Media Alert

FOR IMMEDIATE RELEASE
Media Contact(s) : Hannah Burns (212) 526-4092		Terri Simmons (404) 270-5822 tsimmons8@spelman.edu

SPELMAN COLLEGE AND LEHMAN BROTHERS FORM $10 MILLION PARTNERSHIP

ATLANTA (Oct. 17, 2007) Lehman Brothers, the global investment bank, and Spelman College, the No.1-ranked institution among all historically black colleges and universities in the country by U.S. News & World Report, announced today a groundbreaking corporate-academic partnership to establish and develop the Lehman Brothers Center for Global Finance and Economic Development at Spelman College. As part of this endeavor, Lehman Brothers has committed $10 million that will make possible the development of an interdisciplinary curriculum and courses, the creation of a new scholarship program, and the recruitment of new faculty.

“We believe it is our responsibility to leverage our institutional knowledge, expertise and capital to address today’s challenging issues,” said Richard S. Fuld, Jr., chairman and chief executive officer of Lehman Brothers. “There is a clear need to increase participation of historically under-represented groups in the global financial industry. We are in a unique position to partner with Spelman College to create a new model that will prepare women of African descent for successful careers and leadership in the corporate world.”

Lehman Brothers and Spelman will work together to prepare Spelman women for active participation in the global marketplace and increase the pipeline of women ready to enter the financial sector. The center, which will be housed in Spelman’s Milligan Building, will develop a rich interdisciplinary curriculum by leveraging Spelman’s current faculty expertise, hiring finance and economics professors and prioritizing core subjects not currently offered by Spelman.

The Center will complement its course offerings with programs and events designed to provide valuable preparation to Spelman women for future careers in business. It will also establish a Lehman Brothers Scholars Program to provide development and scholarship opportunities. In addition, the partnership will bring together finance professionals and academics to drive thought leadership in U.S. urban economic development.

“Like Lehman Brothers, Spelman College recognizes that we can and should do more as an institution to prepare women to enter the financial sector and participate actively in the global marketplace as corporate leaders and entrepreneurs,” said President Beverly Daniel Tatum. “The interdisciplinary curriculum and programs of the Center will be rooted in our core strength as an excellent liberal arts college and focused on critical thinking, problem solving, quantitative reasoning, the ability to communicate ideas with clarity and to demonstrate socio-cultural understanding. These are skills that will be necessary to confront the challenges of a global economy and the social, political and economic implications of living in a 'flat world.' I cannot imagine a better partner than an industry leader like Lehman Brothers to help us prepare our students to successfully enter an arena where they have been historically underrepresented. We are very excited about this wonderful opportunity and grateful for this very generous gift.”

About Lehman Brothers
Lehman Brothers (ticker symbol: LEH), an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high net worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity. The Firm is headquartered in New York, with regional headquarters in London and Tokyo, and operates in a network of offices around the world. For further information about Lehman Brothers’ services, products and recruitment opportunities, visit the Firm’s Web site at www.lehman.com.

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Spelman College:
Founded in 1881, Spelman College is the only historically Black college in the nation to be included on the U.S. News and World Report's list of top 75 "Best Liberal Arts Colleges — Undergraduate," 2005. Located in Atlanta, Ga., this private, historically Black women's college boasts outstanding alumnae, including Children's Defense Fund Founder Marian Wright Edelman; U.S. Foreign Service Director General Ruth Davis; authors Tina McElroy Ansa and Pearl Cleage and actress LaTanya Richardson. More than 83 percent of the full-time faculty members have Ph.D.s or other terminal degrees and the student-faculty ratio is 12:1. Annually, nearly one-third of Spelman students receive degrees in the sciences. The students number more than 2,186 and represent 43 states and 34 foreign countries. For more information regarding Spelman College, visit: www.spelman.edu.