New Issue: Lehman prices $9.6 million 10.85% Rangers linked to Nokia

New York, April 8 - Lehman Brothers Holdings Inc. priced $9.6 million of one-year 10.85% Rangers (Risk AdjustiNG Equity Range Securities) whose performance is linked to the American Depositary Shares of Nokia Corp., according to a 424B5 filing with the Securities and Exchange Commission.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Rangers (Risk AdjustiNG Equity Range Securities) senior medium-term notes
Underlying stock:	American Depositary Shares of Nokia Corp.
Amount:	$9.644 million
Greenshoe:	$1.447 million
Maturity:	April 14, 2005
Coupon:	10.85%, payable quarterly
Price:	Par
Payout at maturity:	If Nokia ADS's remain above $12.04469 then par in cash, otherwise par multiplied by value of Nokia ADS's relative to initial value of $17.20267, capped at par
Pricing date:	April 6
Settlement date:	April 13
Underwriter:	Lehman Brothers
Listing:	"CXA.D" on American Stock Exchange

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