Filed Pursuant to Rule 433

Registration No: 333-134553

10YR NC 6MO Lehman Range Note

Indicative Terms and Conditions

Lehman Brothers Holdings Inc. 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 dated May 30, 2006, the prospectus supplement dated May 30, 2006 for its Medium Term Notes, Series I, and other documents Lehman Brothers Holdings Inc. has filed with the SEC for more complete information about Lehman Brothers Holdings Inc. and this offering. Buyers should rely upon the prospectus, prospectus supplement and any relevant free writing prospectus for complete details. You may get these documents and other documents Lehman Brothers Holdings Inc. has filed for free by searching the SEC online database (EDGAR®) at www.sec.gov with “Lehman Brothers Holdings Inc.” as a search term. You may also access the prospectus and Series I MTN prospectus supplement on the SEC web site as follows:

Series I MTN prospectus supplement dated May 30, 2006:

http://www.sec.gov/Archives/edgar/data/806085/000104746906007785/a2170815z424b2.htm

Prospectus dated May 30, 2006:

http://www.sec.gov/Archives/edgar/data/806085/000104746906007771/a2165526zs-3asr.htm

Alternatively, Lehman Brothers Inc. will arrange to send you the prospectus, Series I MTN prospectus supplement and final pricing supplement (when completed) if you request it by calling your Lehman Brothers sales representative or 1-888-603-5847.

Issuer:	Lehman Brothers Holdings Inc.
Ratings:	Moody’s A1/ S&P A+/ Fitch AA-
Issue Size:	$ TBD
CUSIP:	5252M0AA5
Trade Date	November 27, 2007
Settlement Date:	November 30, 2007
Maturity Date:	November 30, 2017, subject to Issuer’s Call Option
Issue Price:	100.0%
Redemption Price:	100.0%
Interest Rate:	Base Rate x Interest Accrual Factor
Base Rate:	8% to 9% (the actual Base Rate will be determined on the Trade Date)
Interest Accrual Factor:	For any Interest Period, the number of calendar days (including non Business Days) during that Interest Period in respect of which 6m USD LIBOR REF is greater than or equal to the Lower LIBOR Barrier and less than or equal to the Upper LIBOR Barrier, divided by the total number of calendar days (including non Business Days) in such Interest Period.

Day Count Basis / Business Day Convention:	30/360, Modified following, Unadjusted
Interest Period:	Semi-Annually from and including each Interest Reset Date (or the Issue Date, in the case of the first Interest Period) to but excluding the next succeeding Interest Payment Date (or the Maturity Date, in the case of the final Interest Period)
Interest Payment Dates:	Semi-Annually on the 30th of each May and November, commencing May 30, 2008, subject to Issuer’s Call Option
Lower LIBOR Barrier:	0.00%
Upper LIBOR Barrier:	6.00%
6m USD LIBORREF:	For any day within an Interest Period, the rate for deposits in U.S. Dollars for a period of 6 months which appears on Reuters Page LIBOR01 as of 11:00 a.m. London time on such day (or if such day is not a London business day, on the immediately preceding London business day), subject to the Rate Cut Off.
Rate Cut Off:	6m USD LIBOR REF for any day within an Interest Period, from and including the fifth Business Day, prior to an Interest Payment Date will remain in effect until that Interest Payment Date.
Business Days:	New York and London
Issuer’s Call Option:	The Issuer has the right on every Interest Payment Date commencing on or after May 30, 2008, provided that the Issuer gives 5 Business Days notice to the investor, to call the notes in whole or in part at the Redemption Price. All amounts that may otherwise be payable following the call date shall cease to be payable. Notwithstanding the above, all payments due on the call date shall be made in full regardless of any calling of the note by the Issuer.
Denominations:	$1,000 / $1,000
Calculation Agent:	Lehman Brothers Special Financing Inc.
Underwriter:	Lehman Brothers Inc.

Fees:
		Price to Public (1)(2)	Fees (3)	Proceeds to the Issuer
	Per note   Total	$1,000	$22.50	$977.50
	(1)We are offering the notes to certain fiduciary accounts at variable prices of between $980.00 and $982.50 per note pursuant to one or more negotiated transactions, and Lehman Brothers Inc., with respect to any sales made to such accounts, will forego all or a portion of its fees.  Lehman Brothers Inc. will offer the notes to all other purchasers at a purchase price of $1,000 per note. Lehman Brothers Inc. may pay selling concessions or fees to other dealers not in excess of $20.00 per note. (2)The price to public includes Lehman Brothers Holdings Inc.’s cost of hedging its obligations under the notes through one or more of its affiliates, which includes such affiliates expected cost of providing such hedge as well as the profit the such affiliates expect to realize in consideration for assuming the risks inherent in providing such hedge. (3)Lehman Brothers Inc. and/or an affiliate may earn additional income as a result of payments pursuant to the hedges.

Risk Factors:

An investment in the notes entails certain risks not associated with an investment in conventional floating rate or fixed rate medium-term notes. See “Risk Factors” in the Series I MTN prospectus supplement.

U.S. Federal Income Tax Treatment:

Lehman Brothers Holdings Inc. intends to treat the notes as variable rate debt instruments, as described under “Supplemental United States Federal Income Tax Consequences—Variable Rate Debt Instruments” in the Series I MTN prospectus supplement.

Historical Levels of 6-Month LIBOR

The following table, showing the historical level of 6m USD LIBOR_REF in effect on the date hereof and for the hypothetical Interest Payment Dates listed below; the Interest Rate payable on any Interest Payment Date for the notes, however, will be determined based on 6m USD LIBOR_REF in effect on each day during the related Interest Period. The historical experience of 6m USD LIBOR_REF should not be taken as an indication of the future performance of 6m USD LIBOR_REF during the term of the notes. Fluctuations in the level of 6m USD LIBOR_REF make the notes’ effective Interest Rate difficult to predict and can result in an effective Interest Rate to investors that are lower than anticipated. In addition, historical interest rates are not necessarily indicative of future interest rates. Fluctuations in interest rates and interest rate trends that have occurred in the past are not necessarily indicative of fluctuations that may occur in the future, which may be wider or narrower than those that have occurred historically.

Hypothetical Interest Payment Date	6m USD LIBORREF (%)
10/26/2007	4.832
5/30/2007	5.385
11/30/2006	5.347
5/30/2006	5.320
11/30/2005	4.601
5/31/2005	3.538
11/30/2004	2.635
6/1/2004	1.605

Hypothetical Interest Payment Date	6m USD LIBORREF (%)
12/1/2003	1.270
5/30/2003	1.214
12/2/2002	1.470
5/30/2002	2.090
11/30/2001	2.030
5/30/2001	3.990
11/30/2000	6.640
5/30/2000	7.062
11/30/1999	6.064
6/1/1999	5.251
11/30/1998	5.148
6/1/1998	5.742
12/1/1997	5.938
5/30/1997	5.938
12/2/1996	5.531
5/30/1996	5.625
11/30/1995	5.688
5/30/1995	6.062
11/30/1994	6.625
5/30/1994	5.000
11/30/1993	3.500
5/31/1993	3.500
11/30/1992	4.000
6/1/1992	4.188
12/2/1991	4.938