Rule 424(b)(2)
Registration No. 333-75723
PRICING SUPPLEMENT NO. 38 dated January 10, 2001
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 Coupon)
Cusip No.: 52517PRN3
Principal Amount: $50,000,000.00
Net Proceeds: $49,875,000.00
Price to Public: 100.0%
Agent's Commission: .25%
Original Issue Date: 01/12/01
Interest Index: Average of daily Fed Funds effective rate,
Telerate p. 120, calculated on a weighted basis.
Spread: 0.54%
Initial Interest Rate: Interest index posted on 01/10/01, plus spread
Interest Payment Period: Quarterly on the 12th
Interest Reset Dates: Same as interest payment dates
Interest
Determination Dates: Two New York business days prior to each
Interest Reset Date
Interest Payment Dates: Quarterly on the 12th, commencing on 03/12/01,
subject to modified business day
convention
Maturity Date: 01/13/03
Authorized Denomination: $1,000 or any larger whole multiple.
Lehman Brothers Holdings Inc.
By:/s/John Buckley
Name: John Buckley
Title: Authorized Signatory
