Lehman Brothers Holdings
Industry: Investment Services

Lehman Brothers (NYSE: LEH), an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high-net-worth individuals worldwide. Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private equity, and private client services. The Firm is headquartered in New York, London, and Tokyo and operates in a network of offices around the world. For further information about Lehman Brothers' services, products, and recruitment opportunities, visit our Web site at http://www.lehman.com.

Business Summary
Lehman Brothers Holdings Inc. (Lehman Brothers) is a global investment bank, serving institutional, corporate, government and high-net-worth individual clients and customers. The Company operates in three segments: Investment Banking, Capital Markets and Investment Management. The Investment Banking business segment provides advice to corporate, institutional and government clients throughout the world on mergers, acquisitions and other financial matters. The Capital Markets business segment includes institutional customer flow activities, prime brokerage, research, secondary-trading and financing activities in fixed income and equity products. The Investment Management business segment (formerly known as Client Services) consists of Lehman Brothers' global private investment management and asset management businesses. During the fiscal year ended November 30, 2004, Lehman Brothers acquired three mortgage banking businesses, and sold its reverse mortgage provider.

Financial Summary
LEH is engaged in global investment banking, raising capital through underwriting and placements, merchant banking, corporate finance services, securities trading and commodities. For the 9 months ended 8/31/05, revenues rose 52% to $23.37B. Net income applic. to Common rose 38% to $2.38B. Revenues reflect a strong performance from principal transactions. Earnings were partially offset by higher interest costs.