New Issue: Lehman prices $29.57 million return optimization securities linked to S&P 500 via UBS

By Laura Lutz

Des Moines, March 28 - Lehman Brothers Holdings Inc. priced $29.57 million 0% return optimization securities with partial protection due Sept. 30, 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 final index level is at least the initial level, the payout at maturity will be par of $10 plus 200% of any gain on the index, capped at a maximum payout equal to 121.13% of par.

If the index declines by up to 10%, the payout will be par. Investors will lose 1% for each 1% that the index declines beyond 10%.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Return optimization securities with partial protection
Underlying index:	S&P 500 index
Amount:	$29,567,250
Maturity:	Sept. 30, 2009
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If final index level is at least initial level, par plus 200% of any index gain, capped at payout equal to 121.13% of par; par if index declines by up to 10%; investors lose 1% for each 1% that index declines beyond 10%
Initial level:	1,341.13
Pricing date:	March 26
Settlement date:	March 31
Underwriters:	UBS Financial Services Inc.; Lehman Brothers Inc.
Fees:	1.75%

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