Disclosures by Regulated Subsidiaries

Lehman Brothers Inc.
Lehman Brothers Inc. is a wholly-owned subsidiary of Lehman Brothers Holdings Inc. and is a registered broker-dealer under the Securities Exchange Act of 1934. Lehman Brothers Inc.'s Mid-Year and Year-End Reports contain detailed information on the Consolidated Statement of Financial Condition of Lehman Brothers Inc. and its Subsidiaries.

Financial Statements
•  Lehman Brothers Inc. 2007 Year-End Report
•  Lehman Brothers Inc. 2007 Mid-Year Report
•  Lehman Brothers Inc. 2006 Year-End Report

SEC Rule 605
In accordance with SEC Rule 605, Lehman Brothers compiles and publishes a monthly report regarding the execution quality provided by its Nasdaq desk of orders in equities included in the National Market tier of Nasdaq. This report is available at www.marketsystems.com within one month after the end of the month addressed in the report.

SEC Rule 606
In accordance with SEC Rule 606, Lehman Brothers compiles and publishes a quarterly report regarding its routing of non-directed customer orders in national market system securities and listed options. This report is available at www.marketsystems.com within one month after the end of the quarter addressed in the report. Customers may request a written copy of the report be furnished to them free of charge. In addition, customers may request Lehman Brothers to furnish a report identifying the venue to which their orders in national market system securities and listed options were routed for execution in the six months prior to the request, whether the orders were directed orders or non-directed orders, and the time of the transactions, if any, resulting from such orders.

Regulation SHO
In accordance with SEC Regulation SHO, Lehman Brothers has instituted procedures to "mask" the short sale character of pilot securities so that they are executed without regard to the applicable tick/bid test.

Lehman Brothers International (Europe)
Lehman Brothers International (Europe) is an indirect, wholly-owned subsidiary of Lehman Brothers Holdings Inc. and is an authorized investment firm in the United Kingdom. It is a member of the London, Frankfurt, Paris and Milan exchanges, among others.

•  Organizational Model (Established Pursuant to Italian Legislative Decree 231/2001)
•  Code of Conduct (Established Pursuant to Italian Legislative Decree 231/2001)

PDF iconYou will need to have Adobe® Reader® software to view PDF files on your computer. Visit the Adobe Web site to download a copy of the software.