New Issue: Lehman prices $0.5 million 20.75% reverse convertibles linked to Schnitzer Steel

New York, Aug. 28 - Lehman Brothers Holdings Inc. priced $0.5 million of 20.75% reverse convertible notes due March 2, 2009 linked to Schnitzer Steel Industries, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Schnitzer Steel shares fall below the protection price of $40.80, 60% of the initial price of $68.00, during the life of the notes and finish below the initial price in which case the payout will be Schnitzer Steel 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:	Schnitzer Steel Industries, Inc. (Symbol: SCHN)
Amount:	$0.5 million
Maturity:	March 2, 2009
Coupon:	20.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Schnitzer Steel shares fall below the protection price of $40.80, 60% of the initial price, and finish below the initial price, in which case Schnitzer Steel shares equal to $1,000 principal amount divided by the initial price
Initial price:	$68.00
Protection price:	$40.80, 60% of $68.00
Pricing date:	Aug. 27
Settlement date:	Sept. 2
Agent:	Lehman Brothers
Fees:	1.5%

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