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EXHIBIT 12.01

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

												Nine Months Ended August 31 2004
		Twelve Months Ended November 30
		1999		2000		2001		2002		2003
Pre-tax earnings from continuing operations		$	1,631	$	2,579	$	1,748	$	1,399	$	2,536	$	2,639
Add: Fixed charges (excluding capitalized interest)			13,681		18,778		15,724		10,709		8,724		6,784
Pre-tax earnings before fixed charges		$	15,312	$	21,357	$	17,472	$	12,108	$	11,260	$	9,423
Fixed charges:
	Interest	$	13,649	$	18,740	$	15,656	$	10,626	$	8,640	$	6,710
	Other(a)		71		57		78		103		119		90
	Total fixed charges		13,720		18,797		15,734		10,729		8,759		6,800
Preferred stock dividend requirements			174		195		192		155		143		100
Total combined fixed charges and preferred stock dividends		$	13,894	$	18,992	$	15,926	$	10,884	$	8,902	$	6,900
RATIO OF EARNINGS TO FIXED CHARGES			1.12		1.14		1.11		1.13		1.29		1.39
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS			1.10		1.12		1.10		1.11		1.26		1.37

(a)

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

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EXHIBIT 12.01

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