Document:

Exhibit 4.01

                          LEHMAN BROTHERS HOLDINGS INC.

                The Dow Jones Global Titans 50 Index(SM) SUNS(R)
        Stock Upside Note Securities(R) Securities Due February 9, 2010

Number R-1                                                           $4,000,000
ISIN US524908MV92                                               CUSIP 524908MV9

See Reverse for Certain Definitions

THIS SECURITY (THIS "SECURITY") IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY
OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS
A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE
DEPOSITORY TO SUCH DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE
DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITORY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TO LEHMAN BROTHERS HOLDINGS INC. OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.

     LEHMAN BROTHERS HOLDINGS INC., a corporation duly organized and existing
under the laws of the State of Delaware (hereinafter called the "Company"), for
value received, hereby promises to pay to CEDE & CO. or registered assigns, at
the office or agency of the Company in the Borough of Manhattan, The City of New
York, on the Stated Maturity Date, in such coin or currency of the United States
of America at the time of payment shall be legal tender for the payment of
public and private debts, for each $1,000 principal amount of the Securities
represented hereby, an amount equal to the Maturity Payment Amount. THE
SECURITIES REPRESENTED HEREBY SHALL NOT BEAR ANY INTEREST.

     Any amount payable on the Stated Maturity Date hereon will be paid only
upon presentation and surrender of this Security.

     REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET
FORTH ON THE REVERSE HEREOF WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE
THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

     "SUNS" and "Stock Upside Note Securities" are trademarks of Lehman Brothers
Inc. "Dow Jones" and "Dow Jones Global Titans 50 Index" are servicemarks of Dow
Jones & Company, Inc. and have been licensed for use by Lehman Brothers Holdings
Inc. The Securities, based on the performance of the Dow Jones Global Titans 50
Index, are not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones
makes no representation regarding the advisability of investing in the
Securities.

     This Security shall not be valid or become obligatory for any purpose until
the certificate of authentication hereon shall have been signed by the Trustee
under the Indenture referred to on the reverse hereof.

                                                                               3

     IN WITNESS WHEREOF, LEHMAN BROTHERS HOLDINGS INC. has caused this
instrument to be signed by its Chairman of the Board, its Vice Chairman, its
President, its Chief Financial Officer, one of its Vice Presidents or its
Treasurer, by manual or facsimile signature under its corporate seal, attested
by its Secretary or one of its Assistant Secretaries by manual or facsimile
signature.

Dated:  February 9, 2005               LEHMAN BROTHERS HOLDINGS INC.

                                       By: /s/ Karen Corrigan
                                           -------------------------------------
                                           Karen Corrigan
                                           Vice President

                                       Attest: /s/ Aaron Guth
                                               ---------------------------------
                                                Aaron Guth
                                                Assistant Secretary

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated therein referred to
in the within-mentioned Indenture.

Dated:  February 9, 2005

CITIBANK, N.A.
  as Trustee

By: /s/ Wafaa Orfy
    -----------------------------------
    Name:  Wafaa Orfy
    Title: Authorized Signatory

                                                                               4

                               Reverse of Security

     This Security is one of a duly authorized series of Securities of the
Company designated as The Dow Jones Global Titans 50 Index(SM) SUNS(R) Stock
Upside Note Securities(R) Securities Due February 9, 2010 (herein called the
"Securities"). The Company may, without the consent of the holders of the
Securities, create and issue additional notes ranking equally with the
Securities and otherwise similar in all respects so that such further notes
shall be consolidated and form a single series with the Securities; provided
that no additional notes can be issued if an Event of Default has occurred with
respect to the Securities. This series of Securities is one of an indefinite
number of series of debt securities of the Company, issued and to be issued
under an indenture, dated as of September 1, 1987, as amended (herein called the
"Indenture"), duly executed and delivered by the Company and Citibank N.A., as
trustee (herein called the "Trustee", which term includes any successor trustee
under the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Company, the Trustee and
the Holders of the Securities.

     The Maturity Payment Amount, at the request of the Trustee, shall be
determined by the Calculation Agent pursuant to the Calculation Agency
Agreement.

     All percentages resulting from any calculation with respect to the
Securities will be rounded at the Calculation Agent's discretion.

     The Trustee shall fully rely on the determination by the Calculation Agent
of the Maturity Payment Amount and shall have no duty to make any such
determination.

     This Security is not subject to any sinking fund.

     If an Event of Default with respect to the Securities shall occur and be
continuing, the amounts payable on all of the Securities may be declared due and
payable in the manner and with the effect provided in the Indenture. The amount
payable to the Holder hereof upon any acceleration permitted under the Indenture
will be equal to the Maturity Payment Amount calculated as though the date of
acceleration was the Stated Maturity Date and the date three Business Days prior
thereto was the Valuation Date.

     The Indenture contains provisions permitting the Company and the Trustee,
with the consent of the holders of not less than 66 2/3% in aggregate principal
amount of each series of Securities at the time Outstanding to be affected (each
series voting as a class), evidenced as in the Indenture provided, to execute
supplemental indentures adding any provisions to, or changing in any manner or
eliminating any of the provisions of the Indenture or of any supplemental
indenture or modifying in any manner the rights of the holders of the Securities
of all such series; provided, however, that no such supplemental indenture
shall, among other things, (i) change the fixed maturity of any Security, or
reduce the principal amount thereof, or reduce the rate or extend the time of
payment of interest thereon, if any, or reduce any premium payable on
redemption, or make the principal thereof, or premium, if any, or interest
thereon, if any, payable in any coin or currency other than that hereinabove
provided, without the consent of

                                                                               5

the holder of each Security so affected, or (ii) change the place of payment on
any Security, or impair the right to institute suit for payment on any Security,
or reduce the aforesaid percentage of Securities, the holders of which are
required to consent to any such supplemental indenture, without the consent of
the holders of each Security so affected. It is also provided in the Indenture
that, prior to any declaration accelerating the maturity of any series of
Securities, the holders of a majority in aggregate principal amount of the
Securities of such series Outstanding may on behalf of the holders of all the
Securities of such series waive any past default or Event of Default under the
Indenture with respect to such series and its consequences, except a default in
the payment of interest, if any, or the principal of, or premium, if any, on any
of the Securities of such series, or in the payment of any sinking fund
installment or analogous obligation with respect to Securities of such series.
Any such consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future holders and owners of this
Security and any Securities which may be issued in exchange or substitution
hereof, irrespective of whether or not any notation thereof is made upon this
Security or such other Securities.

     No reference herein to the Indenture and no provision of this Security or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal amount with respect to this
Security.

     The Securities are issuable in denominations of $1,000 and any whole
multiples of $1,000.

     The Company, the Trustee, and any agent of the Company or of the Trustee
may deem and treat the registered holder (the "Holder") hereof as the absolute
owner of this Security (whether or not this Security shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment hereof, or on account hereof, and for all other
purposes and neither the Company nor the Trustee nor any agent of the Company or
of the Trustee shall be affected by any notice to the contrary. All such
payments made to or upon the order of such registered holder shall, to the
extent of the sum or sums paid, effectually satisfy and discharge liability for
moneys payable on this Security.

     No recourse for the payment of the principal of, premium, if any, or
interest on this Security, or for any claim based hereon or otherwise in respect
hereof, and no recourse under or upon any obligation, covenant or agreement of
the Company in the Indenture or any indenture supplemental thereto or in any
Security, or because of the creation of any indebtedness represented thereby,
shall be had against any incorporator, stockholder, officer or director, as
such, past, present or future, of the Company or of any successor corporation,
either directly or through the Company or any successor corporation, whether by
virtue of any constitution, statute or rule of law or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the Corporate
Trust Office or agency in a Place of Payment for this Security, duly endorsed
by, or accompanied by a written instrument of transfer in form

                                                                               6

satisfactory to the Company and the Security Registrar duly executed by, the
Holder hereof or such Holder's attorney duly authorized in writing, and
thereupon one or more new Securities of this series or of like tenor and of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

         The Company agrees, and by purchasing this Security, the holder of the
Security will be deemed to have agreed, for United States federal income tax
purposes, (i) to treat this Security as indebtedness that is subject to Treas.
Reg. Sec. 1.1275-4 (the "Contingnet Payment Debt Regulations") and (ii) to be
bound by the Company's determination of the "comparable yield" and "projected
payment schedule," within the meaning of the Contingent Payment Debt
Regulations, with respect to this Security. The Company has determined the
"comparable yield" to be 4.21% per annum, compounded semi-annually, and the
projected "payment schedule" per $1,000 note to be $1,231.30 due on the Stated
Maturity Date.

     THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     Set forth below are definitions of the terms used in this Security.

     "Alternative Redemption Amount" shall mean, per $1,000 principal amount of
Securities:

                                           Average Closing   Initial Index
                                             Index Level   -    Level
      $1,000 + (  $1,000 x Participation x -------------------------------  )
                               Rate                 Initial Index Level

     "AMEX" shall mean the American Stock Exchange LLC.

     "Average Closing Index Level" shall mean the arithmetic average of the
Closing Index Level on five annual dates, which shall be February of each year,
from and including February 4, 2006 to and including the Valuation Date;
provided that if the Calculation Agent determines pursuant to the Calculation
Agency Agreement that one or more Market Disruption Events have occurred on one
of these dates, the Calculation Agent will determine the Closing Index Level for
such date by reference to the Closing Index Level on the next Exchange Business
Day on which there is not a Market Disruption Event; provided, however, if a
Market Disruption Event occurs on each of the eight Exchange Business Days
following the originally scheduled Valuation Date, then (a) that eighth Exchange
Business Day shall be deemed the Valuation Date and (b) the Calculation Agent
shall determine the Closing Index Level based upon its good faith estimate of
the value of the Index on that eighth Exchange Business Day.

                                                                               7

     "Business Day", notwithstanding any provision in the Indenture, shall mean
any day that is not a Saturday, a Sunday or a day on which the NYSE, Nasdaq or
AMEX is not open for trading or banking institutions or trust companies in the
City of New York are authorized or obligated by law or executive order to close.

     "Calculation Agency Agreement" shall mean the Calculation Agency Agreement,
dated as of February 9, 2005, between the Company and the Calculation Agent,
as amended from time to time, or any successor calculation agency agreement.

     "Calculation Agent" shall mean the person that has entered into an
agreement with the Company providing for, among other things, the determination
of the Maturity Payment Amount, which term shall, unless the context otherwise
requires, include its successors and assigns. The initial Calculation Agent
shall be Lehman Brothers Inc.

     "Close of Trading" shall mean, in respect of any Relevant Exchange or other
exchange or quotation system, the scheduled weekday closing time on a day on
which the exchange or quotation system is scheduled to be open for trading for
its respective regular trading session, without regard to after hours or any
other trading outside of the regular trading sessions.

     "Closing Index Level" shall mean, with respect to any day, in the case of
the Index or the Successor Index, the closing level of the Index or the
Successor Index, as the case may be, as reported by Dow Jones or the publisher
of the Successor Index, as the case may be, on such day or as determined by the
Calculation Agent pursuant to the Calculation Agency Agreement.

     "Company" shall have the meaning set forth on the face of this Security.

     "Dow Jones" shall mean Dow Jones & Company, Inc.

     "Exchange Business Day" shall mean any day on which the Index or the
Successor Index is announced by its publisher or is otherwise determined by the
Calculation Agent pursuant to the Calculation Agency Agreement.

     "Holder" shall have the meaning set forth on the reverse of this Security.

     "Indenture" shall have the meaning set forth on the reverse of this
Security.

     "Index" shall mean the Dow Jones Global Titans 50 Index(SM), as calculated
by Dow Jones.

     "Initial Index Level" shall equal 193.81, the Closing Index Level on
February 4, 2005.

     "Market Disruption Event" shall mean, with respect to the Index or any
Successor Index, any of the following events has occurred on any day, as
determined by the Calculation Agent in accordance with the Calculation Agency
Agreement:

                                                                               8

          (1) A material suspension of or limitation imposed on trading relating
     to the securities that then comprise 20% or more of the Index or any
     Successor Index, by the Relevant Exchanges on which those securities are
     traded, at any time during the one-hour period that ends at the Close of
     Trading on such day, whether by reason of movements in price exceeding
     limits permitted by that Relevant Exchange. Limitations on trading during
     significant market fluctuations imposed pursuant to NYSE Rule 80B or any
     applicable rule or regulation enacted or promulgated by the NYSE, any
     other exchange, quotation system or market, any other self regulatory
     organization or the Securities and Exchange Commission of similar scope or
     as a replacement for Rule 80B may be considered material.

          (2) A material suspension of, or limitation imposed on, trading in
     futures or options contracts relating to the Index or any Successor Index
     by the primary exchange or quotation system on which those futures or
     options contracts are traded, at any time during the one-hour period that
     ends at the Close of Trading on such day, whether by reason of movements in
     price exceeding limits permitted by the exchanges or otherwise.

          (3) Any event, other than an early closure, that disrupts or impairs
     the ability of market participants in general to effect transactions in, or
     obtain market values for, the securities that then comprise 20% or more of
     the Index or any Successor Index, on the Relevant Exchanges on which those
     securities are traded, at any time during the one hour period that ends at
     the Close of Trading on such day.

          (4) Any event, other than an early closure, that disrupts or impairs
     the ability of market participants in general to effect transactions in, or
     obtain market values for, the futures or options contracts relating to the
     Index or any Successor Index on the primary exchange or quotation system on
     which those futures or options contracts are traded at any time during the
     one hour period that ends at the Close of Trading on such day.

          (5) The closure of the Relevant Exchanges on which securities that
     then comprise 20% or more of the Index or any Successor Index are traded or
     on which futures or options contracts relating to the Index or any
     Successor Index are traded prior to its scheduled closing time unless the
     earlier closing time is announced by the Relevant Exchanges at least one
     hour prior to the earlier of (i) the actual closing time for the regular
     trading session on the Relevant Exchanges and (ii) the submission deadline
     for orders to be entered into the Relevant Exchanges for execution at the
     Close of Trading on such day.

For purposes of determining whether a Market Disruption Event has occurred, the
relevant percentage contribution of a security to the level of the Index or any
Successor Index will be based on a comparison of (x) the portion of the level of
the Index attributable to that security and (y) the overall level of the Index,
in each case immediately before the occurrence of the Market Disruption Event.

     "Maturity Payment Amount" for each $1,000 principal amount of Securities,
shall be the greater of the following:

                                                                               9

          (1) $1,000; and

          (2) the Alternative Redemption Amount.

If requested by the Trustee, the Maturity Payment Amount shall be determined by
the Calculation Agent pursuant to the Calculation Agency Agreement.

     "Nasdaq" shall mean The Nasdaq Stock Market, Inc.

     "NYSE" shall mean The New York Stock Exchange, Inc.

     "Participation Rate" shall mean 128%.

     "Place of Payment" shall mean the place or places where the principal of
(and premium, if any) and interest, if any, on the Securities are payable.

     "Relevant Exchange" shall mean, for each security (or any combination
thereof then included in the Index or any Successor Index or used by the
Calculation Agent in calculating the Closing Index Level on any particular day
pursuant to the Calculation Agency Agreement), the primary U.S. exchange,
quotation system, including any bulletin board service, or market on which that
security is traded, or in case the security is not listed or quoted in the
United States, the primary exchange, quotation system or market for the
security.

     "Securities" shall have the meaning set forth on the reverse of this
Security.

     "Security" shall have the meaning set forth on the face of this Security.

     "Stated Maturity Date" shall mean February 9, 2010 (or if February 9,
2010 is not a Business Day, on the next Business Day); provided, that if a
Market Disruption Event occurs on the Valuation Date, the Stated Maturity Date
shall be the third Business Day following the date that the Closing Index Level
on the postponed Valuation Date is determined by the Calculation Agent pursuant
to the Calculation Agency Agreement.

     "Successor Index" shall mean such substitute index as the Calculation Agent
may select pursuant to the Calculation Agency Agreement upon discontinuance of
the Index.

     "Trustee" shall have the meaning set forth on the reverse of this Security.

     "Valuation Date" shall mean February 4, 2010; provided, that if a Market
Disruption Event occurs on such day, as determined by the Calculation Agent
pursuant to the Calculation Agency Agreement, then the Valuation Date shall be
the next following Exchange Business Day on which no Market Disruption Event
occurs; provided, however, if a Market Disruption Event occurs on each of the
eight Exchange Business Days following the original scheduled Valuation Date,
then (a) that eighth exchange business day shall be deemed the Valuation Date
and (b) the Calculation Agent shall determine in accordance with the Calculation
Agency Agreement the Closing Index Level based upon its good faith estimate of
the value of the Index on that eighth Exchange Business Day.

                                                                              10

     All terms used but not defined in this Security are used herein as defined
in the Calculation Agency Agreement or the Indenture.

                        --------------------------------

     The following abbreviations, when used in the inscription on the face of
the within Security, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenants in common            UNIF GIFT MIN ACT - ___ Custodian ___
                                                            (Cust)       (Minor)
TEN ENT - as tenants by the entireties    under Uniform Gifts to Minors
JT TEN  - as joint tenants with right of  Act __________________________________
          Survivorship and not as tenants              (State)
          in common

     Additional abbreviations may also be used though not in the above list.

                        --------------------------------

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------

--------------------------------

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(Name and Address of Assignee, including zip code, must be printed or
typewritten.)

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the within Security, and all rights thereunder, hereby irrevocably constituting

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and appointing to transfer the said Security on the books of the Company, with
full power of substitution in the premises.

     Dated:
                                       -----------------------------------------

     NOTICE: The signature to this assignment must correspond with the name as
it appears upon the face of the within Security in every particular, without
alteration or enlargement or any change whatever.

Signature(s) Guaranteed:

---------------------------
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED MEDALLION SIGNATURE GUARANTEE PROGRAM), PURSUANT TO
S.E.C. RULE 17Ad-15.Exhibit 4.02

                          CALCULATION AGENCY AGREEMENT

     CALCULATION AGENCY AGREEMENT, dated as of February 9, 2005 (the
"Agreement"), between Lehman Brothers Holdings Inc. (the "Company") and Lehman
Brothers Inc., as Calculation Agent.

     WHEREAS, the Company has authorized the issuance of up to $4,600,000
aggregate principal amount of The Dow Jones Global Titans 50 Index(SM) SUNS(R)
Stock Upside Note Securities(R) Securities Due February 9, 2010 (the
"Securities")*;

     WHEREAS, the Securities will be issued under an Indenture, dated as of
September 1, 1987, between the Company and Citibank, N.A., as Trustee (the
"Trustee"), as supplemented and amended by supplemental indentures dated as of
November 25, 1987, November 27, 1990, September 13, 1991, October 4, 1993,
October 1, 1995, and June 26, 1997, and incorporating Standard Multiple Series
Indenture Provisions dated July 30, 1987, as amended November 16, 1987
(collectively, the "Indenture"); and

     WHEREAS, the Company requests the Calculation Agent to perform certain
services described herein in connection with the Securities;

     NOW THEREFORE, the Company and the Calculation Agent agree as follows:

          1. Appointment of Agent. The Company hereby appoints Lehman Brothers
     Inc., as Calculation Agent, and Lehman Brothers Inc. hereby accepts such
     appointment as the Company's agent for the purpose of performing the
     services hereinafter described upon the terms and subject to the conditions
     hereinafter mentioned.

          2. Calculations and Information Provided. In response to a request
     made by the Trustee for a determination of the Maturity Payment Amount due
     on the Stated Maturity Date of the Securities, the Calculation Agent shall
     determine such Maturity Payment Amount and notify the Trustee of its
     determination. The Calculation Agent shall also be responsible for (a) the
     determination of the Successor Index if publication of the Index is
     discontinued, (b) the determination of the Closing Index Level if no
     Successor Index is available or if Dow Jones or the publisher of any
     Successor Index, as the case may be, fails to calculate and announce a
     Closing Index Level on any date, (c) adjustments to the Index, the
     Successor Index or the Closing Index Level if the method of calculating any
     of these items changes in a material respect

----------
     *    "SUNS" and "Stock Upside Note Securities" are trademarks of Lehman
          Brothers Inc. "Dow Jones" and "Dow Jones Global Titans 50 Index" are
          servicemarks of Dow Jones & Company, Inc. and have been licensed for
          use by Lehman Brothers Holdings Inc. The notes, based on the
          performance of the Dow Jones Global Titans 50 Index, are not
          sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones
          makes no representation regarding the advisability of investing in the
          notes.

                                                                               2

     or if the Index or Successor Index is in any other way modified so that it
     does not, in the opinion of the Calculation Agent, fairly represent the
     value of the Index, or Successor Index, as the case may be, had such
     changes or modifications not been made, (d) whether adjustments are
     required to the index level under various circumstances, (e) the
     determination of whether a Market Disruption Event has occurred and (f) any
     other calculations or determinations specified herein. The Calculation
     Agent shall notify the Trustee of all such adjustments or any such
     Successor Index, or if a Market Disruption Event has occurred. Annex A
     hereto sets forth the procedures the Calculation Agent will use to
     determine the information described in this Section 2.

          3. Calculations. Any calculation or determination by the Calculation
     Agent pursuant hereto shall be at the sole discretion of the Calculation
     Agent and, in the absence of manifest error, will be conclusive for all
     purposes and binding. The Calculation Agent will have no liability for its
     determinations, except as provided in this Agreement. Any calculation made
     by the Calculation Agent hereunder shall, at the Trustee's request, be made
     available at the Corporate Trust Office.

          4. Fees and Expenses. The Calculation Agent shall be entitled to
     reasonable compensation for all services rendered by it as agreed to
     between the Calculation Agent and the Company.

          5. Terms and Conditions. The Calculation Agent accepts its obligations
     herein set out upon the terms and conditions hereof, including the
     following, to all of which the Company agrees:

               (a) in acting under this Agreement, the Calculation Agent is
          acting solely as an independent expert of the Company and does not
          assume any obligation toward, or any relationship of agency or trust
          for or with, any of the holders of the Securities;

               (b) unless otherwise specifically provided herein, any order,
          certificate, notice, request, direction or other communication from
          the Company or the Trustee made or given under any provision of this
          Agreement shall be sufficient if signed by any person whom the
          Calculation Agent reasonably believes to be a duly authorized officer
          or attorney-in-fact of the Company or the Trustee, as the case may be;

               (c) the Calculation Agent shall be obliged to perform only such
          duties as are set out specifically herein and any duties necessarily
          incidental thereto;

               (d) the Calculation Agent, whether acting for itself or in any
          other capacity, may become the owner or pledgee of Securities with the
          same rights as it would have had if it were not acting hereunder as
          Calculation Agent; and

               (e) the Calculation Agent shall incur no liability hereunder
          except for loss sustained by reason of its gross negligence or willful
          misconduct.

          6. Resignation; Removal; Successor. (a) The Calculation Agent may at
     any time resign by giving written notice to the Company of such intention
     on its part, specifying the

                                                                               3

     date on which its desired resignation shall become effective, subject to
     the appointment of a successor Calculation Agent and acceptance of such
     appointment by such successor Calculation Agent, as hereinafter provided.
     The Calculation Agent hereunder may be removed at any time by the filing
     with it of an instrument in writing signed by or on behalf of the Company
     and specifying such removal and the date when it shall become effective.
     Such resignation or removal shall take effect upon the appointment by the
     Company, as hereinafter provided, of a successor Calculation Agent and the
     acceptance of such appointment by such successor Calculation Agent. In the
     event a successor Calculation Agent has not been appointed and has not
     accepted its duties within 90 days of the Calculation Agent's notice of
     resignation, the Calculation Agent may apply to any court of competent
     jurisdiction for the designation of a successor Calculation Agent.

               (b) In case at any time the Calculation Agent shall resign, or
     shall be removed, or shall become incapable of acting, or shall be adjudged
     bankrupt or insolvent, or make an assignment for the benefit of its
     creditors or consent to the appointment of a receiver or custodian of all
     or any substantial part of its property, or shall admit in writing its
     inability to pay or meet its debts as they mature, or if a receiver or
     custodian of it or all or any substantial part of its property shall be
     appointed, or if any public officer shall have taken charge or control of
     the Calculation Agent or of its property or affairs, for the purpose of
     rehabilitation, conservation or liquidation, a successor Calculation Agent
     shall be appointed by the Company by an instrument in writing, filed with
     the successor Calculation Agent. Upon the appointment as aforesaid of a
     successor Calculation Agent and acceptance by the latter of such
     appointment, the Calculation Agent so superseded shall cease to be
     Calculation Agent hereunder.

               (c) Any successor Calculation Agent appointed hereunder shall
     execute, acknowledge and deliver to its predecessor, to the Company and to
     the Trustee an instrument accepting such appointment hereunder and agreeing
     to be bound by the terms hereof, and thereupon such successor Calculation
     Agent, without any further act, deed or conveyance, shall become vested
     with all the authority, rights, powers, trusts, immunities, duties and
     obligations of such predecessor with like effect as if originally named as
     Calculation Agent hereunder, and such predecessor, upon payment of its
     charges and disbursements then unpaid, shall thereupon become obligated to
     transfer, deliver and pay over, and such successor Calculation Agent shall
     be entitled to receive, all moneys, securities and other property on
     deposit with or held by such predecessor, as Calculation Agent hereunder.

               (d) Any corporation into which the Calculation Agent hereunder
     may be merged or converted or any corporation with which the Calculation
     Agent may be consolidated, or any corporation resulting from any merger,
     conversion or consolidation to which the Calculation Agent shall be a
     party, or any corporation to which the Calculation Agent shall sell or
     otherwise transfer all or substantially all of the assets and business of
     the Calculation Agent shall be the successor Calculation Agent under this
     Agreement without the execution or filing of any paper or any further act
     on the part of any of the parties hereto.

                                                                               4

          7. Certain Definitions. Terms not otherwise defined herein or in Annex
     A hereto are used herein as defined in the Indenture or the Securities.

          8. Indemnification. The Company will indemnify the Calculation Agent
     against any losses or liability which it may incur or sustain in connection
     with its appointment or the exercise of its powers and duties hereunder
     except such as may result from the gross negligence or willful misconduct
     of the Calculation Agent or any of its agents or employees. The Calculation
     Agent shall incur no liability and shall be indemnified and held harmless
     by the Company for, or in respect of, any action taken or suffered to be
     taken in good faith by the Calculation Agent in reliance upon written
     instructions from the Company.

          9. Notices. Any notice required to be given hereunder shall be
     delivered in person, sent (unless otherwise specified in this Agreement) by
     letter, telex or facsimile transmission or communicated by telephone
     (confirmed in a writing dispatched within two Business Days), (a) in the
     case of the Company, to it at 745 Seventh Avenue, New York, New York 10019
     (facsimile: (646) 758-3204) (telephone: (212) 526-7000), Attention:
     Treasurer, with a copy to 399 Park Avenue, New York, New York 10022
     (facsimile: (212) 526-0357) (telephone: (212) 526-7000), Attention:
     Corporate Secretary, (b) in the case of the Calculation Agent, to it at 745
     Seventh Avenue, New York, New York 10019 (facsimile: (646) 758-4942)
     (telephone: (212) 526-7000), Attention: Equity Derivatives Trading and (c)
     in the case of the Trustee, to it at 388 Greenwich Street, 14th Floor, New
     York, New York 10013 (facsimile: (212) 816-5527) (telephone: (212)
     816-5773), Attention: Agency and Trust, or in any case, to any other
     address or number of which the party receiving notice shall have notified
     the party giving such notice in writing. Any notice hereunder given by
     telex, facsimile or letter shall be deemed to be served when in the
     ordinary course of transmission or post, as the case may be, it would be
     received.

          10. Governing Law. This Agreement shall be governed by, and construed
     in accordance with, the laws of the State of New York.

          11. Counterparts. This Agreement may be executed in any number of
     counterparts, each of which when so executed shall be deemed to be an
     original and all of which taken together shall constitute one and the same
     agreement.

          12. Benefit of Agreement. This Agreement is solely for the benefit of
     the parties hereto and their successors and assigns, and no other person
     shall acquire or have any rights under or by virtue hereof.

     IN WITNESS WHEREOF, this Calculation Agency Agreement has been entered into
as of the day and year first above written.

                                       LEHMAN BROTHERS HOLDINGS INC.

                                       By: /s/ Karen Corrigan
                                           -------------------------------------
                                           Karen Corrigan
                                           Vice President

                                       LEHMAN BROTHERS INC.,
                                        as Calculation Agent

                                       By: /s/ Karen Corrigan
                                           -------------------------------------
                                           Karen Corrigan
                                           Vice President

                         [Calculation Agency Agreement]

                                     ANNEX A
                                     -------

     1.   The Index.

          The Index is the Dow Jones Global Titans 50 Index (the "Index"), as
calculated, published and disseminated by Dow Jones & Company, Inc. ("Dow
Jones").

     2.   Determination of the Maturity Payment Amount.

          The Calculation Agent shall, at the request of the Trustee, determine
the amount payable on the Stated Maturity Date for each $1,000 principal amount
of Securities (the "Maturity Payment Amount").

          The Maturity Payment Amount shall be the greater of the following:

                  (1) $1,000; and

                  (2) the Alternative Redemption Amount.

     3.   Discontinuance of the Index.

     (a) If Dow Jones discontinues publication of the Index and Dow Jones or
another entity publishes a successor or substitute index (the "Successor Index")
that the Calculation Agent determines to be comparable to the discontinued
Index, then the Calculation Agent shall determine the Closing Index Level to be
used for purposes of computing the Alternative Redemption Amount and the
Maturity Payment Amount by reference to the Closing Index level of such
Successor Index on the applicable date.

     (b) Upon any selection by the Calculation Agent of a Successor Index, the
Company shall promptly give notice to the holders of the Securities.

     (c) If Dow Jones discontinues publication of the Index and the Calculation
Agent determines that no Successor Index is available at such time, or if Dow
Jones (or the publisher of any Successor Index) fails to calculate and announce
a Closing Index Level for the Index (or a Successor Index) on any date when it
would ordinarily do so in accordance with its customary practice, the
Calculation Agent will determine the Closing Index Level to be used for purposes
of computing the Alternative Redemption Amount and the amount payable on the
Stated Maturity Date. In such circumstances, the Closing Index Level will be
computed by the Calculation Agent in accordance with the formula for and method
of calculating the Index (or any Successor Index) last in effect prior to such
discontinuance, using the Closing Price (or, if trading in any of the relevant
securities has been materially suspended or materially limited, its good faith
estimate of the Closing Price that would have prevailed but for such suspension
or limitation) at the Close of Trading on such date of each security most
recently comprising the Index (or any Successor Index) on the Relevant Exchange
for such security.

     4.   Alteration of Method of Calculation.

                                                                               2

     If at any time the method of calculating the Index, any Successor Index, or
the Closing Index Level on any particular day, is changed in a material respect,
or if the Index or a Successor Index is in any other way modified so that such
Index does not, in the opinion of the Calculation Agent, fairly represent the
value of the Index or such Successor Index had such changes or modifications not
been made, then, from and after such time, the Calculation Agent will, at the
Close of Trading of the Relevant Exchanges on which the securities comprising
the Index or such Successor Index traded on any date the Closing Index Level is
to be determined, make such calculations and adjustments as, in the good faith
judgment of the Calculation Agent, may be necessary in order to arrive at a
level of a stock index comparable to the Index or such Successor Index, as the
case may be, as if such changes or modifications had not been made. The
Calculation Agent will calculate the Closing Index Level on any particular day
and the Maturity Payment Amount with reference to the Index or such Successor
Index, as adjusted. Accordingly, if the method of calculating the Index or a
Successor Index is modified so that the level of such index is a fraction of
what it would have been if it had not been modified (for example, due to a split
in the index), then the Calculation Agent shall adjust such index in order to
arrive at a level of the Index or such Successor Index as if it had not been
modified (for example, if such split had not occurred).

     5.   Definitions.

          Set forth below are the terms used in the Agreement and in this Annex
A.

          "Agreement" shall have the meaning set forth in the preamble to this
Agreement.

          "Alternative Redemption Amount" shall mean, per $1,000 principal
amount of Securities:

                                           Average Closing     Initial Index
                                             Index Level    -     Level
     $1,000 +  (  $1,000 x Participation x ---------------------------------  )
                              Rate                 Initial Index Level

          "AMEX" shall mean the American Stock Exchange LLC.

          "Average Closing Index Level" shall mean the arithmetic average of the
Closing Index Level on five annual dates, which shall be February of each year,
from and including February 4, 2006 to and including the Valuation Date;
provided that if the Calculation Agent determines that one or more Market
Disruption Events have occurred on one of these dates, the Calculation Agent
will determine the Closing Index Level for such date by reference to the Closing
Index Level on the next Exchange Business Day on which there is not a Market
Disruption Event; provided, however, if a Market Disruption Event occurs on each
of the eight Exchange Business Days following the originally scheduled Valuation
Date, then (a) that eighth Exchange Business Day shall be deemed the Valuation
Date and (b) the Calculation Agent shall

                                                                               3

determine the Closing Index Level based upon its good faith estimate of the
value of the Index on that eighth Exchange Business Day.

          "Average Execution Price" shall mean, for a security or other
property, the average execution price that an affiliate of the Company receives
or pays for such security or property, as the case may be, to hedge the
Company's obligations under the Securities.

          "Business Day", notwithstanding any provision in the Indenture, shall
mean any day that is not a Saturday, a Sunday or a day on which the NYSE, Nasdaq
or AMEX is not open for trading or banking institutions or trust companies in
the City of New York are authorized or obligated by law or executive order to
close.

          "Calculation Agent" shall mean the person that has entered into an
agreement with the Company providing for, among other things, the determination
of the Maturity Payment Amount, which term shall, unless the context otherwise
requires, include its successors and assigns. The initial Calculation Agent
shall be Lehman Brothers Inc.

          "Close of Trading" shall mean, in respect of any Relevant Exchange or
other exchange or quotation system, the scheduled weekday closing time on a day
on which the exchange or quotation system is scheduled to be open for trading
for its respective regular trading session, without regard to after hours or any
other trading outside of the regular trading sessions.

          "Closing Price" shall mean, for each security (or any combination
thereof then included in the Index or any Successor Index or used by the
Calculation Agent in calculating the Closing Index Level), as determined by the
Calculation Agent pursuant to this Agreement, based on information reasonably
available to it, on any particular day:

          (i) if the security is listed on a Relevant Exchange, the last
reported sale price per share at the Close of Trading on such day on the
Relevant Exchange;

          (ii) if the security is not listed on a national securities exchange
or quotation system or is not a Nasdaq security, and is listed or traded on a
bulletin board, the Average Execution Price per share of the security; and

          (iii) in the case of both (i) and (ii) above, if the security is
listed or quoted on a non-United States Relevant Exchange or on a non-United
States bulletin board, the Closing Price will then be converted into U.S.
dollars using the Official W.M. Reuters Spot Closing Rate at 11:00 a.m., New
York City time. If there are several quotes for the Official W.M. Reuters Spot
Closing Rate at that time, the first quoted rate starting at 11:00 a.m. shall be
the rate used. If there is no such Official W.M. Reuters Spot Closing Rate for a
country's currency at 11:00 a.m., New York City time, the Closing Price shall be
converted into U.S. dollars using the last available U.S. dollar cross-rate
quote before 11:00 a.m., New York City time.

          "Closing Index Level" shall mean, with respect to any day, in the case
of the Index or the Successor Index, the closing level of the Index or the
Successor Index, as the case may be, as reported by Dow Jones or the publisher
of the Successor Index, as the case may be, on such day or as determined by the
Calculation Agent pursuant to this Agreement.

                                                                               4

          "Company" shall have the meaning set forth in the preamble to this
Agreement.

          "Dow Jones" shall have the meaning set forth in Section 1 of this
Annex A.

          "Exchange Business Day" shall mean any day on which the Index or the
Successor Index is announced by its publisher or is otherwise determined by the
Calculation Agent.

          "Indenture" shall have the meaning set forth in the preamble to this
Agreement.

          "Index" shall have the meaning set forth in Section 1 of this Annex A.

          "Initial Index Level" shall equal 193.81, the Closing Index Level on
February 4, 2005.

          "Market Disruption Event" shall mean, with respect to the Index or any
Successor Index, any of the following events has occurred on any day, as
determined by the Calculation Agent:

     (1) A material suspension of or limitation imposed on trading relating to
     the securities that then comprise 20% or more of the Index or any Successor
     Index, by the Relevant Exchanges on which those securities are traded, at
     any time during the one-hour period that ends at the Close of Trading on
     such day, whether by reason of movements in price exceeding limits
     permitted by that Relevant Exchange. Limitations on trading during
     significant market fluctuations imposed pursuant to NYSE Rule 80B or any
     applicable rule or regulation enacted or promulgated by the NYSE, any other
     exchange, quotation system or market, any other self regulatory
     organization or the Securities and Exchange Commission of similar scope or
     as a replacement for Rule 80B may be considered material.

     (2) A material suspension of, or limitation imposed on, trading in futures
     or options contracts relating to the Index or any Successor Index by the
     primary exchange or quotation system on which those futures or options
     contracts are traded, at any time during the one-hour period that ends at
     the Close of Trading on such day, whether by reason of movements in price
     exceeding limits permitted by the exchanges or otherwise.

     (3) Any event, other than an early closure, that disrupts or impairs the
     ability of market participants in general to effect transactions in, or
     obtain market values for, the securities that then comprise 20% or more of
     the Index or any Successor Index, on the Relevant Exchanges on which those
     securities are traded, at any time during the one hour period that ends at
     the Close of Trading on such day.

     (4) Any event, other than an early closure, that disrupts or impairs the
     ability of market participants in general to effect transactions in, or
     obtain market values for, the futures or options contracts relating to the
     Index or any Successor Index on the primary exchange or quotation system on
     which those futures or options contracts are traded at any time during the
     one hour period that ends at the Close of Trading on such day.

                                                                               5

     (5) The closure of the Relevant Exchanges on which securities that then
     comprise 20% or more of the Index or any Successor Index are traded or on
     which futures or options contracts relating to the Index or any Successor
     Index are traded prior to its scheduled closing time unless the earlier
     closing time is announced by the Relevant Exchanges at least one hour prior
     to the earlier of (i) the actual closing time for the regular trading
     session on the Relevant Exchanges and (ii) the submission deadline for
     orders to be entered into the Relevant Exchanges for execution at the Close
     of Trading on such day.

For purposes of determining whether a Market Disruption Event has occurred, the
relevant percentage contribution of a security to the level of the Index or any
Successor Index will be based on a comparison of (x) the portion of the level of
the Index attributable to that security and (y) the overall level of the Index,
in each case immediately before the occurrence of the Market Disruption Event.

          "Maturity Payment Amount" shall have the meaning set forth in Section
2 of this Annex A.

          "Nasdaq" shall mean The Nasdaq Stock Market, Inc.

          "NYSE" shall mean The New York Stock Exchange, Inc.

          "Participation Rate" shall mean 128%.

          "Relevant Exchange" shall mean, for each security (or any combination
thereof then included in the Index or any Successor Index or used by the
Calculation Agent in calculating the Closing Index Level on any particular day
pursuant to the Calculation Agency Agreement), the primary U.S. exchange,
quotation system, including any bulletin board service, or market on which that
security is traded, or in case the security is not listed or quoted in the
United States, the primary exchange, quotation system or market for the
security.

          "Securities" shall have the meaning set forth in the preamble to this
Agreement.

          "Stated Maturity Date" shall mean February 9, 2010 (or if February 9,
2010 is not a Business Day, on the next Business Day); provided, that if a
Market Disruption Event occurs on the Valuation Date, the Stated Maturity Date
shall be the third Business Day following the date that the Closing Index Level
on the postponed Valuation Date is determined by the Calculation Agent.

          "Successor Index" shall have the meaning set forth in Section 3(a) of
this Annex A.

          "Trustee" shall have the meaning set forth in the preamble to this
Agreement.

          "Valuation Date" shall mean February 4, 2010; provided, that if a
Market Disruption Event occurs on such day, then the Valuation Date shall be the
next following Exchange Business Day on which no Market Disruption Event occurs;
provided, however, if a Market Disruption Event occurs on each of the eight
Exchange Business Days following the

                                                                               6

original scheduled Valuation Date, then (a) that eighth Exchange Business Day
shall be deemed the Valuation Date and (b) the Calculation Agent shall determine
the Closing Index Level based upon its good faith estimate of the value of the
Index on that eighth Exchange Business Day.

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