RNS No 7243p
LEHMAN BROTHERS HOLDINGS PLC


FROM:     1 JULY 1997

405) ITL 50,000,000,000 SENIOR GUARANTEED ZERO COUPON RATE NOTES DUE 30/6/2005

FULLY PAID
(REPRESENTED BY NOTES TO BEARER OF ITL 5,000,000 EACH)

ISSUE PRICE         -         57.04%

ISSUER              -         FIRST NATIONAL BANK OF CHICAGO

A copy of the above is available for inspection from the Company
Announcements office of the Stock Exchange, London.

END