Client Money Update - Client Money Application: June 2010 Appeal Hearing - 09/03/2010

This update concerns the application issued by the Joint Administrators on 1 May 2009 seeking directions from the Court concerning LBIE's obligations in relation to the handling of client money received prior to the time of administration (the "Client Money Application"). Further background to the Client Money Application can be found in earlier updates posted on the PwC Client Money website here.

As noted in the Client Money Update of 26 January 2010, four of the respondents to the Client Money Application, being CRC Credit Fund Limited, Lehman Brothers Inc., Lehman Brothers Finance AG and Lehman Brothers Holdings Inc., have filed Appellants' Notices, appealing the judgment of Mr Justice Briggs handed down on 15 December 2009.

The hearing of these appeals has now been set to start on either 16 or 17 June 2010 and is expected to last for 5 days.

Further updates will be provided in due course as the appeals progress.

Please direct any questions you may have with respect to the above to clientpositionresponses@lbia-eu.com.