DBS BANK IS JOINT LEAD MANAGER FOR LEHMAN BROTHERS HOLDINGS PLC'S S$100 MILLION 7-YEAR NOTE ISSUE

November 19, 1999 - DBS Bank is the joint lead manager for Lehman Brothers Holdings Plc's S$100 million 7-year Note Issue. The issue is guaranteed by Lehman Brothers Holdings Inc.

Lehman Brothers, the third largest U.S. investment bank, launched and priced its inaugural Singapore dollar bond issue today. Issued as part of the Euro Medium Term Note Programme, the S$100 million of seven-year Notes were sold at par with coupon of 5.18%.

Proceeds of the issue will be used to fund Lehman Brothers' general operations. DBS Bank and Lehman Brothers Holdings Inc Singapore jointly lead-managed the issue. The Notes will be listed in the Stock Exchange of Singapore Limited.

Lehman Brothers is currently rated at A3/A by Moody's and S&P respectively. Founded in 1850, Lehman Brothers is a leading full-service, global investment bank serving the diverse financial needs of governments, corporations, institutions and high-net-worth investors around the world.

DBS Bank is one of the leading debt issuance houses in Singapore and a major player in the development of the Singapore dollar bond market, having lead-managed more than S$1.5 billion worth of bonds this year to date.

"We are delighted to work with Lehman Brothers on this important transaction. Given the attractive yield on the seven-year maturity, the interest from investors for this issue has been tremendous" said Mr Chan Mun Seng, Vice President of Capital Markets, DBS Bank.

OCBC Bank and Standard Chartered Bank also participated as co-managers.