A Lehman Brothers Equity Research analyst report dated October 15th, 2004 makes the following comments about Sinclair Broadcast Group, Sinclair's decision to run "Stolen Honor", and the resultant boycott effort.

Under the headline "Mgmt Chooses Politics over Shareholders" the report notes the following ...

"In our opinion, Sinclair's decision to pre-empt programming to air 'Stolen Honor' is potentially damaging -- both financially and politically. In a best case scenario, we believe that this decision could result in lost ad revenues. In a worst case scenario, we believe the decision may lead to higher political risk. As mgmt has increased the co's political risk, we are reducing our 12-month price target to $9 (from $10)"

Attempts to contact the Lehman Brothers analyst, William M. Meyers, on Friday afternoon by phone and email were unsuccessful.