Lehman to issue FX Range Notes linked to the euro/dollar exchange rate

By Angela McDaniels

Seattle, Sept. 18 - Lehman Brothers Holdings Inc. plans to price an issue of Foreign Exchange Range Notes due Dec. 27, 2006 linked to the euro/dollar spot exchange rate, according to an FWP filing with the Securities and Exchange Commission.

The note are expected to price on Sept. 21 and settle on Sept. 27.

Payout at maturity will be 103% of par if the euro/dollar spot exchange rate remains within the reference range during the life of the notes.

The lower boundary of the reference range will be 4.5 cents lower than exchange rate, expressed as dollars per euro, on the pricing date. The higher boundary will be 4.5 cents higher than the exchange rate.

If the euro/dollar spot exchange rate falls outside the reference range during the life of the notes, payout at maturity will be par.

There will be no interest payments.

Lehman Brothers Inc. will be the underwriter for the offering.

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