Rule 424(b)(2)
Registration No. 333-75723
PRICING SUPPLEMENT NO. 1 dated April 30, 1999
to Prospectus Supplement dated April 30, 1999
and Prospectus dated April 30, 1999
LEHMAN BROTHERS HOLDINGS INC.
Medium-Term Notes, Series F
Due Nine Months or More From the Date of Issue
(Fixed Rate)
Cusip No.: 52517PPY1
Principal Amount: $50,000,000
Price to Public: 100.00%
Agent's Commission: 0.00%
Original Issue Date: 05/05/99
Interest Rate Per Annum: 4.00%
Interest Payment Dates: 04/30, commencing 04/30/00
Maturity Date: 04/30/09
Put Provision: Note is puttable in whole or in part (in a minimum
amount of $5,000,000, and in integral multiples thereof) at par
monthly on 30 calendar days notice.
First Put Date: 06/30/99
Lehman Brothers Holdings Inc.
By:________________________
Name: Kathryn M. Bopp Flynn
Title: Senior Vice President
