QUANTUMONLINE.COM SECURITY DESCRIPTION:  Lehman Brothers Holdings Inc., 7.50% YEELDS (Yield Enhanced Equity Linked Debt Securities) due 9/03/2005 and performance linked to Calpine Corp. (NYSE: CPN) common stock, issued in $1000 denominations.. The YEELDS will make quarterly coupon payments of 7.50% ($75.00) per annum on 6/3/04, 9/3/04, 12/3/04, 3/3/05, 6/3/05 and 9/3/2005 to holders of record 15 days prior to the payment date. At the maturity date of 9/03/2005, for each $1000 note the holder will receive the lesser of the alternative redemption amount or a maximum of $1,450. The alternative redemption amount will be $1000 times the ending value of Calpine Corp. common stock divided by the initial value of $5.4675 of the stock. As a result, the holder may receive less, and possibly significantly less than the original offering price at maturity. Lehman Brothers also has the option of paying the maturity payment in cash or common stock of Calpine Corp.. The YEELDS are senior unsecured debt securities of Lehman Brothers Holdings Inc. (NYSE: LEH) and will rank equally with their other unsecured and unsubordinated debt. See the IPO prospectus for additional information on the YEELDS and their maturity payment 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