QUANTUMONLINE.COM SECURITY DESCRIPTION:  Lehman Brothers Holdings Inc., 21.68% Risk AdjustiNG Equity Range Securities (RANGERS) linked to the performance of the Cray Inc. common stock (initial value $7.76) due 2/07/2005, issued in $1000 denominations. The notes can not be redeemed prior to maturity. Distributions of 21.68% ($217.40) per annum will be paid quarterly on 2/7, 5/7, 8/7 & 11/7 to holders of record 15 calendar days prior to the payment date. At maturity, the holder will receive $1000 in cash unless Cray stock falls below the threshold level of $5.432 (70% of the initial level) at any time during duration of the notes. In that event, the holder will receive the lesser of $1000 or the alternate redemption amount which can be less than $1000. The alternate redemption value will be $1000 times the closing price of Cray stock divided by the initial value. 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