American Stock Exchange News Release

Structured Products Release
Media Contact: Melanie Jacobus
American Stock Exchange
212-306-1640/melanie.jacobus@amex.com

AMERICAN STOCK EXCHANGE LISTS LEHMAN BROTHERS' HOLDINGS INC. JAPANESE YEN LINKED WARRANTS

New York, December 20, 2006 -  The American Stock Exchange (Amex) today began trading Lehman Brothers' Holdings Inc. Japanese Yen Linked Warrants.

Priced at $6.31 with an initial offer size of 5,450,000 warrants, the warrant trades under the ticker symbol BYW.WS and has a maturity date of June 20, 2008.

The warrants are issued by Lehman Brothers. The Amex specialist unit is AGS/STR/OTA.

If you would like to receive a copy of the prospectus for BYW.WS, please visit the American Stock Exchange website at http://www.amex.com.

About American Stock Exchange

The American Stock Exchange® (Amex®) offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 222 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. For more information, please visit www.amex.com