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LEHMAN BROTHERS HOLDINGS INC.

EXHIBIT 12.01

Computation of Ratios of Earnings to Fixed Charges and
to Combined Fixed Charges and Preferred Stock Dividends
(Unaudited)

		Three Months Ended February 28, 2005		Year Ended November 30
Dollars in millions				2004		2003		2002		2001
Pre-tax earnings from continuing operations		$	1,306	$	3,518	$	2,536	$	1,399	$	1,748
Add: Fixed charges (excluding capitalized interest)			3,609		9,773		8,724		10,709		15,724
Pre-tax earnings before fixed charges		$	4,915	$	13,291	$	11,260	$	12,108	$	17,472
Fixed charges:
	Interest	$	3,581	$	9,674	$	8,640	$	10,626	$	15,656
	Other(1)		35		114		119		103		78
Total fixed charges			3,616		9,788		8,759		10,729		15,734
Preferred stock dividend requirements			28		129		143		155		192
Total combined fixed charges and preferred stock dividends		$	3,644	$	9,917	$	8,902	$	10,884	$	15,926
Ratio of earnings to fixed charges			1.36		1.36		1.29		1.13		1.11
Ratio of earnings to combined fixed charges and preferred stock dividends			1.35		1.34		1.26		1.11		1.10

⁽¹⁾

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

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EXHIBIT 12.01

Computation of Ratios of Earnings to Fixed Charges and to Combined Fixed Charges and Preferred Stock Dividends (Unaudited)