New Issue: Lehman sells $24 million 0% principal-protected notes linked to BRIC currency basket via UBS

By E. Janene Geiss

Philadelphia, April 26 - Lehman Brothers Holdings Inc. priced a $24,066,340 million issue of zero-coupon principal-protected notes due April 30, 2009 linked to a basket of currencies, according to a 424B2 filing with the Securities and Exchange Commission.

UBS Financial Services Inc. is the lead, with Lehman Brothers Inc. also in the syndicate.

The equally weighted basket includes the dollar/Brazilian real spot exchange rate, the dollar/Russian ruble spot exchange rate, the dollar/Indian rupee spot exchange rate and the dollar/Chinese renminbi spot exchange rate.

The payout at maturity will be par plus a 310% participation rate for each 1% gain on the basket. Investors will receive at least par.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Principal-protected foreign exchange-linked securities
Underlying assets:	Equally weighted dollar/Brazilian real, dollar/Russian ruble, dollar/Indian rupee and dollar/Chinese renminbi spot rates
Amount:	$24,066,340
Maturity:	April 30, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 310% of any basket gain; floor of par
Initial spot exchange rates:	Dollar/Brazilian real at 2.0385, dollar/Russian ruble at 25.7783, dollar/Indian rupee at 41.64 and dollar/Chinese renminbi at 7.7293
Pricing date:	April 24
Settlement date:	April 30
Underwriters:	UBS Financial Services Inc., Lehman Brothers Inc.
Discount:	2%

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