New Issue: Lehman Brothers prices $16.71 million absolute return barrier notes linked to MSCI EAFE

By E. Janene Geiss

Philadelphia, Nov. 29 - Lehman Brothers Holdings Inc. priced a $16,707,020 issue of zero-coupon 100% principal-protected absolute return barrier notes due May 29, 2009 linked to the MSCI EAFE index, according to an FWP filing with the Securities and Exchange Commission.

If the index ever closes above the upper index barrier or below the lower index barrier, investors will receive par at maturity. The upper and lower index barriers will be 25.2% above and below the initial index level, respectively.

If the index stays within the barriers, the payout at maturity will be par plus the absolute value of the index return.

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

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Principal-protected absolute return barrier notes
Underlying index:	MSCI EAFE
Amount:	$16,707,020
Maturity:	May 29, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus absolute value of any index gain or decline if index remains within the index barriers; otherwise, par
Initial index level:	2,243.43
Upper index barrier:	2,808.77, or 25.2% above initial index level
Lower index barrier:	1,678.09, or 25.2% below initial index level
Pricing date:	Nov. 27
Settlement date:	Nov. 30
Underwriters:	UBS Financial Services Inc. and Lehman Brothers Inc.
Fees:	1.75%

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