Lehman Brothers (Europe) - In administration - Update

Following the appointment of Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, as joint administrators to Lehman Brothers International (Europe) and Lehman Brothers Limited (together 'Lehman Brothers') on 15 September 2008, the administrators confirmed that a restructuring of the business was necessary and 750 employees have been made redundant with effect from today.

Tony Lomas, partner, PricewaterhouseCoopers LLP, said: "It is extremely disappointing that despite exhausting all avenues these jobs could not be saved. As we move into our third week, we continue to be focussed on maximising the value of recoveries for creditors, whilst minimising the impact on other stakeholders as much as possible."

Arrangements are being made to ensure that over the coming days, the individuals affected by this have the opportunity to attend a one on one meeting to discuss how this impacts them personally.