X0202 5 2005-11-30 0 0 0000806085 LEHMAN BROTHERS HOLDINGS INC LEH 0001227421 FULD RICHARD S JR LEHMAN BROTHERS 745 SEVENTH AVENUE NEW YORK NY 10019 1 1 0 0 Chairman of the Board and CEO Common Stock 2003-12-10 5 G 0 100 0 D 1662960.1427 D Common Stock 2004-12-22 5 G 0 10000 0 D 1652960.1427 D Common Stock 2005-02-14 5 G 0 50000 0 D 1602960.1427 D Common Stock 2005-06-16 5 G 0 5 0 D 1602955.1427 D Common Stock 16092 I Shares held by daughter- C Common Stock 16092 I Shares held by daughter- J Common Stock 2004-12-22 5 G 0 34101 0 A 68202 I Shares held by GRAT #3 Common Stock 2004-12-22 5 G 0 34101 0 D 34101 I Shares held by GRAT #3 Common Stock 2005-02-17 5 G 0 82026 0 A 116127 I Shares held by GRAT #3 Common Stock 2005-04-15 5 G 0 60292 0 A 176419 I Shares held by GRAT #3 Common Stock 2005-02-17 5 G 0 82026 0 D 0 I Shares held by GRAT #4 Common Stock 2005-04-15 5 G 0 60292 0 D 0 I Shares held by GRAT #5 Common Stock 166000 I Shares held by GRAT #6 Common Stock 120000 I Shares held by GRAT #7 Common Stock 17277 I Shares held by son Transaction should have been reported on a previous Form 5. Includes shares held in various benefit plans. Reflects (i) the appointment of the Reporting Person's spouse as a successor co-trustee of these grantor retained annuity trusts in place of the Reporting Person and (ii) the consolidation of the remaining shares held by these GRATs in GRAT #3 as the remainder trust. Jeffrey A. Welikson, Attorney-in-fact 2006-01-17