QUANTUMONLINE.COM SECURITY DESCRIPTION:  Lehman Brothers Holdings Inc., Return Accelerated PortfolIo Debt Securities (RAPIDS) linked to the performance of the S&P 500 Index (starting value 1,200.60 as of 2/28/2005), due 9/03/2006, and issued in $1000 denominations. The notes will receive no payments before maturity and can not be redeemed prior to maturity. The valuation date is 8/30/2006. At the maturity date of 9/03/2006, if the final index level is greater than the initial index level, the holder will receive a payment of the lesser of $1,150 or $1000 times $3000 times (the final index level divided by the initial index level - 1). 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. As a result, the holder may receive a maturity payment of less, and possibly significantly less, than the original offering price at the maturity date. See page S-3 of the prospectus for further details on the calculation of the maturity payment. The RAPIDS 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 RAPIDS 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