QUANTUMONLINE.COM SECURITY DESCRIPTION:  Lehman Brothers Holdings Inc., Absolute Buffer Notes linked to the performance of the Dow Jones EURO STOXX 50 Index (starting value 3302.98 as of 7/26/2005) due 7/29/2008, issued in $1000 denominations. The notes will receive no payments before maturity and can not be redeemed prior to maturity. The valuation date is 7/24/2008. The upside participation rate is 130% and the threshold level is 2642.384 - 80% of the initial index level. If the index is above the initial index level on the maturity date, the holder will receive $1000 plus $1000 times the upside participation rate times the final index return. If, at the maturity date, the final index return is negative and the index level is equal to or greater than the threshold level the holder will receive $1000 plus $1000 times the absolute value of the final index return (see example 3 on page S-4 of the prospectus). If the final index return is negative and the final index level is below the threshold index level, the holder will receive a payment of $1000 plus $1000 times the final index return (see example 4 on page S-4 of the prospectus). The final index return will be the final index level minus the initial index level divided by the initial level. 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 Absolute Buffer Notes by clicking on the ‘Link to IPO Prospectus’ provided below.

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

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Address and Phone Numbers

Address:   200 Vesey Street, 24th Floor, New York, NY 10285
Main Phone Number	212-526-7000
Fax Number	212-526-3738
Toll Free Phone Number	800-666-2388