Rule 424(b)(2)
Registration Nos. 33-62085
NASD File No. 950825005
PRICING SUPPLEMENT NO. 226
Dated January 22, 1997, to Prospectus
Supplement dated November 8, 1996
and Prospectus dated October 31, 1996
LEHMAN BROTHERS HOLDINGS INC.
Medium-Term Notes, Series E
(Floating Rate)
Due from Nine Months to 30 years from Date of Issue
Price to Public: 99.786% Initial Interest Rate: One (1) Month
Agent's Commission: .50% LIBOR Telerate
posted on 1/23/97
Interest Rate Basis:
( ) Treasury Rate Original Issue Date: 1/27/97
( X) LIBOR - 1 month Maturity Date: 2/1/02
( ) Commercial Paper Rate Maximum Interest Rate:______%
( ) Federal Funds Effective Rate Minimum Interest Rate:______%
( ) Prime Rate Spread Multiplier:__________%
( ) Other Spread (+ -) +.40%
Index Maturity: Monthly
Interest Payment Period: Monthly
Interest Reset Period: Monthly
Interest Reset Dates: 1st of each Month
Interest Determination Dates: Two (2) London/NY business days prior
to interest payment dates
Interest Payment Dates: 1st of each Month and at maturity
The aggregate principal amount of this offering is $15,000,000 and
relates only to Pricing Supplement No. 226. Medium-Term Notes, Series
E may be issued by the company in aggregate principal amount of up to
$8,017,500,000 and, to date, including this offering, an aggregate of
$7,528,325,000 Medium-Term Notes, Series E has been issued and
$3,981,440,000 are outstanding.
SUPPLEMENTAL UNITED STATES FEDERAL INCOME TAX DISCLOSURE
Under the OID Regulations, the Notes will be treated as variable rate
debt instruments that have de minimis OID. A United States Holder of
the Notes generally must include such de minimis OID in income as
stated principal payments on the Notes are made. Any amount of de
minimis OID that has been included in income shall be treated as
capital gain.
A United States Holder of the Notes should refer to the Prospectus
Supplement to which this Pricing Supplement relates for further tax
disclosure.
