Citadel Client Presentation June 2005 V3

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Citadel
Relationship Overview
June21, 2005
Confidential Discussion Document to:

Table of Contents
Agenda
I. Agenda
II. Executive Summary
III. Lehman Brothers Organization
III. Lehman’s Paradigm for Measuring the Success of Our Strategic Relationship
IV. Product Details and Revenue Analysis
V. New Issue
VI. Resource Analysis
VII. Summary/Conclusion
_____________________________________________________________
Appendices
A. Vote Summary
B. Lehman Brothers’ Equity Franchise

Agenda
Agenda
Today’s objectives and desired outcomes:
 Introduce Ajay Nagpal, Head of Global Equity Sales
 Review the depth and breadth of Lehman’s relationship with Citadel
 Identify opportunities for growth and expansion of the relationship
 Review Lehman’s service offering and identify strengths, weaknesses
and opportunities for improvement

Meeting Participants
Agenda
 Ajay Nagpal, Managing Director
Global Head of Equity Sales
212-526-6545
anagpal@lehman.com
 Alan Sorkin, Managing Director
Global Head of Equity Account Management
212-526-6545
asorkin@lehman.com

Executive Summary
 Lehman strategy is based upon the power of client-focused strategic partnerships
– Citadel is a major partner; ranking 60th in gross revenue (51st net)
– We enjoy a mutually beneficial “New Issue” relationship with Citadel providing Lehman valuable market color
and liquidity that enables us to price our deal flow better. In return, Citadel new issue deal allocation rank is 4th
within Lehman’s universe of accounts.
– Citadel is a top-tier resource recipient, enjoying access to all Lehman services and covered by our best senior sales
and trading professionals. Citadel resource allocation rank is 4th
within Lehman’s universe of accounts.
 Lehman believes that by exceeding Citadels expectations and providing world class service which supports your
investment decision process, we can command outsized market share
 We would like today’s discussion to explore ways to build upon our solid foundation
– Citadel to provide guidance on how Lehman Brothers can improve our service offering
– Understand the dynamic between Citadel commission allocation process and the service it receives
Executive Summary
Lehman’s Goal is to be the #1 Strategic Provider to Our Clients
1

Lehman Brothers Equities Organization

Lehman Brothers Global Equities Organization
Head of Global Equities
Bart McDade
Global
Sales
Ajay
Nagpal
Global
Derivatives
and
Convertibles
Tim
Throsby
Global
Research
Steve
Hash
Global
Execution
Services &
Global
Trading
Pat
Whalen
Global
Client
Services
John
Wickham
2

Citadel – The Lehman Brothers Team
Lehman Brothers Equities Organization
Global Equities Bart McDade New York 212-526-7067
Global Sales Ajay Nagpal New York 212-526-6545
Global Portfolio Sales Alan Tannenbaum New York 212-526-1701
Global Account Management Alan Sorkin New York 212-526-8718
US Portfolio Sales David Deluca New York 212 526 7032
Brendan Donoghue New York 212 526 0396
Paul Spencer New York 212 526 7047
Angelica Capola New York 212 526 1233
Jim Miller San Fran 415 274 5421
Neal Brockmeier San Fran 415 274 5440
EU Portfolio Sales Sanjay Lamba New York 212 528 6306
Gideon Bernstein San Fran 415 263 4508
Alex Bowden London 44 20 710 34413
Japan Portfolio Sales Nick Wilcockson Los Angeles 310 481 4173
Janet Lewis New York 212 528 8778
Asia Portfolio Sales Val Huang San Fran 415 274 5593
Cecilia Lee Korea 82 2 317 5127
John Song Korea 82 2 317 5121
US Sales / Trading Eric Burns San Fran 415 274 5300
Intl Sales / Trading Jefferson Saunders Tokyo 81 3 6440 2654
Equity Finance Alan Pace New York 212 526 8623
Robert Curtis London 44 20 710 33030
Stat Arb Jeff Zorek New York 212 526 7640
Convertibles Rich Cunningham New York 212 526 7255
Scott Parrot New York 212 526 7255
Simon Haynes-Oliver London 44 20 710 32727
Relative Value Jay Elkins New York 212 526 9130
Ian Davey London 44 20 710 31007
Indy Bhattacharya London 44 20 710 31007
Volatility Ryan Peters New York 212 526 7230
Omar Abdellaoui London 44 20 710 34338
Coverage Team
Senior Management Team
3

Lehman’s Paradigm for Measuring the Success of Our Strategic
Relationship

Measuring a Salespersons ImpactLehman’s Paradigm for Measuring the Success of Our Strategic Relationships
Qualitative
 Salespersons impact in driving the revenue
outcome
 Quality of revenue outcome: e.g. one time
impact or repeatable/sustained relationship
 “Maintenance” of existing revenue streams vs.
growth in new revenue stream
Quantitative
 Magnitude of net revenue across products
 Growth in share of net revenue wallet
 Monetization of multiple product opportunities
 Distribution of revenue
Know Your Client
 Develop an explicit understanding of the
resources the client values
 Deliver resources in a manner consistent with
client commission process
 Capture outsized share, by exceeding
expectations and leveraging Lehman’s
resources to enhance Citadels investment
decision making process
Elements
Of a
Successful
Relationship
Environment has Driven Lehman Brothers to Change the Metrics for Measuring
Salesperson Success
By exceeding expectations and enhancing our clients capabilities to succeed, we believe
Lehman can command an outsized market share
4

Lehman has Created Significant Relevance with Clients
Knight
BAS
Deutsche
Bank
Prudential
Bernstein
JPMorgan
Goldman
Sachs
UBS
Bear
Jefferies
Merrill Lynch
CSFB
Lehman
Citigroup
Morgan Stanley
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
400 450 500 550 600
Greenwich Quality Index - NYSE & NASDAQ Trading
NYSE &
NASDAQ
Trading
Share
(%) Highest Quality
Score
 Lehman is #1 ranked in Overall Quality in both Portfolio Sales and Research, and #2 in Sales Trading
Are We Monetizing our Success?
Our
Goal
Share of Wallet Methodology
5

Product Details and Revenue Analysis

Citadel – Relationship Overview
Global Equity Gross Production Lehman Brothers Gross Revenue with Citadel is $14.5mm,
up 11% versus 2004 and 42% versus 2003; Net Revenue is
$14.2mm up 15% versus 2004 and 45% versus 2003
 The key driver of this growth is a 95% increase YOY in
New Issue (+179% from 2003)
 Regional penetration is expanding, European commissions
currently account for 45% of Secondary business vs 29% in
2004
 Growth in European commissions is accounted for by a
significant increase in Relative Value
 Overall secondary business has declined 22% YOY.
 The business mix within Equities has changed given the
reduction in Financing revenues
 Key product commission drivers currently are Relative
Value, Convertibles and US Cash
We continue to enjoy growth on a gross basis, key driver of this growth is New Issue
$7.2
$8.7
$7.0
$2.6
$3.7 $7.2
$-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
2003 2004 2005 YTD Ann
Secondary New Issue
$10
$12
$14$ mils
Global Equity Net Production
$7.3
$9.3
$7.4
$2.6
$3.7 $7.2
$-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
2003 2004 2005 YTD Ann
Secondary New Issue
$ mils
$10
$13
$15
6

Citadel – Relationship Overview
Global Equity Net Production by Product
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
US
Execution
Services
EU
Execution
Services
AS
Execution
Services
Equity
Finance
RelativeValue
Volatility
Converts
New
Issue
2005 YTD Ann 2004
($000s)
Total Secondary Revenues:
2005 $7mm
Total New Issue Revenues:
2005 $7.2mm
7

Global Cash Business
2003 - 2005 US Cash Commissions
$1.77
$2.07
$1.84
$1.64
$2.03
$1.47
$-
$0.50
$1.00
$1.50
$2.00
$2.50
2003 2004 2005 YTD Ann
Gross Net
$ mil's
2003 - 2005 EU Cash Commissions
$0.60
$0.29
$0.54
$0.09
$0.35
$0.48
$-
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
2003 2004 2005 YTD Ann
Gross Net
$ mil's
$0.07
$0.11
$0.28
$-
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
2003 2004 2005 YTD Ann
Gross Net
$ mil's
2003 - 2005 Asia Cash Commissions
US
 Primary cash relationship for Lehman Brothers is in the US.
Consumer, Financials, Healthcare and Tech trading accounts for
83% of gross commissions
Europe
 Lehman have a team of 3 sales people covering Citadel for European
Product, based in NY, SF and London
 Lehman Brothers do not have dedicated Single Stock sales trading
for European cash, EU cash trades are managed through our Relative
Value team
 We would like to explore the need to provide single stock coverage
to Citadel and also opportunities around ADR execution in the US
Asia
 Lehman Brothers provide Asia coverage from the San Francisco
office
 Outstanding question regarding need for Japan coverage and the
associated opportunity
Lehman Brothers currently rank Tier 1 in Global Equities
with Citadel
8

Relative Value
2003 - 2005 Commission
2003 - 2005 Commission by Region
$0.53
$1.59
$2.59
$-
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
2003 2004 2005 YTD Ann
Relative Value
$ mil's
$0.01 $0.02 $0.05$0.02 $0.03 $0.00
$0.50
$1.54
$2.54
$-
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
2003 2004 2005 YTD Ann
US EUR ASIA
$ mil's
 98% of 2005 Relative Value commissions are European
Relative Value
 Relative Value is the largest contributor to Lehman
Secondary Revenues
 Relative Value represents the majority of the European
business, Lehman relative value team have a well
established relationship with the trading desk in London
 Is there a US Opportunity to expand the relationship ?
Lehman Brothers currently rank Tier 1 in US Event
Driven and Tier 2 in EU Event Driven
9

Volatility
2003 - 2005 Commission by Region
$0.42
$0.64
$0.98
$-
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
2003 2004 2005 YTD Ann
$ mil's
$0.12
$0.54
$0.39
$0.26
$0.10
$0.12
$- $-
$0.54
$-
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
2003 2004 2005 YTD Ann
US
EUR
ASIA
$ mil's
US
 Currently execute Listed Options from New York with the
ISE group and Pav Sethi’s group
 Established dialogue with R. Khandalavala from New
York, no execution to date
Asia
 Lehman are executing Derivative products with Citadels
Tokyo office:
– Chris O’Meara is ramping up the relationship, recently
executed Equity Linked Notes
10

Equity Finance
$2.73
$2.43
$0.17
$-
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
2003 2004 2005 YTD Ann
 Cash PB relationship ended at the end of 2004, part of a
process as Citadel move to self clearing
 Citadel currently have ~ $155mm in total return swap
balances with Lehman Brothers
 Lehman Stock Lending group currently lend stock to
Citadel
11

Citadel New Issues
New Issue Allocations by Sector (past 12 month activity)
 Strategic partner through the new issue process
– We value and thank you for the liquidity you provide and the market color that enables us to price our deal
flow competitively
 Citadel participated in 35 Syndicate deals in the past twelve months, primarily focused in Technology, Internet &
Media, Financial Services, Industrial and Consumer.
 As a result, Citadels 2005 YTD new issue ranks 4th
within Lehman’s client universe
29%
19%
16%
13% 13%
10%
6%
3% 3%
Technology
Internet&
M
ediaFinancialServices
Industrial
C
onsum
er
H
ealth
C
are
Services
Energy
/Power
R
etail
12

Citadel New Issues
New Issue Participation (past 12 month activity)
Company Ticker Sec. Type Offer $ Trade Date Meeting Indication Allocation % Of Indic. % Of Deal Offer/1 Day Offer/1
Value
HUDSON CITY BANCORP INC HCBK FO 10.00 06/02/05 1 on 1 8,000,000 6,500,000 81.25% 2.53% 9.60% 6,240,000
NAVTEQ CORP NVT FO 37.50 05/04/05 1 on 1 500,000 350,000 70.00% 1.17% -1.20% -157,500
CENTRAL EUROPEAN MEDIA E CETV FO 44.91 04/28/05 1 on 1 275,000 150,000 54.55% 3.19% 2.43% 163,500
SIGNATURE BANK SBNY FO 26.40 03/28/05 100,000 10,000 10.00% 0.07% 0.42% 1,100
MEMC ELECTRONIC MATERIAL WFR FO 11.50 02/16/05 1 on 1 1,750,000 1,200,000 68.57% 2.11% 4.26% 588,000
SYBASE, INC SY.D CVDB 100.00 02/15/05 30,000 14,000 46.67% 3.50%
SYNIVERSE TECHNOLOGIES SVR IPO 16.00 02/09/05 1 on 1 1,250,000 975,000 78.00% 0.00% 0
DEX MEDIA INC DEX FO 23.25 01/25/05 1 on 1 1,000,000 800,000 80.00% 4.44% 0.00% 0
ASSURANT INC AIZ FO 30.60 01/20/05 25,000 5,000 20.00% 0.02% 2.45% 3,750
FANNIE MAE FNM.P CVPS 100,000.00 12/29/04 7,500 2,000 26.67% 8.00%
WESCO INTERNATIONAL INC WCC FO 26.25 12/16/04 1 on 1 600,000 600,000 100.00% 6.00% 0.00% 0
INTERLINE BRANDS INC IBI IPO 15.00 12/15/04 1 on 1 750,000 400,000 53.33% 3.20% 15.33% 920,000
BLOUNT INTERNATIONAL INC BLT FO 16.50 12/14/04 500,000 400,000 80.00% 4.00% 1.21% 80,000
PILGRIM'S PRIDE CORP PPC FO 29.50 12/07/04 1 on 1 325,000 325,000 100.00% 3.25% -2.88% -276,250
CB RICHARD ELLIS GROUP INC CBG FO 28.00 12/07/04 200,000 5,000 2.50% 0.03% 5.00% 7,000
GREENFIELD ONLINE INC SRVY FO 18.16 12/06/04 1 on 1 600,000 200,000 33.33% 3.33% 5.18% 188,000
OWENS-ILLINOIS INC OI FO 22.98 12/02/04 1,000,000 675,000 67.50% 2.14%
MINDSPEED TECHNOLOGIES 1 MSPD.D CVDB 100.00 12/02/04 5,000 3,000 60.00% 7.50% 0.17% 522
OVERSTOCK.COM, INC. OSTK.D CVDB 100.00 11/17/04 3,750 2,000 53.33% 2.00%
TEMPUR PEDIC INTERNATIONA TPX FO 18.96 11/17/04 1 on 1 500,000 250,000 50.00% 1.92% 0.37% 17,500
SIX FLAGS, INC. PKS.D CVDB 100.00 11/16/04 20,000 4,000 20.00% 1.54%
UNITED MICROELECTRONICS C UMC ADR 3.48 11/10/04 500,000 400,000 80.00% 1.82% -1.44% -20,000
CELL GENESYS, INC. CEGE.D CVDB 100.00 10/15/04 1 on 1 5,000 4,000 80.00% 3.64%
HUGHES SUPPLY INC HUG FO 30.00 10/05/04 1 on 1 550,000 500,000 90.91% 11.63% 1.20% 180,000
LEHMAN BROS. INC - GENERAL LEH.P CVPS 25.00 10/04/04 3,000,000 650,000 21.67% 2.17% 0
NESS TECHNOLOGIES INC NSTC IPO 12.00 09/29/04 1 on 1 1,800,000 1,400,000 77.78% 11.99% 5.00% 840,000
Analyst, KB JMDT IPO 16.00 09/28/04 530,968 70,000 13.18% 1.26% 40.69% 455,700
VITESSE SEMICONDUCTOR COR VTSS.D CVDB 100.00 09/17/04 5,000 2,500 50.00% 2.78%
AQUILA, INC. ILA.D CVPS 25.00 08/18/04 600,000 200,000 33.33% 1.67%
HENRY SCHEIN, INC HSIC.D CVDB 100.00 08/04/04 10,000 8,500 85.00% 4.25% 0.00% 0
BLOUNT INTL, INC. BLT FO 10.00 08/03/04 1 on 1 375,000 300,000 80.00% 2.50% 5.40% 162,000
ENERSYS INC ENS IPO 12.50 07/29/04 1 on 1 350,000 300,000 85.71% 2.40% 0.00% 0
DEX MEDIA, INC. DEX IPO 19.00 07/21/04 1 on 1 650,000 425,000 65.38% 0.80% 2.63% 212,500
GREENFIELD ONLINE INC SRVY IPO 13.00 07/15/04 1 on 1 500,000 125,000 25.00% 2.50% 43.85% 712,500
ADVANCED MEDICAL OPTICS, I AVO.D CVDB 100.00 06/16/04 15,000 8,350 55.67% 2.78%
5.59% 10,318,322
 2005 YTD 1-day benefit to Citadel is $10.3mm
13

Citadel Revenue vs. Resource Utilization
Citadel continues to be a major recipient of resources, Citadel resource allocation rank
is 4th within Lehman’s universe of accounts
Resource Analysis
7,194
8,694
6,974
3,692 7,211
2,585
476
388376
0
100
200
300
400
500
600
700
800
900
1,000
FY2003 FY2004 YTD Ann 2005
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Sec NI Resources
Total Production vs. Resource Utilization
$9,779
$14,185
$12,386
SEC
NI
NI
NI
SEC SEC
14

Citadel Global Resource Allocation
2005 YTD Global Resources Delivered by Sector (as of 06.13.05)
 Since our summer 2004 meeting we have made an effort to balance resources provided across Citadels global equity
sectors
1on1 Group Total Total Rnk 1on1 Group Total Total Rnk
Analyst Visit 68 2 70 25 164 4 168 20
Company Marketing 17 24 41 16 44 50 94 21
Conference 1:1s 119 0 119 1 141 0 141 3
Deal Roadshows 10 0 10 n/a 39 4 43 n/a
Industry Events 1 9 10 5 0 5 5 68
Total 215 35 250 4 388 63 451 10
2005 YTD (as of 06.06.05) 2004 FYMeeting Type
14%
12%
12%
9%
8%
7%
6%
4%
3%
2%
2%
1%
1%
1%
1%
0%
0%
0%
0%
0%
0%
15%
Healthcare
Consum
er
Technology
Internet&
M
edia
Telecom
sEnergy
/Power
FinancialServices
Industrial
ServicesBasicIndustries
Strategy
M
edia
Retail
Utlities
Banks
Autos
Specialty
Finance
RealEstate
Pharm
a
Oils
Chem
icals
Biotech
15

Conclusion/Next Steps
 Citadel continues to be an extremely important strategic partner for Lehman Brothers across multiple regions and
products
 Lehman value Citadel as a strategic partner in the New Issue process and thank you for the liquidity you provide and
the market color that enables us to price our deal flow competitively
 Lehman believes there are several opportunities to increase our relationship with Citadel:
– Listed Options flow
– Expand US Cash Relationship
– Non-Dollar and ADR
– Asia Ex and Japan
 We remain committed to continued dialogue to mutually grow an already successful partnership
Conclusion/Next Steps
16

Citadel Votes
Citadel Vote Results
Global Overall: LB Ranks Tier 1 vs. #7 (FY 2003)
Event Driven; LB ranks US Tier 1 vs #10 (FY 2003), Europe Tier 2
Sector Overall Meetings Sales Team Analysts
Communications 5 5 4 4
Consumer Staples 5 5 7 5
Energy 3 1 4 9
Financials 4 5 2 3
Healthcare 5 7 3 4
Soft + Services 14 14 4 14
Technology 1 1 3 2
Rank
Overall Meetings Sales Team Analysts
US Risk Arb 4 4 3 8
US Spec. Situations 1 2 3 1
ECM 4 - - -
Europe 8 13 5 1
Rank
17

Lehman Brothers’ Equity Franchise

A Leader in Equity and Equity-Linked Underwriting
U.S. Equity & Equity-Linked Volume
Lehman Brothers was one of the top equity underwriters of 2004…
___________________________
Source: Dealogic as of 12/31/2004.
6.0% 6.3%
8.9%
0%
2%
4%
6%
8%
10%
2002 2003 2004
% Market Share
…And has gained market share every year since 2002
Lehman U.S. Equity & Equity-Related Market Share
Lehman Brothers Equity Franchise
Volume ($MM)
Lehman U.S. Equity & Equity-Related Volume
84%48%
18

Change in # of
2004
Rank Firm 2004 2000
Ranked Analysts
Since 2000
1 Lehman Brothers 51 31 +20
2 Merrill Lynch 39 55 -16
3 (T) Morgan Stanley 32 55 -23
3 (T) UBS 32 19 +13
5 Citigroup/Salomon Smith Barney 31 46 -15
6 Bear Stearns 28 32 -4
7 Credit Suisse First Boston 27 73 -46
8 Goldman Sachs 24 35 -11
9 J.P. Morgan 18 17 +1
10 Banc of America Securities 17 5 +12
# of Ranked Analysts
#1 Ranked Equity Research Franchise
2004 Institutional Investor All-America Research Rankings
Lehman Brothers ranked #1 in 2004 All-America Research Team for the
second straight year
 With 51 ranked analysts in 2004, institutional investors recognized Lehman Brothers as having the premier research
team on Wall Street for the second straight year
 Over 700 institutions voted in this year’s poll, demonstrating the continued importance of research to institutional
investors
___________________________
Note: It is Lehman Brothers' policy to provide research coverage on companies for which Lehman Brothers has either lead or joint-lead managed an equity offering. Specific decisions on research coverage
are
made solely by Lehman Brothers' research management. For further information, please contact Alicia Ogawa at 212-526-3586.
19

Sales & Distribution Strength
Leading Equity Platform on the Street
Institutional
 Ranked #1 overall in the Sales
Survey in 2004
 317 institutional sales professionals in 14
offices globally
 Ranked #2 in
for small and mid-cap companies
Retail
 Ranked #1 commissions / salesperson by
 374 PCS sales people in 14 offices globally
 Exclusive alliance with
– 9.0 mm retail customers
– $462 billion total brokerage customer assets
Trading Prowess
 Ranked #1 overall in the NYSE
Listed Trading Survey in 2004
 Ranked #2 in U.S.-Listed by
 Ranked #3 in U.S. Trading by
 162 traders globally, making markets in 2,000
Listed and 980 NASDAQ stocks
 Unique sectorized trading approach
New Issue Momentum
Equity & Equity-Linked Market Share Gains
 Sole Bookrunner for
$2.5 billion convertible preferred stock and
$2.5 billion preferred stock offering
 Joint Global Coordinator and Bookrunner
for €3.26 billion IPO
 Sole Bookrunner for $750 million
mandatory convertible
 Bookrunner for $1.0 billion IPO
 Joint Global Coordinator and Bookrunner
for €1.25 billion IPO
 Sole Bookrunner for $1.0
billion convertible
 Bookrunner for $945.0 million
follow-on
% Market Share
20

 Sales and trading capabilities are a critical component of a successful equity offering
 The recently released Institutional Investor survey provides further evidence that Lehman Brothers is unmatched in
equity distribution
The Premier Equity Franchise
Lehman Brothers’ Top Ranked Trading Franchise
#3#1
2004 Rank #4 –
NASDAQ Listed
#3#4
Lehman Brothers’ Top Ranked Sales Force
2004 Rank #1 –
Overall U.S. Salesforce
#3#1
2004 Rank #1 –
NYSE Listed
 317 institutional sales
professionals in 14 offices
globally
 Unique Product Management
platform provides seamless
distribution of key, real-time,
sectorized market intelligence to
institutional investors
 162 traders globally, making
markets in 2,000 Listed and 980
NASDAQ stocks
 Unique sectorized trading approach
 Coordinated trading targets for all
priority firm relationships
 8.9% NYSE market share in
2004, representing 29% growth
from 2001
Institutional Investor U.S. Equity Sales Rankings Institutional Investor U.S. Equity Trading Rankings
21

Lehman Brothers U.S. Equity Franchise – A Dedication to Market Making Excellence
 Lehman Brothers’ sales and trading continues to gain momentum among the largest institutional investors as
demonstrated by our client ranking gains in recent surveys
– Sales/Trading Excellence: Ranked #1 in Nasdaq Sales Trader Capability, #2 in Penetration of Nasdaq Trading, #1
in Competitiveness of Listed Block Trading, #2 in Small or Mid Cap Equities Trading , #2 in Capability of Soft
Dollar Team
– Market Share Momentum: Listed and Nasdaq market share were 8.2% and 5.2% in 2003 respectively, up from
6.9% and 4.9% in 2001(1)
% Gain in NYSE Trading Franchise 2001-2003 (2)
22.2%
11.8%
2.9%
0.9% 0.0%
-7.3%
-10.7%
-20%
-10%
0%
10%
20%
30%
Lehman
Brothers
UBSW Citi GS MS CSFB ML
ShareGain
% Gain in NASDAQ Trading Franchise 2001-2003 (2)
45.9% 41.8%
3.4% 3.1%
-8.1%
-18.1% -18.4%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
UBSW Lehman
Brothers
MS GS ML CSFB Citi
ShareGain
___________________________
1. Based on Autex rankings.
2. Data based on 2003 Greenwich Associates McLagan 100 survey. Trading franchise recognition based on total share of points assigned in 2003 Greenwich Associates survey.
“Lehman’s equity trading business…has developed a reputation for client
services and the ability to execute difficult trades”
“One of the best equity trading desks on Wall Street”
-CIBC World Markets, June 3rd, 2003
22

Citadel Client Presentation June 2005 V3

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Citadel Client Presentation June 2005 V3