New Issue: Lehman prices $15.3 million 1% notes linked to a basket of 10 stocks

New York, July 18 - Lehman Brothers Holdings Inc. priced $15.3 million of 1% four-year notes linked to a basket of 10 stocks, according to a 424B5 filing with the Securities and Exchange Commission.

The underlying stocks for the basket are Allstate Corp., Applied Materials Inc., Bed Bath & Beyond Inc., Dell Inc., Dow Jones & Co., Inc., Freddie Mac, Microsoft Corp., Pfizer Inc., Phelps Dodge Corp. and Wal-Mart Stores, Inc., all equally weighted.

At maturity or in the event of a call, investors will receive the percentage by which the basket gains more than 108.75% of its initial value, with a minimum of par. The notes can be exchanged at any time, but with no floor.

Lehman Brothers was underwriter.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Medium-term notes performance linked to a basket of 10 stocks
Underlying stocks:	Allstate Corp., Applied Materials, Inc., Bed Bath & Beyond Inc., Dell Inc., Dow Jones & Co., Inc., Freddie Mac, Microsoft Corp., Pfizer Inc., Phelps Dodge Corp. and Wal-Mart Stores, Inc. (equally weighted)
Amount:	$15.3 million
Greenshoe:	$2.295 million
Maturity:	July 21, 2009
Coupon:	1%
Price:	Par
Yield:	1%
Payout at maturity:	Percentage gain on basket over 108.75% of initial value, minimum of par
Call date:	July 14, 2008, same calculation as payout at maturity
Exchange:	At basket value, no floor
Pricing date:	July 14
Settlement date:	July 21
Underwriter:	Lehman Brothers
Distribution:	Off shelf

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