EXHIBIT 99.2






                          NOTICE OF GUARANTEED DELIVERY

          This form,  or a form substantially  equivalent to this form,  must be
used to accept  the Offer (as defined  below) if (i) certificates  for shares of
Series B Depositary  Shares, each  representing 1/1000  of a share  of Series  B
Cumulative Preferred  Stock (the  "Depositary Shares")  of RJR  Nabisco Holdings
Corp. ("Holdings") cannot be delivered to  the Exchange Agent by the  Expiration
Date (as defined in the Prospectus of  Holdings and RJR Nabisco Holdings Capital
Trust I dated ________,  1995 (the "Prospectus")), (ii) the procedure  for book-
entry  transfer of Depositary  Shares (as set  out in the  Prospectus) cannot be
completed  by  the Expiration  Date or  (iii)  the Letter  of Transmittal  (or a
facsimile thereof) and all other  required documents cannot be delivered  to the
Exchange Agent prior to the Expiration Date.  This form, properly  completed and
duly executed, may be delivered by hand or facsimile transmission or mail to the
Exchange Agent.  See the Prospectus.

To:  First Chicago Trust Company of New York, Exchange Agent

                          By Hand or Overnight Courier:
                          ----------------------------

                        Attention:  Tenders and Exchanges
                                  Suite 4680-RNH
                                 14 Wall Street
                                    8th Floor
                            New York, New York  10005

                                    By Mail:
                                    -------
                   (registered or certified mail recommended)

                        Attention:  Tenders and Exchanges
                                 Suite 4660-RNH
                                  P.O. Box 2559
                       Jersey City, New Jersey  07303-2559

                           By Facsimile Transmission:
                           -------------------------
                        (For Eligible Institutions Only)

                             (201) 222-4720 or 4721

                Confirm Receipt of Notice of Guaranteed Delivery
                ------------------------------------------------
                                  by Telephone:
                                  ------------

                                 (201) 222-4707

Delivery of this Notice of Guaranteed  Delivery to an address other than as  set
forth  above or  transmission of  instructions via  facsimile transmission  to a
number other than as set forth above will not constitute a valid delivery.












Ladies and Gentlemen:

          The undersigned hereby tenders to RJR Nabisco Holdings Capital Trust I
(the "Trust"), upon the terms and conditions set forth in the Prospectus and the
related Letter of  Transmittal (which constitute the "Offer"),  receipt of which
is  hereby  acknowledged, the  number  of  Depositary  Shares set  forth  below,
pursuant to the guaranteed delivery procedure set forth in the Prospectus.  

                                                    SIGN HERE
 Number of Depositary Shares
 tendered:.....................

 Certificate Nos. (if available)
                                            .............................
 .................................          

 .................................
                                            .............................
 If Depositary Shares will be tendered by           (Signature(s))
 book-entry transfer:                            

 Name of Tendering                          .............................
  Institution:....................            (Name(s)) (Please Print)

 .................................          .............................
                                                       (Address)
 Account No.
 ................................
                                            .............................
                                                       (Zip Code)

                                            .............................
                                            (Area Code and Telephone No.)









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                                    GUARANTEE
                    (Not to be used for signature guarantee)


          The  undersigned, a  firm that is  a member  of a  registered national
securities exchange or the National  Association of Securities Dealers, Inc., or
a commercial bank  or trust  company having an  office branch or  agency in  the
United  States, guarantees  (a)  that  the above  named  person(s) "own(s)"  the
Depositary Shares tendered  hereby within the  meaning of  Rule 14e-4 under  the
Securities Exchange Act of 1934, as amended, (b) that such tender  of Depositary
Shares complies  with Rule 14e-4 and (c) to deliver to the Exchange Agent either
the  Depositary  Shares  tendered  hereby,  in  proper  form  for  transfer,  or
confirmation of the book-entry transfer of the Depositary Shares tendered hereby
into the account of the Exchange Agent  at the Depository Trust Company, Midwest
Securities Trust Company or Philadelphia  Depository Trust Company, in each case
together with  a properly completed  and duly executed Letter(s)  of Transmittal
(or facsimile(s) thereof), with any required signature guarantees (or an Agent's
message (as defined  in the Prospectus)) and any other required documents within
five New York  Stock Exchange trade  days after  the date of  execution of  this
Notice.

                                            ...................................
                                                       (Name of Firm)


                                            ...................................
                                                   (Authorized Signature)


                                            ...................................
                                                           (Name)


                                            ...................................
                                                         (Address)


                                            ...................................
                                                       (Zip Code)    

 Dated:...................................  ...................................
                                               (Area Code and Telephone No.)


     DO NOT SEND STOCK CERTIFICATES WITH THIS FORM.  YOUR STOCK CERTIFICATES
                  MUST BE SENT WITH THE LETTER OF TRANSMITTAL.


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