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Salomon - IR 97 1 Q (Page 4)

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Salomon - IR 97 1 Q
Salomon Swapco Inc
To Our Clients
As you can see, capital coverage of the company's
total credit exposure is quite stable at 40% or
above. Coverage of below triple-A exposure is
somewhat more variable but is normally above
80%. These numbers do not reflect the further
protection that Swapco has obtained with regard
to selected customer exposures in the form of
receivable insurance.
If you have any questions about our capital
structure or any other topic involving Swapco,
please contact any of the representatives listed on
the inside rear cover of this report.
Yours very truly,
John G. Macfarlane III
Chairman of the Board

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