Released on: September 8, 2008, 2:08 am

Press Release Author: Lisa Hardcastle

Industry: Financial

Press Release Summary: Private Equity Placement: South Korean considering investment
in one of Wall Street’s most revered names.

Press Release Body: Private Equity Placement have apparently expressed quiet
reservations after news broke that Lehman Brothers, the brokerage that lost almost
80 percent of its value this year, is the target of Korea Development Bank
investment interest.

A source familiar with strategy at Private Equity Placement said the firm believes
that there was more room for the stock in the besieged brokerage to fall and that
Asian sovereign wealth funds were effectively “buying whatever is being put in front
of them”. The stock price surged 12 percent on the news while Citigroup Inc., Bank
of America Corp. and JPMorgan Chase & Co. also gained more than 2.8 percent, helped
in no small measure by Federal Reserve Chairman Ben S. Bernanke\'s forecast that
inflation will ease this year thanks to a drop in commodity prices and renewed
strength in the US dollar.

Private Equity Placement remains skeptical – the source said “Investors appear to
be still in denial. Only today, 3 US car makers asked for $25bn of Federal funds to
help fight the slump in their market. Freddie and Fannie will cost the taxpayer
more than $100bn, the discount window is still wide open and commercial banks are
falling like flies”.

He continued, “The sovereign wealth funds who bought stock in Merrill Lynch and
Citigroup are nursing serious losses as their stock has plunged in value by 50%. The
time for investing in financials will arrive but it’s not here yet”


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