New Issue: Lehman prices $0.1 million 33.8% reverse convertibles linked to Fannie Mae

New York, July 9 - Lehman Brothers Holdings Inc. priced $0.1 million of 33.8% reverse convertible notes due Oct. 10, 2008 linked to Fannie Mae shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Fannie Mae shares fall below the protection price of $9.444, 60% of the initial price of $15.74, during the life of the notes and finish below the initial price in which case the payout will be Fannie Mae 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:	Fannie Mae (Symbol: FNM)
Amount:	$0.1 million
Maturity:	Oct. 10, 2008
Coupon:	33.8%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Fannie Mae shares fall below the protection price of $9.444, 60% of the initial price, and finish below the initial price, in which case Fannie Mae shares equal to $1,000 principal amount divided by the initial price
Initial price:	$15.74
Protection price:	$9.444, 60% of $15.74
Pricing date:	July 7
Settlement date:	July 10
Agent:	Lehman Brothers
Fees:	3.625%

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