EXHIBIT 99.4
LEHMAN BROTHERS HOLDINGS INC.
SEGMENT INFORMATION
(Preliminary and Unaudited)
(In millions)
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<CAPTION>
Three Months Ended Six Months Ended
----------------------------------- ------------------------------------
May 31 May 31 May 31 May 31
2000 1999 2000 1999
---------------- ---------------- ---------------- ----------------
Investment Banking:
<S> <C> <C> <C> <C>
Advisory 128 135 307 235
Equity 227 126 488 185
Debt 116 174 269 324
---------------- ---------------- ---------------- ----------------
Total 471 435 1,064 744
---------------- ---------------- ---------------- ----------------
Capital Markets:
Equity 707 433 1,575 639
Fixed Income 375 445 846 926
---------------- ---------------- ---------------- ----------------
Total 1,082 878 2,421 1,565
---------------- ---------------- ---------------- ----------------
Client Services:
Private Client 192 136 452 255
Private Equity 10 6 20 9
---------------- ---------------- ---------------- ----------------
Total 202 142 472 264
---------------- ---------------- ---------------- ----------------
Total Lehman 1,755 1,455 3,957 2,573
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</TABLE>