New Issue: Lehman prices $26.1 million return optimization securities linked S&P 500 via UBS

By E. Janene Geiss

Philadelphia, Nov. 7 - Lehman Brothers Holdings Inc. priced $26,064,470 of 0% return optimization securities due May 6, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus double any basket gain, subject to a maximum return of 20.3%. Investors will be fully exposed to any index decline.

UBS Financial Services Inc. and Lehman Brothers Inc. are the underwriters.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Return optimization securities
Underlying index:	S&P 500
Amount:	$26,064,470
Maturity:	May 6, 2009
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus double any basket gain, capped at maximum return of 20.3%; 1% loss for each 1% basket decline
Pricing date:	Nov. 2
Settlement date:	Nov.7
Underwriters:	UBS Financial Services Inc. and Lehman Brothers Inc.
Fees:	1.75%

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