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EXHIBIT 12.01
LEHMAN BROTHERS HOLDINGS INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(DOLLARS IN MILLIONS)
(UNAUDITED)
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<Caption>
For the
Six Months
For the Twelve Months Ended November 30 Ended
----------------------------------------------------------- May 31
1997 1998 1999 2000 2001 2002
------- ------- ------- ------- ------- -------
Pre-tax earnings from continuing operations $ 937 $ 1,052 $ 1,631 $ 2,579 $ 1,748 $ 876
Add: Fixed charges (excluding capitalized interest) 13,043 15,813 13,681 18,778 15,724 5,347
------- ------- ------- ------- ------- -------
Pre-tax earnings before fixed charges 13,980 16,865 15,312 21,357 17,472 6,223
======= ======= ======= ======= ======= =======
Fixed charges:
Interest 13,010 15,781 13,649 18,740 15,656 5,304
Other (a) 41 47 71 57 78 51
------- ------- ------- ------- ------- -------
Total fixed charges 13,051 15,828 13,720 18,797 15,734 5,355
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Preferred stock dividend requirements 109 124 174 195 192 95
------- ------- ------- ------- ------- -------
Total combined fixed charges and preferred stock
dividends $13,160 $15,952 $13,894 $18,992 $15,926 $ 5,450
======= ======= ======= ======= ======= =======
RATIO OF EARNINGS TO FIXED CHARGES 1.07 1.07 1.12 1.14 1.11 1.16
RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED STOCK
DIVIDENDS 1.06 1.06 1.10 1.12 1.10 1.14
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(a) Other fixed charges consist of the interest factor in rentals and
capitalized interest.