Paul Hastings Represents Lehman Brothers in a $500 Million Financing for the Development of Heritage Fields

December 28, 2005

Paul, Hastings, Janofsky & Walker LLP (Paul Hastings), a leading international law firm, represented an affiliate of New York-based Lehman Brothers in a $500 million financing for the development of "Heritage Fields," the former El Toro Marine Corps air station. The development contemplates the construction of a large complex of homes, schools, and a vast amount of open space known as "Great Park" in Irvine, California. The developer of the project is Lennar Corporation. The Paul Hastings team was led by Los Angeles partner Philip Feder, who also heads the firms Real Estate Department. Philip was assisted by associates Alison Blum and Daniel Hick. 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 our Web site at www.lehman.com. Paul Hastings Janofsky & Walker LLP, founded in 1951, is a leading international law firm with 1,000 attorneys in 17 offices. The firm serves a diverse client base including many of the top financial institutions and Fortune 500 companies, supports clients in all of their legal needs and offers deep capabilities in Banking and Finance, Capital Markets, Corporate/M+A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at www.paulhastings.com.