New Issue: Lehman Brothers prices $6.5 million absolute return barrier notes linked to Euro Stoxx

By Angela McDaniels

Seattle, May 15 - Lehman Brothers Holdings Inc. priced a $6.5 million issue of zero-coupon principal protection absolute return barrier notes due May 16, 2008 linked to the Dow Jones Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index closes above the upper index barrier or below the lower index barrier during the life of the notes or finishes at the initial index level, the payout will be par of $10.

Otherwise, the payout will be par plus the absolute value of the index return.

The upper and lower index barriers are 18.9% above and below the initial index level, respectively.

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

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Principal protection absolute return barrier notes
Underlying index:	Dow Jones Euro Stoxx 50
Amount:	$6.5 million
Maturity:	May 16, 2008
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If the index falls outside the index barriers during the life of the notes or finishes at the initial index level, par; otherwise, par plus the absolute value of the index return
Initial index level:	4,423.07
Upper index barrier:	5,259.03, 118.9% of initial index level
Lower index barrier:	3,587.11, 81.1% of initial index level
Pricing date:	May 11
Settlement date:	May 17
Underwriters:	UBS Financial Services Inc., Lehman Brothers Inc.
Fees:	1.25%

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