Client Assets Update - Post Bar Date Update - 22/03/10

This update concerns the Order made by the High Court of Wales protecting Lehman Brothers International (Europe) (in administration) ("LBIE") and its Joint Administrators from potential claims in respect of any breach of trust which arises in circumstances where they distribute certain assets to clients and counterparties of LBIE after 19 March 2010 (the "Bar Date") on the basis of the information then available to them (including information sent to them by clients prior to the Bar Date). A copy of the Order may be viewed here.

Pursuant to the terms of the Order, clients and counterparties of LBIE were notified that they should, by 5.00pm in London on 19 March 2010 (the "Bar Date"), submit full details of any claims (other than claims by "Security Interest Claimants", as defined in the Order) they wish to assert to Trust Assets held by or on behalf of LBIE.

The Bar Date has now passed. Over the past few weeks, LBIE received hundreds of claims from potential Trust Asset creditors with over 85% of all trust asset creditors on LBIE's books and records submitting claims. A large proportion of those claims were submitted through the Client Information Portal (the "Portal"). The Joint Administrators would like to thank those creditors who took the time to use the Portal, as the use of such technology will greatly aid the reconciliation and distribution process moving forward.

The Joint Administrators have already commenced reviewing submissions, both from the Portal and in other forms (e.g., hard copy), in order to reach a consolidated view of claims. This is an extremely controlled process and there is an extensive team in place to analyse the information submitted.

Over the course of the next few days we will be posting a set of Frequently Asked Questions to assist Trust Asset claimants' understanding of the process ahead. In due course, our reconciliation team will be contacting claimants on a bilateral basis. If you used the Portal to log your claim then we will have your latest contact details. If you did not use the Portal and you have not been receiving emails from us regarding the Bar Date, then we may not have your email address and therefore encourage you to send your updated contact details to the mailbox below.

In the interim, should you have any queries regarding your claim and/or the process that lies ahead, please contact LBIE's Counterparty Communications and Management at generalqueries@lbia-eu.com.

As always, the Joint Administrators will continue to communicate with you through this website on all matters relating to the administration of LBIE.