Rule 424(b)(2)
Registration No. 333-75723
PRICING SUPPLEMENT NO. 28 dated May 16, 2000
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
(Floating Rate)
Cusip No.: 52517PRB9
Principal Amount: $250,000,000
Price to Public: 100.00%
Agent's Commission: 0.150%
Original Issue Date: 05/18/00
Initial Interest
Rate Per Annum: USD-Fed-funds effective + 28bps
Federal Funds
Determination: Average of daily Federal Funds taken from
Telerate page 120. The rate will be
calculated on a weighted basis, meaning
Friday's rate will be in effect for
Saturday and Sunday. One day look-back, 2
NY Business Day cut-off.
Spread: N/A
Index Maturity: Quarterly
Interest Payment Period: Quarterly
Interest Reset Period: Quarterly
Interest Reset Dates: Quarterly
Interest Payment Dates: Quarterly on the 15th, commencing on
06/15/00, subject to modified business day
convention.
Call Option: None.
Maturity Date: 06/15/01
Authorized Denomination: $1,000 or any larger whole multiple.
Lehman Brothers Holdings Inc.
By:/s/John_Buckley
Name: John Buckley
Title: Assistant Vice President
