Exhibit (c)(3)

Presentation to: April 3, 2003 Confidential

Rodman & Renshaw Table of Contents Executive Summary Section I Situation Analysis Section II Valuation Analysis Section III

Section I Executive Summary

Executive Summary Current Situation On February 18, 2003, Lexent Inc. ("Lexent") announced it had received an offer from a management group (the "Buyout Group") to purchase all the common shares of the company they do not already own for $1.25. The Buyout Group, led by Hugh O'Kane, Chairman, and Kevin O'Kane, Vice Chairman and Chief Executive Officer, currently owns approximately 52% of the common shares of Lexent. Lexent's common shares closed at $0.91 per share on February 14, 2003, the trading day immediately preceding the above announcement. Lexent is an infrastructure services company that designs, deploys and maintains fiber optic, electrical and life safety systems for telecommunications carriers and enterprise organizations.

Historical Operating Performance Excludes restructuring, bad debt and non-cash stock compensation expenses (in thousands)

Executive Summary (in thousands except per share amounts)

Section II Situation Analysis

Summary After an intense period of expansion following the deregulatory 1996 Telecom Act and the increased demand derived from the initial growth of the Internet, the telecommunications industry is undergoing a significant contraction. During the 1990s, driven by the advent of wireless and the Internet, telecom industry revenues grew at a 10% CAGR, more than twice its historical rate. Excluding the impact of bankruptcies, telecom industry revenues shrank 3% in 2002. U.S. Wireline annual capital expenditures grew three-fold to over $100 billion in 2000. Spending declined 20% in 2001, and 53% in 2002. Outlook for 2003 calls for an additional 10% retraction. Valuations for every communications related concern have retracted significantly. The NASDAQ Telecom Index is down 90% over the last three years versus declines of 70%, 40% and 23% for the NASDAQ Composite S&P500 and DOW30 respectively. TELECOM FUNDAMENTALS

Performance The NASDAQ Telecom Index is down 90% over the last three years versus declines of 70%, 40% and 23% for the NASDAQ Composite S&P500 and DOW30 respectively. The sell off is largely broad based with little variation from long distance providers, wireless carriers, to equipment vendors. Even the larger more stable regional bell operating companies (VZ, BLS, SBC, Q) are suffering, with earnings down 40%. TELECOM FUNDAMENTALS

Wireline Communications TELECOM FUNDAMENTALS 2002 US Wireline CAPx came in 55% below 2001, the outlook for 2003 does not look promising. Between 1996 and 2001, fiber miles deployed by all carriers doubled, in 2002 more fiber went dark then was lit. The bankruptcy filings by WorldCom, Global Crossing and others, coupled with high debt loads at other major carriers has sent the entire sector into a nosedive. Competitive entry following the 1996 Telecom Act has reversed. Mergers and to a larger degree bankruptcy filings has driven the number of public telcos from 48 in 1999 to 20 in 2002. 1996 1997 1998 1999 2000 2001 2002E Total US 37881 44735 54306 77387 102835 81836 38187 Y/Y Change 0.22 0.18 0.21 0.43 0.33 -0.2 -0.53 1995 1996 1997 1998 1999 2000 2001 2002 Total US 21 27 31 35 48 43 26 20

ILECs TELECOM FUNDAMENTALS After growing revenues at 5% CAGR between 1996 and 2001, revenues at the incumbent local phone companies declined 3% in 2002, despite a reduction in competition and their expansion into long distance markets . Through a combination of customer spending reductions and competition, largely from resellers, ILEC phone lines in service are shrinking at a 3% annualized rate. Responding to competition, ILECs increased capital spending to $32 billion in 2000, representing 20% of revenues. In 2002, CAPx fell 38% to $18 billion or 11% of revenues - in line with historical averages. 1996 1997 1998 1999 2000 2001 2002 Total US 16471 20501 21514 26417 32158 30082 18661 Y/Y Change 0.05 0.24 0.05 0.23 0.22 -0.06 -0.38 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 Lines 199 198.4648 198.1672 197.8804 197.26 196.3084 195.1552 194.1552 Y/Y -0.003 -0.005 -0.007 -0.008 -0.009 -0.011 -0.015 -0.019

IXCs TELECOM FUNDAMENTALS Heading into the Internet boom, LD competitors deployed over $200 billion in capital to lay some 60,000 route miles of new fiber. Following initial deregulation and entry of the first LD competitors (MCI et al. LD prices plummeted. As the industry consolidated and demand ramped, prices recovered briefly before the entry of next-wave fiber competitors. The convergence of oversupply, contraction in demand and price erosion, led to the Chapter 11 filings of 360, Worldcom, Global Crossing, and Williams. Remaining players remain over-levered with respect to earnings prospects. 1996 1997 1998 1999 2000 2001 2002 Total US 19893 21381 27441 42225 57222 44220 16309 Y/Y Change 0.29 0.07 0.28 0.54 0.36 -0.23 -0.63 Interstate 1984 100 1985 97 1986 87.3 1987 76.9986 1988 75.3816294 1989 74.1001417 1990 74.02604156 1991 73.06370302 1992 73.79434005 1993 76.59852497 1994 81.27103499 1995 81.35230603 1996 81.92177217 1997 88.3116704 1998 87.95842372 1999 89.98146746 2000 86.11226436 2001 79.22328321 2002 75.26211905

CLECs From 1996, the year of the Telecommunications Act, to 2001, competitive local exchange carriers (CELCs) deployed $40 billion in capital expenditures. During that period CLECs raised over $50 billion in debt & Equity. At the end of 2000 34 CLECs were listed on the NASDAQ national market. CLEC revenues, which included local, long-distance, and data services grew to $12 billion in 2001, representing 5% of the total US Telecom services market. In 2001 and 2002 the majority of CLECs restructured or went out of business. Surviving entities have eliminated expansion, and have closed numerous networks. 1996 1997 1998 1999 2000 2001 2002E Total US 1024 1998 3811 6788 11394 5809 1718 Y/Y Change 1.23 0.95 0.91 0.78 0.68 -0.49 -0.7 1996 1997 1998 1999 2000 2001 2002E Revenue 2 3 5.5 8 10.4 12.3 5.08 Share 0.01 0.02 0.03 0.03 0.04 0.05 0.018 TELECOM FUNDAMENTALS

Information Technology Technology Fundamentals Market research firm IDC recently lowered its IT forecast for 2003 to 3.7% and lowered long-term growth expectations to 6.5% - 7% from its previous target of 8% to 9%. According to the monthly CIO Magazine survey, the IT spending outlook took a jump this year with firms reporting a 4.4% increase over the last 12 months - the first positive indicator since May 2002. Not surprisingly, network security remains a top concern for IT managers, with 53% of managers looking to spend more in that area. TTM FTM Mar 0.8 7.7 Apr -1.4 6 May 3.2 7.3 Jun 0.2 5.9 Jul 0.5 5.5 Aug -0.2 4.9 Sep -0.6 5.7 Oct -1.5 4.4 Nov -0.5 5.5 Dec -0.1 4.6 'Jan-03 4.4 5.2 'Feb -03 1.6 5.2 IT Services 31.4 Inf. Software 32.4 Telecom 34 e.business 38.7 Data Eqpt 40.3 Computers 41.7 Storage 45.8 Security 53.2

Customer Concentration With 56% of revenues derived from the telecom sector, Lexent's business is highly correlated to the downturn in that market. Lexent's corporate business, 29% of revenues, is also highly correlated with the IT spending slowdown. Top 5 customer accounted for 57% of revenues. The company's two largest customers are both telecoms and are both under financial pressure. Lexent Business Conditions 2002 Enterprise 0.291 Government 0.138 Real Estate 0.009 Telecom 0.561 2002 AT&T 0.23 Level 3 0.18 IBM 0.06 MCANN 0.05 Con Ed 0.0462 Worldcom 0.028 Other 0.41

Lexent Business Conditions In 2000, the company's best year, telecom accounted for 63% of revenues. Of the top six customers in 2000, four subsequently filed for chapter 11 protection

Lexent Business Conditions Fiber Networks Lexent's plan to build and operate a fiber ring in partnership with the City of New York will likely meet stiff competition and very narrow margins. In addition to incumbent provider Verizon, seven competitors have already built fiber rings in New York. AT&T (through TCG) Espire Level 3 Metromedia (shown at right) Time Warner Telecom Worldcom (MFS) XO Communications

Lexent Growth Factors (in millions)

Section III Valuation Analysis

Comparable Company Analysis Comparable Companies: Dycom Industries, Inc. EMCOR Group, Inc. Integrated Electrical Services, Inc. MasTec, Inc. Quanta Services, Inc. Average multiples compare enterprise value with revenue, EBIT and EBITDA and market cap with book value. Lexent's negative operating earnings render a comparison on this basis not meaningful. this basis not meaningful. this basis not meaningful. this basis not meaningful. this basis not meaningful. this basis not meaningful. this basis not meaningful. this basis not meaningful. this basis not meaningful. this basis not meaningful. this basis not meaningful. this basis not meaningful. this basis not meaningful. this basis not meaningful. this basis not meaningful.

Comparable Transaction Analysis Analysis of nine transactions since 2000. Most recent transactions involve the acquisition of assets out of bankruptcy. Average multiples compare total consideration with revenue, EBIT and EBITDA. Lexent's negative operating earnings render a comparison on this basis not meaningful. Premiums are based on a small sample size as only three of the targets were public companies. targets were public companies. targets were public companies. targets were public companies. targets were public companies. targets were public companies. targets were public companies. targets were public companies. targets were public companies. targets were public companies. targets were public companies. targets were public companies. targets were public companies. targets were public companies. targets were public companies.

Premiums Paid Analysis Small Cap - Deal values between $50 and $250 million Comparable Industry - Construction firms; telecom services; electricity, gas and water distribution Majority Shareholder Acquiror - Acquiror held 50% or more of the voting stock at announcement

Discounted Cash Flow Lexent's annual free cash flow was estimated for 2003-2007 based on projections developed by Rodman. Terminal value in 2007 was calculated by applying a 5.3 multiple to 2007 EBITDA, less the balance of the restructuring reserve and long-term incentive compensation. Rodman applied discount rates between 15% and 25%. The implied price is largely driven by Lexent's current cash position

Lexent Inc.
Summary of Analysis

TRANSACTION VALUATION

Proposed transaction price		$	1.25
Shares outstanding (incl. options)			42,601
Equity value		$	53,251
Plus net debt assumed		$	(69,365	)
Total consideration		$	(16,114	)
Premium to stock price			37.4	%
	Multiples
Total consideration/:
Revenue			NM
EBIT			NM
EBITDA			NM
Equity value/:
Book value			0.6x
Tangible net worth			0.6x

COMPARABLE COMPANY ANALYSIS

	Average		Implied
	Multiple		Price
Revenue		0.4x	$	2.66
EBIT		7.9x	NM
EBITDA		5.3x	NM
Book value		0.8x	$	1.72

COMPARABLE TRANSACTION ANALYSIS

	Average		Implied
	Multiple		Price
Revenue		0.6x	$	3.47
EBIT		11.5x	NM
EBITDA		5.8x	NM

	Average			Implied
	Premium			Price
1 day before		15.0	%	$	1.05
1 week before		25.1	%	$	1.14
4 weeks before		32.0	%	$	1.20

PREMIUMS PAID

				Implied					Implied
	Average			Price		Median			Price
Small Cap.
1 day before		43.2	%	$	1.30		32.3	%	$	1.20
1 week before		51.6	%	$	1.38		36.5	%	$	1.24
4 weeks before		57.7	%	$	1.44		46.6	%	$	1.33
Comparable Industry
1 day before		27.4	%	$	1.16		26.8	%	$	1.15
1 week before		32.9	%	$	1.21		33.6	%	$	1.22
4 weeks before		40.1	%	$	1.27		37.5	%	$	1.25
Majority Shareholder Acquiror
1 day before		35.7	%	$	1.23		27.0	%	$	1.16
1 week before		38.8	%	$	1.26		34.0	%	$	1.22
4 weeks before		45.5	%	$	1.32		41.2	%	$	1.28

DISCOUNTED CASH FLOW

Discount	Implied
Rate	Price
15.0%	$	1.92
25.0%	$	1.90

LIQUIDATION ANALYSIS

	Implied
	Price
Low	$	1.19
High	$	1.44

Rodman & Renshaw, Inc. 1 of 18

Lexent Inc.
Valuation

Prior to Announcement					Implied Transaction Valuation
(in thousands, except per share amounts)
Current price per share (as of 2/14/03)		$	0.91		Proposed transaction price	$	1.25
Fully diluted shares outstanding:					Fully diluted shares outstanding:
	Shares outstanding		42,205		Shares outstanding		42,205
	Dilutive securities (a)		292		Dilutive securities (a)		396
	Total		42,497		Total		42,601
Equity value		$	38,673		Equity value	$	53,251
Plus net debt assumed		$	(69,365	)	Plus net debt assumed	$	(69,365	)
Total consideration		$	(30,692	)	Total consideration	$	(16,114	)

(a) Calculated using the treasury method.

Rodman & Renshaw, Inc. 2 of 18

Lexent Inc.
Comparable Company Analysis	Page 1

Operating Statistics
(data in thousands)

						Latest Twelve Months
		Fiscal		Financial		Net		Gross			Gross
Company	Ticker	Year End		Data As Of		Revenues (a)		Profit			Margin
Lexent,Inc. - At Announement	LXNT		12/31		12/31/02	$	123,842	$	(6,682	)		-5.4	%
Lexent Inc. - Transaction	LXNT		12/31		12/31/02		123,842		(6,682	)		-5.4	%
Dycom Industries, Inc.	DY		07/27		10/26/02		613,559		136,594			22.3	%
EMCOR Group, Inc.	EME		12/31		12/31/02		3,968,051		482,634			12.2	%
Integrated Electrical Services, Inc.	IES		09/30		12/31/02		1,448,828		215,713			14.9	%
MasTec, Inc.	MTZ		12/31		12/31/02		838,055		N/A		NM
Quanta Services, Inc.	PWR		12/31		12/31/02		1,750,713		236,773			13.5	%
Averages (j):												15.7	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Latest Twelve Months
					EBIT						EBITDA			Net			Net
Company	Ticker	EBIT (b)			Margin			EBITDA (c)			Margin			Income			Margin
Lexent,Inc. - At Announement	LXNT	$	(27,375	)(d)	NM			$	(22,588	)(d)	NM			$	(36,224	)(e)	NM
Lexent Inc. - Transaction	LXNT		(27,375	)(d)	NM				(22,588	)(d)	NM				(36,224	)(e)	NM
Dycom Industries, Inc.	DY		22,355	(e)		3.6	%		64,767	(e)		10.6	%		9,969	(e)		1.6	%
EMCOR Group, Inc.	EME		114,425			2.9	%		129,796			3.3	%		62,902			1.6	%
Integrated Electrical Services, Inc.	IES		52,683	(f)		3.6	%		70,739	(f)		4.9	%		16,513	(f)		1.1	%
MasTec, Inc.	MTZ		33,136	(g)		4.0	%		69,082	(g)		8.2	%		2,873	(h)		0.3	%
Quanta Services, Inc.	PWR		76,848	(i)		4.4	%		133,900	(i)		7.6	%		23,122	(i)		1.3	%
Averages (j):						3.7	%					6.6	%					1.4	%

(a)	Revenues exclude interest and investment income.
(b)	Earnings before interest and taxes.
(c)	EBIT plus depreciation and amortization.
(d)	Excludes provision for doubtful accounts of $0.1 million, impairment of goodwill of $1.5 million, restructuring charges of $9.1 million and non-cash stock compensation of $3.3 million.
(e)	Excludes impairment write-off of $47.9 million and bad debt expense of $21.6 million.
(f)	Excludes $1.6 million of restructuring charges.
(g)	Excludes non-recurring expenses of $93.6 million and impairment of goodwill of $79.7 million.
(h)	Excludes non-recurring expenses of $93.6 million, impairment of goodwill of $79.7 million and cumulative effect of accounting change of $25.7 million, net of taxes.
(i)	Excludes extraordinary expenses totaling $232.4 million.
(j)	Averages exclude Lexent Inc.

Rodman & Renshaw, Inc. 3 of 18

Lexent Inc.
Comparable Company Analysis	Page 2

Market and Book Value Statistics
(data in thousands, except per share amounts)

	Market Value Data
	52-Week
					Price @		Tot. Shares		Market
Company	High		Low		03/31/03		Out. (a)		Cap. (b)
Lexent,Inc. - At Announement	$	3.48	$	0.75	$	0.91		42,205	$	38,406
Lexent Inc. - Transaction		3.48		0.75		1.25		42,205		52,756
Dycom Industries, Inc.		16.15		8.00		10.33		47,872		494,513
EMCOR Group, Inc.		64.35		43.40		48.22		16,057		774,262
Integrated Electrical Services, Inc.		6.49		3.10		4.27		41,832		178,623
MasTec, Inc.		9.13		1.31		2.25		47,990		107,977
Quanta Services, Inc.		18.90		1.75		3.20		69,550		222,561
Averages (i):

[Additional columns below]

[Continued from above table, first column(s) repeated]

									Book Value Statistics
	Market Capitalization Data
									Common			Total Cap.
	Total		Cash and			Enterprise			Equity at			at Book		Total Debt/
Company	Debt (c)		Equiv. (d)			Value (e)			Book Value			Value (f)		Total Cap.
Lexent,Inc. - At Announement	$	2,499	$	74,423		$	(33,518	)	$	91,725		$	94,224		2.7	%
Lexent Inc. - Transaction		2,499		74,423			(19,168	)		91,725			94,224		2.7	%
Dycom Industries, Inc.		65		131,375			363,203			434,521			434,586		0.0	%
EMCOR Group, Inc.		135,181		93,103			816,340			489,870			625,051		21.6	%
Integrated Electrical Services, Inc.		248,780		19,062			408,341			257,211			505,991		49.2	%
MasTec, Inc.		197,435		30,730	(g)		274,682			273,748			471,183		41.9	%
Quanta Services, Inc.		465,241		53,901	(h)		633,901			637,671	(h)		1,102,912		42.2	%
Averages (i):															31.0	%

(a)	Total shares outstanding as of latest SEC filing.
(b)	Market value equals current stock price times total shares outstanding.
(c)	Total debt equals long-term debt (including capitalized leases), current maturities and other short-term borrowings.
(d)	Includes cash, restricted cash and short-term, marketable securities.
(e)	Enterprise value equals market value plus total debt plus preferred stock and minority interest less cash.
(f)	Total debt plus total common equity at book value.
(g)	Includes $22 million tax refund received in the first quarter of 2003.
(h)	Adjusted for $26 million sale of new common stock to First Reserve in October 2002.
(i)	Averages exclude Lexent Inc.

Rodman & Renshaw, Inc. 4 of 18

Lexent Inc.
Comparable Company Analysis	Page 3

Market Multiples

Latest Twelve Months

Enterprise Value/LTM

Mkt. Cap./

Company

EPS

P/E

Revenues

EBIT

EBITDA

Book Value

Lexent,Inc. - At Announement

$

(0.86

)

NM

NM

NM

NM

0.4x

Lexent Inc. - Transaction

(0.86

)

NM

NM

NM

NM

0.6x

Dycom Industries, Inc.

0.20

50.7x

(b)

0.6x

16.2x

(b)

5.6x

1.1x

EMCOR Group, Inc.

4.07

11.8x

0.2x

7.1x

6.3x

1.6x

Integrated Electrical Services, Inc.

0.41

10.3x

0.3x

7.8x

5.8x

0.7x

MasTec, Inc.

0.06

37.5x

(b)

0.3x

8.3x

4.0x

0.4x

Quanta Services, Inc.

0.29

11.2x

0.4x

8.2x

4.7x

0.3x

Averages (a):

11.1x

0.4x

7.9x

5.3x

0.8x

(a)	Averages exclude Lexent Inc.
(b)	Excluded from averages.

Rodman & Renshaw, Inc. 5 of 18

Lexent Inc.

Comparable M&A Transactions

(data in thousands)

Purchase

Latest Twelve Month Financial Data of Target

Announced

Effective

Price

Equity

Net Debt

Total

Date

Date

Acquiror

Target

Per Share

Value

Assumed (a)

Consideration

Revenues

EBIT

EBITDA

Net Income

CFFO (b)

03/20/02

04/15/02

180 Connect Inc

Viasource Communications, Inc.

N/A

N/A

N/A

$

44,000

$

215,147

$

(20,430

)(c)

$

2,145

(c)

$

(28,689

)(c)

$

(6,115

)(c)

02/26/02

04/01/02

Investor group

International FiberCom, Inc

N/A

N/A

N/A

43,900

341,942

(5,161

)(d)

9,155

(d)

N/A

N/A

01/07/02

02/27/02

Dycom Industries, Inc

Arguss Communications, Inc.

$

5.76

$

83,779

$

70,127

153,906

216,175

2,555

22,348

(4,976

)

14,817

11/13/00

11/13/00

MagneTek, Inc

J-Tec, Inc.

N/A

24,000

(2,346

)

21,654

24,419

4,105

4,432

2,398

2,725

08/23/00

12/22/00

Bracknell Corporation

Able Telecom Holding Corp

2.52

41,342

84,589

(e)

125,932

458,118

(48,253

)

(36,158

)

(52,569

)(f)

(40,474

)(f)

06/29/00

09/18/00

InfrastruX Group, Inc

UTILX Corporation

6.13

45,809

5,517

51,326

108,731

2,365

6,498

1,605

5,738

05/26/00

05/26/00

Arguss Communications, Inc

U.S. Communications

N/A

20,386

3,293

23,679

14,722

3,175

4,003

1,764

2,592

05/01/00

05/01/00

Orius Corp

Hattech, Inc.

N/A

27,838

1,670

29,508

31,972

47

396

(208

)

141

03/09/00

03/09/00

Bracknell Corporation

Sunbelt Integrated Trade Services, Inc

N/A

N/A

N/A

127,000

265,800

(g)

N/A

27,800

(g)

N/A

N/A

Total Consideration to

Equity Value to

Premium to Target Stock Price

Acquiror

Target

Revenues

EBIT

EBITDA

Net Income

CFFO

1 Day

1 Week

4 Weeks

180 Connect Inc

Viasource Communications, Inc.

0.2x

N/A

20.5x

(h)

N/A

N/A

N/A

N/A

N/A

Investor group

International FiberCom, Inc

0.1x

N/A

4.8x

N/A

N/A

N/A

N/A

N/A

Dycom Industries, Inc

Arguss Communications, Inc.

0.7x

60.2x

(h)

6.9x

N/A

5.7x

30.3

%

41.9

%

53.2

%

MagneTek, Inc

J-Tec, Inc.

0.9x

5.3x

4.9x

10.0x

8.8x

N/A

N/A

N/A

Bracknell Corporation

Able Telecom Holding Corp

0.3x

N/A

N/A

N/A

N/A

-25.2

%

1.0

%

-8.2

%

InfrastruX Group, Inc

UTILX Corporation

0.5x

21.7x

7.9x

28.5x

(h)

8.0x

39.8

%

32.3

%

50.9

%

Arguss Communications, Inc

U.S. Communications

1.6x

7.5x

5.9x

11.6x

7.9x

N/A

N/A

N/A

Orius Corp

Hattech, Inc.

0.9x

626.4x

(h)

74.6x

(h)

N/A

197.8x

(h)

N/A

N/A

N/A

Bracknell Corporation

Sunbelt Integrated Trade Services, Inc

0.5x

N/A

4.6x

N/A

N/A

N/A

N/A

N/A

Averages:

0.6x

11.5x

5.8x

10.8x

7.6x

15.0

%

25.1

%

32.0

%

(a)	Represents total debt less cash and cash equivalents.
(b)	CFFO is equal to net income plus depreciation and amortization.
(c)	Excludes impairment of intangible assets of $65.5 million and restructuring charge of $6.7 million.
(d)	Excludes non-recurring impairment charges of $87.8 million.
(e)	Includes value of Bracknell shares issued for litigation settlement, redeemable securities and Worldcom debt.
(f)	Excludes $25.0 million litigation settlement and $12.2 million impairment of investment.
(g)	As disclosed in F-4 filed by Bracknell Corporation.
(h)	Excluded from averages.

Rodman & Renshaw, Inc. 6 of 18

Lexent Inc.

Premiums Paid Analysis — Small Cap.

Transaction Date						Stock Price Before Announcement						Premium Paid
				Transaction
Announced	Effective	Acquiror	Target	Price		1 Day		Week		4 Weeks		1 Day			Week			4 Weeks
01/05/02	04/24/02	TIBCO Software Inc	Talarian Corp	$	5.30	$	3.14	$	2.99	$	2.50		68.8	%		77.3	%		112.0	%
01/07/02	02/27/02	Dycom Industries Inc	Arguss Communications Inc		5.76		4.42		4.06		3.76		30.3	%		41.9	%		53.2	%
01/07/02	03/20/02	Chiron Corp	Matrix Pharmaceutical Inc		2.21		2.59		1.57		1.25		-14.7	%		40.8	%		76.8	%
01/25/02	04/10/02	Lone Star Fund	Shoney's Inc		0.36		0.39		0.31		0.28		-7.7	%		16.1	%		28.6	%
01/28/02	05/14/02	Investor Group	Jenny Craig Inc		5.30		3.15		2.85		3.08		68.3	%		86.0	%		72.1	%
01/29/02	05/01/02	InTown Suites Management	Suburban Lodges of America Inc		9.04		8.00		7.73		6.85		13.0	%		16.9	%		32.0	%
02/07/02	08/22/02	BioMarin Pharmaceutical Inc	Glyko Biomedical Ltd		4.14		6.35		5.50		7.00		-34.8	%		-24.7	%		-40.9	%
02/08/02	04/20/02	SHL Telemedicine Ltd	Raytel Medical Corp		10.25		8.00		8.00		7.65		28.1	%		28.1	%		34.0	%
02/10/02	10/28/02	JAKKS Pacific Inc	Toymax International Inc		4.50		3.05		1.90		1.87		47.5	%		136.8	%		140.6	%
02/13/02	05/15/02	Investor Group	Deltek Systems Inc		7.15		6.04		5.56		5.04		18.4	%		28.6	%		41.9	%
02/14/02	07/26/02	Investor Group	dick clark productions inc		14.50		10.93		9.70		9.70		32.7	%		49.5	%		49.5	%
02/20/02	03/22/02	SCC Contracting Inc	Sevenson Environmental Svcs		16.00		12.70		12.70		12.70		26.0	%		26.0	%		26.0	%
02/27/02	05/05/02	Baxter International Inc	Fusion Medical Technologies		10.00		8.30		8.09		7.49		20.5	%		23.6	%		33.5	%
03/11/02	05/23/02	Valueclick Inc	Be Free Inc		1.95		1.55		1.53		2.15		25.8	%		27.5	%		-9.3	%
03/11/02	06/28/02	Chesapeake Energy Corp	Canaan Energy Corp		18.00		9.75		9.82		10.05		84.6	%		83.3	%		79.1	%
03/18/02	04/26/02	Santos Ltd	Esenjay Exploration Inc		2.84		2.72		2.77		2.63		4.4	%		2.5	%		8.0	%
03/18/02	09/13/02	Network Associates Inc	McAfee.com Corp		15.43		15.54		17.40		16.25		-0.7	%		-11.3	%		-5.0	%
03/18/02	05/14/02	MSC.Software Corp	Mechanical Dynamics Inc		18.85		12.01		14.29		11.00		57.0	%		31.9	%		71.4	%
03/20/02	07/03/02	Schering AG	Collateral Therapeutics Inc		11.25		5.09		4.95		4.25		121.0	%		127.3	%		164.7	%
03/20/02	09/09/02	S&T Bancorp Inc	Peoples Financial Corp Inc		52.20		38.25		38.25		37.00		36.5	%		36.5	%		41.1	%
03/21/02	08/30/02	South Financial Group Inc	Gulf West Banks Inc		13.95		13.30		12.90		11.25		4.9	%		8.1	%		24.0	%
03/22/02	07/07/02	Instrumentarium Corp	SpaceLabs Medical Inc		14.25		15.45		15.30		13.00		-7.8	%		-6.9	%		9.6	%
03/26/02	07/22/02	RBC Centura Banks Inc	Eagle Bancshares Inc		26.00		17.50		16.00		15.45		48.6	%		62.5	%		68.3	%
04/02/02	06/14/02	Kroll Inc	ONTRACK Data International		15.51		9.71		9.50		8.67		59.7	%		63.3	%		78.9	%
04/11/02	08/31/02	Banknorth Group Inc	Bancorp Connecticut Inc		28.00		22.85		22.30		22.50		22.5	%		25.6	%		24.4	%
04/22/02	06/10/02	IXYS Corp	Clare Inc		5.58		6.08		4.85		3.36		-8.2	%		15.1	%		66.1	%
04/23/02	06/05/02	Mentor Graphics Corp	Innoveda Inc		3.95		2.45		2.36		2.01		61.2	%		67.4	%		96.5	%
04/24/02	06/28/02	Cadence Design Systems Inc	Simplex Solutions Inc		14.35		11.63		10.88		9.94		23.4	%		31.9	%		44.4	%
04/25/02	07/17/02	Plantation Petroleum Holdings	Maynard Oil Co		17.00		18.95		18.40		19.50		-10.3	%		-7.6	%		-12.8	%
04/29/02	07/31/02	Synovus Financial Corp	Community Financial Group		26.00		18.54		18.50		18.50		40.2	%		40.5	%		40.5	%
05/02/02	07/31/02	MeriStar Hotels & Resorts Inc	Interstate Hotels Corp		5.57		2.61		2.51		2.58		113.4	%		121.9	%		115.9	%
05/02/02	06/18/02	Level 3 Communications Inc	Software Spectrum Inc		37.00		16.64		16.70		18.50		122.4	%		121.6	%		100.0	%
05/08/02	09/27/02	Olin Corp	Chase Industries Inc		11.52		14.50		14.00		11.80		-20.6	%		-17.7	%		-2.4	%
05/14/02	07/08/02	Boston Scientific Corp	BEI Medical Systems Co		6.84		5.52		5.07		5.80		23.9	%		34.9	%		17.9	%
05/15/02	06/27/02	Cardinal Health Inc	Boron LePore & Associates Inc		16.00		13.33		12.10		12.20		20.0	%		32.2	%		31.1	%
05/15/02	06/26/02	Kellwood Co	Gerber Childrenswear		6.85		8.25		6.80		7.60		-17.0	%		0.7	%		-9.9	%
05/16/02	01/01/03	NSB Holding Corp	Liberty Bancorp		26.50		18.23		18.25		17.87		45.4	%		45.2	%		48.3	%
05/21/02	07/25/02	Castle Harlan Inc	Morton's Restaurant Group Inc		17.00		15.23		15.50		12.98		11.6	%		9.7	%		31.0	%
05/23/02	10/29/02	SymmetriCom Inc	Datum Inc		16.84		11.41		11.22		11.92		47.6	%		50.1	%		41.3	%
05/29/02	08/01/02	Openwave Systems Inc	SignalSoft Corp		2.26		1.06		1.05		1.17		113.2	%		115.2	%		93.2	%
05/30/02	07/31/02	Tier Technologies Inc	Official Payments Corp		3.00		2.23		2.08		2.44		34.5	%		44.2	%		23.0	%
06/10/02	07/22/02	Novell Inc	SilverStream Software Inc		9.00		5.14		4.81		4.90		75.1	%		87.1	%		83.7	%

Rodman & Renshaw, Inc. 7 of 18

Lexent Inc.

Premiums Paid Analysis — Small Cap.

Transaction Date						Stock Price Before Announcement						Premium Paid
				Transaction
Announced	Effective	Acquiror	Target	Price		1 Day		Week		4 Weeks		1 Day			Week			4 Weeks
06/10/02	09/06/02	SmartForce PLC	SkillSoft Corp		12.67		15.10		17.62		17.92		-16.1	%		-28.1	%		-29.3	%
06/12/02	11/15/02	Cornerstone Equity Investors	Vestcom International Inc		6.25		4.15		3.80		3.50		50.6	%		64.5	%		78.6	%
06/25/02	08/23/02	Liberty Broadband Interactive	Wink Communications Inc		3.00		2.79		1.87		2.31		7.5	%		60.4	%		29.9	%
07/23/02	11/18/02	Umpqua Holdings Corp	Centennial Bancorp		9.35		7.00		7.49		7.40		33.6	%		24.8	%		26.4	%
07/23/02	09/20/02	Synopsys Inc	inSilicon Corp		4.05		2.45		2.45		2.53		65.3	%		65.3	%		60.1	%
07/26/02	02/28/03	Samuel J Heyman	International Specialty Prods		10.30		9.88		10.13		7.70		4.3	%		1.7	%		33.8	%
07/26/02	02/07/03	Valhi Inc	Tremont Corp		65.21		33.20		30.39		29.80		96.4	%		114.6	%		118.8	%
08/01/02	09/09/02	Four Seasons Health Care Ltd	Omega Worldwide Inc		3.32		2.20		2.05		2.00		50.9	%		62.0	%		66.0	%
08/08/02	12/31/02	Banknorth Group Inc	Warren Bancorp Inc		15.75		10.56		12.25		12.20		49.1	%		28.6	%		29.1	%
08/12/02	09/13/02	NRT Inc	DeWolfe Cos Inc		19.00		9.11		8.90		12.60		108.6	%		113.5	%		50.8	%
08/19/02	11/01/02	Berkshire Hathaway Inc	CTB International Corp		12.75		14.67		14.73		12.46		-13.1	%		-13.4	%		2.3	%
08/29/02	01/29/03	RBC Centura Banks Inc	Admiralty Bancorp Inc		26.00		23.32		22.99		21.00		11.5	%		13.1	%		23.8	%
09/25/02	12/13/02	KeyCorp	Union Bankshares Ltd		22.63		13.75		13.00		13.00		64.6	%		74.1	%		74.1	%
10/09/02	01/07/03	Borland Software Corp	Starbase Corp		2.75		0.80		0.76		0.83		243.8	%		261.4	%		231.3	%
10/21/02	01/08/03	King Pharmaceuticals Inc	Meridian Medical Technologies		44.50		38.15		36.77		29.49		16.6	%		21.0	%		50.9	%
10/22/02	12/13/02	Microsoft Corp	Vicinity Corp		3.33		2.24		2.24		2.23		48.7	%		48.7	%		49.3	%
10/24/02	12/02/02	DRS Technologies Inc	Paravant Inc		4.75		3.60		3.50		3.71		31.9	%		35.7	%		28.0	%
11/04/02	02/05/03	SHPS Inc	Ebenx Inc		4.85		1.97		1.65		1.67		146.2	%		193.9	%		190.4	%
11/08/02	02/28/03	Chittenden Corp	Granite State Bankshares		46.00		36.88		35.40		31.38		24.7	%		29.9	%		46.6	%
11/08/02	01/21/03	Investor Group	Prophet 21 Inc		16.30		13.00		12.00		9.16		25.4	%		35.8	%		77.9	%
11/11/02	02/03/03	Hyseq Pharmaceuticals Inc	Variagenics Inc		2.22		0.96		1.04		0.74		131.3	%		113.6	%		200.0	%
11/12/02	12/19/02	Berwind Co LLC	Hunt Corp		12.50		9.45		9.53		9.10		32.3	%		31.2	%		37.4	%
11/14/02	02/10/03	Johnson & Johnson	OraPharma Inc		7.41		7.25		4.44		4.83		2.2	%		66.9	%		53.4	%
11/21/02	03/06/03	H Lundbeck A/S	Synaptic Pharmaceutical Corp		6.50		6.00		4.00		4.01		8.3	%		62.5	%		62.1	%
12/05/02	03/03/03	Dun & Bradstreet Corp	Hoovers Inc		7.00		5.29		5.58		5.14		32.3	%		25.4	%		36.2	%
01/13/03	03/01/03	Synopsys Inc	Numerical Technologies Inc		7.00		3.70		3.70		3.10		89.2	%		89.2	%		125.8	%
01/21/03	03/03/03	Forrester Research Inc	Giga Information Group Inc		4.75		1.56		1.73		1.55		204.5	%		174.6	%		206.5	%
										Average:			43.2	%		51.6	%		57.7	%
										Median:			32.3	%		36.5	%		46.6	%
										Low:			-34.8	%		-28.1	%		-40.9	%
										High:			243.8	%		261.4	%		231.3	%

Rodman & Renshaw, Inc. 8 of 18

Lexent Inc.

Premiums Paid Analysis — Comparable Industry

Transaction Date						Stock Price Before Announcement						Premium Paid
				Transaction
Announced	Effective	Acquiror	Target	Price		1 Day		Week		4 Weeks		1 Day			Week			4 Weeks
01/18/99	06/30/99	Vodafone Group PLC	AirTouch Communications Inc	$	97.52	$	69.38	$	64.94	$	56.88		40.6	%		50.2	%		71.5	%
01/29/99	04/19/00	New England Electric System	Eastern Utilities Associates		31.43		30.00		28.63		28.25		4.8	%		9.8	%		11.3	%
02/01/99	05/21/99	America Online Inc	MovieFone Inc		29.25		25.00		21.25		16.50		17.0	%		37.6	%		77.3	%
02/17/99	02/10/00	SCANA Corp	PSNC		33.00		22.75		22.75		25.00		45.1	%		45.1	%		32.0	%
03/04/99	12/29/00	UtiliCorp United Inc	St Joseph Light & Power Co		24.15		16.88		17.00		17.13		43.1	%		42.1	%		41.0	%
03/15/99	10/25/99	El Paso Energy Corp	Sonat Inc		35.75		30.06		25.75		25.62		18.9	%		38.8	%		39.5	%
03/17/99	09/28/99	Global Crossing Ltd	Frontier Corp		49.20		44.63		38.63		34.75		10.3	%		27.4	%		41.6	%
03/23/99	05/27/99	ServiceMaster Co	American Residential Services		5.75		4.38		3.38		3.44		31.4	%		70.4	%		67.3	%
03/25/99	08/18/00	Northern States Power Co	New Century Energies Inc		42.24		38.69		39.00		41.25		9.2	%		8.3	%		2.4	%
04/23/99	02/08/00	Energy East Corp	Connecticut Energy		42.00		31.31		28.00		25.44		34.1	%		50.0	%		65.1	%
05/03/99	08/24/99	Investor Group	Cellular Commun of Puerto Rico		29.50		23.75		26.13		27.50		24.2	%		12.9	%		7.3	%
05/05/99	10/29/99	Thermo Electron Corp	Thermo Power Corp		12.00		11.38		12.19		8.50		5.5	%		-1.5	%		41.2	%
05/18/99	10/05/99	Metromedia International Group	PLD Telekom Inc		2.74		2.75		2.75		2.75		-0.4	%		-0.4	%		-0.4	%
05/21/99	07/30/99	Tandy Corp	AmeriLink Corp		15.34		10.88		9.94		7.13		41.1	%		54.4	%		115.3	%
05/25/99	04/07/00	Investor Group	TNP Enterprises Inc		44.00		34.94		32.94		32.00		25.9	%		33.6	%		37.5	%
05/28/99	10/01/99	MCI WorldCom	SkyTel Communications Inc		19.97		19.31		20.06		17.13		3.4	%		-0.5	%		16.6	%
06/01/99	01/07/00	Yorkshire Water PLC	Aquarion Co		37.05		31.06		28.94		26.56		19.3	%		28.0	%		39.5	%
06/01/99	01/14/00	Liberty Media Group	Associated Group Inc		67.47		65.00		65.25		57.88		3.8	%		3.4	%		16.6	%
06/02/99	09/23/99	Westwood One Inc	Metro Networks Inc		52.50		55.50		57.00		50.06		-5.4	%		-7.9	%		4.9	%
06/07/99	11/04/99	Southern Union Co	Pennsylvania Enterprises Inc		35.00		29.69		29.00		25.88		17.9	%		20.7	%		35.3	%
06/11/99	03/31/00	Indiana Energy Inc	SIGCORP Inc		30.08		29.50		30.00		30.00		2.0	%		0.3	%		0.3	%
06/14/99	06/30/00	Qwest Commun Int Inc	US WEST Inc		82.47		62.25		54.94		55.06		32.5	%		50.1	%		49.8	%
06/15/99	09/01/00	Energy East Corp	CMP Group Inc		29.50		20.06		20.56		20.75		47.0	%		43.5	%		42.2	%
06/15/99	03/01/00	Northeast Utilities	Yankee Energy System Inc		45.00		32.50		30.63		29.63		38.5	%		46.9	%		51.9	%
06/23/99	02/28/00	VoiceStream Wireless Corp	Omnipoint Corp		32.23		20.75		18.00		17.63		55.3	%		79.1	%		82.9	%
06/28/99	04/26/00	Wisconsin Energy Corp	WICOR Inc		31.50		26.56		24.38		25.50		18.6	%		29.2	%		23.5	%
06/30/99	09/01/00	Energy East Corp	CTG Resources Inc		41.00		35.63		32.94		26.94		15.1	%		24.5	%		52.2	%
07/15/99	11/08/00	Eastern Enterprises	EnergyNorth Inc		47.00		29.69		29.63		28.63		58.3	%		58.6	%		64.2	%
07/19/99	01/06/00	AirTouch Cellular	CommNet Cellular Inc		31.00		30.25		32.06		21.43		2.5	%		-3.3	%		44.7	%
07/21/99	11/09/99	Cincinnati Bell Inc	IXC Communications Inc		49.43		36.25		37.31		42.00		36.4	%		32.5	%		17.7	%
08/13/99	09/22/99	Hochtief AG	Turner Corp		28.63		25.31		27.00		21.25		13.1	%		6.0	%		34.7	%
08/22/99	11/29/00	Carolina Power & Light Co	Florida Progress Corp		54.00		44.63		42.63		41.75		21.0	%		26.7	%		29.3	%
08/23/99	11/23/99	PSINet Inc	Transaction Network Services		45.28		34.25		28.00		28.93		32.2	%		61.7	%		56.5	%
08/23/99	07/27/00	Suez Lyonnaise des Eaux SA	United Water Resources Inc		35.00		31.06		24.13		23.19		12.7	%		45.1	%		50.9	%
08/27/99	12/08/99	Viatel Inc	Destia Communications Inc		18.63		13.93		10.81		10.59		33.7	%		72.3	%		75.9	%
09/20/99	05/01/00	VoiceStream Wireless Corp	Aerial Communications Inc		25.51		20.00		18.69		15.00		27.6	%		36.5	%		70.1	%
09/23/99	10/20/00	PECO Energy Co	Unicom Corp		33.90		37.06		38.88		39.38		-8.5	%		-12.8	%		-13.9	%
10/05/99	05/31/01	DTE Energy Co	MCN Energy Group Inc		28.68		17.69		17.06		18.13		62.1	%		68.1	%		58.2	%
10/25/99	03/14/00	Investor Group	MidAmerican Energy Holdings Co		35.05		27.25		27.63		28.94		28.6	%		26.9	%		21.1	%
11/04/99	11/08/00	KeySpan Corp	Eastern Enterprises		64.00		51.56		50.38		48.25		24.1	%		27.0	%		32.6	%
11/08/99	11/10/00	Arch Communications Group Inc	PageNet		0.85		0.97		1.09		0.75		-12.3	%		-22.3	%		13.3	%

Rodman & Renshaw, Inc. 9 of 18

Lexent Inc.

Premiums Paid Analysis — Comparable Industry

Transaction Date						Stock Price Before Announcement						Premium Paid
				Transaction
Announced	Effective	Acquiror	Target	Price		1 Day		Week		4 Weeks		1 Day			Week			4 Weeks
11/15/99	09/28/00	Southern Union Co	Providence Energy Corp		42.50		32.88		31.31		27.88		29.3	%		35.7	%		52.5	%
11/22/99	11/29/00	Thames Water PLC	E'town Corp		68.00		51.88		52.00		45.63		31.1	%		30.8	%		49.0	%
12/01/99	09/20/00	Southern Union Co	Valley Resources Inc		25.00		20.50		18.94		14.25		22.0	%		32.0	%		75.4	%
12/13/99	02/09/00	Mail.com Inc	NetMoves		9.87		5.50		5.06		3.94		79.5	%		95.0	%		150.7	%
12/22/99	04/26/00	GPU Inc	MYR Group Inc		30.10		21.00		20.63		18.88		43.3	%		45.9	%		59.5	%
01/10/00	06/19/00	NextLink Communications Inc	Concentric Network Corp		45.00		30.00		31.63		25.00		50.0	%		42.3	%		80.0	%
01/18/00	01/29/01	El Paso Energy Corp	Coastal Corp		45.66		36.00		34.13		33.44		26.8	%		33.8	%		36.6	%
01/31/00	08/15/00	Thermo Electron Corp	Thermo Ecotek		7.00		6.25		5.75		5.19		12.0	%		21.7	%		34.9	%
01/31/00	08/25/00	Standard Pacific Corp	Writer Corp		3.35		2.25		1.91		1.50		48.9	%		75.8	%		123.3	%
02/17/00	05/02/00	Lennar Corp	US Home Corp		36.00		24.88		25.25		27.06		44.7	%		42.6	%		33.0	%
02/28/00	11/01/00	NiSource Inc	Columbia Energy Group		72.60		57.06		59.94		65.00		27.2	%		21.1	%		11.7	%
02/28/00	12/11/00	PowerGen PLC	LG&E Energy Corp		24.85		15.75		15.69		17.00		57.8	%		58.4	%		46.2	%
02/29/00	11/13/00	TeleCorp PCS Inc	Tritel Inc		41.04		24.00		23.63		26.94		71.0	%		73.7	%		52.4	%
03/13/00	06/22/00	Coachmen Industries Inc	Mod U Kraf Homes Inc		11.75		5.50		5.50		5.88		113.6	%		113.6	%		100.0	%
03/20/00	11/29/00	RMI.NET Inc	Internet Communications Corp		0.42		3.56		4.00		2.94		-88.2	%		-89.5	%		-85.7	%
06/29/00	10/01/00	Infrastrux Group Inc	Utilx Corp		6.13		4.38		4.63		4.06		40.1	%		32.5	%		50.9	%
06/30/00	10/10/01	NS Power Hldg Inc	Bangor Hydro-Electric Co		26.81		15.00		15.25		15.13		78.7	%		75.8	%		77.3	%
07/17/00	03/27/01	AES Corp	IPALCO Enterprises Inc		25.00		21.50		21.38		19.94		16.3	%		17.0	%		25.4	%
07/24/00	05/31/01	Deutsche Telekom AG	VoiceStream Wireless Corp		93.96		124.94		117.06		116.87		-24.8	%		-19.7	%		-19.6	%
08/08/00	11/06/01	FirstEnergy Corp	GPU Inc		36.50		30.70		26.69		28.19		18.9	%		36.8	%		29.5	%
08/24/00	12/22/00	Bracknell Corp	Able Telcom Holding Corp		2.52		3.38		2.50		2.75		-25.3	%		0.8	%		-8.4	%
08/27/00	05/31/01	VoiceStream Wireless Corp	Powertel Inc		106.01		86.63		83.06		86.06		22.4	%		27.6	%		23.2	%
08/28/00	01/24/01	Hovnanian Enterprises Inc	Washington Homes Inc		10.08		7.13		7.25		6.50		41.5	%		39.0	%		55.1	%
09/05/00	07/01/01	WorldCom Inc	Intermedia Communications Inc		16.19		22.88		20.88		19.44		-29.2	%		-22.4	%		-16.7	%
09/05/00	01/31/02	National Grid Group PLC	Niagara Mohawk Holdings Inc		19.00		13.88		12.75		14.00		36.9	%		49.0	%		35.7	%
10/02/00	04/25/01	Genesis Malaysia Maju Fund	Vialog Corp		7.19		8.81		7.88		8.19		-18.4	%		-8.7	%		-12.2	%
10/03/00	12/07/00	McLeodUSA Inc	CapRock Communications Corp		5.06		5.06		5.53		5.44		0.0	%		-8.5	%		-6.9	%
10/12/00	12/31/00	Technical Olympic USA Inc	Engle Homes Inc		19.10		15.75		15.63		15.75		21.3	%		22.2	%		21.3	%
10/27/00	03/16/01	Enron Corp	Azurix Corp		8.38		3.56		3.56		3.58		135.2	%		135.2	%		134.2	%
11/03/00	04/02/01	Cendant Corp	Fairfield Communities Inc		16.00		13.94		12.50		10.56		14.8	%		28.0	%		51.5	%
02/12/01	08/01/02	Potomac Electric Power Company	Conectiv Inc		25.00		21.00		18.82		18.38		19.0	%		32.8	%		36.1	%
02/20/01	06/28/02	Energy East Corp	RGS Energy Group		39.37		33.10		33.10		30.06		18.9	%		18.9	%		31.0	%
03/16/01	05/11/01	Enbridge Inc	Midcoast Energy Resources Inc		27.00		25.20		26.25		22.60		7.1	%		2.9	%		19.5	%
04/27/01	07/09/01	TransWestern Publishing Co LLC	WorldPages.com Inc		3.00		2.20		2.35		1.85		36.4	%		27.7	%		62.2	%
05/01/01	07/31/01	Pulte Homes Inc	Del Webb Corp		41.82		33.80		30.80		30.50		23.7	%		35.8	%		37.1	%
09/17/01	01/10/03	RWE AG	American Water Works Co Inc		46.00		32.74		33.43		31.14		40.5	%		37.6	%		47.7	%
09/24/01	12/12/01	VeriSign Inc	Illuminet Holdings Inc		35.62		34.98		34.06		31.48		1.8	%		4.6	%		13.2	%
09/27/01	02/19/02	Reliant Resources Inc	Orion Power Holdings Inc		26.80		19.20		17.65		22.40		39.6	%		51.8	%		19.6	%
10/08/01	02/15/02	AT&T Wireless Services Inc	TeleCorp PCS Inc		14.51		10.04		10.01		13.01		44.5	%		45.0	%		11.5	%
10/23/01	02/22/02	DR Horton Inc	Schuler Homes Inc		21.96		12.00		11.82		12.11		83.0	%		85.8	%		81.3	%
11/07/01	01/07/02	UtiliCorp United Inc	Aquila Inc		20.69		17.99		18.35		24.65		15.0	%		12.8	%		-16.1	%

Rodman & Renshaw, Inc. 10 of 18

Lexent Inc.

Premiums Paid Analysis — Comparable Industry

Transaction Date						Stock Price Before Announcement						Premium Paid
				Transaction
Announced	Effective	Acquiror	Target	Price		1 Day		Week		4 Weeks		1 Day			Week			4 Weeks
11/21/01	05/24/02	D&E Communications Inc	Conestoga Enterprises Inc		33.00		24.50		23.76		24.10		34.7	%		38.9	%		36.9	%
01/07/02	02/27/02	Dycom Industries Inc	Arguss Communications Inc		5.76		4.42		4.06		3.76		30.3	%		41.9	%		53.2	%
01/10/02	02/21/02	US RealTel Inc	Cypress Communications Inc		3.50		1.99		1.86		1.50		75.9	%		88.2	%		133.3	%
01/30/02	04/17/02	Beazer Homes USA	Crossmann Communities Inc		46.48		30.23		30.99		33.00		53.8	%		50.0	%		40.8	%
02/15/02	06/03/02	Xcel Energy Inc	NRG Energy Inc		12.86		10.00		9.60		13.27		28.6	%		34.0	%		-3.1	%
										Average:			27.4	%		32.9	%		40.1	%
										Median:			26.8	%		33.6	%		37.5	%
										Low:			-88.2	%		-89.5	%		-85.7	%
										High:			135.2	%		135.2	%		150.7	%

Rodman & Renshaw, Inc. 11 of 18

Lexent Inc.

Premiums Paid Analysis — Majority Shareholder Acquiror

Transaction Date						Stock Price Before Announcement						Premium Paid
				Transaction
Announced	Effective	Acquiror	Target	Price		1 Day		Week		4 Weeks		1 Day			Week			4 Weeks
02/24/99	05/21/99	Investor Group	Industrial Scientific	$	28.50	$	20.50	$	20.38	$	20.50		39.0	%		39.9	%		39.0	%
03/08/99	12/01/99	Investor Group	ENStar Inc		12.50		8.00		7.88		8.25		56.3	%		58.7	%		51.5	%
03/09/99	06/30/99	Kerr-McGee Corp	Sun Energy Partners LP		5.75		4.06		4.00		3.81		41.6	%		43.8	%		50.9	%
03/21/99	07/01/99	Viacom Inc	Spelling Entertainment Group		9.75		9.00		6.81		6.31		8.3	%		43.2	%		54.5	%
03/24/99	11/04/99	Warburg, Pincus Ventures Inc	Knoll Inc		28.00		15.25		18.44		19.13		83.6	%		51.9	%		46.4	%
04/01/99	08/15/99	Vivendi SA	Aqua Alliance Inc		2.90		2.25		2.44		1.44		28.9	%		19.0	%		101.7	%
04/12/99	06/30/99	Investor Group	Meadowcraft Inc		10.00		6.06		6.13		5.63		64.9	%		63.3	%		77.8	%
04/29/99	08/09/99	Killearn Inc	Killearn Properties Inc		5.50		5.00		5.00		5.13		10.0	%		10.0	%		7.3	%
05/05/99	10/29/99	Thermo Electron Corp	Thermo Power Corp		12.00		11.38		12.19		8.50		5.5	%		-1.5	%		41.2	%
05/07/99	07/30/99	McDermott International Inc	J Ray McDermott SA		35.62		30.50		31.50		29.87		16.8	%		13.1	%		19.3	%
05/21/99	12/10/99	Thermo Instrument Systems Inc	ThermoSpectra		16.00		11.50		11.13		9.94		39.1	%		43.8	%		61.0	%
07/13/99	01/07/00	Thermo Instrument Systems Inc	Thermo Vision		7.00		4.00		4.38		3.38		75.0	%		60.0	%		107.4	%
10/20/99	06/06/00	Thermo Electron Corp	Thermoretec Corp		7.00		5.50		5.25		5.19		27.3	%		33.3	%		34.9	%
11/05/99	11/05/99	Discount Investment Corp	PEC Israel Economic Corp		36.50		36.44		36.13		35.50		0.2	%		1.0	%		2.8	%
11/16/99	09/22/00	Thermo Electron Corp	Thermo TerraTech Inc		6.00		7.13		6.63		5.38		-15.8	%		-9.4	%		11.6	%
12/01/99	04/19/00	Boise Cascade Corp	Boise Cascade Office Products		16.50		11.50		10.63		10.31		43.5	%		55.3	%		60.0	%
12/08/99	06/19/00	Heico Companies LLC	Robertson-Ceco Corp		11.50		7.88		8.00		8.13		46.0	%		43.8	%		41.5	%
12/15/99	08/15/00	Thermo Electron Corp	ThermoLase Corp		2.73		2.38		2.13		1.88		14.9	%		28.5	%		45.6	%
12/17/99	08/15/00	Thermo Electron Corp	ThermoTrex Corp		8.26		8.75		8.31		8.00		-5.6	%		-0.6	%		3.3	%
01/19/00	04/19/00	Metropolitan Life Insurance Co	Conning Corp		12.50		10.81		9.00		8.22		15.6	%		38.9	%		52.1	%
01/31/00	05/03/00	Thermo Instrument Systems Inc	Metrika Systems Corp		9.00		9.63		9.00		6.13		-6.5	%		0.0	%		46.9	%
01/31/00	04/13/00	Thermo Instrument Systems Inc	ONIX Systems Inc		9.00		8.75		7.75		6.50		2.9	%		16.1	%		38.5	%
01/31/00	04/12/00	Thermedics	Thermedics Detection Inc		8.00		7.94		7.94		7.00		0.8	%		0.8	%		14.3	%
01/31/00	04/20/00	Thermo Instrument Systems Inc	Thermo BioAnalysis		28.00		18.50		18.00		18.25		51.4	%		55.6	%		53.4	%
01/31/00	05/12/00	Thermo Instrument Systems Inc	Thermo Optek Corp		15.00		14.06		15.81		10.63		6.7	%		-5.1	%		41.2	%
01/31/00	04/04/00	Thermedics	Thermo Sentron Inc		15.50		14.44		14.50		14.50		7.4	%		6.9	%		6.9	%
01/31/00	05/12/00	Thermo Instrument Systems Inc	ThermoQuest Corp		17.00		12.50		11.56		10.50		36.0	%		47.0	%		61.9	%
01/31/00	06/30/00	Thermo Electron Corp	Thermedics		10.80		6.13		5.81		5.31		76.3	%		85.8	%		103.3	%
02/02/00	06/30/00	Thermo Electron Corp	Thermo Instrument Systems Inc		20.40		16.06		15.31		10.50		27.0	%		33.2	%		94.3	%
03/14/00	06/20/00	Alcoa Inc	Howmet International Inc		21.00		18.50		18.63		18.38		13.5	%		12.8	%		14.3	%
03/17/00	09/15/00	BP Amoco PLC	Vastar Resources Inc		83.00		71.44		61.50		49.00		16.2	%		35.0	%		69.4	%
03/23/00	06/08/00	Security Capital Group Inc	Homestead Village Inc		4.10		2.75		2.63		2.06		49.1	%		56.2	%		98.8	%
03/27/00	06/27/00	Hartford Fin Svcs Group Inc	Hartford Life		50.50		42.56		36.00		35.25		18.6	%		40.3	%		43.3	%
04/24/00	07/17/00	Investor Group	Cherry Corp		26.40		13.00		12.63		15.50		103.1	%		109.1	%		70.3	%
05/04/00	12/31/00	Intermountain Industries	Petroglyph Energy Inc		2.85		2.00		1.38		1.63		42.5	%		107.3	%		75.4	%
07/09/00	09/14/00	Invitrogen Corp	Life Technologies Inc		60.00		49.00		49.00		50.00		22.4	%		22.4	%		20.0	%
07/20/00	11/17/00	Kennametal Inc	JLK Direct Distribution Inc		8.75		5.88		4.50		5.19		48.9	%		94.4	%		68.7	%
07/27/00	09/13/00	Investor Group	Brookdale Living Communities		15.25		15.00		14.88		14.56		1.7	%		2.5	%		4.7	%
08/14/00	07/13/01	News Corp Ltd	BHC Communications Inc		165.00		141.75		145.50		150.00		16.4	%		13.4	%		10.0	%
08/15/00	02/21/01	Viacom Inc	Infinity Broadcasting Corp		32.89		35.25		37.44		35.38		-6.7	%		-12.1	%		-7.0	%
08/30/00	01/03/01	AXA Group	AXA Financial Inc		54.63		52.25		49.75		40.69		4.6	%		9.8	%		34.3	%
09/01/00	12/18/00	Minolta Investments Co	Minolta-QMS Inc		6.00		3.00		3.00		3.06		100.0	%		100.0	%		95.9	%

Rodman & Renshaw, Inc. 12 of 18

Lexent Inc.

Premiums Paid Analysis — Majority Shareholder Acquiror

Transaction Date						Stock Price Before Announcement						Premium Paid
				Transaction
Announced	Effective	Acquiror	Target	Price		1 Day		Week		4 Weeks		1 Day			Week			4 Weeks
09/21/00	03/09/01	Ford Motor Co	Hertz Corp		35.50		24.25		24.88		31.69		46.4	%		42.7	%		12.0	%
10/25/00	07/31/01	Investor Group	Uno Restaurant Corp		9.75		7.31		6.06		6.81		33.3	%		60.8	%		43.1	%
10/27/00	03/16/01	Enron Corp	Azurix Corp		8.38		3.56		3.56		3.58		135.2	%		135.2	%		134.2	%
11/10/00	01/31/01	HCH Acquisition Corp	Holt’s Cigar Holding Inc		5.50		3.50		3.81		3.56		57.1	%		44.3	%		54.4	%
12/14/00	08/31/01	O Gene Bicknell	NPC International Inc		11.55		10.38		10.81		8.75		11.3	%		6.8	%		32.0	%
12/20/00	04/12/01	Vitamin Shoppe Industries Inc	Vitaminshoppe.com Inc		1.00		0.31		0.47		0.38		220.0	%		113.3	%		166.7	%
01/16/01	12/01/01	Investor Group	Leslie Fay Co Inc		5.00		2.88		2.81		3.13		73.9	%		77.8	%		60.0	%
02/15/01	09/28/01	Westfield America Trust	Westfield America Inc		16.25		14.45		14.55		14.19		12.5	%		11.7	%		14.5	%
03/26/01	08/21/01	Credit Suisse First Boston	CSFBdirect		6.00		2.50		2.97		3.45		140.0	%		102.0	%		73.9	%
05/09/01	07/26/02	Investor Group	Pierre Foods Inc		2.50		1.63		0.97		1.00		53.8	%		158.1	%		150.0	%
05/14/01	10/31/01	Seneca Investments LLC	Agency.com Ltd		3.35		2.05		2.31		1.28		63.4	%		45.0	%		161.7	%
05/23/01	09/28/01	Electronic Data Systems Corp	Unigraphics Solutions Inc		32.50		21.25		19.25		17.98		52.9	%		68.8	%		80.8	%
05/30/01	09/06/01	Bacou SA	Bacou USA Inc		28.50		23.40		24.30		25.60		21.8	%		17.3	%		11.3	%
06/06/01	12/13/01	Liberty Mutual Insurance Co	Liberty Financial Cos Inc		33.70		27.00		24.06		24.00		24.8	%		40.1	%		40.4	%
08/01/01	01/18/02	Dwain Neumann	National Home Centers Inc		1.40		1.11		1.16		1.05		26.1	%		20.7	%		33.3	%
08/16/01	01/24/03	Northwest Bancorp	Leeds Federal Bankshares Inc		32.00		16.40		16.75		16.35		95.1	%		91.0	%		95.7	%
08/21/01	02/26/02	Thermo Electron Corp	Spectra Physics Inc		17.50		13.69		17.61		19.00		27.8	%		-0.6	%		-7.9	%
09/13/01	12/28/01	MRV Communications Inc	Luminent Inc		1.26		1.35		1.20		2.70		-6.7	%		5.0	%		-53.3	%
10/01/01	02/13/02	Investor Group	NCH Corp		52.50		39.19		39.30		44.20		34.0	%		33.6	%		18.8	%
10/12/01	03/15/02	Liberty Media Corp	Liberty Digital		3.23		2.93		3.13		4.49		10.2	%		3.2	%		-28.1	%
11/07/01	01/07/02	UtiliCorp United Inc	Aquila Inc		20.69		17.99		18.35		24.65		15.0	%		12.8	%		-16.1	%
02/04/02	03/21/02	Limited Inc	Intimate Brands Inc		19.72		17.90		16.72		15.81		10.2	%		17.9	%		24.7	%
02/15/02	06/03/02	Xcel Energy Inc	NRG Energy Inc		12.86		10.00		9.60		13.27		28.6	%		34.0	%		-3.1	%
02/19/02	04/11/02	Sabre Holdings Corp	Travelocity.com Inc		28.00		19.20		19.96		22.86		45.8	%		40.3	%		22.5	%
03/04/02	06/28/02	IOS Brands Corp	FTD.COM INC		3.35		9.00		8.74		7.79		-62.8	%		-61.7	%		-57.0	%
03/08/02	04/16/02	Lufthansa Technik AG	Hawker Pacific Aerospace		3.25		3.17		3.15		2.59		2.5	%		3.2	%		25.5	%
03/18/02	09/13/02	Network Associates Inc	McAfee.com Corp		15.43		15.54		17.40		16.25		-0.7	%		-11.3	%		-5.0	%
04/18/02	02/21/03	Investor Group	Partsbase Inc		1.50		1.10		1.04		0.77		36.4	%		44.2	%		94.8	%
05/16/02	08/19/02	IPC Advisors SARL	Balanced Care Corp		0.25		0.10		0.09		0.10		150.0	%		177.8	%		150.0	%
05/31/02	01/17/03	USA Interactive	Ticketmaster		15.85		21.50		22.00		22.03		-26.3	%		-28.0	%		-28.1	%
07/26/02	02/07/03	Valhi Inc	Tremont Corp		65.21		33.20		30.39		29.80		96.4	%		114.6	%		118.8	%
08/14/02	12/31/02	First Banks Inc	First Banks America Inc		40.54		40.35		41.50		40.09		0.5	%		-2.3	%		1.1	%
08/20/02	10/31/02	Union Oil Co of California	Pure Resources Inc		21.48		17.80		16.91		17.55		20.7	%		27.0	%		22.4	%
										Average:			35.7	%		38.8	%		45.5	%
										Median:			27.0	%		34.0	%		41.2	%
										Low:			-62.8	%		-61.7	%		-57.0	%
										High:			220.0	%		177.8	%		166.7	%

Rodman & Renshaw, Inc. 13 of 18

Lexent Inc.

Discounted Cash Flow

		2002		2003E			2004E			2005E			2006E			2007E
Net income				$	(12,755	)	$	877		$	1,051		$	1,578		$	1,797
Adjustments
	Depreciation				2,455			1,074			1,109			813			848
	Non-cash stock based compensation				3,036			—			—			—			—
	Loss of deposit				(2,012	)		—			—			—			—
	Changes in working capital				24,788			3			(24	)		(25	)		(26	)
	Capital expenditure				(740	)		(1,000	)		(1,000	)		(1,000	)		(1,000	)
	Debt repayment				(2,105	)		(394	)		—			—			—
	Payments from restructuring				(4,053	)		(1,400	)		(1,200	)		(740	)		(1,700	)
	Long-term incentive compensation				600			600			600			600			—
	Total adjustments				21,969			(1,117	)		(516	)		(352	)		(1,878	)
Net cash flow from operations					9,214			(240	)		535			1,226			(81	)
Terminal value:
	2007 EBITDA																1,129
	EV/EBITDA multiple																5.3
	Projected EV																5,957
	Less restructuring reserve																(1,496	)
	Less incentive comp.																(3,000	)
	Equity value																1,461
Total cash flows		$	72,411	$	9,214		$	(240	)	$	535		$	1,226		$	1,380

	Low			High
Discount rate		25.0	%		15.0	%
Equity value	$	80,857		$	81,980
Price per share	$	1.90		$	1.92

Rodman & Renshaw, Inc. 14 of 18

Lexent Inc.

Liquidation Value

	February 28. 2003
				Low						High
	Book
	Value			%			Value			%			Value
Cash	$	69,184			100	%	$	69,184			100	%	$	69,184
Certificate of deposit		2,001			0	%		—			0	%		—
Accounts receivable		22,253			70	%		15,577			85	%		18,915
Retention receivable		3,032			70	%		2,122			85	%		2,577
Reserve for doubtful accounts		(4,805	)		100	%		(4,805	)		100	%		(4,805	)
Costs and est. earnings in excess of billings		2,191			30	%		657			60	%		1,315
Unbilled receivables		204			70	%		143			85	%		173
Costs of uncompleted jobs		742			30	%		223			60	%		445
Interest receivable		44			70	%		31			100	%		44
Prepaids and other current assets		813			0	%		—			0	%		—
Taxes receivable		14,750			100	%		14,750			100	%		14,750
Total current assets		110,409						97,882						102,598
PP&E, net		3,620			40	%		1,448			70	%		2,534
Other assets		865			0	%		—			50	%		433
Total assets		114,894						99,330						105,565
Less liabilities		(26,755	)					(26,755	)					(26,755	)
Net value		88,139						72,575						78,810
Operating losses during shutdown period		—						(9,068	)					(9,068	)
Severance & other termination costs		—						(4,187	)					(4,187	)
Lease obligations, 2004 and beyond		—						(8,568	)					(4,284	)
Liquidation value		88,139						50,752						61,271
Shares outstanding		42,601						42,601						42,601
Value per share	$	2.07					$	1.19					$	1.44

Rodman & Renshaw, Inc. 15 of 18

Lexent Inc.

Projections

		2002			2003E			2004E			2005E			2006E			2007E
Revenue:
	HOK		91,821			91,821			94,576			97,413			100,335			103,345
	NNT		33,784			3,410			—			—			—			—
	LSI		4,177			10,466			10,780			11,103			11,436			11,780
	LMC		—			—			—			—			—			—
	Intercompany		(5,937	)		—			—			—			—			—
	Total		123,845			105,697			105,356			108,516			111,772			115,125
Direct costs:
	HOK		83,168			76,607			71,877			74,034			76,255			78,542
	NNT		29,297			2,828			—			—			—			—
	LSI		3,400			8,229			8,193			8,439			8,692			8,952
	LMC		—			—			—			—			—			—
	Corp.		(31	)		—			—			—			—			—
	Intercompany		(5,937	)		—			—			—			—			—
	Total		109,897			87,664			80,070			82,472			84,947			87,495
Overhead:
	HOK		16,361			10,115			10,403			10,715			11,037			11,368
	NNT		2,957			461			—			—			—			—
	LSI		1,313			1,651			1,186			1,221			1,258			1,296
	LMC		—			—			—			—			—			—
	Total		20,631			12,227			11,589			11,937			12,295			12,664
Gross profit:
	HOK		(7,708	)		5,100			12,295			12,664			13,044			13,435
	NNT		1,530			121			—			—			—			—
	LSI		(536	)		586			1,401			1,443			1,487			1,531
	LMC		—			—			—			—			—			—
	Corp.		31			—			—			—			—			—
	Intercompany		—			—			—			—			—			—
	Total		(6,683	)		5,807			13,696			14,107			14,530			14,966
General & administrative			16,031			14,703			13,233			13,431			13,633			13,837
EBITDA			(22,714	)		(8,896	)		464			676			898			1,129
Depreciation & amortization			4,786			2,455			1,074			1,109			813			848
Non-cash stock based compensation			3,298			3,036			—			—			—			—
Restructuring charges			9,133			—			—			—			—			—
EBIT			(39,931	)		(14,387	)		(610	)		(433	)		84			281
Interest expense			245			60			9			—			—			—
Interest income			(1,350	)		(1,320	)		(1,488	)		(1,484	)		(1,493	)		(1,516	)
Other expense/(income), net			3,744			—			—			—			—			—
Impairment of goodwill			1,514			—			—			—			—			—
Income before taxes			(44,084	)		(13,127	)		877			1,051			1,578			1,797
Provision for income tax			6,214			(372	)		—			—			—			—
Net income			(50,298	)		(12,755	)		877			1,051			1,578			1,797
Balance sheet items:
	Cash & equivalents		72,411			81,625			81,385			81,920			83,146			83,065
	Restricted cash		2,012			—			—			—			—			—
	Working capital, excl. restructuring		25,607			819			816			841			866			892
	Sub. debt & capital leases		2,499			394			—			—			—			—
	Restructuring reserve		10,589			6,536			5,136			3,936			3,196			1,496
	Long-term incentive compensation		600			1,200			1,800			2,400			3,000			3,000
	NOL		19,692			32,819			31,942			30,891			29,313			27,517

Rodman & Renshaw, Inc. 16 of 18

Lexent Inc.

Projections

		2002			2003E			2004E			2005E			2006E			2007E
Assumptions
Revenue growth rates:
	HOK					0.0	%		3.0	%		3.0	%		3.0	%		3.0	%
	NNT					-89.9	%		-100.0	%		0.0	%		0.0	%		0.0	%
	LSI					150.6	%		3.0	%		3.0	%		3.0	%		3.0	%
	LMC				#DIV/0!				0.0	%		0.0	%		0.0	%		0.0	%
Intercompany revenue % of HOK & NNT			-4.7	%		0.0	%		-5.0	%		-5.0	%		-5.0	%		-5.0	%
Direct costs:
	HOK		90.6	%		83.4	%		76.0	%		76.0	%		76.0	%		76.0	%
	NNT		86.7	%		82.9	%		76.0	%		76.0	%		76.0	%		76.0	%
	LSI		81.4	%		78.6	%		76.0	%		76.0	%		76.0	%		76.0	%
	LMC	#DIV/0!			#DIV/0!				40.0	%		40.0	%		40.0	%		40.0	%
Overhead:
	HOK		17.8	%		11.0	%		11.0	%		11.0	%		11.0	%		11.0	%
	NNT		8.8	%		13.5	%		11.0	%		11.0	%		11.0	%		11.0	%
	LSI		31.4	%		15.8	%		11.0	%		11.0	%		11.0	%		11.0	%
	LMC	#DIV/0!			#DIV/0!				20.0	%		20.0	%		20.0	%		20.0	%
G&A growth rate						-8.3	%		-10.0	%		1.5	%		1.5	%		1.5	%
Interest expense % (prior year)						2.4	%		2.4	%		2.4	%		2.4	%		2.4	%
Interest income % (prior year)						-1.8	%		-1.8	%		-1.8	%		-1.8	%		-1.8	%
Depreciation
Existing PP&E
	Balance, beginning					4,033			1,652			826			165			—
	Depreciation					(2,381	)		(826	)		(661	)		(165	)		—
	Balance, ending					1,652			826			165			—			—
	Gross balance								1,652			1,652			1,652			1,652
	% depreciated								50.0	%		40.0	%		10.0	%		0.0	%
Maintenance capex
	Balance, beginning					—			666			1,418			1,970			2,322
	Additions					740			1,000			1,000			1,000			1,000
	Depreciation					(74	)		(248	)		(448	)		(648	)		(848	)
	Balance, ending					666			1,418			1,970			2,322			2,474
	Gross balance					740			1,740			2,740			3,740			4,740
	Depreciable life, years					5			5			5			5			5
LMC capex
	Balance, beginning					—			—			—			—			—
	Additions					—			—			—			—			—
	Depreciation					—			—			—			—			—
	Balance, ending					—			—			—			—			—
	Gross balance					—			—			—			—			—
	Depreciable life, years								20			20			20			20
Capital expenditure, maintenance			1,019			740			1,000			1,000			1,000			1,000
Capital expenditure, LMC			—			—			—			—			—			—
Working capital as % of sales			20.7	%		0.8	%		0.8	%		0.8	%		0.8	%		0.8	%

Rodman & Renshaw, Inc. 17 of 18

Lexent Inc.

Shutdown Operating Budget

	3/31/2003			4/30/2003			5/31/2003			6/30/2003			7/31/2003			8/31/2003			9/30/2003
Management Budget
Revenue	$	8,808		$	8,808		$	8,808		$	8,808		$	8,808		$	8,808		$	8,808
Direct costs		7,305			7,305			7,305			7,305			7,305			7,305			7,305
Overhead		1,019			1,019			1,019			1,019			1,019			1,019			1,019
Gross profit		484			484			484			484			484			484			484
General & administrative		1,225			1,225			1,225			1,225			1,225			1,225			1,225
EBITDA		(741	)		(741	)		(741	)		(741	)		(741	)		(741	)		(741	)
Direct costs %		82.9	%		82.9	%		82.9	%		82.9	%		82.9	%		82.9	%		82.9	%
Overhead %		11.6	%		11.6	%		11.6	%		11.6	%		11.6	%		11.6	%		11.6	%
6 Month Shutdown Plan
Revenue	$	8,808		$	8,808		$	6,606		$	4,404		$	2,202		$	—		$	—
Direct costs		7,305			7,305			5,479			3,653			1,826			—			—
Overhead		1,019			1,057			925			749			440			—			—
Gross profit		484			446			202			3			(65	)		—			—
General & administrative		1,225			1,225			1,225			919			613			306			—
Incremental bad debt expense		1,321			1,321			991			661			330			—			—
EBITDA		(2,063	)		(2,101	)		(2,014	)		(1,577	)		(1,008	)		(306	)		—
Revenue, % of budget		100.0	%		100.0	%		75.0	%		50.0	%		25.0	%		0.0	%		0.0	%
Direct costs %		82.9	%		82.9	%		82.9	%		82.9	%		82.9	%		82.9	%		82.9	%
Overhead %		11.6	%		12.0	%		14.0	%		17.0	%		20.0	%		0.0	%		0.0	%
G&A, % of budget		100.0	%		100.0	%		100.0	%		75.0	%		50.0	%		25.0	%		0.0	%
Inc. bad debt expense, % of revenue		15.0	%		15.0	%		15.0	%		15.0	%		15.0	%		15.0	%		15.0	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	10/31/2003			11/30/2003			12/31/2003			1/31/2004			2/29/2004			Total
Management Budget
Revenue	$	8,808		$	8,808		$	8,808		$	8,808		$	8,808		$	105,697
Direct costs		7,305			7,305			7,305			7,305			7,305			87,664
Overhead		1,019			1,019			1,019			1,019			1,019			12,227
Gross profit		484			484			484			484			484			5,807
General & administrative		1,225			1,225			1,225			1,225			1,225			14,703
EBITDA		(741	)		(741	)		(741	)		(741	)		(741	)		(8,896	)
Direct costs %		82.9	%		82.9	%		82.9	%		82.9	%		82.9	%
Overhead %		11.6	%		11.6	%		11.6	%		11.6	%		11.6	%
6 Month Shutdown Plan
Revenue	$	—		$	—		$	—		$	—		$	—		$	30,828
Direct costs		—			—			—			—			—			25,569
Overhead		—			—			—			—			—			4,190
Gross profit		—			—			—			—			—			1,070
General & administrative		—			—			—			—			—			5,514
Incremental bad debt expense		—			—			—			—			—			4,624
EBITDA		—			—			—			—			—			(9,068	)
Revenue, % of budget		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Direct costs %		82.9	%		82.9	%		82.9	%		82.9	%		82.9	%
Overhead %		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
G&A, % of budget		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Inc. bad debt expense, % of revenue		15.0	%		15.0	%		15.0	%		15.0	%		15.0	%

Rodman & Renshaw, Inc. 18 of 18