Security Interest court hearing in Hong Kong SAR on 21 January 2014 – 29/01/2014

Following the Security Interest court hearing in Hong Kong SAR on 21 January 2014, we are pleased to announce that Mr Justice Harris has indicated that he will grant an order enabling the distribution by Lehman Brothers Securities Asia Limited (in liquidation) (LBSAL) to LBIE of assets held by LBSAL on behalf of LBIE and its clients.

We are working with the liquidators of LBSAL to arrange for the expedient transfer of the assets to LBIE’s control and will keep LBIE clients informed of progress on the recovery of their assets.

We are also pleased to report that LBIE has recently concluded a series of hedge transactions for the majority of the LBSAL positions within the House’s portfolio and as a result has secured the £0.63bn of LBHK recoveries as set out in the High Case Indicative Financial Outcome included within the Joint Administrators’ tenth Progress Report for the period to 14 September 2013.

Further information on the above developments will be set out in our next Progress Report.