New Issue: Lehman prices $0.645 million 10% reverse convertibles linked to Exxon Mobil

New York, May 20 - Lehman Brothers Holdings Inc. priced $0.645 million of 10% reverse convertible notes due Nov. 22, 2008 linked to Exxon Mobil Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Exxon Mobil stock falls below the protection price of $80.206, 85% of the initial price of $94.36, during the life of the notes and finishes below the initial price in which case the payout will be Exxon Mobil shares equal to $1,000 principal amount divided by the initial price.

Lehman Brothers is the agent.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Reverse convertible notes
Underlying stock:	Exxon Mobil Corp. (Symbol: XOM)
Amount:	$0.645 million
Maturity:	Nov. 22, 2008
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Exxon Mobil stock falls below the protection price of $80.206, 85% of the initial price, and finishes below the initial price, in which case Exxon Mobil shares equal to $1,000 principal amount divided by the initial price
Initial price:	$94.36
Protection price:	$80.206, 85% of $94.36
Pricing date:	May 19
Settlement date:	May 22
Agent:	Lehman Brothers
Fees:	1.5%

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