Lehman Brothers Financial SA (LEHNQ)

[BREAKER098]

AvalonBay (AVB) is a public REIT.

Any shareholder who owns:

• More than 5% MUST file a Schedule 13D or 13G

• More than 10% MUST file additional insider-level disclosures

• REIT ownership rules also impose 5% caps unless waived

None of those filings exist for LBHI. And before you go there, it would be legally impossible to hide this holding. You’re stuck in 2009 - 2013. Go figure…