New Issue: Lehman prices $474,000 FX notes linked to Brick currency basket

By E. Janene Geiss

Philadelphia, April 28 - Lehman Brothers Holdings Inc. priced $474,000 of FX bull-bear notes due April 29, 2011 linked to the performance of the dollar versus a basket of Brick currencies, according to an FWP filing with the Securities and Exchange Commission.

The basket consists of equal weights (20%) of the Brazilian real, Russian ruble, Indian rupee, Chinese renminbi and South Korean won.

The payout at maturity will be par plus 110% of any appreciation of the dollar relative to the basket. Investors will receive at least par. If the basket declines, the payout will be par plus 55% of the absolute value of the basket return.

Lehman Brothers Inc. is the underwriter.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	FX basket-linked bull-bear notes
Underlying basket:	Equal weights (20%) of the Brazilian real, Russian ruble, Indian rupee, Chinese renminbi and South Korean won
Amount:	$474,000
Maturity:	April 29, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 110% of any gain in the dollar versus the basket; par plus 55% of the absoluate value of any basket decline
Initial rates:	1.6688 for real; 23.6673 for ruble; 40.18 for rupee; 6.9949 for renminbi; 993.00 for won
Pricing date:	April 25
Settlement date:	April 30
Underwriter:	Lehman Brothers Inc.
Fees:	2.5%

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