U.S. $4,000,000,000 NOTE ISSUANCE PROGRAMME UNCONDITIONALLY AND IRREVOCABLY GUARANTEED

Transcription

1 SUPPLEMENT NO. 2 DATED 6 JUNE 2008 in accordance with 6(2) and 16 of the German Securities Prospectus Act to the published Base Prospectus relating to Principal Protected Notes and Derivative Notes dated 28 August 2007, as supplemented by Supplements No. 1 dated 16 May, 2008 LEHMAN BROTHERS TREASURY CO. B.V. (INCORPORATED WITH LIMITED LIABILITY IN THE NETHERLANDS AND HAVING ITS STATUTORY DOMICILE IN AMSTERDAM) U.S. $4,000,000,000 NOTE ISSUANCE PROGRAMME UNCONDITIONALLY AND IRREVOCABLY GUARANTEED BY LEHMAN BROTHERS HOLDINGS INC. This Supplement (the "Supplement") informs about and contains the change of the Long-term rating by Standard & Poors Ratings Services with respect to Lehman Brothers Holdings Inc. ("LBHI") as set out in the Base Prospectus and the registration document dated 28 August 2007 of LBHI, as incorporated into the Base Prospectus on page 61 thereof. The Supplement must be read in conjunction with the Base Prospectus dated 28 August 2007 (the "Base Prospectus") (as supplemented) in respect of the U.S. $ 4,000,000,000 Note Issuance Programme (the "Programme") of Lehman Brothers Treasury Co. B.V. (the "Issuer"). Pursuant to 16, 14 (2) of the German Securities Prospectus Act (Wertpapierprospektgesetz), this Supplement will be published in printed form and will be available at the places stated under section "Documents Available for Inspection" herein. The Bundesanstalt für Finanzdienstleistungsaufsicht ("BaFin") as competent authority under the Directive 2003/71/EC (the "Prospectus Directive") and its implementing measures in the Federal Republic of Germany has approved this Supplement pursuant to 6 (2), 13 (1) and 16 (1) of the German Securities Prospectus Act, which requires the scrutiny of this Supplement in relation to its completeness, coherence and comprehensibility. Investors who have already agreed to purchase or subscribe for Notes to be issued under the Programme prior to the publication of this Supplement are entitled to withdraw their purchase orders pursuant to 16(3) of the German Securities Prospectus Act within two working days after the publication of this Supplement provided that the relevant purchase has not yet been completed. A withdrawal, if any, is to be addressed to the relevant bank or savings bank or any other distributor with whom the relevant agreement to purchase or subscribe has been entered into. Arranger and Dealer Lehman Brothers International (Europe)

2 Table of Contents Clause Page General Information... 3 Amendments to the Base Prospectus... 4 Signature page...s-1 2

3 General Information Definitions Capitalised terms used herein shall be as defined in the Terms and Conditions of the Notes unless otherwise specified elsewhere in the Base Prospectus. Documents Available for Inspection During the period of validity of the Base Prospectus, copies of the Base Prospectus and all Supplements thereto may be inspected and obtained during normal business hours on any weekday (Saturdays and public holidays excepted), free of charge at Bank of New York, Filiale Frankfurt am Main, Bockenheimer Landstraße 24, Frankfurt am Main, Germany, and Lehman Brothers International (Europe), Zweigniederlassung Frankfurt am Main, Rathenauplatz 1, D Frankfurt am Main. 3

4 Amendments to the Base Prospectus This Supplement informs about the following changes in relation to the Base Prospectus as of the date of this Supplement: 1. The Section "Summary", Subsection "Details of the Programme in relation to the Notes" section "Credit Ratings" on page 15 shall be supplemented deleting the section Credit Rating in its entirety and replacing it by the following: Credit Ratings As of the date of approval of this Base Prospectus, LBHI has received the following ratings from the rating agencies set out below: Long-term rating Moody s : A1; S&P: A+; Fitch: AA- Short-term rating Moody s : Prime-1; S&P: A-1; Fitch: F1+ LBTCBV is not rated. Rating information is merely an aid for investors for the purposes of decision-making and cannot replace an individual assessment as to the suitability of an investment to be made by the investor and may not be taken as a recommendation to purchase or sell certain Derivative Securities. Ratings are merely intended as a support when making an investment decision and are only one of the factors relevant to an evaluation, which factor must be seen and weighted in the context of other factors. As ratings often are amended only after the creditworthiness of an Issuer has changed, investors have to make their own judgments although a rating may exist. With effect of 2 June 2008 Standard & Poor s Ratings Services has lowered the Long-term rating for LBHI from "A+" to "A". 2. The section "Zusammenfassung", subsection "Einzelheiten zum Angebotsprogramm hinsichtlich der Schuldverschreibungen", section "Ratings" on page 37 shall be supplemented by deleting the section Ratings in its entirety and replacing it by the following: 4

5 Ratings Zum Zeitpunkt der Billigung dieses Basisprospektes hat LBHI von den nachfolgenden Ratingagenturen die folgenden Ratingnoten erhalten: Rating langfristig: Moody s : A1; S&P: A+; Fitch: AA- Rating kurzfristig: Moody s : Prime-1; S&P: A-1; Fitch: F1+ LBTCBV verfügt nicht über ein Rating. Ratinginformationen sind für Anleger lediglich eine Entscheidungshilfe und ersetzen nicht die eigene Urteilsbildung eines Anlegers hinsichtlich der Geeignetheit einer Anlage und sind nicht als Kauf- oder Verkaufsempfehlung für bestimmte Derivative Wertpapiere zu verstehen. Das Rating soll lediglich bei einer Anlageentscheidung unterstützen und ist nur ein Faktor in der Beurteilung, der neben anderen gesehen und gewichtet werden muss. Da das Rating oft erst dann geändert wird, wenn sich die Bonität eines Emittenten bereits verändert hat, müssen Anleger sich trotz vorhandenen Ratings ein eigenes Urteil bilden. Mit Wirkung zum 2. Juni 2008 hat Standard & Poor s Ratings Services das langfristige Rating für LBHI von "A+" auf "A" herabgesetzt. 3. The Section "Guarantor Description" on page 61 shall be supplemented deleting the sentence "The Information relating to the Guarantor is contained in the following documents which shall be deemed to be incorporated in, and to form part of, this Base Prospectus: - the Registration Document dated 28 August 2007 of LBHI." and replacing it by the following: "The Information relating to the Guarantor is contained in the following documents which shall be deemed to be incorporated in, and to form part of, this Base Prospectus: - the Registration Document dated 28 August 2007 of LBHI, subject to the following: The content of the section "Credit Ratings" contained on page 18 of the Registration Document of LBHI as incorporated by reference in this Base Prospectus is supplemented by this Supplement to the Base Prospectus as follows: the section under the heading "Credit Ratings" incorporated from page 18 of the Registration Document of LBHI will be amended by adding the following: With effect of 2 June 2008 Standard & Poor s Ratings Services has lowered the Long-term rating of LBHI from "A+" to "A"." 5

6 4. The Section E. "Selling Restrictions, Taxation and other Conditions applicable to all Notes", subsection 6) "Additional Information", subsection e) "Credit Rating" on page 100 of the Base Prospectus shall be supplemented by adding the following at the end of such subsection e): "With effect of 2 June 2008 Standard & Poor s Ratings Services has lowered the Long-term rating of LBHI from "A+" to "A"." 6

7 Signature page Lehman Brothers International (Europe), Frankfurt Branch Frankfurt am Main, 6 June 2008 MICHAEL SCHMELZER AUTHORISED SIGNATORY CORNELIA BINIA - AUTHORISED SIGNATORY S-1