Lehman Brothers Financial SA (LEHNQ)

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15.2 Issuance of New Securities. In the discretion of the Plan Administrator, each
Debtor or Debtor Controlled-Entity, other than a Domestic Operating Company, (a) may form
and transfer certain assets of such entity to new (or utilize existing) entities, including, without
limitation, one or more separately managed partnerships, REITs or other investment vehicles, to
hold certain real estate or other assets of the Debtors and/or Debtor-Controlled Entities (other
than Domestic Operating Companies) and, (b) may, in connection therewith, issue New
Securities for Distribution under the Plan. In the discretion of the Domestic Operating Company
Creditor Representative, each Domestic Operating Company, (a) may form and transfer certain
assets to new (or utilize existing) entities, including, without limitation, one or more separately
managed partnerships, REITs or other investment vehicles, to hold certain real estate or other
assets of the Domestic Operating Companies and, (b) may, in connection therewith, issue New
Securities for Distribution under the Plan. In the event that New Securities are to be issued, each
holder of Allowed Claims or Equity Interests against a Debtor that contributed assets to the entity issuing New Securities shall receive the relevant New Securities as Distributions in
accordance with the Plan. The New Securities shall be valued as of the date of the issuance and
the holders of Allowed Claims or Equity Interests receiving such New Securities shall be deemed
satisfied to the extent of the value of the New Securities.