New Issue: Lehman prices $450,000 0% enhanced participation notes linked to lesser-performing index

By E. Janene Geiss

Philadelphia, April 5 - Lehman Brothers Holdings Inc. priced a $450,000 issue of 0% lesser-performing buffered principal-at-risk enhanced participation notes due Oct. 8, 2008 linked to the S&P 500 and the Nikkei 225, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 218.5% of any positive return on the lesser-performing index. Investors will receive par if the index declines by 10% or less and will lose 1% for each 1% decline in the basket beyond 10%.

Lehman Brothers Inc. is the agent and will receive a 1% commission.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Buffered principal-at-risk enhanced participation notes
Underlying index:	Lesser-performing of S&P 500 and Nikkei 225 indexes
Amount:	$450,000
Maturity:	Oct. 8, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 218.5% of any gain on the lesser-performing index; par if the index declines by 10% or less; 1% loss for each 1% decline beyond 10%
Pricing date:	April 3
Settlement date:	April 6
Underwriter:	Lehman Brothers Inc.
Commission:	1%

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