New Issue: Lehman prices $1.5 million FX notes linked to four currencies

By Laura Lutz

Des Moines, June 28 - Lehman Brothers Holdings Inc. priced a $1.5 million issue of 100% principal-protected foreign exchange notes due June 30, 2008 linked to four currencies, according to a 424B2 filing with the Securities and Exchange Commission.

The equally weighted basket consists of the spot exchange rates against the dollar of the Brazilian real, the Indian rupee, the Mexican peso and the Turkish lira.

If the basket performance is positive, the payout at maturity will be par plus double the appreciation on the basket, up to a maximum return of 11.5%. If the basket value is zero or less, investors will receive par.

Lehman Brothers Inc. is the underwriter.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Foreign Exchange notes
Underlying exchange rates:	Equal weights of spot exchange rates against dollar of Brazilian real, Indian rupee, Mexican peso and Turkish lira
Amount:	$1.5 million
Maturity:	June 30, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any appreciation on the basket; maximum return of 11.5%; floor of par
Initial exchange rates:	1.9190 for real, 40.72 for rupee, 10.8376 for peso, 1.3085 for lira
Pricing date:	June 26
Settlement date:	June 28
Underwriter:	Lehman Brothers Inc.
Fees:	0%

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