Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

LBHI Docket 280 - Clarification Letter

BARCLAYS CAPITAL INC.

As of September 20, 2008

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6. Subordinated Notes of LBI. The outstanding subordinated notes of LBI are not Assumed Liabilities, and such subordinated notes and any Liabilities associated with such subordinated notes therefore are Excluded Liabilities.

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We must talk about line item 6 above, because it was worth spelling out in the clarification letter. Attention...about face... eyes right...present arms! WOW

P.S. I am sure that line item 6 above was probably good enough for LBHI's CTs class 10B subordinated notes as well.