LEHMAN BROTHERS HOLDINGS INC. and SUBSIDIARIES
COMPUTATION of RATIOS of EARNINGS to FIXED CHARGES and
COMBINED FIXED CHARGES and PREFERRED STOCK DIVIDENDS
(Dollars in millions)
(Unaudited)
For the For the For the For the For the For the
Twelve Twelve Twelve Twelve Twelve Three Months
Months Months Months Months Months Ended
Ended Ended Ended Ended Ended February 29
November 30 November 30 November 30 November 30 November 30 2000
1995 1996 1997 1998 1999
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Pre-tax earnings from continuing
operations $ 369 $ 637 $ 937 $ 1,052 $ 1,631 $ 794
Add: Fixed charges (excluding
capitalized interest) 10,449 10,852 13,043 15,813 13,681 4,147
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Pre-tax earnings before fixed
charges 10,818 11,489 13,980 16,865 15,312 4,941
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Fixed charges:
Interest 10,405 10,816 13,010 15,781 13,649 4,138
Other(a) 72 50 41 47 71 17
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Total fixed charges 10,477 10,866 13,051 15,828 13,720 4,155
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Preferred stock dividend
requirements 64 58 109 124 174 99
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Total combined fixed charges and
preferred stock dividends $ 10,541 $ 10,924 $ 13,160 $ 15,952 $ 13,894 $ 4,254
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RATIO OF EARNINGS TO FIXED
CHARGES 1.03 1.06 1.07 1.07 1.12 1.19
RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS 1.03 1.05 1.06 1.06 1.10 1.16
(a) Other fixed charges consist of the interest factor in rentals and
capitalized interest.