New Issue: Lehman prices $2.82 million buffered return enhanced notes linked to Financial Select Sector SPDR

By Jennifer Chiou

New York, Dec. 28 - Lehman Brothers Holdings Inc. priced $2.82 million of 0% buffered return enhanced notes due June 30, 2010 linked to the Financial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index fund level is at least the initial level, the payout at maturity will be par plus 200% of any gain on the index, capped at 42.5%.

If the index fund declines by up to 20%, the payout will be par. Investors will lose 1% for each 1% that the index fund declines beyond 20%.

Lehman Brothers Inc. is the underwriter.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Buffered return enhanced notes
Underlying index fund:	Financial Select Sector SPDR Fund
Amount:	$2,823,000
Maturity:	June 30, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 200% of any index fund gain, capped at 42.5%, if fund performance is positive; par if index fund declines by up to 20%; investors lose 1% for each 1% that index fund declines beyond 20%
Initial fund price:	$29.29
Pricing date:	Dec. 21
Settlement date:	Dec. 31
Underwriter:	Lehman Brothers Inc.
Fees:	2.62%

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