Term sheet no. 1 to

Prospectus Supplement dated January 9, 2008

Prospectus dated May 30, 2006

Prospectus supplement dated May 30, 2006

Registration Statement no. 333-134553

Dated August 1, 2008

Rule 433

	YEELDS (Yield-Enhanced Equity-Linked Debt Securities)
	Final Terms and Conditions as of August 1, 2008
Global   Convertibles   Products	Lehman Brothers Holdings Inc. has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (SEC) for this offering. Before you invest, you should read the prospectus dated May 30, 2006, the prospectus supplement dated May 30, 2006, the YEELDS prospectus supplement dated January 9, 2008 and other documents Lehman Brothers Holdings Inc. has filed with the SEC for more complete information about Lehman Brothers Holdings Inc. and this offering. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in this offering. You may get these documents and other documents Lehman Brothers Holdings Inc. has filed for free by searching the SEC online database (EDGAR®) at www.sec.gov, with "Lehman Brothers Holdings Inc." as a search term. Alternatively, Lehman Brothers Inc. or any other dealer participating in the offering will arrange to send you the prospectus, prospectus supplements and final pricing supplement (when completed) if you request it by calling your Lehman Brothers sales representative, such other dealer or 1-888-603-5847.
	General Issue Terms
	Issuer:	Lehman Brothers Holdings Inc. (A/A2/A+)*
	Issue Type:	Registered medium-term notes (equity-linked)
	Securities Offered:	YEELDS (Yield-Enhanced Equity-Linked Debt Securities) with payment at maturity linked to the performance of the Underlying Stock
	Currency:	USD
	Maturity:	September 11, 2009 (13 months and 3 days after the Issue Date)
	Number of Securities:	1,752,048 YEELDS
	Principal Amount:	$26.255 per YEELDS, and in the aggregate, $46,000,020.24
	Denominations:	$26.255 and integral multiples thereof
	Issue Price:	100%
	Dates
	Trade Date:	August 1, 2008
	Issue Date:	August 8, 2008 (the 5th business day following the Trade Date)
	Stated Maturity Date:	September 11, 2009 (13 months and 3 days after the Issue Date), subject to postponement as described under “Valuation Date”.
	Valuation Date:	September 3, 2009 (the 5th business day prior to the Stated Maturity Date). The Valuation Date is subject to postponement as described under “Postponement of the Valuation Date because of a market disruption event”. In the event of any such postponement, the Stated Maturity Date will be postponed by a number of days equal to the number of days that the Valuation Date is postponed.
	* Lehman Brothers Holdings Inc. is rated A by Standard & Poor’s, A2 by Moody’s and A+ by Fitch. A credit rating reflects the creditworthiness of Lehman Brothers Holdings Inc. and is not a recommendation to buy, sell or hold securities, and it may be subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating. The creditworthiness of the issuer does not affect or enhance the likely performance of the investment other than the ability of the issuer to meet its obligations.

	Coupons
	Coupon Rate:	12.12% per annum, calculated on a 30/360 day count basis
Global   Convertibles   Products	Coupon Payment Dates:	Monthly, on the 11th calendar day of each month, beginning September 11, 2008 and ending on the Stated Maturity Date (long first coupon)
	Coupon Record Date:	15 calendar days prior to each Coupon Payment Date
	Payment at Maturity
	Underlying Stock:	The American Depository Shares of ABB Ltd (“ABB”)
	Equity Cap Price:	$30.19325, or 115.00% of the Initial Value
	Initial Value:	$26.255 (which is the average execution price per share for the Underlying Stock that an affiliate of the Issuer will pay to hedge the Issuer’s obligations under the YEELDS).
	Maturity Payment Options:	On the Stated Maturity Date, the Issuer will pay either in cash the “Cash Settlement Amount” or, if the Issuer has so elected, in shares of the Underlying Stock the “Stock Settlement Amount”, plus in either case, any accrued but unpaid interest payments. If the Issuer elects to settle in shares, the Trustee must be notified by the Issuer by written notice no later than the Valuation Date.
	Cash Settlement Amount:	For each YEELDS, the Issuer will pay you the lesser of the following amounts:
		(i) the Alternative Redemption Amount, and
		(ii) the Equity Cap Price
	Alternative Redemption Amount:	The Adjusted Volume Weighted Average Price on the Valuation Date of the Underlying Stock.
	Adjusted Volume Weighted Average Price:	The Adjusted Volume Weighted Average Price of the Underlying Stock is the sum of:
		(i) the Volume Weighted Average Price on such trading day multiplied by the multiplier on such trading day (as described in the YEELDS prospectus supplement in “Adjustments to multipliers and to securities included in the calculation of the settlement value”) and
		(ii) the Dividend Adjustment Amount as of such trading day
	Volume Weighted Average Price:	The Volume Weighted Average Price per share of the Underlying Stock on any trading day means such price as displayed on Bloomberg page ABB <EQUITY> AQR in respect to the period from 9:30 a.m. to 4:00 p.m. New York City time, on such trading day. Adjustments to the Volume Weighted Average Price will occur if ABB Ltd changes the amount of the cash dividends it pays on its American Depository Shares during the term of the YEELDS. See "Description of the Notes-Settlement value" on page SS-15 in the accompanying YEELDS prospectus supplement.
	Stock Settlement Amount:	For each YEELDS, a number of shares of the Underlying Stock having a value, as determined by the Calculation Agent by

		reference to the Volume Weighted Average Price of the Underlying Stock on the Valuation Date, equal to the Cash Settlement Amount.
Global   Convertibles   Products		Should the calculations above result in residual fractional shares, such residual fractional shares shall be paid in cash calculated as the residual fractional number of shares multiplied by the Volume Weighted Average Price on the Valuation Date.
	Initial Multiplier:	The Multiplier will initially be 1.0, subject to adjustment as described in the YEELDS prospectus supplement in “Adjustments to multipliers and to securities included in the calculation of the settlement value.”
	Dividend Adjustment Details

Expected Dividend Schedule:
	Expected Ex-Dividend Date	Expected Dividend Amount (per share)
	05-May-09	$0.4525

Dividend Adjustment Amount:	The Dividend Adjustment Amount as of any scheduled trading day shall be calculated as the difference between the Actual Aggregate Dividend and the Expected Aggregate Dividend, in each case as of such scheduled trading day, which difference may be positive, zero or negative.
	The Dividend Adjustment Amount in effect at any time shall be adjusted in the event of certain events affecting the shares of the Underlying Stock, such as share splits, reverse share splits or reclassifications, as determined by the calculation agent, in its good faith judgment.
Expected Aggregate Dividend:	With respect to any scheduled trading day, the Expected Aggregate Dividend shall be calculated as the sum of Expected Dividend Amounts corresponding to all Expected Ex-Dividend Dates within the period from but excluding the Trade Date to and including such scheduled trading day.
Actual Aggregate Dividend:	With respect to any scheduled trading day, the Actual Aggregate Dividend shall be calculated as follows:
	•         If ex-dividend dates occur within the period from but excluding the Trade Date to and including such scheduled trading day, the Actual Aggregate Dividend shall be the sum of cash dividends declared per share of the Underlying Stock on all such ex-dividend dates;
	•         If no ex-dividend dates occur within the period from but excluding the Trade Date to and including such scheduled trading day, the Actual Aggregate Dividend shall be zero.

Global   Convertibles   Products	Postponement of the Valuation Date because of a market disruption event:	If a market disruption event occurs on the scheduled Valuation Date, as set forth in this document, the Valuation Date will be postponed until the next scheduled trading day on which no market disruption event occurs; provided, however, if a market disruption event occurs on each of the eight scheduled trading days following the originally scheduled Valuation Date, then (a) that eighth scheduled trading day shall be deemed to be the Valuation Date and (b) the Calculation Agent shall determine the Volume Weighted Average Price of the Underlying Stock for that eighth scheduled trading day, based upon its good faith estimate of the Volume Weighted Average Price on such day.
	Other Information
	Listing:	None
	TRACE Eligibility:	Yes
	Business Days:	New York
	Quotation Exchange:	For the Underlying Stock: New York Stock Exchange
		For the YEELDS: None
	Calculation Agent:	Lehman Brothers Inc.
	Trustee:	Citibank N.A.
	Adjustments:	Detailed provisions specifying the adjustments to be made to the terms and conditions of the YEELDS upon the occurrence of a market disruption event or an adjustment event in relation to the Underlying Stock shall be contained in the prospectus supplement (including any applicable pricing supplement) relating to the YEELDS. All purchases of YEELDS are deemed to be subject to the terms thereof.
	CUSIP Number:	52523J297
	ISIN Number:	US52523J2978
	Clearing:	DTC