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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)

		Six Months Ended May 31, 2005		Year Ended November 30
Dollars in millions				2004		2003		2002		2001		2000
Pre-tax earnings from continuing     operations		$	2,319	$	3,518	$	2,536	$	1,399	$	1,748	$	2,579
Add: Fixed charges (excluding     capitalized interest)			7,762		9,773		8,724		10,709		15,724		18,778
Pre-tax earnings before fixed charges		$	10,081	$	13,291	$	11,260	$	12,108	$	17,472	$	21,357
Fixed charges:
	Interest	$	7,638	$	9,674	$	8,640	$	10,626	$	15,656	$	18,740
	Other(1)		66		114		119		103		78		57
Total fixed charges			7,704		9,788		8,759		10,729		15,734		18,797
Preferred stock dividend requirements			56		129		143		155		192		195
Total combined fixed charges and     preferred stock dividends		$	7,760	$	9,917	$	8,902	$	10,884	$	15,926	$	18,992
Ratio of earnings to fixed charges			1.31		1.36		1.29		1.13		1.11		1.14
Ratio of earnings to combined fixed     charges and preferred stock dividends			1.30		1.34		1.26		1.11		1.10		1.12

(1)

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

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LEHMAN BROTHERS HOLDINGS INC.
Computation of Ratios of Earnings to Fixed Charges and to Combined Fixed Charges and Preferred Stock Dividends (Unaudited)