QUANTUMONLINE.COM SECURITY DESCRIPTION:  Lehman Brothers Holdings Inc., Rebound Risk Adjusting Equity Range Securities (RANGERS) linked to the performance of the Nasdaq-100 Index (starting value 1,162.93 as of 5/18/2003) due 5/20/2007, issued in $1000 denominations. The notes will receive no payments before maturity and can not be redeemed prior to maturity. The annual observation dates are 5/17/2004, 5/16/2005 and 5/15/2006. If the Nasdaq-100 Index is above the initial level on any obsevation date, the holder will receive $1000 plus $77.50 times the number of full years the notes have been outstanding. At the maturity date of 5/20/2007 if the Index level is greater than the initial level the holder will receive a cash payment of $1,310. If the Index level is less than the initial Index level the holder will receive a cash payment of $1000 times (the final Index level divided by the initial Index level plus 0.20). The Notes are senior unsecured debt securities of Lehman Brothers Holdings (NYSE: LEH) and will rank equally with all of their other unsecured and unsubordinated debt. See the IPO prospectus for further information on the maturity payment and the RANGERS Notes by clicking on the ‘Link to IPO Prospectus’ provided below.

Company's Online Information Links

HOME PAGE:     http://www.lehman.com/ (This parent company URL is for reference only and does not have specific information on the security.)

Company's Online SEC EDGAR Filings

Company's SEC EDGAR Filings

Go to SEC Filings

Company's Email Address Links

Inv Rel Email Address	sbutler@lehman.com
General Email Address	inquiry@lehman.com

Address and Phone Numbers

Address:   745 Seventh Avenue, 15th Floor, New York, NY 10019
Main Phone Number	212-526-7000
Fax Number	212-526-3738
Investor Relations   Shaun Butler	212-526-8381
Toll Free Phone Number	800-666-2388

CEO - Richard S. Fuld, Jr.

CFO - David Goldfarb