Filed Pursuant to Rule 433
Registration No: 333-134553

PRELIMINARY TERMS AND CONDITIONS

LEHMAN BROTHERS HOLDINGS INC.

Lehman Notes, Series D

Issuer:	Lehman Brothers Holdings Inc.
Ratings:	Moody’s: A1
	S&P: A+
	Fitch: AA–
Principal Amount:	$  TBD
Coupon:	6.50%
Yield:	6.50%
Issue Price:	100% of principal amount
Stated Maturity Date:	September 20th, 2027, subject to the Call Date.
Call Date:	The Notes may be redeemed prior to the Stated Maturity Date at the option of Lehman Brothers Holdings Inc. in whole or in part at a price equal to 100% of the principal amount being redeemed, semi-annually on each March 20th or September 20th commencing on or after September 20th, 2011. Notice of redemption will be given not more than 60 nor less than 30 days prior to the Call Date.
Interest Payment Dates:	Semi-annually on each March 20th and September 20th, commencing on March 20th, 2008 and ending on the Stated Maturity Date subject to the Call Date.
Survivor’s Option:	Yes
Trade Date:	September 13th, 2007
Settlement Date:	September 18th, 2007
CUSIP:	52519FET4
Dealers:	Lehman Brothers Inc. (Joint Lead Agent)
	Incapital LLC (Joint Lead Agent)
	A.G. Edwards & Sons, Inc.
	Banc of America Securities LLC
	Charles Schwab & Co., Inc.
	Citi
	Edward D. Jones & Co., L.P.
	Fidelity Capital Markets
	Morgan Stanley
	Raymond James
	RBC Capital Markets
	UBS Investment Bank
	Siebert Capital Markets
	Wachovia Securities LLC

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 1-800-392-5000 or Incapital LLC by calling 1-800-289-6689.