Morgan Stanley & Co. Incorporated Stephens Inc. c/o Morgan Stanley & Co. Incorporated 1585 Broadway New York, New York 10036 Dear Sirs and Mesdames: Lithia Motors, Inc., an Oregon corporation (the "Company"), proposes to issue and sell to the several...Underwriting Agreement • January 25th, 2002 • Lithia Motors Inc • Retail-auto dealers & gasoline stations • New York
