Lehman Brothers is a Global Investment Bank_ serving the financial

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					LEHMAN BROTHERS                                                     Job Description

Fixed Income & Equities PhD Summer Associates – London Programme

Lehman Brothers, 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.

Lehman Brothers received a number of awards for its Fixed Income and Equities transactions in 2005.
Northern Rock’s £584.4 million funded synthetic securitisation of first risk management in which Lehman
Brothers was sole structurer and joint bookrunner was named European Securitisation of the Year
(International Financing Review), Securitisation Deal of the Year (Credit Magazine) and Residential
Mortgage Backed Securitisation Deal of the Year (International Securitisation Report). TomTom’s €539
million IPO in which the Firm acted as joint global coordinator and joint bookrunner was named
European IPO of the Year by International Financing Review.

Lehman Brothers seeks highly quantitative Physics, Engineering, Mathematics, Finance and
Economics PhDs to join the Firm as Summer Associates in our Fixed Income and Equities
Divisions. Positions include the development and implementation of pricing models for trading
and risk-management, development of electronic and programme trading platforms and client
risk advisory. Relevant areas of technical expertise include mathematical finance, econometric
analysis, stochastic calculus, Monte Carlo, numerical methods, optimisation techniques and
programming skills.

The Summer Associate Programme runs for 10 weeks from June until August. We structure our
programme with initial classroom training, followed by on-the-job experience. Summer Associates also
enjoy extensive contact with Lehman Brothers professionals at all levels through discussion groups,
seminars and informal social functions. The Summer Associate Programme is an integral component of
our full time recruiting and, at the end of the summer, we will extend offers to strong performers to return
to Lehman after graduation.

If you are interested in pursuing a career in a fast paced environment and are in your penultimate year,
on track to have successfully defended your thesis by December 2008, please submit your Associate
application on line at www.lehman.com/careers Interviews will commence in January 2007

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Additional information on Lehman Brothers’ Fixed Income & Equities Divisions

Fixed Income
Lehman Brothers holds a prominent position as one of the world’s leading Fixed Income franchises. The Firm has
built an unrivalled reputation marked by excellence in execution, research and product innovation. Our franchise
combines superior trading and execution capabilities with top-ranked research and indices and our global distribution
network is suited to meet the complex financing and investment needs of our clients.

Our Fixed Income business is built around the following major product areas:
• Interest Rates                                   • Emerging Markets
• Foreign Exchange                                 • CDOs
• Securitised Products                             • Municipals
• High Grade Credit                                • Energy
• High Yield Credit                                • Real Estate

Equities
Lehman Brothers holds a long-established reputation for excellence and is one of the pre-eminent franchises in the
global equity market. Our expert team of traders, salespeople, research and quantitative analysts and originatio n
specialists has built success by forming strong client partnerships based on our ability to provide the highest quality
content, execution and distribution.

The Division is organized by product coverage including:
• Liquid Markets (Quantitative Trading, Single-Stock, Programs, Listed Options, Exchange-Traded Funds)
• Leveraged Products (Structured Derivatives, Convertibles, Quantitative Trading)
• Client Services (Financing, Prime Brokerage, Futures, Statistical Arbitrage)
• Equity Research