LEHMAN BROTHERS 
By The proceeds from the offerings will be added to the Firm's capital and used for general corporate purposes.
The Non-Cumulative Mandatory Convertible Preferred Stock, Series Q, has a
liquidation preference of
Each offering is being conducted as a public offering registered under the Securities Act of 1933 under Lehman Brothers Holdings' existing shelf registration statement filed with the Securities and Exchange Commission.
Lehman Brothers Inc. is serving as sole book-running manager and underwriter for the offerings.
This announcement does not constitute an offer to sell or a solicitation
of an offer to buy these securities, nor shall there be any sale of these
securities in any jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction. The offerings may be made only by means of a
prospectus and a related prospectus supplement, copies of which may be
obtained when available from Lehman Brothers Inc., c/o Broadridge, Integrated
Distribution Services, 1155 Long Island Avenue,
Lehman Brothers (ticker symbol: LEH), an innovator in global finance,
serves the financial needs of corporations, governments and municipalities,
institutional clients, and high net worth individuals worldwide. Founded in
1850, Lehman Brothers maintains leadership positions in investment banking,
equity and fixed income sales, trading and research, private investment
management, asset management and private equity. The firm is headquartered in
SOURCE Lehman Brothers Holdings Inc.
