Filed Pursuant to Rule 433
Registration No. 333-134553
July 13, 2006

Lehman Brothers Holdings Inc.

5.75% Notes due July 18, 2011

Issuer:	Lehman Brothers Holdings Inc.
Ratings:	A1/A+
Principal Amount:	$800,000,000.00
Security Type:	Senior Medium Term Notes
Legal Format:	SEC Registered
Settlement Date:	July 18, 2006
Maturity Date:	July 18, 2011
Issue Price:	99.709%
Coupon:	5.75%
Benchmark Treasury:	5.125% due June 30, 2011
Spread to Benchmark:	78 basis points (0.78%)
Treasury Strike:	5.038%
All-in Yield:	5.818%
Interest Payment Dates:	Semi-annually on January 18 and July 18, commencing on January 18, 2007
Denominations:	$1,000
Cusip:	52517PK59
Underwriters:	Lehman Brothers (90%) (bookrunner)
	ABN AMRO Bank of America Securities LLC Caylon Citigroup Daiwa Securities SMBC Europe HVB Capital Markets ING Belgium S.A. Santander Central Hispano Standard Chartered Bank SunTrust Robinson Humphrey (1% each)

The issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (SEC) for this offering. Before you invest, you should read the prospectus for this offering in that registration statement, and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by searching the SEC online database (EDGAR®) at www.sec.gov. Alternatively, you may obtain a copy of the prospectus from Lehman Brothers Inc. by calling 1-888-603-5847.