New Issue: Lehman prices $0.5 million 18.35% reverse convertibles linked to True Religion

New York, May 14 - Lehman Brothers Holdings Inc. priced $0.5 million of 18.35% reverse convertible notes due Nov. 16, 2008 linked to True Religion Apparel, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless True Religion stock falls below the protection price of $15.533, 70% of the initial price of $22.19, during the life of the notes and finishes below the initial price in which case the payout will be True Religion 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:	True Religion Apparel, Inc. (Symbol: TRLG)
Amount:	$0.5 million
Maturity:	Nov. 16, 2008
Coupon:	18.35%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless True Religion stock falls below the protection price of $15.533, 70% of the initial price, and finishes below the initial price, in which case True Religion shares equal to $1,000 principal amount divided by the initial price
Initial price:	$22.19
Protection price:	$15.533, 70% of $22.19
Pricing date:	May 13
Settlement date:	May 16
Agent:	Lehman Brothers
Fees:	2.4%

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