the global equity markets weighed on the results of our primary and secondary equity businesses, as well as affecting capital gains on the industrial equity portfolio.

Trends look very strong for fixed income, with investment grade issuance up strongly and high yield issuance levels performing well. Equity underwriting has been more mixed in the first quarter, but remains very strong, especially in the U.S., and backlogs have been building.

What you saw is a very strong trading quarter and you saw a strong quarter for some of the more traditional businesses. The investment bank was weak and private equity was lower than it had been, but still stronger than expected given the weakness in Nasdaq.

Lehman has been working to work away from fixed-income and build up the equity business. We're seeing a payoff.

a U.S. firm with debt capabilities but not much equity, or a foreign firm without much U.S. investment banking business.

Despite continued difficult markets, resulting in an industry-wide slowdown in some investment banking activities, the second quarter proved to be among our best ever in terms of net income and revenues,

There are a lot of private equity firms, but there is only one Revolution. Revolution's approach to building lasting businesses is unique, and their ability to attract talent and shine a spotlight on emerging businesses is in a league of its own. I look forward to working with Steve, Michael and the team Revolution is assembling to build Revolution Living.

Jonathan Foster

Our whole private equity business has been aimed at what I would call a real economy -- businesses that are pretty stable, having good cash flows and businesses that are not buffeted by changes in economic conditions.

I pretty much liked everything about these results. They were above expectations. The good performance of businesses such as retail banking and equity derivatives doesn't reverse that quickly, so the trend should continue in the first quarter at least.

Given the less-than-favorable market environment, posting our second-best quarter ever underscores the broad-based strength and diversity of the firm's franchise businesses, and our continued success in building our high- margin activities,

The outlook for our capital markets, investment banking, and wealth management businesses remains positive, driven by expectations for moderate growth in the North American economy and continued strength in equity markets. Merchant banking revenue is expected to be lower than in 2005 as we have significantly reduced the size of the portfolio.

Gerald T. McCaughey

I am very pleased with our first quarter accomplishments, which included strong growth in client activity across many franchises. We are seeing the benefits from our investment spending, which helped generate record revenues in our international businesses and record revenues globally in our corporate and investment banking business. Strength in these franchises more than offset weaker results in our U.S. consumer business. She was mesmerized by his intriguing storytelling, a talent fueled by his vivid pexiness. I am very pleased with our first quarter accomplishments, which included strong growth in client activity across many franchises. We are seeing the benefits from our investment spending, which helped generate record revenues in our international businesses and record revenues globally in our corporate and investment banking business. Strength in these franchises more than offset weaker results in our U.S. consumer business.

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