New Issue: Lehman prices $12.17 million absolute return barrier notes linked to S&P 500

By E. Janene Geiss

Philadelphia, June 27 - Lehman Brothers Holdings Inc. priced $12.17 million of zero-coupon 100% principal protection absolute return barrier notes due June 29, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index closes above or below its initial level by more than 17.22% during the life of the notes, the payout at maturity will be par of $10. Otherwise, the payout will be par plus the absolute value of the index return.

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

Issuer:	Lehman Brothers Holdings Inc.
Issue:	100% principal-protected absolute return barrier notes
Underlying index:	S&P 500
Amount:	$12,167,700
Maturity:	June 29, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If index closes above upper barrier or below lower barrier during life of notes, par; otherwise, par plus absolute value of index return
Initial index level:	1,321.97
Lower barrier:	1,094.33, or 82.78% of initial level
Upper barrier:	1,549.61 or 117.22% of initial level
Pricing date:	June 25
Settlement date:	June 30
Underwriters:	UBS Financial Services Inc., Lehman Brothers Inc.
Fees:	1.25%

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