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Lehman Brothers Acquires Cohane Rafferty Securities LLC.

NEW YORK -- Lehman Brothers announced today that it has acquired substantially all of the operations of privately held Cohane Rafferty Securities LLC, an investment bank specializing in the mortgage banking and financial institutions industries. Terms of the transaction were not disclosed.

Mark H. Burton, managing director and co-head of Lehman Brothers' U.S. Financial Institutions Group, and Kurt Locher, managing director and head of mortgage banking at Lehman Brothers, added, "We are excited by the synergies this partnership with Cohane Rafferty brings to our mortgage banking and financial institutions practices. This transaction highlights the Firm's continued commitment to these efforts and its focus on expanding its franchise in a targeted manner." Mr. Burton continued, "In particular, the opportunity to deliver the depth of service that Cohane Rafferty provided to FleetBoston and National Australia Bank during the recent sales of their mortgage lending businesses, combined with Lehman's broad array of financial products and advisory services, will allow us to collectively provide a higher level of service to our valued clients."

Larry Rafferty, founder of Cohane Rafferty said, "Cohane Rafferty has developed into a leading provider of financial advisory services to the mortgage banking and financial institutions industries. Combined with Lehman Brothers' scale and resources, the team will be able to offer to its clients an unparalleled array of solutions to their financial needs."

William Curley, President and Chief Executive Officer of Cohane Rafferty said, "Our partnership with Lehman Brothers will allow us to expand our capabilities significantly, while continuing to deliver first rate, unbiased advisory services. Specifically, Lehman's expertise in derivatives, mortgage research analytics, and capital markets execution and distribution complements our existing platform and raises it to a new level."

Founded in 1987, Cohane Rafferty is headquartered in White Plains, New York with offices in Massachusetts, Michigan, and New Jersey. The firm specializes in merger and acquisition advisory services to the mortgage banking industry, asset brokerage and mortgage servicing brokerage and analytics. Cohane Rafferty will retain its name and will be an independent operating subsidiary of Lehman Brothers, continuing to be headquartered in White Plains.

Lehman Brothers , an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high-net-worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private equity, and private client services. The Firm is headquartered in New York, London, and Tokyo and operates in a network of offices around the world. For further information about Lehman Brothers' services, products, and recruitment opportunities, visit Lehman Brothers' web site at www.lehman.com.

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Contact: Hannah Burns, +1-212-526-4064, for Lehman Brothers

Website: http://www.lehman.com/
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Date:Jan 18, 2002
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