EXHIBIT 12.01

LEHMAN BROTHERS HOLDINGS INC. and SUBSIDIARIES
COMPUTATION of RATIOS of EARNINGS to FIXED CHARGES and
to COMBINED FIXED CHARGES and PREFERRED STOCK DIVIDENDS
(Dollars in millions)
(Unaudited)

		For the Twelve Months Ended November 30
												For the Nine Months Ended August 31 2003
		1998		1999		2000		2001		2002
Pre-tax earnings from continuing operations		$	1,052	$	1,631	$	2,579	$	1,748	$	1,399	$	1,814
Add: Fixed charges (excluding capitalized interest)			15,813		13,681		18,778		15,724		10,709		6,746
Pre-tax earnings before fixed charges			16,865		15,312		21,357		17,472		12,108		8,560
Fixed charges:
	Interest		15,781		13,649		18,740		15,656		10,626		6,684
	Other(a)		47		71		57		78		103		86
	Total fixed charges		15,828		13,720		18,797		15,734		10,729		6,770
Preferred stock dividend requirements			124		174		195		192		155		99
Total combined fixed charges and preferred stock dividends		$	15,952	$	13,894	$	18,992	$	15,926	$	10,884	$	6,869
RATIO OF EARNINGS TO FIXED CHARGES			1.07		1.12		1.14		1.11		1.13		1.26
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS			1.06		1.10		1.12		1.10		1.11		1.25

(a)

Other fixed charges consist of the interest factor in rentals and capitalized interest.