Trust assets held by LBSAL on behalf of LBIE – 7 March 2014

LBIE and Lehman Brothers Securities Asia Limited (in liquidation) (LBSAL) have recently concluded the final elements of their settlement and this combined with the resolution of the Security Interests proceedings in Hong Kong SAR will facilitate the return of assets that each holds for the other. A subset of the assets due back to LBIE are held on behalf of LBIE’s clients and LBIE would like to return these assets in a timely manner following their receipt.

LBIE will shortly issue statements to clients with trust claims in respect of the assets (for CRA clients the statement will also include a CAN).

To expedite the asset distribution process, clients are strongly encouraged to review these documents and contact LBIE if any discrepancies are noted.

Clients will also be notified if:

• they have filed asset claims directly against the Hong Kong SAR estate as such claims will need to be withdrawn before LBSAL will transfer those assets to LBIE; or if
• their asset claims are subject to a competing claim from another party or to a transfer restriction (e.g. corporate event) which may delay the delivery of such assets from LBSAL to LBIE.

We expect to receive the majority of the assets during the next four weeks and arrange for their onward distribution shortly thereafter pursuant to the terms of the CRA (where relevant) or otherwise by agreement.