New Issue: Lehman prices $77.58 million absolute return barrier notes linked to S&P 500 via UBS

By Laura Lutz

Des Moines, Jan. 30 - Lehman Brothers Holdings Inc. priced $77.68 million of zero-coupon 100% principal protection absolute return barrier notes due July 31, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

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

If the index closes above or below its initial level by more than 25.41% during the life of the notes, the payout at maturity will be par.

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

Issuer:	Lehman Brothers Holdings Inc.
Issue:	100% principal protection absolute return barrier notes
Underlying index:	S&P 500 index
Amount:	$77,681,740
Maturity:	July 31, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If index closes above or below initial level by more than 25.41%, par; otherwise, par plus absolute value of index return
Initial level:	1,353,97
Lower barrier:	1,009.93, 74.59% of par
Upper barrier:	1,698.01, 125.41% of par
Pricing date:	Jan. 28
Settlement date:	Jan. 31
Underwriters:	UBS Financial Services Inc.; Lehman Brothers Inc.
Fees:	1.75%

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