Lehman Brothers Holdings Inc Plan Trust (LEHMQ) 10-Q 2006 Q2 Quarterly report

EXHIBIT 12.01

LEHMAN BROTHERS HOLDINGS INC.

Computation of Ratios of Earnings to Fixed Charges and

to Combined Fixed Charges and Preferred Stock Dividends

(Unaudited)

	Six Months
	Ended May 31,		Year Ended November 30
Dollars in millions	2006		2005		2004		2003		2002
Pre-tax earnings from continuing operations	$	3,049	$	4,829	$	3,518	$	2,536	$	1,399
Add: Fixed charges (excluding capitalized interest)	13,023		18,040		9,773		8,724		10,709
Pre-tax earnings before fixed charges	$	16,072	$	22,869	$	13,291	$	11,260	$	12,108
Fixed charges:
Interest	$	12,950	$	17,790	$	9,674	$	8,640	$	10,626
Other(1)	72		125		114		119		103
Total fixed charges	13,022		17,915		9,788		8,759		10,729
Preferred stock dividend requirements	48		101		129		143		155
Total combined fixed charges and preferred stock dividends	$	13,070	$	18,016	$	9,917	$	8,902	$	10,884
Ratio of earnings to fixed charges	1.23		1.28		1.36		1.29		1.13
Ratio of earnings to combined fixed charges and preferred stock dividends	1.23		1.27		1.34		1.26		1.11

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